It looks like heat damage. The coin may have been in a fire, or someone may have taken a torch to it. When it gets hot enough the clad layer can separate and bubble up. This coin did that and then the bubble collapsed leaving Roosevelt in the condition you see here. Just Post Mint Damage - PMD.
ANA ID: 3203813 - CONECA ID: N-5637 Clean a coin that may be worth collecting? Please DON'T! When in doubt, leave it dirty!!
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