Struck on a 0.6 gram piece of bow tie piece of web scrap planchet material. The planchet piece the coin is struck on is called "bow tie" scrap, and is a left over fragment of the webbing (webbing is the left over material once planchets are punched out of planchet strip.) The web scrap is often a "bow tie" shape because of the positioning of the punched-out areas in the planchet strip. A popular and rare error type, and this is an affordable example. I have sold higher grade examples for over $1,000.
PCGS Uncirculated, but not graded due to some marring on the coin (caused from getting caught in a counting machine no doubt.)