NGC - With a mintage of more than 2.8 million pieces, the 1855 "Arrows at Date, No Rays" quarter is not a particularly rare offering in the Seated Liberty series. Numismatic Guaranty Corporation ( NGC) has graded nearly 200 examples, with the highest being an eye-catching Mint State-67. However, a specimen recently submitted to NGC caught the graders' eyes for another reason: it was a counterfeit.
The coin initially appears to be a lightly circulated example. However, many problems quickly become apparent. The overall surface has a light porosity, and the coin is not well struck. A portion of metal is missing from the shield and the "8" in 1855.
Alloy reported as being very much 'off' - mainly copper and zinc with an admixture of nickel. If it had been plated with 90% silver, it would have escaped XRF testing. What happens when they strike fakes from 90% recycled junk silver?
Close examination of die detail then becomes the most important diagnostic. That is a problem, when a probable buyer doesn't have detailed diagnostic comparison information with him, at the time of purchase. Same problem with an eBay buyer, especially when less than excellent pictures are provided.