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According to Polymetallurgical Corporation, Corelay® "consists of a magnetic core material surrounded by a non-magnetic or slightly magnetic alloy selected for its durability, anti-tarnish properties, color and formability.
Bare head right of King Vittorio Emanuele III
ITALIA
Eagle standing facing on fasces, head left, in wreath, date, denomination and mint mark below
Reeded Edge
Stainless Steel (Non-magnetic), 10.00g, 29mm
Mintage: 5,742,000
KM 78b ...
Some years ago we had a few North Sung cash that looked like rusty iron, but were non-magnetic, which we assumed just had a peculiar patination.
 See also: Magnetic, Copper, Coin, Mint, Various
  
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