Look closely at the serial number, it DOES start with "No" with the o underscored. Digits on serial numbers can look different depending on wear patterns and on how the light was hitting them when they were viewed or photographed.
Older hangtags didn't have stitching, and hangtags should never be used to authenticate bags anyway since it's so easy to change them. Never base opinions about older Coaches on what details appear on newer bags. Details on every part of Coach bags including creeds, serials and hangtags change constantly. There are almost NO consistent "rules" about what should be there and what shouldn't, except for the "never made in Korea" rule.
