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 JC1911-2/P5155.
According to Pollock, this one has the word Liberty smooth and Lincoln's collar is rounded and closer to the back of his neck. We suspect, however, that the 2 pieces were struck from the same dies.
This particular example was the one sold in Bowers and Merena's 1/85 sale.
Photo is a scan from the Bowers and Merena's 1/85 sale.