Definitely fake. The drilldown picture shows how this bag should look with the c's lined up correctly: http://www.coach.com/assets/product_images/drilldown1/10483_d1.jpg
I looked at that too but it looks like the pics in the auction are of the other side of the bag and jazysmama says that she keeps seeing this bag but only one side of the bag have the c's lined up so maybe not a fake. I don't know, just speculating.