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. To see images of all of these, click here.