Real error or not?

No. If it were a vise job the lettering, numerals and image would be incused and backwards. That is not the case for the Cent in question. There are ways to make fake dies to create the image. I'm not saying that is what was done because.. I'm not sure.

I find it interesting but I have no definitive answer for it. If it were mine I would definitely send it to NGC or PCGS to have it attributed.

 

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I do not like the damage to the inner portion of the raised rim, and I dont like how the rotation does not match.

I also do not like how the planchet is bowed outward on the Memorial as if it were pushed out.

I say struck with fake dies. Pretty darn certain of it.

 

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One of the counterfeits Morton Goodman was known to produce were double struck counterfeits. They were struck a second time with soft counterfeit dies over genuine cents.

I don't know about the OP coin, but I'm leaning towards counterfeit due to the rotated die issues. Maybe a @mikediamond would know.

 

The coin itself is not fake; it is a genuine minted coin that was altered.

 

This is a very commonly altered error type. Here are a few from my collection, including one with the same date and mintmark:


Here is another:

And my Piacentile/Sheiner Cent