Tag Archives: 1896-O

Micro Morgan Dollars

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Micro mintmarks are valuable and relatively easy to identify if you know how to compare them with their regular counterparts. In this post we will describe two desired ones in the Morgan Dollar series along with counterfeits that hobbyists may not immediately detect.

1899-O Micro O

The 1899-O Micro O’s mintmark is noticeably smaller than regular size mintmarks normally seen on Morgan dollars. Its size would fit well on a Quarter Dollar. Here is a comparison from PCGS CoinFacts:

The normal mintmark is oval shaped and the micro, circle shaped. The micro mintmark is closer to the ribbon of the laurel wreath and farther from the “D” and “O” of “Dollar.” The 1899-O Micro O is not rare, as thousands were released into circulation; however, because of the popularity of the Morgan series, is coveted and also included in registry sets.

If you are interested in VAM designations, which many collectors are, you can find this micro mintmark under several varieties, with popular ones being 4,5,6 and 31. (VAM stands for Van Allen-Mallis, the surnames of the two numismatists, who cataloged die varieties of Morgan and Peace silver dollars.)

Values of the 1899-O Micro O are in the thousands for mint state examples. Almost uncirculated examples retail in the high hundreds. But worn examples, which often are found in auctions and estate sales, sell for a few hundred dollars or less, depending on condition.

1903-S Micro S

The 1903-S Micro S Silver Dollar also has a noticeably tiny mintmark, again, what might be used on a Quarter Dollar. Speculation is the engraver at the Mint used the wrong punch and didn’t realize the error.

Again, the variety is easy to identify as the mintmark (similar font) is roughly about half size of a normal mintmark.

As with the 1899-O Micro O, this variety is relatively plentiful with hundreds slabbed by top third-party grading companies. The VAM 2 variety is especially desired.

Values, even in worn condition, are much higher than the 1899-O Micro O. The 1899-O had a mintage of 12,290,000; the 1903-S, 1,241,000. As such, even at G4, the retail for the 1903-S variety is about $100. Values rise substantially thereafter reaching a $1,000 at VF35 and soaring into tens of thousands in AU58 and higher.

Counterfeit Micro Mintmarks

Micro mintmarks 1896-O, 1900-O and 1902-O are not modern but counterfeited during the time that Morgan dollars were still being minted, making them difficult to detect for the novice collector.

PCGS has a brilliant article about these, which you can access by clicking here. Here is an illustration from that article, compliments PCGS:

PCGS notes that these contain identical linear marks, or lumps, created during the transfer process. A genuine coin would be used to create a working die, leaving lumps and other telltale signs.

Perhaps the most famous counterfeit micro O is the 1901-O Micro O, which many hobbyists actually collect. Like the 1896-O, 1900-O, and 1902-O varieties, these are high-quality fakes. PCGS states, “These fakes are notable for their deceptive similarity to genuine coins, being made of good silver and exhibiting sharp details, especially in higher-grade examples.”

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Meet the Micro O Counterfeit Family!

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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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Proxiblog also has hundreds of followers on Facebook Coin Groups. 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.