I refer to this type of error as a peel lamination because you can see where the top layer has peeled/folded back in places due to impurities within the planchet's metal.
Thanks all, my knowledge base is expanding all the time. From the replies received, together with research, now able to document a explanation relative to this coin for my, and descendants future use. Still have a further 400+ pennies to go through and referring KM's 43, 50 and 56, therefore assume I will have to keep on posting for information or clarification, but please be aware I do try to undertake extensive research before posting on this excellent resource, Numista