Partially right. Plated yes, but I don't think it has been counterstruck. It looks to me like the nickel was holed and a minature was inserted. (You know those novelty minature coins) Note the edges betwen the two are flush on the reverse but on the obverse the field of the nickel curves down to meet the insert. That is typical of a punched hole. If you ever see a piece of punched strip you will see that effect around the holes. Flat on one surface of the strip and curving down into the hole on the other.