Ah, I love a controversy! Either it's an alteration, or a genuine error; of this I'm pretty sure.
FYI, the coin is very slightly oval in shape. The diameter through the blank area is the same as the diameter of a normal
Wheat cent while the perpendicular (top-to-bottom) diameter is shorter by a fraction of a millimeter. There is a slight waviness to the coin which could I suppose have been caused by an alteration process.
Would it be worth checking the weight on this? I expect both a genuine error and an alteration would weigh the same since no metal would be lost by squeezing the cent in a novelty coin press.
Anybody else have any input? Thanks!