By the size and look of the hole, it was likely not done by a nail but likely a metal dowl of some type. The inside walls of the hole are corroded about evenly with the rest of the coin. I'm guessing that this coin had a layer of material covering it at one time that was removed - good chance it was a metal detector find, at that time the high relief of the reverse of the hole and the edges of the obverse hole look like they got some metal scratched off while 'digging out' the hole, which is the shiney part that you see.
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Cameron Kiefer
<< <i>How old is that hole? >>
While it may look 'shiney' at points in the scan, by the look of it, I believe it was made at a time when it was in circulation.
Self Indulgence | Holey Coins | Flickr Photostream
Cameron Kiefer
I could be wrong though *shrug*
Self Indulgence | Holey Coins | Flickr Photostream
Self Indulgence | Holey Coins | Flickr Photostream