I bought this coin two years ago from a coin dealer. The reverse was covered in a scaly rust. So with some TLC, I managed to remove the rust and stabilize the coin and it is now protected for the long term. Luckily, the obverse escaped relatively unscathed. Whomever found this, left it in a humid environment, and the raw unplated steel was exposed to oxidation.
It is a really cool plating error, which never circulated. It is underweight at 2.24 grams. Shame for the pitting from the rust damage, otherwise it would be going to PCGS. Nonetheless, the eye-appeal is catchy enough to stand by itself. It is one of my favourite modern 1-cent errors.

