It has to have been a proof for being a 92-S. Obviously, it is damaged by harsh cleaning. Maybe it was overdipped and then someone tried to scrub it... I don't know, but it looks pretty bad. The only question, like Greasy mentioned, is whether it is silver or not. The weight will tell you. If it's not, I would spend it, but if it's silver, keep it for your PM stash.
Tantum religio potuit suadere malorum. -Lucretius
"Just because you're paranoid don't mean they're not after you." -Kurdt Kobain