This is an electrotype obverse trial piece, in white metal, by James Earl Fraser for one of 2 Lincoln nickel designs. The other is listed as JC1911-3/P5160. According to Pollock, this one has the word Liberty textured and Lincoln's collar is positioned away from his neck and is angular. We suspect, however, that both of these are from the same dies.
This particular piece is ex B/R 1981 ANA, Heritage 8/06, Heritage 8/14.
Photo courtesy of Heritage.