By 2003 the Dominican Republic plant was being phased out but the Z code along with the X code were still its exclusive property. The "Bellini" looks fake, not just because of the invalid plant code abut also because of that stamped impression of a solid border that you can see almost all the way around the base of serial number. The formatting of the 2003 DR plant stamp changed several times during that year but never was used by the US as far as I've been able to trace. And AFAIK the Bellini was never made with pearlescent leather. In fact I don't remember ANY
Coach bags from the early 2000s in Pearlescent Green.
While there's alsways a chance that the style may have been resurrected for the outlets, the Bellini doesn't seem to have made it into the 2003 lineup. And by that time, if it had been an outlet-only bag it probably should have had a bullseye stamp.
The "elephant skin" leather on the face of the bag is another bad sign, and the Coach stamp on the front is too far away from the top edge. The hangtag isn't right either but that doesn't prove anything unless it exactly matches the bag color, meaning it was made at the same time in the same VERY unusual color. The "cocktail" bags like the Mimosa, Bellini and Martini had mini leather tags and they were NOT the old double-sided style. There are other small details like the strap stitching and placement of the strap buckles that aren't quite right either. I'm adding Coach's photo.
Here are several genuine Z plant stamps from 2003: