Here are some photos for mine. No punched hole for a cable guide so that's good. Nothing about the cut edges really looks perfect - again, human element?
Do you guys see anything that puts up a red flag ? I have no real reason to doubt its authenticity - if it's a fake, it was faked a long time ago.
As for the quiz - I'm guessing that they start as a flat sheet, then the edges are rolled over - almost looks like they are rolled over some sort of wire to keep a consistent radius ?? If the edges were then cut -(by a shear/die or by hand - I wish I knew) I guess you'd get some deformation of that rolled edge when the fender was pressed/stamped ??
I'm stumped, but I guess that's my guess.
Here's the photos of my fender: