of the surface of a genuine piece. Changes of this sort are usually done to deceive collectors. Among U.S. gold coins, only the 1927-D double eagle is commonly found with an added mintmark. On $2.50 and $5 gold coins, 1839 through 1856, New Orleans O mintmarks have been altered to C (for Charlotte, North Carolina) in a few instances.
Over a century ago, five-dollar gold pieces were imitated by gold plating 1883 Liberty Head five-cent coins without the word CENTS on the reverse. Other coins commonly created fraudulently through alteration include the 1799 large cent and the 1909-S; 1909-S V.D.B.; 1914-D; 1922, No D; and 1943, Copper, cents. The 1913 Liberty Head nickel has been extensively replicated by alteration of 1903 and 1912 nickels. Scarce, high-grade Denver and San Francisco Buffalo nickels of the 1920s; 1916-D and 1942, 42 Over 41, dimes; 1918-S, 8 Over 7, quarters; 1932-D and -S quarters; and 1804 silver dollars have all been made by the alteration of genuine coins of other dates or mints.
Detection
The best way to detect counterfeit coins is to compare suspected pieces with others of the same issue. Carefully check size, color, luster, weight, edge devices, and design details. Replicas generally have less detail than their genuine counterparts when studied under magnification. Modern struck counterfeits made to deceive collectors are an exception to this rule. Any questionable gold coin should be referred to an expert for verification.
Cast forgeries are usually poorly made and of incorrect weight. Base metal is often used in place of gold or silver, and the coins are lightweight and often incorrect in color and luster. Deceptive cast pieces have been made using real metal content and modern dental techniques, but these too usually vary in quality and color.
Detection of alterations sometimes involves comparative examination of the suspected areas of a coin (usually mintmarks and date digits) at magnification ranging from 10x to 40x.
Coins of exceptional rarity or value should never be purchased without a written guarantee of authenticity. Professional authentication of rare coins for a fee is available with the services offered by commercial grading services, and by some coin dealers.
COINS FROM TREASURES AND HOARDS: A KEY TO UNDERSTANDING RARITY AND VALUE
by Q. David Bowers
Elements of Rarity
In many instances, the mintage of a coin can be a determinant of its present-day rarity and value. However, across American numismatics there are many important exceptions, some very dramatic. As an introduction and example, if you peruse this issue of the Guide Book you will find many listings of Morgan silver dollars of 1878 through 1921 for which the mintage figure does not seem to correlate with a coin’s price. For example, among such coins the 1901, of which 6,962,000 were made for circulation, is valued at $350,000 in MS-65. In the same series the 1884-CC, of which only 1,136,000 were struck, is listed at $365, or only a tiny fraction of the value of a 1901.
Why the difference? The explanation is that nearly all of the 6,962,000 dollars of 1901 were either placed into circulation at the time, and became worn, or were melted generations ago. Very few were saved by collectors, and today MS-65 coins are extreme rarities. On the other hand, of the 1,136,000 1884-CC silver dollars minted, relatively few went into circulation. Vast quantities were sealed in 1,000-coin cloth bags and put into government storage. Generations later, as coin collecting became popular, thousands were paid out by the Treasury Department. Years after that, in the early 1960s, when silver metal rose in value, there was a “run” on long-stored silver dollars, and it was learned in March 1964 that 962,638 1884-CC dollars—84.7% of the original mintage—were still in the hands of the Treasury Department!
So, these price disparities make sense. Even though the 1901 had a high mintage, few were saved, and although worn coins are common, gem MS-65 coins are rarities. In contrast, nearly all of the low-mintage 1884-CC dollars were stored by the government, and today most of them still exist, including some in MS-65 grade.
There are many other situations in which mintages are not very relevant to the availability and prices of coins today. Often a special circumstance will lead to a coin being saved in especially large quantities, later dramatically affecting the availability and value of such pieces. The following are some of those circumstances.
Excitement of a New Design
In the panorama of American coinage, some new designs have captured the fancy of the public, who saved them in large quantities when they were released. In many other instances new designs were ignored, and coins slipped into circulation unnoticed.
In 1909, much publicity was given to the new Lincoln portrait to be used on the one-cent piece, replacing the familiar Indian Head motif. On the reverse in tiny letters were the initials, V.D.B., of the coin’s designer, Victor David Brenner. The occasion was the 100th anniversary of Lincoln’s birth. Coinage commenced at the Philadelphia and San Francisco mints. In total, 27,995,000 1909 V.D.B. cents were struck and 484,000 of the 1909-S V.D.B.
On August 2, 1909, the new cents were released to the public. A mad scramble ensued, and banks had to ration the number paid out to any individual, particularly in the East. Interest in the West was less intense, and fewer coins were saved. A controversy arose as to the V.D.B. initials, and some newspaper notices complained that as Brenner had been paid for his work, there was no point in giving his initials a prominent place on the coins. Never mind that artists’ initials had been used on other coins for a long time. As examples, the M initial of George T. Morgan appeared on both the obverse and reverse of silver dollars from 1878 onward; Chief Engraver Charles E. Barber was memorialized by a B on the neck of Miss Liberty on dimes, quarters, and half dollars from 1892 onward; and the recent (1907 onward) double eagles bore the monogram of Augustus Saint-Gaudens prominently on the obverse. In spite of these precedents, the offending V.D.B. initials were removed, and later 1909 and 1909-S cents were made without them.
Word spread that the cents with V.D.B. would be rare, and even more were saved. Today, the 1909 V.D.B. cents are readily available in Mint State. The 1909-S V.D.B., of lower mintage and of which far fewer were saved, lists for $1,350 in MS-63.
A few years later, at the Denver Mint, 1,193,000 1914-D cents were struck. Not much attention was paid to them, and today examples are rare, with an MS-63 listing for $3,000. Years later, only 866,000 1931-S cents were made. However, at this time there was a strong and growing interest in the numismatic hobby, and the low mintage figure was widely publicized; and although the mintage of the 1931-S is lower than for the 1914-D, an MS-63 1931-S is valued at just $195.
Other Popular First-Year Coins
Among other United States coins struck since 1792, these first-year-of-issue varieties (a partial list) were saved in large numbers and are especially plentiful today:
• 1943 zinc-coated steel cent. The novel appearance of this coin resulted in many being saved as curiosities.
• 1883 Liberty Head nickel without CENTS. The Mint expressed the value of this new design simply as “V,” without mention of cents—not particularly unusual, as three-cent pieces of the era were simply denominated as “III.” Certain people gold-plated the new nickels and passed them off as five-dollar gold coins of similar diameter. Soon, the Mint added CENTS. News accounts were printed that the “mistake” coins without CENTS would be recalled
