Interesting. It looks like (to me) that you have two things going on here. First, a worn die (die deterioration) and second, a misaligned die. Neat!
die deterioration can cause what is termed ... Ridge Ring. you happen to have a really bad example of really bad die deterioration which has created a really bad ridge ring. and since it has split plating you can probably add corrosion to it too thus making it even worse ... But the best thing, is no matter what, since it is used for money, you can still use it for money. It's worth 1 cent at least until it eats itself an becomes unrecognizable as a coin.
Thst is called a Ridge Ring and it's caused by a worn die or Die Deterioration but I'm not seeing a MAD. A MAD would cause the rim to be large in one area and directly across the coin the rim would be almost or non existent. Due to the extremes on this and the fact it's a Cent, I'd keep it. Put in a flip and store properly.
