These coins were struck outside the mint originally by Joseph J. Mickley and Edward W. Cogan from dies sold by the mint as scrap. The obverse was from a reworked 1803 die, Sheldon 261 and the reverse is an 1820 Newcomb 12. These were created over several years with the dies wearing more and more over time.
Examples were struck in copper P6050 and are very common although red examples, such as the illustrated example, are scarce. These are normally collected by large cent collectors.
2 or 3 examples are known struck in tin. These were listed in Judd because they were considered "off-metal" trials and are listed as J28/P6055.
Additional information on these can be found in chapter 5 of Don Taxay's "Counterfeit, Mis-struck and Unofficial U.S. Coins" and also Mark Borckardt's article "Restriking the Issues: The Large Cent Restrikes of 1804, 1810, and 1823," Coinage of the Americas Conference, New York: American Numismatic Society, 1998."
Photo courtesy of Heritage.