1. Liberty Seated Fakes Counterfeits and Altered Coins

2. Topics Fakes consist of two different types
Counterfeits
Altered coins
Fakes exist for two purposes:
To fool merchants
To fool coin collectors
This presentation discusses two types of fakes: counterfeits and altered coins.
Fakes exist for two purposes: to fool merchants (for spending), and to fool coin collectors (for numismatic fraud)

3. Contemporary Counterfeits

4. Contemporary counterfeits
Created to fool merchants as spending money
Contemporary counterfeits were made in the day to fool merchants, as spending money. There is one example: With Arrows dime.

5. Different types of contemporary counterfeits
Cast counterfeits, often crude
Die struck counterfeits
There are two major types of contemporary counterfeits – cast and die-struck. Die-struck counterfeits often look better than their cast counterparts and are more desirable. Cast counterfeits are often crude with granular surfaces.

6. Collecting contemporary counterfeits
Cast counterfeits in the Liberty Seated series are common – often found in change
Die struck ones are harder to come by
(from hand-engraved dies)
Cast counterfeits are a dime a dozen. They are quite common and were often found in change. They demonstrate just how little scrutiny many people paid to their spending money.
Die-struck ones come in two forms – transfer dies (from real coins) and hand-engraved dies. Hand-engraved die counterfeits are tough to find and are the most prized by collectors.

7. Interesting examples 1854-O Seated dime 1848 Seated dime - Not silver
- Crude engraving on
obverse
1848 Seated dime
- Copper, not silver
- No attention to detail
Here are two interesting examples., both from hand-engraved dies.
This 1854-O dime was actually found in a bag of “90%” put aside by a coin dealer. This low-grade piece features crudely engraved devices and irregular lettering, stars, and numbers.
This 1848 dime in copper is a remarkable example. Some care was taken in the lower part of Liberty, but the engraver just gave up near the top, and just roughed out a shape, rather than engraving a head or any other features for that matter! The date and stars are very crude. Most counterfeits struck in copper were plated or coated at one time to look more like silver. Often this coating or plating wears off to expose the copper.
But on both of these, the small size of the Dime denomination meant even these shortcomings probably went unnoticed for some time.

8. Interesting examples 1858 Seated quarter 1842-O Seated quarter
- Wrong color
- Not silver!
- Excellent engraving
1842-O Seated quarter
- Copper, not silver
- Possibly once plated?
- Well worn!
Here are two additional counterfeits –
This 1858 quarter has excellent engraving and would stand up to some scrutiny by a merchant. The color is brassy, but perhaps this was coated silver at one time.
The 1842-O quarter is notable because of its low grade. It either lasted a long time after detection as a counterfeit, or more likely was kept as a pocket piece after it was detected.

9. Some counterfeits are rare Even if they’re ugly!
Since 20-cent pieces were so unpopular, how many people made counterfeit ones to spend?
Answer: not many!
Some counterfeits are fairly rare.
For a counterfeit to work, it must be passed as money without much scrutiny by the merchant or accepting party. The twenty-cent piece was not only minted for circulation for just two years, but people had to take a careful look to distinguish from a quarter. Therefore, it would be a poor choice for a target.
As a result, few counterfeit twenty-cent pieces are available.
Here is a cast counterfeit of an 1875-CC (likely in Antimony) and the soft metal encourages lots of contact marks, dents, etc.
1875-CC

10. Rare and neat!
While modern counterfeits of Trade Dollars are common, period pieces are rare!
Counterfeit Trade dollars are all over the place, but these are modern creations. Contemporary counterfeits are rare, however.
This counterfeit is struck from hand-engraved dies and plated. The plating is partially worn off the high points.

11. Rare and neat!
While modern counterfeits of Trade Dollars are common, period pieces are rare!
Plating wearing off
The engraving is humorous. Liberty has a nice scowl on her face. The ribbons that display LIBERTY, IN GOD WE TRUST, and E PLURIBUS UNUM were engraved, but not any of the words! The ribbons are all blank on this piece.

12. Love Tokens on Contemporary Counterfeits
One somebody figured out these weren’t real coins, they did something useful with them!
In some cases, the counterfeit nature of a coin was discovered, and something useful was done with them.
Here are two contemporary counterfeits that were made into love tokens. These are highly collectible.

13. Bought as Counterfeit But… it is Genuine!
XF 1876-CC dime, struck from heavily rusted dies
Bought for $20 as counterfeit
This coin has an interesting story. It was purchased as a genuine coin by a small dealer.
When trying to sell this coin, he was told it was a counterfeit, likely cast, due to its granular surfaces. So he sold it for $20 as a counterfeit.
However, it is in deed genuine – an 1876-CC stuck from highly rusted dies.

14. Numismatic Fakes

15. Numismatic fakes Designed to fool coin collectors
Designed to simulate an expensive coin, or to make a common coin look like a rare or expensive one
Criminal
Some are good enough to fool honest dealers
Some even fool the grading services
Getting dangerous
Now that we’ve had the fun associated with contemporary counterfeits, it’s time to discuss a more serious issue to the hobby – the area of numismatic fakes.
These are designed to fool coin collectors and dealers.
There are two types of fakes here – a counterfeit simulating an expensive coin, or a common coin altered to look like a scarcer or more expensive one.
Coin alteration or counterfeiting is fraud and is a criminal act.
Some altered coins and counterfeits will fool honest coin dealers, and even some will fool the grading services.
As a matter of fact, some new developments are alarming.

16. Numismatic fakes: cast counterfeits
Mainly made in China
Many are somewhat crude
Often found in markets in China
Tourists buy, thinking they are getting a deal!
Usually Liberty Seated coins
Better or key date quarters, dollars, and Trade dollars
Quality caries tremendously
Most easily identified if one looks carefully
Often found on Ebay
Cast counterfeits are the most numerous types of fakes, but are also the least deceptive.
Many modern cast counterfeits find their origins in China, and are often crude and found in markets in Asia.
Their target customers are tourists, thinking they are getting a good buy!
Many of the counterfeits are Liberty Seated coins, and sometimes include better date quarters, dollars, and also Trade dollars.
Quality of cast counterfeits vary widely. Some are very crude and would not fool a numismatist at all. Many are magnetic.
These can often be found on Ebay

17. Flea market-class fakes
Here are some examples. Some look better than others, and some look awful.
Many of these will stick to a magnet. They will fool inexperienced collectors, but shouldn’t.
Magnetic
These should never fool a numismatist, but they do!

18. Flea market-class fakes
These cast counterfeits are usually mass produced, with the same models being used for multiple dates.
But these are good enough for the tourist, who thinks they are getting a great deal.
Here is an 1840 and an 1846, that has the same gash on shield. Evidently the host coin had the gash, and it transferred to the all the counterfeits, even when the dates have been changed.
Typically found in China outdoor markets
People buy thinking they are getting a great deal
Same gash appears in the shield of two different dates!

19. Flea market-class fakes
Often, these cheap counterfeits pretend to be dates that don’t even exist. Here is an 1883-S Trade Dollar, which of course doesn’t exist.
And look at the appearance. The obverse of this cast counterfeit looks nothing like the genuine.
Counterfeit 1883-S Trade Dollar Genuine
Often simulate non-existent issues

20. Flea market-class fakes
These counterfeits are of really low quality. There is life to this piece. No three-dimensionality, no sharpness to anything, poor color, everything!
Compare to the genuine.
Oh, and it’s an 1879-CC.
Counterfeit 1879-CC Trade Dollar Genuine
Flat relief and not realistic

21. Ebay example – 1870-CC Quarter
Let’s look at some examples. Here’s an 1870-CC quarter.
Note the date and mintmark – nothing like the genuine. They are mushy and misshapen.
In addition, the overall coin has that counterfeit look to it.
But hey look…. ANIMATION …
It sold for a bargain price of $760. What a great deal.
What else do you notice about this listing that should set the alarm bells off?
ANIMATION…
The feedback of “1” should be a clue to be wary of this seller.
Has that counterfeit “look”
Improper date and mintmark appearance

22. Another Ebay example Has that flat counterfeit “look”
Here’s another listing – an 1840 Seated Dollar.
It has poor relief, and just looks like a counterfeit.
The date and lettering are irregular and just not right.
And it looks more like steel than silver.
The edge reeding is also wrong and looks like a modern creation.
ANIMATION…
Anyone want to bid? Only $300 to get it started!
Has that flat counterfeit “look”
Poor date and lettering
Doesn’t look like silver Edge looks too sharp

23. Numismatic fakes: die-struck counterfeits
Set of dies are created…
Often using transfer process from a genuine coin
Sometimes engraving dies from scratch
Look for wire or sharp rims
Until recently, not too many die struck counterfeits for Liberty Seated coins
Now the Chinese counterfeits are here in force
Now on to the real problem – die struck counterfeits.
These pieces usually look better than their cast counterparts because they are struck, resulting in metal flow, which gives a more realistic appearance.
A pair of dies is created, using either a transfer process from a genuine coin, or otherwise engraving from scratch, either by hand or more likely through computer-added process or a reduction process.
Die-struck counterfeits often produce very sharp or Wire/Knife rims, due to striking with enough pressure to bring up design details.
Until a few years ago, Liberty Seated coins were not the target of quality die-struck counterfeits, but now they have become commonplace.

24. Ebay example 1856 Liberty Seated dollar
Details mushy, date not quite right, letters inconsistent
Overall relief of coin is a little flat
Here is yet another example from Ebay, an 1856 Seated Dollar. While much better than the cast counterfeits, this piece has mushy details. The digits of the date are not the correct style, and the letters of the legend are inconsistent.
Also, while superior to the cast counterfeits, the overall relief of the piece is a litlle too flat.

25. Counterfeit coin in a counterfeit PCGS slab!
Same concerns with the coin
Slab insert color slightly off
Stepping up, here is a counterfeit coin in a counterfeit slab.
The problems with the coin are the same as the last one – date digits are not the right size or shape, and the lettering is unlike the genuine. The eagle is flat and lifeless, although shaped properly.
The color of the insert of the slab is slightly off.
It should be noted that most counterfeit slabs do have Certification Numbers that match the coin inside the slab. I expect you will find that the registry of this Certification Number will be matched to a VF dollar, just not this one!

26. Counterfeit coin in a counterfeit PCGS slab!
Plastic not flat – a little wavy
Quality varies on counterfeit slabs. Some are quite deceptive, and others less so.
This one featured wavy surfaces on the flat parts of the slab itself, resulting in a poor appearance. More recent productions are of higher quality, and are more difficult to spot. As always, one should focus on the coin inside the slab and not solely the slab itself.

27. Numismatic fakes: altered coins
Usually altered dates or added mintmarks
Sometimes removed mintmarks
Sometimes combining the front and back of two different coins (mules)
Most of these are easy to detect, if you look carefully in all the right places
Remember: a coin has three sides!
Another class of fake is the Altered coin, where a genuine coin is tooled or altered to simulate a more expensive coin.
The most common form of alteration is the addition of a mintmark, or the altering of the date to another year.
Once in a while, the Philadelphia coin is the rare one, and a mintmark of a more common issue is removed.
Less often, two halves of two different coins are joined together. This is done so that examination of the date or mintmark won’t reveal alteration, and most people don’t really look at the edge of a coin.
If one does bother to look, the seam where parts of two different coins have been joined will be obvious.
October 2006

28. Liberty Seated targets
Not many targeted to date
Those that are see lots of action
Early CC dimes and quarters
1878-S halves
Possibly CC dollars as well
With Ebay, everything is fair game…
A limited number of Liberty Seated coins have been targeted for alteration, but the selected targets do find a lot of action.
Most of these are the early CC dimes and quarters, and 1878-S halves as well.
Reports of added mintmarks to CC dollars have been heard as well.
With the internet and specially Ebay, nothing is out of bounds.

29. Early CC dimes
1871-CC, 1872-CC, 1873-CC, and 1874-CC all used the same reverse die
Die crack developed at mintmark in mid-1872
Most 1872 and all CC coins should have it
Added mintmarks will not match the mintmark below
There are numerous altered coins posing as the rare early dates. Most of them come from adding the CC mintmark to Philadelphia coins. To help detect these, it is a convenient fact that a single reverse die was used to produced all of the CC dimes from 1871 to Any purported example should have the mintmark pictured here, and if it doesn’t, it is a forgery.
In addition, the reverse die developed a die crack at the mintmark during the year As a result, most 1872 coins, and all 1873 and 1874 coins have this die crack. Sometimes corroded or repaired coins may have surfaces that make the die crack difficult to see.
However, coins with an added mintmark will not exactly match the mintmark pictured here.

30. 1878-S Liberty Seated half Only about 60 examples known
Target of adding an “S” to 1878 (common date)
Genuine has raised dot in reverse shield from die chip
A target in the Liberty Seated half series is the key date 1878-S. With only 60 known, this date runs the risk of an added mintmark on a common 1878-P.
However, there is one easy die marker – all genuine 1878-S halves have a raised lump in the reverse shield due to a chip in the die.
If a purported 1878-S does not have this raised lump, then it is not genuine.

31. Ebay example – 1878-S Quarter (added mintmark)
Here is another Ebay listing for an 1878-S quarter, except that it has an added S. Although the 1878-S is not a key date for the Quarter series, it is a better date and adding an S to a P-mint coin is a profitable endeavor. Note the monkey business that is obvious at the mintmark area, as well as the wrong style S.
ANIMATION
And it sold for $960. What a bargain!
Monkey business at mintmark area
Wrong style “S” mintmark

32. The Ebay dictionary…
Statement “I’m not a coin collector. I don’t know if this is real or not. You decide.” Meaning “I know it’s not real” “From an old estate” or “From my grandfather’s estate” “It’s not from an estate”
Since many collectors shop on Ebay, it would be useful to go over a couple of terms/phrases that are often seen in Ebay listings, and give their translation.
For example, the phrase “I am not a coin collector. I don’t know if this is real or not. You decide.”
This really means…. ANIMATION … “I know it’s not real”
And the statement, “From an old estate” or “From my grandfather’s estate”
This really means…. ANIMATION … “It’s not from an estate”
Really, who cares if it is from an estate? The coin is the coin.

33. For Amusement!
1891-O Seated Quarter Not technically an “Added” mintmark!
Here’s an amusing altered coin – an 1891-O quarter.
It’s really not an Added O, as no metal was added to this coin. Some was taken away though!
ANIMATION to show close-up.

34. A dangerous development
New class of counterfeit identified in 2016
Deceptive 1872-S Half fools grading services
Finally, in late 2016, a new level of die struck counterfeit was unmasked at the Houston Money Show, after some months of investigation.
This deceptive 1872-S Seated Half is a counterfeit. Presently there are at least 4 examples and likely 5, and they are all identical-looking white Aus.
Two of these fooled the grading services, and the discovery piece was certified as AU55 by PCGS.
Four of these sold on Ebay over the course of a year, from four different sellers. One was sold in an auction in Summer 2016, and was later retrieved from the buyer once its counterfeit status was determined.
It was found because the “S” mintmark style was wrong for the date, and the investigation was launched.

35. Obverse matches 1872-P Obverse 8
Raised U-shaped mark and die markers
It was found that the obverse of this “1872-S” matched a known 1872-P obverse die, with a raised U-shaped mark in the base abouve the date, and some diagonal die lines within the obverse shield.

36. Reverse matches 1875-S Reverse K
High very small mintmark, and TRUST Gouge
This spurious “1872-S” half had a reverse that matched the reverse of an 1875-S, specially WB-17 with 1875-S Reverse K.
This reverse has a very small S that is highly placed on the reverse, along with a diagonal gouge next to the first T in TRUST. These are proper on the 1875-S WB-17, but not on any 1872-S. Be on the lookout for this counterfeit.
Also, since the dies that made this counterfeit were copied one side each from 1872-P and 1875-S, it is entirely possible that other similar counterfeits exist for 1872-P, 1875-P, and 1875-S, so be careful of any of those dates with the same overall appearance. The investigation as to the source of this counterfeit is just beginning, so stay tuned for developments.

37. Summary
Contemporary counterfeits are interesting, varied, and form a part of our history
Contemporary counterfeits can be an interesting supplement to a collection of Liberty Seated coins
Numismatic fakes defraud collectors and can range in quality from crude to very deceptive
Be especially careful on key dates!
Be even more careful on Ebay!
Choose slabs from companies that guarantee their work (ANACS, ICG, NGC, PCGS)
To wrap up this presentation…
Contemporary counterfeits are seen by many as an interesting part of the country’s monetary history, as these counterfeits were actually passed as money.
Some collectors like to add some contemporary counterfeits to a set of Liberty Seated coins, or to their type set.
Numismatic fakes, however, are serious business and can defraud a collector out of a large sum of money. The quality of these vary tremendously, and some of them are really good.
Key dates are often the target, especially of alteration, so be careful with them.
Ebay and other similar sites have a wealth of counterfeits and altered coins offered for sale, so be extra careful there!
If a counterfeit or altered coin is found in one of these four services, they will make good on it, as they guarantee their work. If a counterfeit is in another company’s slab, the owner is out of luck.

38. Thank you!
Any questions?