Author Archives: Michael Bugeja

Identifying Contemporary Circulating Counterfeits

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By John Lorenza

Increasingly, hobbyists are relying on artificial intelligence to identify fake coins exported by the hundreds of thousands by manufacturing facilities in China. Too often, however, AI is wrong, relying on false training data from the internet.

Machine and numismatist analyze fake coins according to different protocols. AI relies on images scraped from the internet. Its learning models rely on high-resolution images so that it can analyze subtle flaws in surface detail, texture, and edge features that are difficult to replicate.

But what if high-resolution images are not available or, in worst case scenarios, doctored via photography software?

This is why human intelligence trumps machine intelligence. Before we proceed two definitions are in order. What is a Contemporary Circulating Counterfeit and what is a Modern Forgery?

A Contemporary Circulating Counterfeit (CCC) is a coin that was illegally produced during the same period as the genuine issue and entered everyday commerce alongside authentic coins. CCCs were often made to mimic official currency closely enough to pass in trade, and they typically show signs of real circulation, regional wear patterns, and period-appropriate alloy substitutions. Many CCCs are now valued by collectors for their historical context, diagnostic quirks, and the insight they offer into economic conditions and minting practices of their time.

In contrast, a Modern Chinese Forgery refers to a deceptive replica produced in recent decades—often using CNC machining or digital dies—with the intent to defraud collectors or simulate numismatic value. These forgeries frequently match regal weight and dimensions too precisely, use non-period alloys like Fe/Ni or German Silver, and may feature fantasy legends, artificial toning, or blank or overly sharp edges. Unlike CCCs, they show no genuine circulation history and are typically absent from community catalogs like CCC–Good Ones.

I am cataloging here for Proxiblog sophisticated techniques that counterfeit detectives use in identifying fakes.

Here are the methods.

For Historical Contemporary Circulating Counterfeits

1. Edge diagnostics (third side) show hand-cut, irregular milling, or worn reeding consistent with circulation and non-regal production.

2. Weight slightly off regal specs, often 5–10% under, but consistent across known examples (families of fakes) and plausible for the era of counterfeiting.

3. Surface silvering or wash may be present on brass or copper cores, often worn through naturally with age.

4. Alloy matches period substitutions: wartime brass, nickel-silver, or low-grade steel confirmed via X-ray fluorescence (XRF), a “non-destructive analytical technique used to determine the exact elemental composition of a coin’s metal.

5. Die style mimics contemporary minting: hand-cut or worn dies with plausible irregularities and regional quirks.

6. Legends match genuine types with subtle errors: spacing, font, or punctuation off — verified against Stacks Bowers and Heritage Auctions.

7. Strike pressure and rim formation match era: weak or uneven, often with off-center or double strikes.

8. Known provenance or regional clustering: tied to specific towns, wartime zones, or trade routes; often supported by field card documentation.

9. Diagnostic die markers (e.g., die cracks, repunched dates, filled letters) shared across multiple specimens.

10. Natural toning and patina: sulfur-induced browns, thin-film interference, or oxidation consistent with age and storage.

For Modern Chinese Forgeries:

1. Bad Chinese Modern Forgery Non-CCC deceptive fantasy, often manufactured by Computer Numerical Control (CNC), computer-controlled lathes or milling machines to create the dies used to produce fake coins that are chemically aged.

2. Edge shows CNC reeding, lathe chatter, or repeating patterns, often too perfect or mechanically uniform. (Sometimes edges are blank or show no reeding at all, especially on fake silver types — a major red flag.)

3. Edge wear often absent or artificially applied, lacking the smooth abrasion of genuine circulation.

4. Weight matches regal specs too precisely, suggesting CNC replication or fantasy intent.

5. Use of iron-nickel alloys, Fe/Ni or “German Silver” common in fake “silver” types — confirmed via XRF as non-period and non-circulating.

6. Surface silvering often artificial, with flaking, bubbling, or chemical residue under magnification.

7. Die style overly sharp or digital, lacking the nuance of hand-cut or worn dies; often shows mirrored fields or laser-like precision.

8. Legends include anachronisms, fantasy elements, or mismatched fonts, often failing comparison with Stacks Bowers and Heritage Auctions.

9. Strike pressure and die alignment too perfect, lacking flaws of hand-struck CCCs; often shows full rim and centered strike.

10. Absence from CCC analyzed by community consensus, often flagged as deceptive or fantasy.

To be sure, these are red flags that veteran hobbyists use and learn from. But it is never too early for beginning and intermedia collectors to scroll through these red flags, look up terms that you do not fully understand, and continue learning how to identify counterfeits.

For beginning collectors

Here are simple techniques:

  1. If you are ready to bid hundreds of dollars on a coin, resist buying a raw one and shop for one holdered by PCGS, NGC, ANACS and CAC.
  2. Be especially careful when purchasing raw coins from eBay and other online venues. TAI bots cannot detect counterfeits, so you are on your own.
  3. Make sure the seller takes returns and has good reviews. Also, the number of positive reviews is a good indicator. If someone has 0 sales or even fewer than 100, do not take a chance.
  4. Weigh the coin and go to PCGS CoinFacts for the date and mintmark, checking your coin against weights and dimensions.
  5. Read this article about detecting counterfeits.

If you like posts like this, you can read more articles on counterfeit coins by Jack Riley, Jack D. Young and Michael Bugeja at this URL. Also, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and other social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

How does hub doubling happen?

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It’s called “hub doubling” for a reason. Before we get into what causes hub doubling, let’s define what the hub actually is and its role in the minting process.

Role of the Hub

A coin hub is a steel tool or punch with “positive,” or raised images of a coin’s design. The Mint uses the hub to create working dies (which have the negative, or sunken, image). The working dies are what actually strike the coin blanks to create the coins of all denominations. Here is an example.

As you can see, a hub is a master tool in the die-making process, ensuring that multiple working dies can be made consistently.

Its life, however, goes through many hands at the Mint. For starters, a design is created by an artist. That process involves dozens of people. A master hub is then made from this design. That creates all the working dies. One pair of working dies can produce hundreds of thousands of coins, and multiple working dies are created from hubs to keep up with large production runs.

Here is an example of working dies made by the hub.

Hub doubling occurs when the working die is misaligned or mismatched with the planchet. Every coin struck from that flawed die will exhibit the same doubling. That is why you cannot find a one-of-a-kind error.

Causes of Doubling

Before the mid 1990s, multiple impressions, or strikes, were required to transfer the complete design from the hub to the working die. A single press wasn’t powerful enough. The die blank had to be repeatedly heated and pressed. This issue often was the cause of doubled dies.

During this process, the hub and the die blank may not have been perfectly aligned during subsequent hubbings. This misalignment results in a duplicated image on the die face deviating from the approved design.

Errors and varieties happen when the hub or die inadvertently expands, contracts or tilts between hubbings due to improper annealing (heating) or pressure issues.

You won’t find many true and prominent modern doubled dies because the Mint now uses what is called “Single-Squeeze Process.” In other words, a high-pressure squeeze creates the die without all that warming and striking.

Here’s an example of that machine.

Doubling can still occur in the single-squeeze process if the hub slightly rotates or shifts under the extreme pressure before settling into place.

Also, the new machinery also virtually eliminated what used to be called “repunched mintmark.”

Hub doubling is a flaw in the die itself, so all coins produced by that die will show identical doubling. This is different from machine doubling, which is a minor, flat, shelf-like doubling that occurs during the actual coin striking process due to the die bouncing or shifting. As the working die deteriorates and is not changed for a new one by a Mint employee, you also will get machine doubling due to die deterioration.

Here’s an example of hub doubling featuring raised and rounded impressions v. machine doubling’s flat impressions.

Now let’s see how a true hub doubled die looks with the most famous example below.

Most Famous Example: 1955 DDO

The 1955 DDO is one of the most pronounced examples of hub doubling. You are not apt to see another like this because of the new improved machinery at the Mint. But this happened then because of pressure on the Mint to produce more cents in a high intensity work environment for the employees.

The night shift was so busy that many of the doubled die cents were mixed with other cents and released into circulation before the error was discovered. Employees and supervisors who learned about the mistake were not coin collectors. They actually believed the defective items had no special value.

The 1955 DDO is the top doubled die, with values between $1,000 to $300,000+ (depending on condition). Here are other Lincoln Cent doubled dies:

1969-S DDO

Clear doubling on the date, “LIBERTY,” and “IN GOD WE TRUST” ($13,000 to $600,000 depending on condition).

For more information, see Proxiblog’s article “Illusive 1969-S DDO.”

1972 DDO

Noticeable doubling on all obverse elements, especially “IN GOD WE TRUST” and “LIBERTY” ($175 to $23,500+ depending on condition).

For more information, see Proxiblog article: “9 1972 DDO Cents.”

1983 DDR

Doubling visible on the reverse side, particularly on “ONE CENT” and “UNITED STATES OF AMERICA” ($100 to $15,000+ depending on condition).

For more information, see Proxiblog’s “3 Must-Have Doubled Die Cents.”

1984 DDO

Doubling on Lincoln’s earlobe ($100 to $15,000+ depending on condition)

For more information, see Proxiblog’s “3 Must-Have Doubled Die Cents.”

1995 DDO

Strong doubling in the words “LIBERTY” and “IN GOD WE TRUST” ($5 to 3,200+ depending on condition).

For more information, see Proxiblog’s “3 Must-Have Doubled Die Cents.”

There is also an ultra-rare 1958 doubled die penny, but only three have been found to date.

Numismatic News reported in 2023 that GreatCollections of Irvine, Calif., handled the sale of the above coin. It received 117 bids and was hammered at $1,136,250 with buyer’s fee.

If you like posts like this, subscribe to Proxiblog so you can be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Counterfeit “Lumped Wheat” Stalk Reverse

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By Jack Riley

I enjoy browsing through various Facebook coin groups and seeing what collectors have acquired and enjoy. While scrolling through a rather large group I came across a post where a fellow collector had completed his Lincoln Wheat Cent collection. A major milestone for any collector! In the mix was a 1909s Cent, about which I commented, and later had a private message conversation explaining that this was a counterfeit and showed proof.

He stated it was bought on eBay from a non-reputable seller in a “shotgun roll.” These are rolls of wheat cents hand assembled with generally a nicer condition coin or key date on the ends. This fell within the 30-day return policy so the collector should get his money back after returning the coins to the seller.

Another online venue offered this counterfeit 1909s. Both coins share a common reverse that has been known for awhile.

Image comparison of both coins show many repeating marks. Highlighted in green are common to all coins with this reverse and include:

  • Lump at the edge of wheat stalk
  • Small lump inside of ONE

Highlighted in red are common but not seen on all examples.

  • Crack from the rim to Wheat stalk
  • Extending Crack through the stalk to the field

Being the Lincoln Cent series is one of the most popular to collectors and many key/semi key dates are needed to complete the set, it is of no surprise this counterfeit family is extensive. Other dates that have been seen from this family include the 1931s, 1955 “DDO”, and 1924D cents imaged below.

A close-up collage of identifying marks.

If anyone thought it was just key/semi key dates that are counterfeited, you would be wrong. Here is a common date 1958 exhibiting the “Lumped reverse.”

For more information, including die markers, see Michael Bugeja’s post, titled, “Identifying Fake 1909-S VDB Cents.” Now collectors have two comprehensive articles about this key date. Proxiblog strongly encourages any Lincoln cent collector to read and refer to these two articles before bidding on any raw 1909-S VDB. Also, make sure to check the certification to ensure that the holder also is not counterfeit.

Proxiblog advises newer collectors to follow these general guidelines:

  1. If you are ready to bid hundreds of dollars on a coin, resist buying a raw one and shop for one holdered by PCGS, NGC, ANACS and CAC.
  2. Be especially careful when purchasing raw coins from eBay and other online venues. AI bots cannot detect counterfeits, so you are on your own.
  3. Make sure the seller takes returns and has good reviews. Also, the number of positive reviews is a good indicator. If someone has 0 sales or even fewer than 100, do not take a chance.
  4. If you already bought the coin, weigh it and go to PCGS CoinFacts for the date and mintmark, checking your coin against weights and dimensions.
  5. Read this article about detecting counterfeits.

If you like posts like this, you can read more articles on counterfeit coins by Jack Riley, Jack D. Young and Michael Bugeja at this URL. Also, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has more than a thousand friends and followers on Facebook Coin Groups and thousands more across YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

Tips for Making Money in Rare Coin Collecting

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Editor’s Note: John Lorenzo is author of “Un-Real Counterfeit 8 Reales & Forgotten Coins of the North American Colonies” and is a researcher at World Numismatics. We are delighted to publish his views on the hobby.

John Lorenza, one of the top numismatists, has several recommendations for beginners and veterans about making money in coin collecting. His recommendations are so succinct that we will just illustrate his content.

Basic Hobby Recommendations

1. Educate yourself first. Build a strong foundation in grading, authentication, and market history before spending heavily. See this post about grading.

2. Buy the best quality you can afford. Coins with superior eye appeal and originality appreciate more reliably than average examples

Look at the eye appeal of this coin, previously owned by Michael Bugeja:

3. Focus on rarity and demand. Low‑mintage issues, historically significant coins, and series with strong collector bases tend to hold value.

4. Think long‑term, not short‑term. Coins are illiquid compared to stocks; meaningful appreciation often takes 10–20 years.

5. Buy from reputable sources. Stick to trusted dealers, major auction houses, or certified coins (PCGS/NGC) to reduce risk.

6. Diversify your collection. Spread across different series, eras, or regions to balance risk and opportunity.

7. Track market trends. Follow auction results, price guides, and collector forums to spot shifts in demand.

Click the photo below to see various holdering companies and their quality.

8. Protect and store properly. use correct holders, avoid cleaning, and maintain stable storage conditions to preserve value.

9. Network with other collectors. Join clubs, attend shows, and engage online to gain access to private deals and insider knowledge.

10. Be patient and enjoy the hobby. The best returns come from years of appreciation; passion for history and artistry makes the wait worthwhile.

Key takeaway: Rare coins reward patience. Their value grows as generations of collectors compete for limited supply, as historical narratives deepen, and as registry set competition heats up. Treat it like planting a tree—you profit when it matures, not the day you plant it. It’s a lifetime endeavor.

Collecting for Profit and Enjoyment After 60

1. Prioritize quality over quantity. Focus on a smaller number of high‑grade, desirable coins rather than building a massive collection that takes decades to mature.

2. Focus on established demand. Buy coins with proven collector bases (e.g., key dates, classic U.S. gold, popular world crowns) rather than speculative modern issues.

3. Think about liquidity. Choose coins that are easy to sell through major auction houses or dealer networks. This ensures your collection can be converted to cash if needed.

See Michael Bugeja’s past offerings at GreatCollections.com.

4. Certification matters even more. Stick to PCGS/NGC graded coins, since authentication and marketability are critical for heirs or future resale.

5. Enjoy the history and artistry. At this stage, the journey is as valuable as the financial return. The stories behind the coins can be as rewarding as the appreciation.

6. Plan for estate and legacy. Document your collection clearly, with purchase records and notes. This helps family members or executors maximize value later.

7. Network actively. Join clubs, attend shows, and connect online. Relationships can lead to better deals and trusted buyers when it’s time to sell.

8. Consider shorter‑term appreciation niches. Registry set competition, low‑population coins, or coins tied to anniversaries can see value rise in 3–5 years, not just decades.

9. Protect and preserve. Proper storage ensures your coins don’t lose value due to mishandling or environmental damage.

10. Balance profit with passion. The most successful collectors at any age are those who buy what they love. That way, even if the market is slow, the collection is still deeply rewarding.

Key perspective: At 60, you may not be holding coins for 30 years, but you can still see meaningful appreciation in 5–15 years—especially if you focus on quality, rarity, and liquidity. And unlike many investments, coins give you daily enjoyment while you own them. Stay away from modern U.S. Mint products whether 6 years old or 60 years old. Good Luck.

If you like posts like this, subscribe so you can be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups and other social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Check those Certs!

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PCGS, NGC, ANACS, CAC, ICGS have certification web sites. You’ll gain knowledge about everything from counterfeit detection to retail, wholesale and auction values.

New collectors and others who have inherited coins typically ask Facebook coin group members what their holdered coins are worth. There is no need to do this. In fact, the question alone indicates that you do not know what you have, opening you up to low-ball offers and scam buyers.

This Facebook member posts photos of PCGS-graded coins and wonders what they are worth.

All he had to do was go to the PCGS certification site for the information. Just input the numbers and you get all the facts.

Did you catch what happened here? If so, you are beginning to understand why checking certs of ANY slabbed coin is worthwhile.

His coin is counterfeit. The label is the giveaway: “Morgan.” The Chinese forgot that the only time PCGS states the dollar is a Morgan is on labels for 1921 coins because the Peace Dollar was introduced in that year!

The person’s coins are counterfeit.

Here is another person asking about worth for this NGC coin:

You can go to the NGC certification site and check this one.

NGC is not nearly as reliable with updating current value as PCGS. Note that this cert states “Price Guide Not Available.” NGC has been negligent with this for years, one of the reasons I prefer PCGS and CoinFacts. But you can still check the retail price by hitting the “Research this coin” tab.

Here are lookup sites for ANACS, CAC and ICG. Follow the same procedure.

If you want an estimate about what a coin dealer might pay you, you can access that information on the Greysheet wholesale website, requiring a subscription.

A better option to ascertain what a dealer might pay you, once again, is PCGS CoinFacts, an indispensable directory.

Let’s look up the retail and latest auction values (better than wholesale values because these states what people will pay) for that 1880-S MS64 Morgan mentioned earlier.

You get all the data for this coin, including mintages, which also play a role in value. But lower on the page you get population date and more specific details.

Better still, you can click the link for each auction. The first link, most recent sale 08/25, states someone paid a retail price in a Stacks Bowers auction. Why? Hit the link, and you get this superb coin, again with tons of data.

The ability to know retail and wholesale/auction values is a mandatory skill if you collect coins. Many just opt to go to a coin dealer who probably will use Greysheet wholesale and then deduct even more, especially if he owns a brick-and-mortar shop (he has to pay expenses, don’t you know).

Here is a typical advertisement promising to appraise coins and showing ones whose values are readily available online.

Wouldn’t it make sense, if this were your collection, to know what the retail and wholesale/auction values are before allowing someone else to tell you?

As you can see, checking certs guards against fakes and informs you in detail about your coin. Over time, you will learn not only the values but also all those data, helping you become the numismatist you were meant to be!

If you like posts like this, subscribe so you can be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. For the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Common Fake P-Mint Morgan Dollars

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By Jack Riley

Prompting this article is a counterfeit 1878-P Morgan Dollar previously listed in an eBay auction. The coin immediately caught my attention due to a well known counterfeit C3 reverse. Interestingly, 1878-P Morgan Dollars can feature a C3 reverse paired with a broken right fourth star–a detail that makes this particular counterfeit especially noteworthy.

In a comparison with this 1884-P example we can see the reverse is a match. The 1884 coin also shows clear signs of being cast and weighs less than 23 grams. The weight further reinforces the conclusion that is a counterfeit.

A detailed comparison of the reverses reveal repeating circulation marks:

  • A noticeable depression of the “N” in the Motto.
  • Two small circular lumps positioned above above the wreath.
  • A distinct indentation adjacent to the eagle’s head.

This counterfeit “Family” is extensive, encompassing nearly every date within the Morgan Dollar series.

Markers highlighted in Red indicate additional markers that are not presented on all specimens of this reverse but have been observed across several known examples.

Markers highlighted in Green denote consistent features found on every instance of this “common reverse”, serving as the most reliable identifiers.

Remarkably, while drafting this article, yet another 1878 Morgan Dollar appeared for sale on eBay, further underscoring the prevalence of this counterfeit operation.

The obverse is crudely executed, whereas the reverse presents a more convincing appearance. Though the listing features blurred and seemingly edited photographs, raising questions of intent. In this instance, the images are presented without highlighted markers to allow readers to examine these features in their unaltered form. Observant readers will recognize that this reverse is identical to that of the 1879-P example illustrated above.

Once again, these counterfeits remind me to advise newer collectors to follow these general guidelines:

  1. If you are ready to bid hundreds of dollars on a coin, resist buying a raw one and shop for one holdered by PCGS, NGC, ANACS and CAC.
  2. Be especially careful when purchasing raw coins from eBay and other online venues. TAI bots cannot detect counterfeits, so you are on your own.
  3. Make sure the seller takes returns and has good reviews. Also, the number of positive reviews is a good indicator. If someone has 0 sales or even fewer than 100, do not take a chance.
  4. Weigh the coin and go to PCGS CoinFacts for the date and mintmark, checking your coin against weights and dimensions.
  5. Read this article about detecting counterfeits.

If you like posts like this, you can read more articles on counterfeit coins by Jack Riley, Jack D. Young and Michael Bugeja at this URL. Also, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has more than a thousand friends and followers on Facebook Coin Groups. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

Trime Time

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By Susan Blumlein Amodeo

As a child coin collector, I was fascinated with the different shapes and images on foreign and domestic coins. As an adult, I love looking at my great grandfather’s coin collection. He built the collection while working as a bartender in Brooklyn, NY, at the turn of the century and later at a hotel on Long Island. People would pay for drinks with any currency they had, and my great grandfather, with a savvy eye, collected a vast number of US and foreign coins and medals, as Elis Island was bringing a multitude of immigrants to the area. His 1892 copy of George G. Evans book “History of the U.S. Mint and Coinage” and his 1909 copy of “Money and Stamp Manual” from the Money & Stamp Brokerage Company, Inc. are included in the collection.

Ellis Island

In the early 1970’s my father (who also collected) started sorting his grandfather’s vast coinage stored in a large leather pouch. He organized by country, identified and graded many coins, as well as putting many coins in flips. These coins are special, and I now have the honor of being the custodian to them.

Inheriting coins can be overwhelming but I feel fortunate to have some basic knowledge. Having books and reliable websites were helpful, but finding a coin group online was wonderful. I was introduced to Proxiblog by a friend and found it extremely helpful in and collecting.

While looking at the US coins in the collection, I was amazed to discover a tiny silver coin. This tiny coin was 3 cents, which happens to be my favorite number. While researching I learned this 3-cent piece (trime) had 3 varieties. I noticed that I had two of the three designs my father put in flips. Later, while looking through a cardboard box of untouched coins, I found a third trime of a different variety! I was so excited and went to my Red Book to note my finding.

Designer of the Trime:

James B. Longacre was commissioned by President Tyler to be the fourth Chief Engraver for the US Mint in 1844. He not only designed and engraved many notable coins, but he helped open the San Francisco Coin Mint in 1854. His designs include: The Liberty Head Gold Dollar; $20 Gold Coronet Headed Double Eagle; Small Indian Princess Gold Dollar; $3 Gold Princess Coin; Flying Eagle Cent; Indian Head Penny; 2 Cent Piece; the Trime; Three-cent Nickel; and the 5 Cent Shield Nickel. The Indian Head Penny is his most notable work.

The Trime

Many people do not know the smallest and lightest coin ever minted in the US from 1851-1873 is the trime (a colloquial name for the silver three-cent piece). In 1850 silver prices increased and people were hording silver and gold. Sound familiar? This was a turbulent time and many coin acts were passed. This was just after the peak California gold rush in 1849, which resulted in a population boom and economic growth. The trime was first minted in 1851 and was popular as Congress lowered the price of a postal stamp from five cents to three cents. This tiny coin was easy to carry and was minted for 22 years and included three varieties.

Variety 1:

The first trime minted between 1851-1857 contained 75% silver and 25% copper and weighed 0.8 grams. The amount of silver in this tiny 14.3mm coin was worth less then three cents in silver (2 ½ cents), which made it pointless to hoard. The first design was simple but unique. The obverse (front) features a six-pointed plain star with a federal shield inside. It is surrounded by the words “United States of America” and the date. The reverse has 13 equally spaced six-pointed stars representing the original thirteen colonies. These stars encircle a large decorative C-shape with Roman numeral III inside. Variety 1 had the highest mintage (36 million) from Philadelphia and (720,000) in New Orleans. New Orleans minted the trime for only one year, 1851, which are designated with an open “O” on the reverse right side.

Variety 2:

These coins were only minted from 1854-1858. To align with other coins, the mint adjusted its silver content to 90% silver and 10% copper lowering the weight to 0.75 grams. The design went through some changes. The obverse added double lines outlining the star. The reverse presented a more pronounced “C” and added an olive branch and arrows. The stars surrounding remained the same. However, many of these coins were weakly struck. The mintage was significantly less at 4 million.

Variety 3:

The mint again changed the design from 1859-1873. Although the design change was minor and only on the obverse, one border was removed from the star. Mintage dropped yearly and 1862 was the last year for 6-digit mintages. This coincides with the Civil War (1861-1865.) The decline in minting correlates with the introduction of the Three Cent Nickel coin in 1865. This was a more durable, easier to handle, larger coin. The trime was minted for circulation until 1872 (under 2 million minted). The Coinage Act of 1873 ended the production of several silver coins including the trime. In 1873 only 600 proof coins were minted.

Last Thoughts:

With such a small thin planchet, the trime minting quality was not great. Weak, off-center, die clashes, and strike-throughs (leaving an impression on the opposite side) were common. This, along with worn dies, resulted in mushy letters and numbers. Being such a small coin, many were lost, but today these are sought after by many collectors.

This coin survived the gold-rush and Civil War. In its 22 years of existence, the trime went through 3 designs and change of silver content. It may not be the most famous coin, but it has an interesting story, and I don’t want them to be forgotten.

Editor’s Note: Susan Blumlein Amodeo is one of Proxiblog’s top numismatists as anyone on Facebook coin groups knows. We hope she will continue to provide articles about the coins she loves and collects. As you can see from this article, she not only writes gracefully but also has a sense of history that only coin collecting can provide.

Proxiblog’s writers also include Jack D. Young and Jack Riley, counterfeit experts. They and Michael Bugeja provide fact-based information to thousands of viewers each day.

If you like posts like this, please subscribe to Proxiblog so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

Melted, Bagged and VAM Morgans

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If you collect Morgan dollars, you will have to memorize all dates and rarities because unlike Wheat cents and other common denominations, low mintage may not be the sole factor of value. You will have to factor these irregularities:

  1. Dates and numbers melted. The 1918 Pittman Act authorized the melting of up to 350 million silver dollars to support American mining interests and to provide silver bullion to Great Britain, facing a monetary crisis during  World War I.
  2. Bags of Morgans released in last century. Millions of Morgans found in U.S. Treasury vaults in the 1960s and sold to the public at face value; dollar sales in the 1970s of leftover silver dollars, many of which bore “CC” mintmarks; and hundreds of thousands of “Redfield” hoards released to the market in 1976.
  3. Condition rarities. The reasons are many, but people neglected to save some uncirculated dates with high or reasonable mintages, meaning any found in low-mint state and above command ultra rarity prices.
  4. Different die varieties (catalogued as VAMs). This is an acronym for Van Allen and Mallis who cataloged varieties of U.S. Morgan and Peace dollars based on die markers distinguishing such features as doubling, die breaks, or clashed dies. If you are unfamiliar with VAMs, see Proxiblog’s “VAMs for Beginners.“

Silver Spot Price

Before we discuss the above Morgans, we should mention that the high price of silver in mid 2025 has increased values of all silver coins, especially silver dollars. At this writing, the spot price for silver is $90. You can expect that to fluctuate in the months and years ahead. (If you read this at a later date, that spot price will take on new meaning.)

So if you’re interested in silver melt value of your Morgan, do not think a cull has $90 of silver in it.

FORMULA FOR SILVER MELT PRICE: Morgans are 90% silver containing 0.7734 troy ounce. Multiply silver price by 0.7734: $69.60. Dealers usually pay 10% under melt. So that Morgan now is worth $62.

But there is another wrinkle. With the high price of silver, how many Morgan dollars are being melted?

Now the law gets murky. You can melt silver coins for personal use, such as making jewelry. Melting silver coins for profit is not permitted because you will be fraudulently defacing or destroying currency, which is illegal under U.S. law. (Melting cents and nickels is illegal because their metal content can exceed their face value.) But that doesn’t mean people aren’t melting their culls and even valuable silver coins.

To give you an example of what is occurring behind the scenes, silver refineries are not paying the spot price because of skyrocketing financing costs, massive backlogs, and disruptions in the supply chain, making it uneconomical for them to process and refine silver. Refiners are overwhelmed with high-volume scrap, leading to halts in purchases, lower offers, and a growing gap between the physical and “paper” market price. This has created a “liquidity crisis” and a “physical freeze” in the market. 

Now back to numismatics.

Melted Morgans

A handy resource about melted Morgans is Q. David Bowers’ “A Guide Book of Morgan Silver Dollars.” This comprehensive guide provides detailed information on the history, grading, and collecting of these coins. It covers every date and mintmark from 1878 to 1921 and includes melting estimates for each.  

You will have to read this work or consult other guides, such as PCGS CoinFacts, which provides survival estimates for each year and mintmark (presumably factoring in the number melted).

Common date Morgans produced before 1904 were affected by the Pittman Act, while key-date coins were largely spared; however, in doing this, the Mint made those common date coins more valuable, because so many were melted.

That’s why you cannot look only on mintages for value. You will have to memorize. This article will help in that endeavor.

Bagged Morgans

Bags of Morgans released to the public drastically changed the values of Carson City dollars and other dates previously considered condition rarities, with the most famous being the 1903-O. Before the 1970s, collectors rarely saw one and considered it an ultra rarity. The exact number of 1903-O Morgan dollars released in bags in the 1960s is unknown, but it was in the hundreds of thousands, possibly over a million. Same goes for Carson City GSA dollars. Rarely were these seen in high mint state; and then, more than 3 million uncirculated ones were sold to the public. So uncirculated Morgans flooded the market, again affecting value.

In other words, you may have a rarity only to learn another hoard has been found or released to the public. Then your rarity is not so much anymore.

Condition Rarities

Top condition rarities include these dates below with images and values from PCGS CoinFacts:

1884-S. Mintage: 3,200,000. People just spent them, so there are precious few in mint state. Value: XF40, $135; MS65: $295,000.

1886-O. Mintage: 10,710,000. Most coins were melted under the Pittman Act. Value: XF40, $100; MS65, $285,000.

1892-S. Mintage: 1,200,000. For some reason, as in the 1884-S, people did not save uncirculated examples and spent them. Value: XF40, $600; MS65, $285,000.

1893-O: mintage, 300,000; 1895-O: mintage, 450,000; and 1895-S, mintage, 400,000. Although they had low mintages, again, people spent them with most surviving coins being circulated. 1893-O: Value: XF40 $950; MS65, $180,000. 1895-O: XF40, $900; MS65 $325,000. 1895-S: XF40, $1,900; MS65, $22,500.

1896-O. Mintage: 4,900,000. Many of these coins were melted so that high-grade pieces are scarce. Value: XF40, $85; MS65, $200,000.

1901-P. Mintage: 6,962,000. A relatively small number of these coins entered circulation, and the majority are thought to have been melted. Higher-grade examples are difficult to find. Value: XF40, $250; MS65, $325,000.

VAM Morgans

These are some of the most desired Morgan VAMs with images and markers from PCGS CoinFacts.

1887-P “Alligator Eyes,” VAM12A.

1888-O “Scarface,” VAM 1B.

1888-O “Hot Lips,” VAM4.

1891-CC “Spitting Eagle,” VAM3

1901-P “Shifted Eagle,” VAM3.

While these have been labeled the most popular, you should know the top 100 VAM Morgans, compliments PCGS.

This article has discussed the factors that make some Morgans more valuable than others. If you continue to study each date and mintmark in the series, in time, you will be able to make prudent purchases and, on occasion, score big.

If you like posts like this, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups and social media. To get the latest discussion and commentaries, click here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

Not PCGS 2025 Silver!

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Jack D. Young

Often, I joke about the counterfeiters apparently being ahead of the genuine releases–if not ahead, they are certainly keeping up with the latest “not-PCGS” slabbed fakes!

In this exclusive Proxiblog article I will review 3 really special 2025 “numismatic treasures” showing up in different selling venues.

So, without further ado I will start with a first strike 2025 230th anniversary flowing hair:

OK, so what is the issue with this one? Well, the 230th anniversary of the flowing hair dollar was 2024 and as noted the “year of issue”!!!

So, the following example actually came across the counter of a famous Chicago Coin Shop and a friend there posted it in one of our groups.

A counterfeit walks into a coin shop 😎…

These were also the subject of a short on another friend’s popular coin YouTube channel:

“Frostbyte Coins” short on the subject

Not to be outdone, eBay sellers jumped on the bandwagon as well…

eBay listed 2025 230 Anniversary “Medal Coin”

A second eBay listing

And of course, one more on the Bay:

And a 3rd bay listing at the time

One thing to notice, all sport different cert numbers versus many we have seen with common certs used; and the cert for the Chicago example pulls up as:

Pretty silly at this point…

And what’s next? How about the 2025-S First Strike proof Morgan set!

This example posted in a Face Book Group I sometimes visit:

FB Group post image

The answer to his question is “it’s fake!” and the cert number is actually for a 2022 Australian 50c piece! And again, not to be outdone another listed for sale on the Bay:

eBay listing of similar counterfeit 2025-S and fake PCGS slab

As most of these, the actual barcode on the label does not scan, but checking the cert number for the listed example (48248428) gives this result on PCGS’ cert website:

And what could possibly be next😎?

How about a 2025“PCGS” MS70 First Strike Silver Eagle? This from a FB group post as well:

Interesting, the cert comes up as:

PCGS on-line cert for 51841365 shows the coin type as “971094”

So, coin type 971094 in PCGS’ system is as follows:

PCGS definition of the 2025 First Strike

While 2025 (W) S1 silver eagles are designated as “971544”:

PCGS definition of the 2025 (W)  First Strike at West Point

I often state the counterfeiters are NOT Numismatists. (They are crooks.)

And finding a genuine (W) example to compare to shows the following differences on the obverse slab and label:

Counterfeit on left, genuine First Strike (W) on the right

So, the “Fun” never ends with the counterfeits, and one can only wonder what they have in store for 2026!

If you like posts like this, you can read more articles on counterfeit coins by Jack D. Young, Jack Riley and Michael Bugeja at this URL. Also, please subscribe so you can get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.

Counterfeit IN-Line Lincoln Cents

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By Jack Riley

The Lincoln cent series is arguably the most popular in numismatics, with many young collectors getting their start filling Whitman Folders in hopes to find the “key dates.” With such a popular series and many expensive coins to complete the set, one would expect to see many counterfeits. Many types of fake wheat cents exist, including altered dates, added mintmarks, cast coins, and plated cents. This article dives into a modern counterfeit common reverse used interchangeably on mainly key date coins that I refer to as the “IN-Line” reverse.

Images of two counterfeit 1909s VDB cents offered on eBay.

Both coins showcase a Deep N reverse (Type 2) which was used in 1909 and followed through the end of the series in 1958; however, all genuine 1909s VDB cents have a Shallow N (Type 1).

A comparison of the reverse shows common circulation marks between the two. A dent in the “O” culminating with the “IN” slash.

Interestingly this reverse was utilized with and without the “VDB” initials! This 1914-D and 1955 DDO share the “IN-Line” reverse with no remnants of the VDB initials.

This extensive family even consist of struck counterfeit common date “Off-center” errors!

Since viewing can be a challenge to the readers, I assembled close-up collage of the highlighted markers. 

This has primarily been used to create counterfeit key date and semi key date coins. However, with the addition of the off-center strike 1946s, it is clear this can be found on common dates as well as counterfeit error coins.

If you are collecting key dates, especially the 1909-S VDB, be sure as well to view Michael Bugeja’s article with all the requisite die markers.

If you like posts like this, you can read more articles on buying, selling and collecting at Proxiblog.org. Also, please subscribe to get our weekly newsletter and be informed whenever there is a new article or column.

Proxiblog also has hundreds of followers on Facebook Coin Groups. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about errors and varieties as well as buying and bidding on coins in Coin News Updated: The Essential Guide to Online Bidding. Please consider purchasing the work for yourself or a friend, as it underwrites this hobbyist website. Thank you.