Yes,it's a heavily corroded copper Lincoln memorial cent 1959-1982,part of the memorial is quite visible on the reverse.
Using the top picture, I would say it is a memorial cent. You should be able to check the size against another one.
You can't make it any worse, so I'd go for it. It looks like a calcium deposit, so maybe soak it in CLR, or some other calcium remover.
Back into a re-roll to return for bank. I knew it was a Lincoln - just accidently hit "post" before I could add some words.
With all those burst bubbles I would say it's zinc that bled through. But to answer your question simply-no.