That is a Lamination @Cascade.. yes to your question.. I have tons of Laminations that look like the OP's Cent especially from the 40' 50' and 60's
@Cascade Here are tons of examples - http://www.bing.com/images/search?q=lamination on cent&FORM=HDRSC2 And
It seems like it but it is not. I have been collecting Laminations for years and have seen similar ones as yours. It would be impossible for the word LIBERTY to be in that location without affecting the other raised devices on the field. All you have is a Lamination. Not worth a lot. Did you see my post #15 with the Bing images?
In that case I'd say it's rare because I don't see any letters but they're there. I just never heard of a coin like that before. Why don't you see what you can get for it on eBay?