That is what I thought.
Brass clad Steel is what that page says.
So either it was plated some more by someone,
or the brass that was covering it got removed.
Or it was made in the wrong metal - is your coin magnetic?
Quite sure it is plated. The letters are blurred and not sharp. At the edge you would normally see three layers. Two thin brass and in between the iron. What is the weight?
I have a similar issue with this coin :
KM 102 - 1949 J - 3g - 18.5 mm - magnetic.
In my case, my theory is that these are planchets that somehow missed the brass plating process.
If you read this information about the U.S. 1943 steel cent and then note the "novelty coin" section, that might explain why somebody would do this to your 1950 coin. https://en.wikipedia.org/wiki/1943_steel_cent