By Jack Riley
There exists a family of counterfeits that fooled collectors and grading services for decades. The “Micro O” varieties have always been scarce coins to come by, and in 2005, these were deemed counterfeit by PCGS when 3 examples showed repeating circulation marks between the 1896 O VAM-4, 1900 O VAM-5, and 1902 O VAM-3.
Pictured below shows the repeating marks found on the three dates, indicative of transfer die counterfeits.
Images courtesy of PCGS
Along with the announcement that these varieties were counterfeit, PCGS offered “buy backs” for coins it had authenticated. Some 95 examples were certified among the three dates. PCGS no longer will authenticate 1896-O, 1900-O, and 1902-O with micro mintmarks.
Here is what the company stated in a news release:
“Grading and variety experts at PCGS have recently uncovered undeniable evidence that three of the so-called Micro O’ Morgan varieties, the 1896-O, 1900-O, and 1902-O, are actually contemporary counterfeits, most probably struck outside the US Mint sometime in the early 20th century. This is a significant discovery and one that will certainly have an impact on Morgan dollar variety collectors.”
This begs the question of how many such fakes exist today in PCGS holders? Prior to 2005 the market exceeded $1,000 per coin in many cases and up to $5,000 in higher grades. Assuming PCGS paid fair market value then surely most of these were sold back!
This 1902 O VAM-3 sold at Heritage Auctions on November 19th, 2002 and realized a price of $192.
Two years later the price for these coins exploded with a VF20 example selling for $2,070 on November 4th, 2004.
Images courtesy of Heritage Auctions
Later another 1902 O VAM-3 in VF30 for $5,100 in a Superior Galleries auction. That was auction lot#871 in January of 2005. (No photos of this coin.)
These coins still exist in ANACS holders with most available ones in Gen5 and Gen6 slabs. I had purchased this 1900 O VAM-5 VG Details example in August of 2024 for $150. This coin resides in a Gen6 ANACS holder that was used from 1999-2005. During the same time my friend and fellow counterfeit researcher Jack Young acquired one as well. Both of which have consecutive certification numbers pictured below. My example (top) and Jack Young’s example (bottom).
Recently an 1896 O VAM-4 appeared in a Great Collections auction in a Gen5 ANACS holder. After buyers fees this coin landed at $200. I was fortunate to acquire this example.
At the same time of this listing was also another 1900 O VAM-5 that sold the same night as the 1896. I happened to be the underbidder and the coin sold for $140 prior to fees. Later that night I received a message that a friend and fellow collector had won and the coin found a good home! This coin also resides in a Gen5 holder which was used between 1996-1999 to put a time-frame to when this coin was certified.
I hope to see these coins grow in popularity! The exact story is unclear as to who made these or when although a few theories are posed. A likely theory was disgruntled mint employees after the New Orleans Mint closed in 1909. These coins circulated indicating they were struck in a time when the price of silver was still well below the face value of the coin.
Since the discovery of these “Micro O” counterfeits, 32 die varieties have been linked to this massive operation. Two other Micro O varieties exist (1901 O VAM-42 and 1902 O VAM-96). Those were omitted from this article due to having a different reverse than the three discussed. Many of the varieties associated with this “family” are readily available and can be cherrypicked for the price of an average Morgan Dollar.
These contemporary counterfeits will pass virtually every test including measurement, weight, and Sigma Metalytics examination since these scan closer to sterling silver. The “mix matched” dies make telling many varieties easy to spot at a glance by using incorrect reverse hub types for the years.
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