This piece was last offered as lot 2572 in Bowers and Merena's 9/89 sale where the following description was given.
"An unusual piece having an incuse 1846 quarter eagle obverse and a large cent reverse as illustrated. Struck off-center on an undersized brass planchet. Virtually as made. 36.3 grains. The variety is enumerated on page 230 of the Judd pattern reference, and is listed as EP-125 in the 1976 edition of Don Taxay's Comprehensive Catalog."
"Upon examination we have determined that the incuse impression of the 1846 quarter eagle is from a coin, not a hub as has been written earlier. The design details are very softly defined, and what appears to be faint traces of the impressed coin's reeding can be seen at 12:00. More interestingly, the piece appears to have been struck over the quarter eagle twice; the second striking rotated about 100 degrees clockwise of the first. The large cent reverse is the Large Letters type which was employed at the Mint between the years 1843 and 1857."
"The most likely scenario for the manufacture of the piece appears to be as follows: a brass planchet was sandwiched between an 1846 quarter eagle and a large cent reverse die. The die was then struck to render the first impression. The quarter eagle was rotated as described above, and then the die was struck a second time. It is impossible to determine with confidence whether or not this piece is a Mint product. We believe it is probably made privately."
"Don Taxay in his listing of the variety describes it as being unique, reporting that the piece was formerly the property of R. Coulton Davis and later in the Chase Manhattan Bank Money Museum."
Photo is a scan from the Bowers and Merena 9/89 sale.