NGC Counterfeit Coin Detection: Altered 1893 Morgan Dollar

The 1893 Morgan Dollar is one of the most sought-after coins in numismatics, particularly because of the rarity of its Carson City and San Francisco mint issues. As one of the key dates in the series, an 1893 Morgan Dollar in top condition can command a substantial premium. Unfortunately, this desirability has made the 1893 Morgan Dollar a prime target for counterfeiters and coin doctors, leading to a surge in altered or fake specimens in the marketplace.

To combat this growing issue, third-party grading companies like Numismatic Guaranty Company (NGC) employ advanced detection techniques to identify altered coins. One recent case involved an altered 1893 Morgan Dollar that posed as a legitimate specimen but was exposed through expert analysis.

The Alteration: Adding an “S” Mintmark

The alteration involved a common tactic used by counterfeiters: modifying a genuine but lower-value Morgan Dollar to mimic a high-value key date. In this instance, a Philadelphia-minted 1893 Morgan Dollar was altered by adding an “S” mintmark on the reverse, transforming it into what appeared to be the rare and valuable 1893-S Morgan Dollar.

The 1893-S Morgan Dollar is one of the most coveted coins in the Morgan Dollar series, with a low mintage of just 100,000. Authentic examples can sell for tens of thousands of dollars, depending on their condition. This financial incentive motivates counterfeiters to deceive unsuspecting buyers.

NGC’s Detection Process

The altered coin in question underwent a comprehensive evaluation by NGC experts. They utilized multiple tools and techniques to uncover the forgery, including:

1. Mintmark Analysis:
   NGC specialists examined the added “S” mintmark under high magnification. Authentic mintmarks from 1893 are struck into the coin during the minting process and exhibit clear details and die characteristics. In contrast, the added mintmark showed inconsistencies, such as irregular spacing, a mismatched font, and uneven edges, suggesting it was manually engraved or soldered onto the coin.
2. Metal Composition Testing:
   The coin’s metal composition was consistent with a genuine 1893 Morgan Dollar, ruling out a full counterfeit. However, this only confirmed that the coin was an altered Philadelphia-minted dollar rather than a genuine San Francisco issue.
3. Die Diagnostics:
   NGC’s experts compared the coin’s reverse die features to known authentic 1893-S Morgan Dollars. Genuine coins from this mintage exhibit unique characteristics, such as die markers and patterns of wear. The absence of these markers confirmed the alteration.

The Impact on Collectors

For collectors, the discovery of counterfeit or altered coins is both alarming and a reminder of the importance of due diligence. Counterfeiters are becoming increasingly sophisticated, making it essential for buyers to rely on trusted third-party grading companies like NGC when purchasing high-value coins.

Tips for Avoiding Counterfeits

1. Buy Certified Coins: Always purchase key-date coins like the 1893-S Morgan Dollar in certified holders from NGC, PCGS, or another reputable grading company.
2. Know the Diagnostics: Familiarize yourself with the key features of authentic coins, including mintmark placement and die markers.
3. Work with Reputable Dealers: Build relationships with established dealers who guarantee authenticity.

Conclusion

The altered 1893 Morgan Dollar serves as a reminder that even experienced collectors can fall victim to counterfeit coins. By leveraging professional grading services and staying vigilant, you can protect your collection and ensure its long-term value.

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