Strange 1988 cent

I would appreciate feedback on this very strange 1988 penny. I've never seen anything like it.
Note the large 'gouges' under the nose and to the right of the forehead.
'Gouges' over the O and the N in the second picture.
'Gouges' over the T and E in the third picture.
In the 4th picture the D is punched inward with the center of the D extending outward

 

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The ONE looks interesting, the rest looks like a case of split plating.

 

Looks like split plating, but the color seems to suggest it was a chemistry class experement, and therefore, damaged.

 

And now you have.

Corrosion, split plating.

 

Actually, it just a lousy Zincoln. Sure wish they do away with them.

 

Split plating lends to the formation of hydrozincite and eventual collapse. As noted by our fellow enthusiasts, split plating eventually allows the elements to eat at the zinc core. Some folks post a 3-part series of the progression of corrosion about the mintmark. The rise, fall, and falling off of the mark itself.