It's worth one cent. Notice that the imprint is backward? That means another coin was pressed into it. Commonly called a vice or press job, and done after the coin left the mint.
Welcome to Coin Talk. The cent has experienced post mint damage, it is not a mint error. The obverse has had another coin pressed against it, likely in a vise. The reverse of the coin has been shaved or ground down. Looks like someone used the coin to test out tools in their work shop. What you see is the result of humans damaging the coin, it did not leave the mint like that.
I didn't address the blank reverse, though. Never even looked at it. Thanks for catching that, @Lawtoad.
The obverse is really decent condition under the vise job. What happened to the reverse? Wheaties are usually worth a minimum of 3 cents.
Either that is a REALLY rare error, or it's a vise job, as the others say. Except what I'm wondering is how the back got completely erased. Maybe someone purposefully rubbed it for days upon days to only wear out the entire reverse. Also where did you find it?
Look closely.... there's quite a bit of detail remaining. As the others have said, the coin is damaged.
