I don't know what it is. The cent has been in one of my albums for probably 50 years and I never thought to look at it closely. Today was rainy and miserable so the Nikon came out of storage.
@Gilbert- Join the club. We must have lived on the same block when we were kids. Looks like we both kept the coins in the albums with scotch tape! : )
It's more than a bunch a chips, actually these are interior die breaks. Very common on 50's Philly and San Fran coins. Cuds on Coins website actually attribute these errors.