This is a (1965-Present) clad Washington quarter planchet which is missing 55% of it's clad layer on one side. A truly remarkable planchet, as it is the only partial missing clad layer 25c planchet we know of. This planchet shows what a missing clad layer coin looks like before it is struck, and is a tremendously educational item as well as incredibly rare.
Interestingly, the "obverse" clad layer has a "corner clip" on it. This would have been caused by the edge of the corner clipped clad layer strip overlapping the bottom copper and nickel layers unevenly, which is why the nickel layer has the clip while the other two layers do not have the clip. This is not noted on the holder, but it is a corner clip.
PCGS MS-61 with scrapes on the reverse caused from getting caught in some sort of machinery (probably a counting machine.) The missing clad layer side is problem-free and red/brown on the copper part.