It is magnetic. The steel is on both sides too. I'm mostly interested in the date on the penny and how it might have come to be. Everything I see online says the steel penny was not introduced until 1943, but I did find this Wiki entry on what they refer to as "experimental cents" and there's a section on experimental steel pennies in 1942:
https://en.wikipedia.org/wiki/1942_experimental_cents
There is also a photo of an experimental 1942 cent included. I'm wondering if I have one?