[The following excerpt is published courtesy of DLRC Press and its author, Gloria Peters & Cynthia Mohon. This information was originally published in 1995 in The Complete Guide to Shield and Liberty Head Nickels
* * *
Counterfeits
There is a certain fascination with the “dark side of numismatics.” Counterfeits, altered dates and surfaces, unofficial restrikes made by discarded official mint dies, simulated mint errors, tooling — all of these examples fit into our definition of the “dark side” in that the intent often has the purpose of fraud… and large profits for the perpetrator.
To defraud is to pass these items off as original, unaltered products of the U.S. Mint. Usually the fraud is perpetrated near the time the coin is produced or the alteration occurred, but not always. Counterfeit coins, which are subject to Treasury Department confiscation, have not been seized if they are used for educational purposes, they are not for sale and the intent is not to defraud. For example, the counterfeit nickels photographed below are not for sale and are only to educate numismatists in this area. Classes are offered by the American Numismatic Association on counterfeit detection since past and present counterfeits are still being offered as genuine, U.S. Mint-produced products to the unsuspecting buyer.
The Act of 1870 was very specific on the penalties for counterfeiting minor coins: the crime would be considered a felony and punishable by a fine up to $1000 and by imprisonment and confinement to hard labor not exceeding three years. These were harsh penalties and yet counterfeiters continued to ply their trade to defraud the unwary.
In the Shield and Liberty Head nickel series, there are many examples of counterfeit, altered-date, altered-surfaces and retooled coins. The Shield nickel seemed to be a favorite issue for counterfeiting in the 1800′s and both casting and false dies were used in their production. Today, approximately 128 years after our first (1867-NR) example of a false-die counterfeit, it might be hard to imagine why anyone would go to the expense and trouble to counterfeit a lowly nickel. However, looking back in history to 1867, the average farm worker earned just $1.66 a day for a 66-hour work week, or approximately 33 nickels a day; a skilled plumber earned about $3.85 a day for a 60-hour work week, or about 77 nickels a day. Even poorly cast counterfeits were very profitable. For a few dollars worth of lead, a $50 profit could be made. These crudely made cast counterfeits couldn’t stand close scrutiny, but in a dimly lit tavern or business, or with immigrants not familiar with U.S. money, were fair game as were slot machines and trolley conductors.
Counterfeiting during the Shield and Liberty Head era attracted the amateur as well as the skilled craftsman. One such novice group were woodcutters employed on the estate of H.J. Roosevelt, cousin of the president. The counterfeit nickels were confiscated during a risky raid and two suspects were jailed. And in 1915 a group of trolley conductors in New York City were arrested for counterfeiting nickels. The group tried to recruit a young conductor, and his mother blew the whistle by writing a letter to Inspector Bolan of the NYPD. The investigation was further narrowed by “local shopkeepers, complaints of being hoodwinked into giving good dollars in exchange for bad nickels.” The conductors’ major scam, however, was mixing the counterfeit nickels with genuine coins and giving them out as change on the trolleys. (Edward C. Rochette)
Some of the best and probably the majority of falsedie counterfeits were manufactured during the 1870′s with 1875 being the most common date…although the years 1870, 1871 and 1874 run a close second. Taxay quotes an article from the July 1876 issue of the American Journal of Numismatics:
“A counterfeit five-cent piece is in circulation in New York and probably elsewhere, which is worthless only because not made at the Government Mint. Some of the counterfeits were recently sent to the Superintendent of the Mint in Philadelphia by the Treasurer for the purpose of making inquiries and to test their value. The Superintendent says the counterfeits have been assayed and found to contain copper and nickel in the legal proportion, that the coins are of proper weight, size, and finish, and just as valuable as good coin. The execution of the work is poorly done. The circle beneath the cross in the genuine is well defined; in the counterfeit it is indistinct and touches the scroll work. The cross is entirely out of line, and the words, “In God We Trust,” are very irregular. The dates are nearly all 1875; a few are 1874. It is noticed that most of the coins are received from the west side of the city of New York, giving the impression that the factory is in that neighborhood or in New Jersey. Many come through the car conductors, and a number from the ferries.”
The above description of the counterfeit shield nickels by mint authorities does not specifically mention striking characteristics. All the counterfeits we have inspected have been mushy or softly struck. Sixty tons of pressure was required by the mint to strike a nickel properly and it is doubtful that any counterfeiters had the facilities to properly strike up their false dies.
1867 N/R False dies. Rare.
Obv. trace of denticles. Has broken 8 — lower 1/3 missing. Lower curlicues on shield are misshapen. Lettering is narrower than normal lettering. Left arrow feathers are short and wide. Letters W E are far apart. Rev. 1st S in STATES punched high. O in OF is dented at bottom and oversized. Lettering not sharp; top bar of 5 is blunted. Several letters repunched: S in STATES; F in OF; R I & A in AMERICA; N, S in CENTS. Weight 4.8 grams. Coin courtesy of Ken Bressett.
1868
Cast. Rare. Crude and pitted. Probably lead. Weight 5.5 grams. Coin courtesy of Larry Briggs.
1869
False Dies Counterstamped. Unique. Counterstamped with a unique design, obv. and rev. Reminds one of a cattle branding iron. Coin courtesy of Larry Briggs.
1870 False Dies.
Rare. Obv. E in WE is doubled; S in TRUST is abnormally large and high; bottom shield curlicues are misshapen. Hand engraved die has a heavy top of 7 and narrow leg. Rev. most closely resembles rev. of ‘67. Weight 4.6 grams. Coin Courtesy of Larry Briggs.
1871
False Dies. Rare. Die appears to be hand engraved. Arrow sags (left side facing), cross, shield, leaves have been redrawn several times. Cross is depressed, center right & left arms. Has denticles. Rev. CENTS far to left. Amateur for false dies. Aluminum. Weight 4.2 grams. Coin Courtesy of Larry Briggs.
1875
False Dies. Rare. Obv. “1” is repunched to left. The annulet has a raised dot in center. The O in GOD has a spike of raised metal to the right. There is a small dot in the field below S in TRUST. Rev. TA in STATES touch at bottom & star points to left leg of A; right leg of A in AMERICA & to center of E in AMERICA. A die crack is top of letters UNITED STATES OF. Weight 4.7 grams. Coin courtesy of Larry Briggs.
1882
Cast. Rare. Appears crude due to method of manufacturing. Rev. of ‘70. Initials carved into edge (H. M.?) Probably lead. Weight 5.49 grams. Coin courtesy of Larry Briggs.
1907
False Dies. Rare. Device was hand engraved to enhance detail, but attempts are very obvious. Lettering/date were punched. Abnormal color; alloy may not be correct. Firm strike. Coin courtesy of Larry Briggs.
ALTERED COINS & ODDITIES
Many coin series have had artists, or would-be artists, alter a coin’s surface with a design of their own making. Hobo nickels by “Bo” and “Bert” are examples of metal chasing (tooling) artistry in creating images on Buffalo nickels and their products are highly sought by collectors. Carving of pictures on Liberty Head nickels, Indian cents and the Liberty Seated series is much rarer. They are all collectable, but obviously there should be, and is, a difference in price.
PM-5c OD 043.1
The artist on this 1907 Liberty Head slipped several times as he or she attempted to create a Hobo nickel bearded man. Metal was punched, not chased or sculpted. Coin courtesy of Larry Briggs.
PM-5c# OD 019.2
This 1883 N/C nickel is unlike any alteration we have seen. The size has been reduced by removing the rim. It has also been counterstamped with what are possibly Chinese chop marks, obv. and rev. Coin courtesy of Larry Briggs.