This is an reverse die trial, struck in aluminum, for the 1920 Pilgrim Tercentenary.
It is ex Christie's (London) 12/87 lot 295, M&M America 8/2001 lot 49, Heritage 1/2002 lot 8852.
The genuineness of this and its companion obverse P7040 have been questioned thus they were not assigned numbers in the new Judd book.
On the reverse, the 92 in 1920 is higher, the position of the bowsprit with relation to the M in PILGRIM is wrong and the configuration of windows is different.
Additional information on these can be found in the January 20, 1988 edition of Coin World.
An unquestioned genuine die trial of this design has since been discovered in the Morgan estate. We have assigned it as JA1920-1/P3553.
Photo courtesy of Heritage.