Man, I hate I missed out on this. I've been away from the site for several days. When I first saw the obverse I thought that it may be an extreme example of grease strike-thru, but then I saw the reverse. It definitely has that Chinese fake appearance for sure, as described by @-jeffB. I've never even heard of fake 1971-S Ikes- only the bicentennials. Thanks for sharing this. You received a pretty cool educational experience for only a dollar.
Thanks for asking, I never looked at the entire edge. At first it doesn't look too far off but... I'm a bit curious about the process that caused this.