Greenstang

That is the problem riight there. Looking at thee spacing between the A & M is the worst way to tell the difference.   Dies and coins get worn which can affect the appearance of the spacing, different years might have slightly different spacing .
The best way, in my opinion, is to look at the FG initials beside the memorial. If they are close, as yours are, it is a WAM. If they are further away, it is a CAM. This way there is "no guessing". 

Also known as a campfire coin.

Hard to tell from photos but they could also be Occulated Gas Bubbles.

Hard to tell from photos but they could also be Occulated Gas Bubbles.

With the mint tolerance of .12g the OP’s cent is only .01g light which   
could be attributed to wear
 

What Fenntucky Mike plus the fact that if it was missing the clad layer,   
it would show signs of being weakly struck.

I think the words you are looking for is Die Deterioration.

I voted #4.  
You can immediately dismiss #1,2 and 5 and possibly debate #3 and4

If it is a you say an error, please explain to the less informed of us how this could happen during
the striking of the coin. If it is a repunched D by chance, it would be a variety, not an error.   
When you increase the size of a coin by that much, you can see all sorts of worthless anomalies.   
If you can’t see an error at 10X max., then it is insignificant as it would not be noted at a TPG.

Merry Christmas to all and have a safe and enjoyable holiday.

That’s a one look fake, 100%.

Merry Christmas to all and have a safe and enjoyable holiday.

Merry Christmas to all and have a safe and enjoyable holiday.

That’s a one look fake, 100%.

It might be worth a couple of dollars. There were over 392 million minted so they are not rare.

Nice album coin but certainly not worth the expense of grading.

If you are looking at eBay to buy an ungraded Morgan, suggest posting photos and a link to    
the posting here and some of are experts may be able to help with the authenticity.

Seeing this is on the striking die, there could  have been anywhere between 800-900 thousand produced with the mm in that location   
 Punched a little higher than usual but still within tolerance maybe the mint worker was in a hurry to get home.
 
 

If you are looking at eBay to buy an ungraded Morgan, suggest posting photos and a link to    
the posting here and some of are experts may be able to help with the authenticity.

Much better replacement

Nice find but certainly not worth the cost of grading. Even in MS66 R condition they are worth about  $12-13.00
and yours is not near that. Put in a 2x2 and keep as a nice example
 

What makes you think they are rare?
The US quarter you can find in pocket change, the Arabian coins are common.

One of the problems is that many sellers are uninformed in the world of Numistatics and see    
something online and believe they have that rare coin. That is why there are dozens of listings
like this on eBay everyday from first time sellers. Although you  will find some informed scammers.  
trying to take advantage of the uniformed buyers. I have seen several cases on the various coin    
forums where someone has bought a damaged coin and thought they had bought a rare error.
eBay policy states that you can ask up to $2500.00 for an uncertified coin as long as it is not misrepresented.

Good advice from VKurt, it you can't see it at 5X, it is irellevent anyway as it would not be recognized by a TPG. 

If it was a Deep Cameo, it would have been marked on the slab.    
You do not pay extra for a Cameo grade, it is part of the grading.