Chances are it will be "environmentally damaged" no matter what you do to conserve.
I found an encrusted penny that looked like that and held it over a gas flame (using pliers) until it turned a blue-green color (about a minute) then quenched it in cold water. Almost all of the crust came off as soon as it hit the water and the rest came off easily after that. I ended up with a nice 40's wheat penny.
Problem with coins like these are they are corroded to the point of no return. Corrosion is when the metal that is constructed of be it copper/nickel or whatever. Turns into corrosion, this means whatever the metal was there is a deconstruction of the metal. The metal/design that is there is no longer there it has been replaced with corrosion. The best thing you can do is burn it with a torch or hit it with a Dremel to try and get to the bottom of the strike and get some detail that way.
Is it smaller than a modern cent ? If its the same size or a little smaller I'd bet a zinc penny... They don't stand up to the ocean or water or even air, very well for that matter.
Yah zinc penny gets my vote. Pretty sad that you can find coins in that horrible shape and they were minted within the last few years.
Funny watching the vdi with the zinc pennies as they come out the ground. I always guess how much of his head is going to be corroded off based on how low the numbers are. People get a kick when you tell em watch... This will be a penny and a good chunk of Abe's head is rotted off.