1994 d Lincoln head penny with a diecast error 0

[Conkbob]

[l.cutler]

That is just zinc corrosion.

[Oldhoopster]

Agree with @l.cutler  Your coin has what is commonly called zinc rot, and is not an error

Since mid-1982, cents are made from copper plated zinc. the plating is approx 8 microns (0.0003") thick and if it gets breached, the underlying zinc can start to corrode.  It's similar to getting rust on your car from a scratch in the paint

[Coinbuf]

Yep just a damaged coin, in addition it appears that you or someone else cleaned the coin so even if it were an error the value was destroyed by the cleaning.   You also asked about the value, it still has a value of one cent so you can spend it.

[Mohawk]

I'm with the others.....your coin is damaged, cleaned and has zinc rot.  It's a spender.