My guess is that it is a copper penny that was dipped after the Masonic Emblem was etched into the penny. If you were to take a sharp scribe and scratch the edge with it, then look at it with a loupe, you would more than likely see a copper color where the scribe scratch was made.
You may even be able to see copper colorings now in the hole under magnification.
Butch
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“Man proposes and God disposes.”
U.S. Grant, July 1, 1885
Completed: 1969 - 2000 Topps Baseball Sets and Traded Sets.
Senators and Frank Howard fan.
I collect Topps baseball variations -- I can quit anytime I want to.....I DON'T WANT TO.
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