I think Nick is onto something with his answer. My thought was taking the two nickels and somehow "wrapping" a piece of lead around the nickels as part of the counterfeiting element.
But in response to "not having the pressure" to do such a thing...I had a couple thoughts. First, let's run with the fact this was found in the same hole as the 1881 IH and further assume that it was recently dropped so the coin and planchette device were dropped in the 1880s. Counterfeiting coin technology has been around since the technology to make the coins right? Well specifically with 5 cent coins in the 1880s (before and after) counterfeiting was a huge problem, when Charles Barber made the Liberty Head Nickel, people didn't even realize it was a new 5 cent piece so he had to make the "V" nickle to make sure people knew what they had. Furthermore, people took the liberty head versions and dipped them in gold fill, etc., to pass of as $5 gold pieces...clever. Furthermore, shield nickels with or without rays and the coins that has Cents written on them vs No Cents coins were also highly counterfeited.
I include a New York Times article from 1884 that talked expressly about counterfeiting coins and particularly the 5 cent pieces (and shield nickels are mentioned)
WITHOUT THE RIGHT RING - PICKING OUT COUNTERFEITS IN AMERICAN COINS. THE IMITATIONS OF GOLD, SIVER, AND OTHER PIECES AND HOW THEY ARE MADE AND DETECTED. - View Article - NYTimes.com