Looks like lamination to me. The 2011 Red Book says its value could be around the $3 range. Lamination occurs when "...a foreign substance, such as gas oxides or dirt, becomes trapped in the strip as it's rolled out to the proper thickness. Lamination flaws may be missing (peeled off) or still attached to the coin's surface." Edit: I have a few wheat cents with lamination errors. It's uncommon, but not totally unusual. Of all the errors that the Red Book acknowledges, it's the one that seems to be the least valuable.
