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WELCOME TO THE FORUM
For one thing magnetism is not just for Iron materials. Steel is made from Iron and Iron it the magnetic element in Steels. Many Iron compounds are very magnetic and some are not. Example is high grade Surgical Steels are non magnetic and contain about 33% iron. Oddly enough one of the most powerful magnets is made from non Iron elements. For example look up AlNiCo. This is obviously made from Aluminum, Nickel and Cobalt and is many times more powerful magnetically than Steels made from Iron. Even non matals can be made magnetic.
Meanwhile back to your coin. Appears as a science project in magnetics and a possible coating by electrolysis.
I highly doubt it's from the Mint. Sure would be nice to know what it is composed of or plated with though.
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