What exactly is this? Possible error?

What could this be worth?

 

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lamination crack maybe
need a side view

 

I've seen this characteristic (much less pronounced) on 1931-S cents. Never gave it much thought. Perhaps the "step" is caused by die failure as it is not a clash.

 

What year is that penny, that might help.

 

1944 s

 

Now let the experts respond. These guys have the knowledge. And welcome.

 

It's a form of die damage that's seen on the reverse of wheatback cents from 1917 - 1945. It can be bilateral or unilateral, but is located approximately where you see it on this coin. It can take the form of accidental die abrasion, a die dent, or a combination of the two forms of damage. The feeder/ejection.mechanism is the most likely culprit.

 

So is that penny worth a nickle or are there to many of these??

 

I'd say it's worth perhaps $5.