Rare, But Pitted

It sounds like it would not be a candidate for professional grading. If you can upload pictures of it here someone can help assess the relative grade of the coin. If you haven't done so already I would recommend you locate and purchase the ANA Grading Guide. When you go into a coin shop or attend a coin show, take it with you and compare the description of the grade with an actual coin of the same grade wherever you go. This way when you use a price reference then you'll have an idea of what the coin should look like for that price.

To determine the value of a coin like this figure out what the actual grade is as if the coin was not pitted then you have to discount for the pitting and depending on the severity of it you would drop the value at least two grades. For example if the coin has AU details and the pitting is light but all over the surfaces of the coin it would have an approximate value of a coin in VF at best.

Circulated 2 cent pieces in XF or AU are affordable so you have the option of using this coin as a trader towards the purchase of an undamaged example.

Ed
ANA LM-3175

If it's pitted, I would not bother certifying. If it were a much more rare coin, I would say yes.

Welcome to CCF! Neat find, despite the environmental damage. If you're sure it's a small motto variety, I vote to get it slabbed as genuine, non-graded, the cheapest way possible. That way, it'll be easier to sell when the time comes.

BTW, I'm looking for a counterstamped SM Two Cent Piece to complete a set. Well, I could use a counterstamped 1873 proof issue, too!

The Small Motto type carries a large premium over the common Large Motto. I would consider having it graded and attributed by ANACS which would be your lowest cost option. I would expect an ANACS-verified coin with a details grade (i.e., "1864 2C Small Motto EF Details Environmental Damage" would sell for more than a raw example. The difference I think would more than cover your grading fee.

Personally the damage would bother me and I would want to sell this coin and apply the proceeds to the purchase of a preblem-free example.

Got any pictures to share?