1901 Penny - I Can't Figure Out Why This Is Like This?

First, can you tell us the weight?
Also, check the edge for a seam as it may have been a cast counterfeit.

An accurate weight to two decimal places might be interesting to determine.

Ok I can't find scales right now. But mentioning the seam I took these pics to see if it helps give an answer.

Never use metal to hold coins with.
John1

The shoulder on the rim could indicate it was mounted, perhaps glued, in some sort of jewelry item.

Is nobody else seeing a casting seam? Because I'm seeing a casting seam.

Which leads to the next question: who would want or need to make a uniface cast copy of an 1901 Indian Head cent?

The fact that zero effort has gone into copying the obverse, indicates to me it was not intended as either a circulating or numismatic counterfeit.

My best guess, based on the stippled surface of the obverse, is that it was made for gluing or inserting into some other object, like a book cover or piece of furniture.

My guess is that this was once an Encased Cent and later removed from the aluminum casing. A great many 1901 cents were encased that year; this, to be sold as mementoes at the Pan-American Exposition in Buffalo. It may well have been plated, too.

Good point, Hondo. If cast, it may have been plated as a jewelry item. a cuff link insert, perhaps?