It's not factory. Aside from the fog light switch, the hard tops only had a coin holder that took that spot. The verts had a switch to raise/lower the top. If the car was a hard top and didn't have fog lights, then you got two coin holders.
The swtich in your console is probably something the previous owner installed.
I will also chime in and confirm that it is definitely the convertible up/down toggle. Also as previously mentioned a prior owner must have removed the little coin slot for something aftermarket.