COUNTERFEIT COIN,S
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Kind of a long answer to your question George, but this is part 3 of something I wrote on counterfeits. A shorter answer would be checking the weight and dimensions and looking for obvious flaws like depressions, etc in cast copies, non-existent date/mintmarks, and coins that just don't "look right"- abnormal wear patterns, soft mushy details, the finish of the coin, etc. If it just doesn't look right or looks too good to be true there is a good chance it isn't. The following is part 3, part 2 was an overview of the different types of counterfeit coins, so there are a couple of references in the following to previous comments that are not included here.
Counterfeit Detection: Part 3 General diagnostics for counterfeits
It has become very clear to me that it is not possible to put everything there is to know about counterfeits into just a couple of pages. That would literally take books, not pages, so this is just to give some general information. Keep in mind that counterfeiters constantly refine their methods. Recently I have seen a lot more work being done on the fakes after striking, including staining, toning, and creating artificial wear. In some cases, coins are even sanded to remove evidence they are counterfeit and pass them off as damaged genuine coins because in some series even damaged coins are valuable. As always, any input is welcome and will help all of us learn something.
It is important to note that counterfeit diagnostics can vary depending on the type of counterfeit and the issue that is being reproduced. For example, most authentic US coins will have letters and digits with sharply cornered tops and a sharp angle to the field of the coin. Counterfeits will often lack this sharp detail, and the letters and digits will be more rounded in appearance. This is often a very clear indication the coin is counterfeit. However, some US coins do have rounded letters and digits, including the Saint Gaudens double eagle, the Indian Head eagle, and the Peace dollar, making this less reliable as a diagnostic tool for these particular coins. This is intended to be general information on counterfeit detection, but keep in mind that something that indicates a problem with one coin may not necessarily mean a problem with another issue.
There are two ways to approach authenticating a coin. The first is to prove that a coin is not authentic by finding characteristics that are not consistent with the genuine coin. The second approach is to prove the coin is authentic by matching certain known characteristics of the genuine coin. Many US coins were originally struck by the US Mint using a limited number of dies. Over the years, the characteristics of these authentic coins have been studied in great detail and included in reference books, and much information is also available online. Knowledge is power, and the more information a collector has, the easier it will be to spot fakes and problem coins in general.
Altered coins: Alteration can take many different forms, which in turn means that there are many different indicators to show alterations. It is important to keep in mind that these coins are actually authentic US coins and will show many characteristics of the coin they are meant to reproduce. The key is finding the points of difference. One example is the 1909-S VDB cent. Due to the value of this coin, many 1909 cents have been altered with the addition of the S mintmark and the initials VDB. All authentic 1909-S VDB cents have the same design mintmark. The S should be very square and boxlike, and have both a raised lump in the upper loop and a notch in the upper serif. The initials VDB also have very specific characteristics on genuine coins. Only four dies were used to strike 1909-S VDB cents, and each had a slightly different known positioning of the mintmark below the date. All of these factors, along with some other known die characteristics found on genuine 1909 S-VDB coins will show whether or not a coin has been altered. Alterations to other issues can be determined in much the same way. The key is specific knowledge of the coin in question, which is readily available from reference books and online sources. In general, the best way to spot alterations is a careful examination and comparison to known authentic specimens matching details closely and critically.
Cast: Cast copies vary considerably in quality but most share some common defects. Look carefully for evidence of a seam around the edge of the coin, or marks that would indicate a seam has been filed away. The seam is caused by the two halves of the mold being joined before casting and some evidence will nearly always be present on the finished copy. Look closely at the surfaces of the coin for evidence of “bubbling”, pitting, lapping or layering of metal, or other signs of the casting metal not completely filling, or incorrectly filling, the mold. Soft “mushy” details in the lettering, digits, and devices are also common and much different than the sharp crisp details found on most authentic coins. Concave or sunken tops to the letters and digits are very strong evidence the coin is a fake. Finally, examine the luster of the coin. Genuine coins will normally show differences in the luster of the fields and the devices. The fields will be smoother and the devices more textured. Counterfeits will normally be more uniform with little difference in luster across the entire coin. This often causes the “doesn’t look right” first impression that we sometimes experience but have a hard time explaining.
Electrotypes: Electrotypes can be very detailed and very accurate, even “museum quality” but they can still be detected. Since electrotypes are made as two separate halves, one of the best diagnostics is evidence of an edge seam as mentioned above. Also, the weight will often be wrong. Depending on the metal used to fill the counterfeit shells, it may be too light or too heavy, but it will rarely be accurate. Finally a “ring test” may show a coin to be counterfeit but it is not reliable to prove a coin is authentic. To do a “ring test”, balance the coin so that it free to vibrate and tap it with a pencil or other object. An authentic coin will normally produce a high pitched ring, while electrotypes and cast copies will generally make a dull “thud” or “clunk”. This test cannot however be taken as proof that a coin is authentic. The more sophisticated electrotype counterfeits have a small sliver of glass placed between the two shells which causes a high pitched ring when struck very similar to the sound produced by an authentic coin.
Spark erosion: This process usually causes a considerable amount of pitting of the dies produced which in turn requires a great deal of polishing before they can be used to strike counterfeit coins. The result will typically be highly polished almost proof like fields with pitting in areas of the designs that can’t be reached or polished out. Extremely sharp edges and rims, polished fields, and “lumpy” devices are a combination that usually gives these fakes away.
Transfer dies: Transfer die copies can be one of the hardest to spot, depending on the quality of the working dies the counterfeiter produces. One of the best resources here is the huge amount of reference material that has been produced over the years. There are reference books and online sources available that show specific die struck counterfeits for most heavily counterfeited coins. Since all coins struck with a counterfeit die will share certain characteristics, these can often be used as markers to identify the fakes struck with that die. Counterfeiters will also often use a die to produce many coins and then add different dates or mintmarks. Due to design changes in the authentic coins, this can result in incorrect design elements for a particular issue and also identify the coin as counterfeit. Again, knowledge is power. Reference books and online searches can be a great tool to avoid being duped by this or any type of counterfeit.
Contemporary forgeries: As mentioned previously, these are typically very crude and were never intended to deceive collectors. They were generally made to pass base metal coins off as silver or gold coins so they could be spent for day to day necessities in hard economic times, and would not stand up to close examination.
Hypothetical: As stated previously, this is speculation (at least for now) as far as I know. I have not seen any proof that counterfeits are being produced using laser scans, 3-D digital mapping, and computer aided fabrication. The fact remains that all of these technologies are reality and currently being used by mints including the US Mint. Given the improvements we have already seen in counterfeiting, I think it is just a matter of time before this happens. At that point, there will be no limit to how coin designs and features can be manipulated and very little limit to the quality of dies that can be produced. Combine that with correct weight and composition blanks, and the correct striking procedures, and the resulting counterfeits may prove very difficult to identify.
Counterfeit slabs and self-slabbers: Counterfeit slabs are nothing new, but the level of sophistication and the quality of the reproductions have increased tremendously. Late in 2009, new counterfeit PCGS holders hit the market which are nearly identical to the real thing. Some are even being made with older style inserts to replicate the OGH (green label) that are valued by many collectors who believe the grading standards were higher years ago when those slabs were being issued. The problems areas for the counterfeiters have been the bar codes, holograms, and fine details of the holder itself. Some of the recent examples show little if anything in these areas to indicate the slab is a fake. The coins in the holders may also be counterfeit, but they are often authentic coins that are being slabbed at a higher grade than they actually are. With the large difference in value between grades for many coins, large profits can be made by passing a coin off as a higher grade, sometimes several times the actual value. Self-slabbers can also be very deceptive in terms of grade and authenticity. Many of these exist and their grades often mean very little. If I wanted to set my 3 year old grandson up as a self-slabber, I could buy all of the materials needed, and he would have the knowledge and coordination to put the labels, coins, and plastic holders together. His opinion of grade would probably be as meaningful as most of the others. The best defenses against counterfeit slabs are a good working knowledge of the actual slabs from the top TPGs, buying from trusted dealers, avoiding self-slabbers, and using auction records and archive photos from Stacks, Heritage, and others to research prior sales for expensive coins to see if the coin and slab offered matches the previous photos.
Some standard tests like weight, dimensions, consistency in the coins wear and details and so on apply to pretty much all counterfeits, but none of them by itself can prove a coin is authentic even though they will detect many fakes. There is no substitute for knowledge, and seeing as many examples as possible will make many counterfeits obvious. The best protection is to do your homework and educate yourself.
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