Fake. The colors may be the right shades, but most of them are too dark, especially the yellow and brown charm. On the purple charm the darker shade looks almost brown. But the biggest problem is the size of the links - NONE of them are the right size, all the main links are too thin, the links attaching the charms to the main chain are too large and the top link of the chain isn't wide enough.
The positions of the blue and green charms seem to have changed between the website photo and the final production version, but ALL the charms on the fake are in the wrong place except for the blue one. Also if you compare the shape and proportions of the front flap and buckle on the pink charm there are very small differences.
Here are pics of the actual #1744 keychain from 2 different sources, there are some slight color differences from the different types of lighting but nothing as drastic as the colors on the fake.:
The stamps on the back are wrong too, notice the difference in the fonts. Real on top, fake below. The fake has a plain generic font instead of Coach's trademarked design.