Agreed. Definitely a poor strike by CC mint, but probably with a die that was ready for the scrap heap. I do think it was dipped, as a lot of the Morgans and Trades that were lightly dipped tend to re-tone exactly like this. I like the coin a lot, though.
Having the coin in front of me, I have doubts that it has been dipped. I have a number of dipped coins that I subsequently left in a drawer for 5 years or so, and although they retoned, the appearance of the surfaces is different from this coin. My photos and descriptions don't really convey the look of the coin, although I've tried my best! In hand, it has an original gray look, and luster wise I think is closer to a 40. But who am I to question the mysterious ways of the TPG? (LOL) I appreciate all of the opinions offered, from numismatists with a lot more experience than I have. If anyone will be coming to a show in the Mid Atlantic area in the coming year I will be happy to show this coin to you if I can get free from work! I like it a lot, too, and plan to hold onto it for a while.