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 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.