What happened here?

Hello,

I have not ever seen a penny that looked like this one in all my days of checking pennies. Anyone have an inkling what the heck happened to this penny??

It looks like water on it but they are little bubbles on the surface.

R/Chuck

Probably a lamination error

Corrosion. In an environment that slowly attacks and breaks through the thin copper plating at many points simultaneously it rapidly attacks the underlying zinc and makes little corrosion bubbles (pits).  You can see the zinc is some of the larger pits. 

Cheap old Zinc pennies😂