It's worth .01 cent. It's from Philadelphia. They made 8 billion of these. The condition is OK but it's not uncommon. If you like it, put it in a 2x2 coin flip and save it. There is a rare 1984-P doubled ear variety. I don't think this is it, but that would be something special.
I think the circled area is a finned rim caused from a high pressure strike, a pretty common occurrence. http://www.error-ref.com/?s=finned+rim
Correct.. But a folded over Finned Rim due to circulation. The finning could be high and sharp enough to cut someone who would handle the coin.
