Possible error?

There are black bands that wrap around the whole penny and continues going onto the reverse evenly. Does anyone know what could have possibly caused this?

 

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There was a thread about this recently:
https://www.cointalk.com/threads/would-this-be-considered-a-woodie.315825/#post-3072419
At least it seems to be the same to me.

 

Improperly Mixed Alloy Mint Error
AKA woodie

 

Are these common?
And do they hold any extra value?

 

I see them pretty frequently (especially 1980 and 1981) when roll searching and do not keep them.

 

Yes and Yes but not a huge premium.
I bought one once for $4.00

 

I sell them on eBay for $3 each. Nothing really special. They are very common on 1980s cents (1980-D and 1982-P & D) in particular.