I am sure that this coin would not grade But do you think it's Genuine or Counterfeit? The thing that I think is odd is how clear the date is, given the wear.
It's quite likely the coin was tooled to enhance the date and "LIBERTY", then abrasively refinished (even sandblasted) to hide the tooling marks. Then an attempt was made to recolor the coin to imitate natural patina. That's all speculation. One thing is clear - this coin has been messed with. Probably need to avoid this one unless one wants a bargain filler.
Give it the ol' ring test... balance it on the tip of your finger, then gently tap the edge with another coin. A struck coin will ring like a tuning fork; a cast counterfeit or electrotype will have a dull thud. This test proves it's a struck piece, but doesn't prove it's genuine. It could still be a counterfeit struck from dies, which is quite possible with this piece. I personally doubt it, since the reverse has such a soft strike (common amongst the liberty caps). I would think a modern counterfeiter would get a better strike, but who knows.
Genuine S-81, and the strong date is not unusual on this coin. The date is high up close to Liberty's sholder which is in relatively high relief and acted to protect the date. Also the obverses on these coins were cut in relatively high relief, but the reverses are typically cut much more shallowly. This results in the reverse often being worn smooth while the obverse still have good detail showing.
I see nothing to suggest the coin is faked or has been tooled. The strike is typical for the variety as Conder points out.
