The protection strip is clearly added on and non-factory. The factory installation was lower on the body line, not at the peak. The dealerships added stuff on like this all the time, just like the ripoffs they sell today - VIN etched glass, Scotchguarded upholstery and paint sealants.
Regardless, this car was clearly well taken care of and a great example of the way these cars looked when they were daily drivers. Dealer installed A/C, alarm switch in the driver's quarter, and some sort of switch where the rear defrost unit would be. Underside looks to have a very liberal shot of undercoating, probably more dealer applied goodies.
The nice thing is this car is how original it is. he trunk is a great example of how it's supposed to look, with a few minor touchups evident. The engine compartment looks untouched. I'm guessing the hood and it's blackout were repainted at some point, I think I can see overspray on the hood bumpers. They did a much better job than 99% of the hoods I see out there.
The rear lower valance has NO cut outs for dual exhaust, so not an 05 valance has been put on.
F & H code Mach 1s didn't have dual exhaust, only the Q-code in '72, so no cutouts in the valance. Duals have been added, which is pretty obvious by the pics
So what else is wrong? Oh! I see another. It has a 71 only pop open gas cap!
It's a very early '72, built on 8/18, so that cap could very well be original. It also doesn't have the seat belt minder in the passenger dash yet, since that wasn't available 'til the end of '71.
Not a bad starting place, but a bit high on price for an H code imo.
Agreed, a lot of money for the car.