Posted 07/27/2006 10:39 am
Sap - I completely agree with the your statement that many collectors and dealers believe that there is no real difference. "It's like, "Counterfeit? Who cares?"
I actually feel that there are several different categories that are involved and most collector/dealers are just a bit lazy because they don't make the distinction or make any real attempt at identification.
There are 4 categories of Contemporary Circulating coins that were fraudulent based on metal content.
1. Underweight coins using standard alloy and dies - made in the mint
2. Coins with non standard alloy but made in the mint
3. Off metal coins using mint dies but made outside the mint
4. Off metal coins using spurrious dies
Category 1. Underweight coins using standard alloy and dies - made in the mint
Depending upon the mint and the practices employed - which unfortunately do vary by denomination and era - the first two categories can be totally "normal" issues, but at other times when intrinsic values were rigidly standardized there is a HUGE DIFFERENCE. When standards were ridgid an underweight coin was a problem because it could undermined confidence in the issue. As an example - how often in the era of silver coins did the US issue an underweight coin? Not too often - they are rare and WORTH MORE. At these times of rigid standards, light coins were remelted. If they "escaped" into circulation it might be the result of intentional fraud but was more likely sloppy production control - a MINT ERROR. Coins falling into this category require a weight check, a visual inspection of the coin to eliminate tampering and a check of Specific Gravity.
Category 2. Coins with non standard alloy but made in the mint
This category is much more indicative of fraud by mint employees if it occurs during periods of rigid standardization. Some of these incidents were documented at the time, but because of the confidence issue the information was never broadcast widely to protect the integrity of the coinage. But there are several documented cases. In a few of the cases in Mexico, the workers were in fact executed. But at other times, the fraud seems to have slipped by. The identification is accomplished by weight, visual inspection and determination of SG. Personally I isolate any 8R coin that contains 10% too little silver by assay into a distinct category. But the key to this group is that the coins were made at the mint and they must match the original dies and production methods exactly. Often the edge die is the most critical to proving a coin falls into this sub-category. This category can also be referred to a "DEBASED ORIGINAL ISSUES".
Category 3. Off metal coins using mint dies but made outside the mint This category is very similar to number 2 but there is a key difference. The dies in this case were borrowed or stolen or salvaged from the scrap pile and were reused by the forgers illegally. Since they did not have access to mint eqiupment the coins usually have some slight differences. The edge is normally the biggest problem. The counterfeiters rarely got the edge dies so they edged coins anyway they could. The planchets are often more irregular than mint products and sometimes the forgers redated the die to try to hide the fraud. That makes the dies identifiable by the way the recut digits look. These coins are true counterfeits. But they are rarer than the normal issues and for a specialist collector command a premium.
Category 4. Off metal coins using spurrious dies
This is the category everyone thinks of when speaking about counterfeits.
I should point out the fact that these four categories apply to contemporary circulating couneterfeits and not to Modern Numismatic forgeries. That is a bigger subject.
I actually feel that there are several different categories that are involved and most collector/dealers are just a bit lazy because they don't make the distinction or make any real attempt at identification.
There are 4 categories of Contemporary Circulating coins that were fraudulent based on metal content.
1. Underweight coins using standard alloy and dies - made in the mint
2. Coins with non standard alloy but made in the mint
3. Off metal coins using mint dies but made outside the mint
4. Off metal coins using spurrious dies
Category 1. Underweight coins using standard alloy and dies - made in the mint
Depending upon the mint and the practices employed - which unfortunately do vary by denomination and era - the first two categories can be totally "normal" issues, but at other times when intrinsic values were rigidly standardized there is a HUGE DIFFERENCE. When standards were ridgid an underweight coin was a problem because it could undermined confidence in the issue. As an example - how often in the era of silver coins did the US issue an underweight coin? Not too often - they are rare and WORTH MORE. At these times of rigid standards, light coins were remelted. If they "escaped" into circulation it might be the result of intentional fraud but was more likely sloppy production control - a MINT ERROR. Coins falling into this category require a weight check, a visual inspection of the coin to eliminate tampering and a check of Specific Gravity.
Category 2. Coins with non standard alloy but made in the mint
This category is much more indicative of fraud by mint employees if it occurs during periods of rigid standardization. Some of these incidents were documented at the time, but because of the confidence issue the information was never broadcast widely to protect the integrity of the coinage. But there are several documented cases. In a few of the cases in Mexico, the workers were in fact executed. But at other times, the fraud seems to have slipped by. The identification is accomplished by weight, visual inspection and determination of SG. Personally I isolate any 8R coin that contains 10% too little silver by assay into a distinct category. But the key to this group is that the coins were made at the mint and they must match the original dies and production methods exactly. Often the edge die is the most critical to proving a coin falls into this sub-category. This category can also be referred to a "DEBASED ORIGINAL ISSUES".
Category 3. Off metal coins using mint dies but made outside the mint This category is very similar to number 2 but there is a key difference. The dies in this case were borrowed or stolen or salvaged from the scrap pile and were reused by the forgers illegally. Since they did not have access to mint eqiupment the coins usually have some slight differences. The edge is normally the biggest problem. The counterfeiters rarely got the edge dies so they edged coins anyway they could. The planchets are often more irregular than mint products and sometimes the forgers redated the die to try to hide the fraud. That makes the dies identifiable by the way the recut digits look. These coins are true counterfeits. But they are rarer than the normal issues and for a specialist collector command a premium.
Category 4. Off metal coins using spurrious dies
This is the category everyone thinks of when speaking about counterfeits.
I should point out the fact that these four categories apply to contemporary circulating couneterfeits and not to Modern Numismatic forgeries. That is a bigger subject.
