It looks to be steel-plated. You can tell it's plated because the gray metal is beginning to peel off from wear at the sides, revealing the copper underside. This was most likely used as jewelry at some point, considering the hole and could also explain the plating.
As Dog_pound explained you probably wont be able to find anyone who will pay more than 2-3 cents. Even though you could spend it I would keep it if I were in your position.
It may have been dipped in mercury. That was a common practice for science experiments before we realized that mercury was harmful to your health. Chris
I went from "oh cool" in response to the clue @alurid had about this coin to "Eeeeegads!!" in response to the post of @cpm9ball !! Lol...I have a few US cents that look like this. I'm pulling for the charm bracelet, idea.
I have a 1934 wheat penny copper and a 1943 wheat steel penny and a 1944 wheat copper penny any value to any of them?