Something definitely does look off with that coin/picture. I'm not for sure if it is fake (although I wouldn't doubt it), but there definitley is something wrong. Looks cleaned to me (fake or not)
I've seen (and created) quite a few overdipped Morgans, and none of them looked quite like that. It almost looks like it's made of pewter, lead, or some low grade silver alloy like the 12% Tibetan silver that all the Chinese counterfeits seem to be made of. The rims look funny for some reason, too. They look wider and more raised up on one side than the other, but not in an off center strike kind of way.
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