Eastman Johnson's perforated design. These designs date to the 1870s. Additional information can be found in the June 1963 Numismatic Scrapbook magazine, per Pollock.
The hole, always octagonal in shape, appears to be handcut and varies in size and alignment.
Examples were made as follows:
Nickel J1724/P1934 supposedly on both thin and thick planchets. About 2 dozen are known.
Aluminum J1725/P1935 with about a dozen known.
White Metal with rims around perforation J1726/P1936. This is unique and is the former Brenner-1914 ANS exhibit, visible on plate 28 of catalog, V. Brand, A. Brand consigned to BG Johnson 10/27/36, Farouk, Kosoff.
A more finished example of a holed nickel appeared in 1885 as J1742/P1954.
Photo courtesy of Saul Teichman.