Don't have a picture quite yet... left my camera at work. But I came across a penny that looks like it has measles! Does this sound like a lamination error?
It is as I expected. Others can give you a better explanation, but in a nutshell the copper plating is bubbling up because the zinc under it is corroding.
Yep, I’ve seen quite a few in circulation, even some proof pennies. Even though yours is pretty badly bubbled I don’t think they have any value over face. Maybe mikediamond can stop by with some more info.
