The reverse shows--possibly--an 'old' lamination issue. The entire coin looks to have been exposed to a corrosive environment at some point in the distant past. I'd give the coin a long soak in 100% acetone and hang onto it as a fun curiosity.
Is the coin encased? Looks like it. Agree that it has been exposed to a corrosive environment, such as a fountain, or smoothed by waves or running water. Also agree with the lamination comment.
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