Eastman Johnson's perforated design. These designs date to the 1870s. Additional information can be found in the June 1963 Numismatic Scrapbook magazine, per Pollock.
The hole, always octagonal in shape, appears to be handcut and varies in size and alignment.
Examples were made as follows:
supposedly on both thin and thick planchets. About 2 dozen are known.
with about a dozen known. To see images of all of these, click
White Metal with rims around perforation
This is unique and is the former Brenner-1914 ANS exhibition (plate 28 of catalog which is illustrated below), V. Brand, A. Brand consigned to BG Johnson 10/27/36, Farouk, Kosoff.
A more finished example of a holed nickel appeared in 1885 as
Photo courtesy of Saul Teichman.