PCGS Declares Three “Micro O” Morgan Varieties Are Contemporary
Counterfeits
April 26, 2005
(Newport Beach, California) – The so-called “Micro O” variety New Orleans
Mint Morgan silver dollars dated 1896, 1900 and 1902 are actually deceptive,
contemporary counterfeits, according to research conducted by the
Professional Coin Grading Service (PCGS) of Newport Beach, California, a
division of Collectors Universe, Inc. (NASDAQ: CLCT).
The authentication and grading company will no longer certify additional
specimens, and will offer a refund of full market value for current owners
of PCGS-certified examples.
“The discovery of the contemporary counterfeit status of the 1896-O,
1900-O, and 1902-O ‘Micro O’ Morgan dollars came about as PCGS experts
studied an unusually high number of these coins that recently were submitted
to PCGS for certification,” according to a written statement issued by PCGS
on April 26, 2005. (The full text of the statement accompanies this news
release.)
“After examining the group of coins, it became apparent that these Morgan
dollars were not struck in the New Orleans Mint in the years indicated by
their dates. In fact, they were not struck in the mint at any time. These
coins are among the most deceptive copies of United States coins seen. It is
probable that they date to the early part of the twentieth century, but may
have been struck as late as the 1940's.”
PCGS has certified 95 of the contemporary counterfeit “Micro O” Morgan
dollars over the years: 26 of the 1896-O; 31 1900-O; and 38 1902-O
specimens.
“We will reimburse the owners of PCGS-graded examples of these
contemporary counterfeits for the current market value of the coin(s) under
the terms of the PCGS Grading Guarantee,” said David Hall, PCGS President
and Founder. “Owners of PCGS-certified ‘Micro O’ Morgan dollars can contact
PCGS Customer Service at (800) 447-8848.”
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PCGS Announces Contemporary Counterfeit
Status of 1896-O, 1900-O, and 1902-O
“Micro O” Morgan Dollars
Recently, several dates in the Morgan dollar series have come under new
scrutiny. Collecting VAM (Van Allen-Mallis) varieties has been popular since
the publication of the first edition of the Leroy Van Allen-George Mallis
work on silver dollars in 1965. Today, there are many new collectors of the
popular varieties and prices have skyrocketed for the rarest issues.
The New Orleans Mint used several different sized mintmarks, including
one called the “Micro O,” first appearing on silver dollars in 1880 from
that mint. All mintmarks at that time were added to the dies in Philadelphia
before they were shipped to the various branch mints. So, it was not unusual
for different sized mintmarks to be applied to the dies of the various
branch mints - some years had several different style and size mintmarks
used. So, having Micro O mintmarks in several different years is neither
unexpected, nor unusual.
However, 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.
The discovery of the contemporary counterfeit status of the 1896-O,
1900-O, and 1902-O Micro O Morgan dollars came about as PCGS experts studied
an unusually high number of these coins that recently were submitted to PCGS
for certification. These three varieties are rare and even very low grade
examples sell in the $500 range. PCGS usually examines these coins one at a
time. However, PCGS recently had the opportunity to examine a larger group
of these coins and do in-depth analysis of their die characteristics.
What was most suspicious about this group of Micro O Morgan dollars was
that three years shared a common reverse! The Micro O dollars of 1896, 1900,
and 1902 all used the exact reverse die. This is beyond unusual. Although it
was common practice at the various United States Mints to keep reverse dies
(or obverse dies if the date side was the reverse die) that were still
serviceable, using a die over such an extended period is unusual - and
suspect.
After examining the group of coins, it became apparent that these Morgan
dollars were not struck in the New Orleans Mint in the years indicated by
their dates. In fact, they were not struck in the mint at any time. These
coins are among the most deceptive copies of United States coins seen. It is
probable that they date to the early part of the twentieth century, but may
have been struck as late as the 1940's. They have been known to numismatists
since at least the mid-1960s.
Who would attempt such a feat? With the price of silver on the open
market at prices much cheaper than the official price (25-50 cents for much
of the first half of the twentieth century versus the official United States
rate of $1.29 per ounce), the temptation to produce silver dollars with the
"full" amount of silver and pocket the difference was irresistible to
someone. In fact, one of the suspect coins was sent for elemental testing
and it came back 94% silver and about 6% copper! It contains even more
silver than a genuine United States silver dollar. However, even with extra
silver and the work needed to create the dies and planchets, the profit from
these coins would have been tremendous. Certainly, this was a temptation to
hard to resist.
Of course, exactly how and by whom they were made is unknown, but
examining the coins gives us clues to the manufacturing process. There are
several repeating depressions on the reverse that indicate some type of
transfer process. Of course, the equipment to produce a copy die so accurate
would have been, and still is, very expensive. A portrait lathe would have
been employed for this process and the resulting positive (hub) would have
whatever defects the coin being copied had. When dies were prepared from
this hub, the defects would be transferred to the working die. (See
photographs.)
The 1880 or 1899 may have been the model for this reverse die, as both
have a Micro O mintmark that is tilted to the right and in the same general
position as the reverse die used on the other three dates.
There are other subtle, but telltale signs that the 1896, 1900, and 1902
micro O coins are not genuine:
• The luster is not correct. (Most seen are lower grade examples, so only
Extremely Fine and About Uncirculated coins have enough luster remaining.)
• The fuzzy look seen on the higher-grade examples is unlike any genuine
United States silver dollars. The fuzzy nature of the letters, eagle, and
other devices indicate transfer dies.
• The sharp angles seen at the juncture of letters and devices with the
fields are not present on these coins. The interior of the lettering,
including the mintmark, should also have areas that are level with the field
surface, while these coins have interiors that are higher than the fields.
[This is typical of a portrait lathe, as the steep angles up to and inside
of the lettering is impossible to duplicate. In fact, the United States Mint
was unable to reproduce lettering with their old portrait lathe and only
after the introduction of the Janvier portrait lathe in 1906 did the United
States Mint even attempt to reproduce lettering. Prior to that time, each
letter was individually punched into the master die. Even with the new Mint
equipment, the lettering was rounded, as the Janvier lathe could still not
reproduce lettering with 90-degree angles to the surface. Check the High
Relief double eagle, the Wire Edge eagle, and other coins of that era to
examine the rounded lettering produced by the Janvier portrait lathe.]
• All the higher grade (Extremely fine and better) coins we’ve examined
appear to have been artificially circulated. This is noted by the "sweated"
look seen when coins are tumbled with other coins. Since uncirculated coins
would have been more closely scrutinized, these coins were made to look
older and likely were mixed in with other circulated genuine silver dollars.
Fifty or so of these coins mixed with hundreds of genuine circulated silver
dollars would have raised no suspicion. If they had been left in their
"natural" state, someone likely would have noticed the improper luster and
look of these coins. Tumbling coins to simulate circulation is a common
trick of the ancient coin market frauds. The fact that there are no
uncirculated examples known of these three varieties is further proof that
they were artificially circulated.
So, these coins were not made to deceive today's variety collector. They
undoubtedly were made in the first half of the 20th Century to take
advantage of the difference in the market price of silver and the value of
the United States silver dollar.
PCGS has certified 95 of these contemporary counterfeit Micro O coins in
the past: 26 1896-Os; 31 1900-Os; and 38 1902-Os. For anyone who currently
owns a PCGS graded example of these contemporary counterfeit Micro O Morgans
dollars, PCGS will reimburse the owner for the current market value of the
coin(s) under the terms of the PCGS Grading Guarantee. Anyone who wants to
take advantage of the PCGS Grading Guarantee for their Micro O Morgans
should contact PCGS customer service.
PCGS will no longer grade these three dates with Micro O's. (1896-O,
1900-O, and 1902-O). The 1899-O with Micro O is an unquestionable Mint
product and will, of course, continue to be certified by PCGS.
Interestingly, many in the numismatic community likely will still collect
these curiosities. They are such good copies that they have circulated with
genuine silver dollars since they were made. As with some Colonial issues,
collectors strive to complete their sets and include circulating
counterfeits of many issues. When the copy is good enough to fool the rank
and file, the imposter has no trouble traveling in the circle of genuine
coins.
News media contact:
Michael Sherman, (949) 567-1147
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