Coin Collectors

I was just given this 1798 LC from a good friend. It’s in pretty rough shape, is raw and will stay that way. I have a couple of questions since I know next to nothing about these other than I wish I had more. First question to the experts is which variety is this? The second is what are your guesses are as to what makes the orange areas on both obverse and reverse. Whatever it is, it has been there for a long time.

Very large images

Obverse

http://i120.photobucket.com/albums/o…98LCobv_06.jpg

Reverse

http://i120.photobucket.com/albums/o…98LCrev_06.jpg