yea i'd say that not fitting great in the 7070 is a common problem. 2 of my four large cents share this issue. though, having done a fair amount of large cent collecting in lower grades, i haven't seen anything quite like yours before. was the price good at least? how reputable was the seller?
I don't think it's fake and, as has already been said, large cents vary in size. This is not to say it hasn't been messed with, or has acceptable surfaces. I wouldn't keep it in my set. And if you don't like it return it. You are unlikely to like it down the road. Lance.