There is only one officially counterstamped US coin- the 1848 Quarter Eagle($2.50). The first shipment of California gold was sent to Philadelphia in 1848 and struck into 1,389 quarter eagles, each bearing a CAL. counterstamp on the reverse.
This maverick was probably stamped as a memento for someone. To my eye, the letter style doesn't appear to be modern. Regardless, the coin is now relegated to scrap silver, unless one can find a buyer with those initials. Joe Frazier and Jane Fonda come to mind ...
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