Yes, it is very possible. Especially in the first couple of years after the switch to copper plated zinc (starting in 1982) the mint had many problems with the process. You will see many bubbles, cracks, and other plating errors. A fully unplated cent like this is unusual, but not unheard of - although I would be extremely wary of buying anything in that holder. You have a high chance of getting a fake.
And it is an early PCI slab, first generation after they bought out the HALLMARK slabbing supplies and equipment.