Ive thought about that too Dakota.But with Hobo nickels there is a design on the indian or buffalo or shield. This guy didn't add to indian.He just got rid of indian on front and all but top of shield.Guy did a he'll of a job though and im extremely stoked to have found this coin.
That could have been from someone involved with wicka witchcraft. because that pentagram is a sign of protection when the star is right side up and upside down means it invokes evil. That is my guess because it is carved within a circle and I also came across lincoln cents with upside down pentagrams stamped in them so I got rid of them because i figured it to be a bad omen. What you have is a good thing though. I have collected coins since 1991 and have been a dealer since 2008 and you really come across weird things with coins sometimes so I am pretty sure that is the reason for the pentagram have seen that stuff before and the Wickan religion is an old one so it could have easily been on a coin from 1867. Really interesting find I'm glad you posted that and now you have protection from evil to can't get better than that. lol!
Here's my thought: Someone was going to carve a hobo nickel, that was the basic outline and they lost it before it was finished. C'mon, it could happen! Freakin awesome for sure!