It's an ok Lamination Error but nothing major. A Cent in much better condition a lamination as yours would be worth $2 or $3 dollars.
It is an error, it is worth keeping. However, condition is always an important factor. And this coin is destroyed. Don't clean it. Just put it in a 2x2 flip and mark it reverse lamination. As for what happened, look up lamination, under coin errors.
Thanks so much! My grandfather and i collected any indian head or wheat penny we found while i was growing up and i just started really looking at them.