The 'P' you see at the bottom of the obverse is the mark to signify a 'Plated' coin. It is a multi-ply plating process. Steel core, thin plating layer of nickel, thick plating layer of copper and lastly a thick plating layer of nickel.
What you are seeing is the erosion of the outermost nickel plating on all the high points, especially the rim, and the underlying copper plating layer being exposed. The heavy wear I see, supports this. I hope you did not pay much for it - worth 25-cents.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert Oppenheimer
Have never seen or heard anyone indicate a coin being RARE because of the extensive amount of wear that it has. I can already see E-Bay sellers using that reasoning to peddle their coins...
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