Strange 1951 D Wheat Cent

Alright, so I got this cent roll-searching. I saw the reverse and thought "Wow! A steel cent!" Then I flipped it, and it wasn't a 1943, it was 1951 D. So, it obviously has stuff going on: it's been holed, and counterstamped.

So my questions:
Why does it look like a steel cent? Is it plated with something? It looks like it's rusting, almost, just like steel cents do.
And, what's that counterstamp mean? Looks like a masonic symbol, but I'm not sure.
Pics:


All help is appreciated, thanks.

 

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The counterstamp is the Masonic symbol ... the Compass and Square enclosing a capital G.

More than that, I don't know - but it's a start!

 

Yes, it's a Masonic penny. The hole indicates that it was probably worn by a member. It looks to have been plated at one time, but must have been buried or out in the weather for a long time to get into such bad condition.

Bruce

 

Looks like it was a necklace or charm worn by a Mason. Most likely plated to look nicer.

 

thats pretty neat

 

Well, nice. Thanks for the replies. I think I'll throw it in a 2x2, it's a neat roll find.