Wondering what kind of error this could be and possible value?

Someone wasted a lot of time and effort to make an "error coin"

 

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I can echo the opinion of most in this thread and concur that this is post-strike damage. If its weight is normal, then this would be a variant on the "dryer coin" theme. The coin may have tumbled around in the fins of an industrial dryer. This converts the design to mush and relocates metal from the edge and rim onto both faces in the form of a thin apron. This would be the widest apron I've seen, but the effect is familiar.

 

It's also quite possible that this coin is underweight, as metal can be lost during the interminable tumbling it endured.

 

It's post mint damage. There is no process where this could happen at the mint.

 

Maybe a dryer coin where someone "spooned" the rim down onto the surfaces?

 

Mike, I think you are quite likely correct. After checking "dryer coin" I found some images similar to what I have. Like you said, none so extreme but close enough.
Thanks.

http://www.coincommunity.com/forum/uploaded/earle42/20130305_Dryer_Coin_Lot_1_pic2.jpg

 

Andres, do you have a photo of what you describe?

 

The 1977 5 cent coin was damaged outside the Mint. Whoever purchased it for $300 flushed his money down the toilet. We see the typical undersized coin with a thin apron which has molded itself to the underlying letters and numbers.

 

Mike, you should introduce yourself to the newbies .
I don't think they know who you are ....

 

As you wish. I write the Collector's Clearinghouse column for Coin World. I've written hundreds of articles for Coin World, Errorscope, and other magazines. I've described over a hundred new error types, subtypes, and effects.