My Dad was showing me some coins he had collected and I noticed a steel cent in the 1916 slot. He's had it for almost 40 years and couldn't remember when/where he got it so I thought I'd show it off here. It's not something he bought, it was circulated. Thoughts? Sorry for the crudeness, these were taken with my phone, my good camera was sitting at home.
I used a fridge magnet and it jumped to it about a quarter inch away. After talking to Dad again he remembers getting it from my grandfather so it's at least 50 years old.
That is really odd - the magnetism. My first thought was plating, too. When I was in chemistry class we plated pennies with zinc and brass. It's a simple process that anyone could have done, but neither of them would make it magnetic. It's possible that someone electroplated it with nickel or steel, but I don't know why...