It looks like you have a plated copper Cent. Not an error and worth only 1C. If it were struck on silver it would of only been on a blank silver Dime planchet which is smaller then a Cent Planchet. Your Cent is the same size of a Cent planchet.
Years ago I worked in a shop that did small parts and pieces that needed plating. We would test the plating set up on old cents. The Acid bath to clean the copper and open up the pours on the metal to accept the plating. You could then cut the cent and measure the thickness of the plating or weigh it before and after. The whole testing process only cost you a single cent, and if it wasn't destroyed then it really didn't cost you anything as you could easily still spend the cent. Also cents were used in plating very small pieces. Part of the plating process electrically charges the metal. Well old cents are copper after all and a good conductor. Some of the parts plated were small enough 20-30 of them would attach to a cent. So cents were also thrown in to make sure good electrical charge was passed through the parts as the parts did need contact with the metal. Some people would pocket a cent here or there to take home to the kids or friends and family as a novelty. Looks like that's what you found.
You may have found the result of a high school chemistry experiment. After the experiment, some of the cent coins end-up back in circulation. Here is a video link describing the process. http://search.aol.com/aol/video?q=m...28D27279160D93A11&s_chn=prt_bon&v_t=comsearch
Used to do that all the time in high school chemistry as mentioned above. Then you have silver looking pennies to spend.
