Soaking it in water or olive oil is a fairly uncontroversial step. After a few days you could see if any of the encrustations have gotten loose. I use a soft toothbrush and a wooden toothpick to gently scrape. If your coin is very valuable then this could leave permanent scratches and reduce the value, but as the FAQ on another site so wonderfully says, your coin is probably not rare because rare coins are … rare.
Maybe that will expose enough to identify it.
If you want to go further, the next step is to identify the metal.
If it's silver, this guy has an impressive collection of chemistry based techniques that he has experimented with.