Corrosion or Defective Planchet?

I stumbled across this penny in some rolls I bought of a friend. It looks like the hole in the center is corrosion but I am not sure what is going on with the top. Any ideas or is it just a piece of junk? Thank you in advance for any opinions and responses.

Daniel

 

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Corrosion. I would say junk, but it is copper so it would be worth 3¢ to 5¢.

 

I think the coin may be in too rough a shape to say for sure what it originally was.
It may be pure damage, it may have been small defects that were exacerbated by environmental damage, who knows at this point.

 

I figured as such but better check it out before I though it into the cull wheat bag. Might never see it again if that happens. Looks like that's where it's headed though. Appreciated!