This is a reverse die trial used on the famous 1804 restrike cent struck in white metal. This is actually an 1820 die used on Newcomb 12. It is believed to have been done by or for Joseph Mickley from dies sold as scrap. Pollock listed this under 1804 instead of 1820.
Only 2 examples are confirmed.
1) Parsons (H. Chapman 6/14), Shinkle (Morgenthau 4/32), Sloss, B/M 3/97, ANR 8/06, Holmes-Goldberg 9/09, Simpson - PCGS64
2) Bascom (H. Chapman 1/1915), Hines, Stack's 8/1971
One of these is apparently ex P.C. Clark (Bolender 11/32) lot 1230.
Photo courtesy of Ira & Larry Goldberg's Coins & Collectibles.