It's a British penny issued in 1940 with King George VI's portrait. At the time of its issue the UK had a currency system of 12 pence = 1 shilling and 20 shillings = 1 pound (until 1971). The old penny was withdrawn in August 1971. In this condition they are very common and a dealer would relegate them to his junk box. I imagine some must have made their way to the USA in the pockets of GIs returing from World War II. Link: https://en.numista.com/catalogue/pieces669.html
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