1 cent is it's value and there are untold reasons why coins get damaged once they leave the mint. It is called post mint damage PMD for short and it just happens.
1 cent, as for the holes there were breaks in the plating, the zinc underneath rotted and then the zinc oxide was dissolved away in some acidic environment.
Welcome to Coin Talk. You should post this on a new thread with clearer photos (less glare). From the photos I'm just guessing that the cent could have been ground down.