Looks like a real Ike that was struck by a fake LMC reverse transfer die. The cent die is mushy with lots of raised metal anomolies. It's not a real die.
I think i would have liked it better if the die imprint was the same orientation as the Ike reverse. Would have made a pretty neat piece that way.
As OldHoopster said, The LMC die is counterfeit. It was cast, as noted by weak details and bubbles in the fields. In addition, instead of being seated in between the two middle pillars, Abe appears to be peaking out from behind the 5th column from the viewer’s left.
Welcome to CT @JAMES RONDINONE. As already mentioned, your 1.01¢ piece was a man-made novelty and not a mint error. Is is real, sure, but not made by the mint, man-made. A fun item to hang on to IMHO. I wonder how a cashier would deal with it. LOL
As an altered coin, as with damaged currency, the Ike has been destroyed. A bank would give a dollar currency as replacement and confiscate the franken-coin for turn-in to the Mint for complete destruction. The Mint and the BEP both have procedures to replace damaged items. The Bureau of Engraving and Printing takes 4 to 5 months, currently, the Mint is probably similar for banking accumulations...Spark
There is no way this coin would be bent upon impact the way it is. The dollar has reeding, which means it was struck completely inside the collar. Thus the coin should be flat. Absolutely a fake reverse strike. No question about it.