The black drop effect is an optical phenomenon visible during a transit of Venus and, to a lesser extent, a transit of Mercury.
Venus transits the face of the Sun on 8 June 2004. Here, the black drop effect is visible.
The black drop effect as observed by Captain James Cook and Charles Green in 1771.
The black drop effect in 2004, in moments of "bad" seeing (left) and "good" seeing (right).
A transit of Venus takes place when Venus passes directly between the Sun and the Earth, becoming visible against the solar disk. During a transit, Venus can be seen as a small black circle moving across the face of the Sun.
William Richard Lavender, Jeremiah Horrocks (1618–1641) (1903), Astley Hall Museum and Art Gallery
Diagram from David Rittenhouse's observations of the 1769 transit of Venus
Image: NASA's SDO Satellite Captures First Image of 2012 Venus Transit (Full Disc)
Image: SDO's Ultra high Definition View of 2012 Venus Transit (171 Angstrom Full Disc)