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It is probably real. All US cents minted since 1983 are zinc planchets with a thin coating of copper. Occasionally an unplated planchet slips through and these are worth a few dollars to an error collector. However, this error is easily faked by dipping a normal penny in a mild acid, so it really needs to be certified by an expert and the cost of certification exceeds the value of the error. The composition of pennies since 1983 is almost entirely zinc, with a thin outer coating of copper. Yours evidently did not get the outer copper layer. This is not as rare as you might think -- I get asked about them all the time. They generally sell for a dollar or two at most coin shows.

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Q: Is a 1988 d Lincoln penny that appears to be steel or zinc real?
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US cents made since 1983 are zinc with a very thin copper plating. If it was minted on a planchet without the plating, it would be worth a few dollars. But a quick dip in a mild acid can remove the copper. It could also have been electroplated. Back in the 60's my high school chemistry class made a lot of copper dimes and silver pennies.AnswerI also have a silver 1988 penny. I could believe the high school chemistry class experiment but all the info I've come across about people having silver pennies always seems to be the same year, 1988. It just seems to coincidental to me. Are these coins rare and nobody knows it or is every penny that happened to be electroplated in high school from 1988? AnswerIt is also possible that the coin was never plated to begin with. If a bunch of planchets did not go through the copper plating barrel they would have been struck in pure zinc. AnswerI thought that was odd too! I've seen a few stories specifically about 1988D, and mine is 1988D also. I got it when I was delivering pizza, but I collect weird coins so I held onto it. It doesn't look like acid's eaten it away or anything, it's also scratched in two places with silver color inside the coin as well. The outside of the coin seems like a dark metallic grey.

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