At first glance, I thought that 1925 was a 'made in China' counterfeit - the detached nose caught my eye right away. But, after close examination, it looks legit, but it was struck with dies that were near the end of their production life. A coin like this could have been the one used to produce the Chinese counterfeit dies.
It was me who studied and documented the Chinese counterfeits for the 1923 and 1925 cents, for Mike Marshall, published in Canadian Coin News, 29 September 2009. These are the images I used, the letters pertain to points mentioned in the article. The 1925 is trickier than the 1923, I use the lower tail of the 5 as the main indicator. Real 1925 coins, the lower tail of the 5 protrudes well out beyond the upper part of the digit.


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