I talked to a couple of people and did a little research. Kmoore, let us know what your thoughts are as to information: are you looking to sell this item, or just want to know history on it?
This is what I can tell you. A friend of mine has this type of carpet in his showroom. Not the same design or anything, just simply similar in the reversibility aspect. Our best guess is this is a machine made carpet, which often may be passed as hand made.
They're created on massive machine powered looms, however technique does vary somewhat. The fact that the carpet has fringe on the side further implies that the rug is machine made. What would normally be the warp of an Oriental Rug is sideways rather than vertical: The machine operates more efficiently when creating a carpet lengthwise as this means less color changes and upward movement. Another indicator of a more advanced looming technique is the use of multiple colored fringe. Ordinarily, a hand made carpet would not implement this type of weaving, although it does happen.
The general style/technique of weaving I believe is called "jacquard." These rugs come in many many colors, densities and designs and qualities.
Take a look at this youtube video. Be sure to pause somewhere around 6 seconds in. It shows a carpet of this type being power loomed then rolled back on itself on the bottom. As you can see, the portion of the rug which has already been woven and rolled at the bottom is the reverse of the rug. Also note, the face of the rug is inverse colors than that of the front.
http://youtube.com/watch?v=-zqT7tPmVAo
This is another piece I came across.
http://www.textileshop.c...VIEWPROD&ProdID=112
Let us know what you think, and if the closeup of the video shows similar traits to that which your rug has. Again, I'm not at all familiar with this type of carpet, but I'm pretty sure this type of rug can have varying characteristics such as a slightly raised pile and flat woven sections which may give texture to some design elements, although not necessary to production.