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 Replies: 7 / Views: 1,679 |
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New Member
United States
19 Posts |
I manage a restaurant and always have an eye out for kennedy 1/2's and 1$ pieces if they pop up.I also have about 5 local gas stations whereby I have requested the night time attendants to hold 1/2's and whole pieces for me. I was thrilled the night one of these attendants swapped me 2 Peace dollars for 2 1$ bills. I spent my entire evening accessing their vAlue, but 1/2 way through researching, I noticed both coins had been engraved with the word "copy" . I was deflated but curious as to how, why, and who would counterfeit a 1$ coin. I was amazed at how little information exists on this subject.... And even more surprised to find out this counterfeit coin was so "well constructed" that it is still technically worth a dollar and also still legal tender. Knowing this, the next question that struck me was this; Since there are obviously more legitimate Peace dollars in existence with value exceeding 1$ (based on silver content and condition.... Rarity... Etc..), What, if any, is the desirability of a Peace dollar thats been "declared" a copy, but still retains 1$ In value monetarily. I spent hours trying to find as much info on this coin as I could , and it just isn't out there...... Any input would be greatly appreciated. The year is 1924 on the coin pictured. The similarity between the counterfeit coin and a real one is pretty stunning. I gave the other coin to a friend who helped get my foot in the door with coin / currency collecting. Naturally I pointed out the "copy" indentation and told him I would acquire as much info as possible . Again, insight would be great . Thanks 
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Moderator
 United States
23522 Posts |
This coin only "retains value" because you think it does. It's not legal tender, and it's not worth $1. It's a fake. It's not "money." It was declared a copy because the law requires that fakes be stamped with that designation.
I hate to be the bearer of bad tidings, but passing this coin with intent to use it as legal tender is a crime.
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Pillar of the Community
743 Posts |
Atleast you got one of the coins that is actually marked as a copy. There are many being sold without the stamp. This is just a good lesson on what to look for. VAMs will help you understand what is real and what is not.
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New Member
 United States
19 Posts |
I had no intention of spending it .... Its just perplexing....obviously someone noticed at some point in time it was a fake.... Why not just destroy it rather than taking the time to stamp it....
Therein lies my question about it having any value.... Many people have faked many things over time.... Some of the rarest counterfeit paintings have markets and what not .... I'm simply wondering if the "effort" pf this fake has a market or premium.
Thanka
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Moderator
United States
23522 Posts |
It was purposefully created as a fake, and stamped COPY at the time of creation to meet the demand of law. The putative "purpose" of such a creation is to fulfill some nebulous demand for "filler" coins in a collection, where the collector can't afford a real example of the specimen. In the real world, what happens with them is what happened to you: It was spent as if real, and the person accepting it as legal tender is out the value of what was purchased.
It has no value whatsoever, except as an example of what is wrong with numismatics. They're far too common, generally speaking, to have any intrinsic value to a collector. There are some who specialize in such coins, and there are some counterfeits - contemporary counterfeits prominent among them - which carry interest, but it's up to the individual collector to decide whether or not that "coin" has any value to them.
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New Member
United States
19 Posts |
That certainly answers all my questions. Thanks for your time and knowledge . I have no desire to continue the legacy of this coin's fraudulence. Likewise , the novelty of it all doesn't outweigh it's legal inconsistencies. Next fishing trip,Ill count how many times it skips on the water surfAce before sinking .
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Pillar of the Community
United States
1314 Posts |
I wouldn't throw it away. You have every right to be disappointed because it did not fulfill your expectations, but give it time and you may find it is one of your better purchases. Use the coin as a study piece, and compare it to authentic Peace dollars. Note the lack of luster, grainier surface, possible difference in weight or magnetic attraction. Then consider how much the lesson is worth when you see one at a coin show, or ebay, for $15. Or a bag of 100 copy coins at a price too good to pass up. It may also surprise you to learn how many of us have been fooled. Not all counterfeits are marked copy.  |
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Pillar of the Community
Korea, Republic Of
1881 Posts |
I'd say, keep the counterfeit. These are completely legal to hold, as they are marked "COPY." What was illegal, though, was the fact that the coin was used as legal tender. As long as you don't pass it as a genuine coin, you have all rights to keep them. After all, you paid money for these fake coins. It would be a good idea to keep them declared counterfeit in your hands, so that you won't get fooled by a fake Peace dollar again. It is a very valuable mistake IMO, because I am sure you learned a lot about what the genuine coins look like while researching this fake, and won't get tricked again. It is a lesson to be saved, not to be thrown in a river, where it may get "rediscovered," and sold as a real coin in the future! ;) but it is your "coin," so it's you get to make the final choice! :) |
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Replies: 7 / Views: 1,679 |
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Posted 04/16/2014 02:31 am
