Doesn't look like dipped, cleaned, or polished. Looks like a normal cent from that era that is just starting to go (more) RB. The area around Liberty does look too regular, but that can be just a happening. I noticed that the cardboard has been re-stapled and the old holes left open. Those can allow airborne environmental factors under the mylar to the coin surfaace and the unstapled side would not develop the toning as quickly, so lighter.
The photos don't do the coin in question justice but to me it looks like a normal wheat penny that was not circulated very much.
I was going to say polished until I read what desertgem said. Regardless, at least the reverse side looks abnormally bright, almost as if polished.
Yes, it looks like it was polished. Those surfaces do not appear natural. You can often get this look with a mild paste of baking soda, rubbed gently on the surfaces. The result is an "unnaturally prooflike" sheen. A key indicator is to look at the protected areas around the devices (most noticeable on teh obverse around Liberty and the motto). They are a different color/texture than the open fields, because whatever was used to polish this coin couldn't get into the crevices.
Perhaps (although I think you give too much credit) but that doesn't make the question any less worthy. A better understanding of this coin could possibly prevent the OP from making a much more costly mistake down the road.
This will also frequently be the appearance of a lightly circulated coin that has begun to tone. Because what caused the wear (and left contaminants) in the open fields (fingers) couldn't get into the crevices. The worn fields then toned faster than the protected areas.
Yes, but that wouldn't account for the very bright reverse. While an AU/EF coin will have luster in protected areas and toning/patina in other areas, the look is noticeably different. This has the color of "pink" copper that has been stripped (especially the reverse). The whole appearance of the coin (obverse and reverse) leads me to the "polished" conclusion - the indicators I point out on the obverse are just some of the biggest, most obvious ones in these low-quality photos.
