Its a coin that has been submerged in a strong acid or other corrosive material/liquid, i have seen hundreds if not thousands of these while collecting. Most current U.S. clad coins consist of an inner core of copper, with outer layers of a silver-colored nickel-copper alloy, when they are submerged in a corrosive material/liquid the inner copper core sandwiched between the two layers of nickel-copper alloy begins to be corrode first leaving the hollow cavity around the rim.