Somehow I get the feeling this is not so much a fake as a repro. Only the creator didn't want to make an exact copy. Therefor he (or she) used a slightly different maker's mark and put the stamp on another angle. The 'Z' on the hilt could be his (or her) personal mark.
Why do I think this? Because there are to many differences between our Case knives and this one. At first glance a collector may be fooled, but in the long run it doesn't hold up.
For a general knife collector or one that is interested in the total history of the M3 (including repro's and copies) this is probably a very desirable knife.
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