Kiangnan Province $1 Dragon Coin

I like to have a coin to examine in hand first before I form an opinion, but don't need to in this case.

All of the details are indistinct, which suggests a third generation (or more), copy off an original.
The texture of the surface suggests that it has been cast, not struck. Those little lumps in the surface suggest casting bubbles.
I can't see the edge milling, but I would think that it would show up very poorly against most genuine modern coins.

A comparison ring tone test against a known genuine equivalent coin would show obvious differences.
How much does it weigh? Is it attracted to a magnet?

Are there any truly exceptional fakes (like... fifth-generation)?

And are there avid hobbyists who try and collect each generation of cast copy, as they get worse and worse?

I mean, you could have some cheap fun this way - die pairing for losers...