I think your coin has been Whizzed on an electric wire brush. It causes the smear and loss of details.
Whizzed with what a wire brush?hmm interesting thats new i would've never thought about that I thought it was what I said because of a similar one that had the same effects but was acid damage as the frog said.
Whizzing is done to make a coin look better, and in some cases to mimic luster. This is one of the photos you get if you Google "whizzed cent"
I'm sorry, I should have said "improperly" whizzed. Acid will not roll the edge over to look like a lamination.
It's an interesting appearance. I first learned adout whizzed cents from Fred Weinberg a few years ago. He explained how it occurred once.