How to Identify Counterfeit Peace Dollars

Why Peace Dollars Are Counterfeited

Peace Dollars (1921-1935) are attractive targets for counterfeiters for several reasons:

• High Values: Key dates like 1928, 1934-S, and high-grade examples can be worth thousands to tens of thousands of dollars
• Silver Content: Each coin contains 0.77344 troy ounces of pure silver
• Strong Collector Demand: Peace Dollars are iconic and widely collected
• Relief Design: The high relief of early Peace Dollars makes exact replication challenging but provides many authentication points
• Large Size: 38.1mm diameter allows for detailed counterfeiting attempts
• Mintmark Alterations: Common dates altered to rare mintmarks
• 1964-D Fantasy Pieces: Coins that were never officially released

Types of Counterfeits

• Cast Counterfeits: Created from molds, usually with poor details and surfaces
• Die-Struck Counterfeits: Made with fabricated dies, can be highly deceptive
• Altered Coins: Genuine coins with added, removed, or changed mintmarks
• Transfer Die Fakes: Made using electroforming or similar transfer processes
• Fantasy Pieces: 1964-D pieces that were never officially released to circulation
• Tooled/Enhanced Fakes: Artificially improved to appear higher grade

The Most Counterfeited Peace Dollars

High-Value Dates Most Often Faked

• 1928: Lowest mintage Peace Dollar at 360,649 pieces
• 1934-S: Low mintage, highly valued key date
• 1921 High Relief: First year issue with distinctive high relief design
• 1927-D: Scarce Denver issue
• 1927-S: San Francisco issue, valuable in higher grades
• 1928-S: Another scarce San Francisco issue
• 1934-D: Denver issue with lower mintage
• 1935-S: Last year of original Peace Dollar production
• High Grade Examples: MS65 and higher grades command significant premiums
• 1964-D: Fantasy pieces (316,000+ struck but never released, supposed to be melted)

Common Mintmark Alterations

• Adding S: 1928 altered to 1928-S, 1934 to 1934-S, etc.
• Adding D: 1927 to 1927-D, 1934 to 1934-D
• Removing Mintmarks: 1928-S altered to 1928
• Changing Dates: 1925 altered to 1928, 1923 to 1928
• Creating 1964-D: Various dates altered to create this fantasy piece

Physical Examination: Weight and Dimensions

Correct Specifications

• Weight: 26.73 grams (412.5 grains)
• Diameter: 38.1mm (1.5 inches)
• Thickness: Approximately 2.4mm at rim (1921 High Relief slightly thicker)
• Composition: 90% silver, 10% copper
• Edge: Reeded with approximately 185-190 reeds

Weight Test

The most fundamental test for authenticity and silver content:

• Use Digital Scale: Accurate to at least 0.01 gram
• Acceptable Range: 26.7-26.8 grams (accounting for minimal wear)
• Too Light: Likely base metal core or silver-plated counterfeit
• Too Heavy: Incorrect composition or casting artifact
• Circulated Coins: May weigh 26.5-26.7g, but under 26.5g is highly suspicious
• High Relief 1921: May be very slightly heavier due to extra metal in relief

Size and Thickness

• Use digital calipers to verify diameter
• Cast counterfeits often measure slightly off
• Thickness variations suggest wrong planchet or casting
• 1921 High Relief coins are noticeably thicker than later years
• Edge reeding should be sharp, even, and consistently spaced

The "Ping" Test

Silver produces a characteristic sound when struck:

• Balance coin on fingertip or soft surface
• Gently tap edge with another coin or metal object
• Genuine: Clear, sustained bell-like ring lasting several seconds
• Fake: Dull thud or very brief ring
• Note: Cleaning, damage, or environmental issues can affect sound
• Limitation: Useful preliminary test but not definitive alone

Examining Surface and Strike Quality

Luster and Surface Characteristics

• Genuine Mint Luster: Shows "cartwheel" effect rotating across surface as coin is tilted. Created by metal flow during the striking process.
• Artificial Luster: Appears static, painted-on, or sprayed. Result of whizzing (wire brushing) or chemical treatment.
• Cast Surface: Grainy, porous appearance under magnification. Missing flow lines from striking.
• Satin Finish: 1921-1922 coins often have beautiful satin-like luster different from later years
• Transfer Die Surface: May exhibit orange peel texture or unnatural granularity

Flow Lines

Authentic Peace Dollars display metal flow patterns from striking:

• Radiate from center outward toward rim
• Visible in open field areas under proper lighting
• Result of metal flowing during high-pressure strike
• Cannot be accurately reproduced in cast fakes
• Best seen with raking light (light at low angle to surface)

Die Polish and Die Markers

• Fine raised lines in fields from die polishing are normal
• Should appear natural and consistent with die state
• Die cracks, clashes, and breaks are diagnostic markers
• Counterfeiters sometimes try to add these but they look incorrect

Strike Characteristics

• Sharpness: High points should be crisp and well-defined where unworn
• Known Weak Areas: Hair details above ear, eagle's wing tips often weak even on genuine coins
• 1921 High Relief: Much sharper details throughout, particularly on hair and eagle feathers
• Consistent Relief: Depth should be uniform; cast coins show irregular depths
• Edge Strike: Clean transition from field to reeded edge indicates proper collar die strike

Design Details: Obverse (Liberty Head)

Liberty's Portrait

• Hair Details: Individual hair strands should be visible, especially on 1921 High Relief. Cast fakes show mushy, indistinct hair texture.
• Facial Features: Eye should have sharp detail with defined pupil. Nose, lips, and chin should show proper anatomical contours.
• Crown/Tiara: Radiating lines (rays) should be sharp and extend to proper length. Seven rays total.
• Neck: Smooth contour with proper modeling. Should show where it meets the shoulders.
• 1921 High Relief vs. Low Relief: High relief coins have much more dramatic modeling, sharper hair details, and deeper features.

The Word "LIBERTY"

• Appears along upper left border
• Letters should be sharp and evenly spaced
• Serifs should be properly formed
• Check alignment and position relative to edge

Date

• Numerals: Should be sharply defined and properly proportioned
• Altered Dates: Look for:
  • Patina differences inside numerals compared to surrounding field
  • Tool marks or scratches from re-engraving
  • Slightly different font characteristics between altered digit and others
  • Raised metal or burrs around altered areas
  • Common alterations: 3s to 8s, 5s to 8s (1923→1928, 1925→1928)
  • Watch for added "4" to create 1964-D fantasy piece

The Word "PEACE"

• Appears at bottom of obverse, below Liberty's neck
• All capital letters should be sharp and clear
• Unique design element—no other U.S. coin has denomination replaced by "PEACE"
• Check letter spacing and formation

Designer Initial

• "AF" monogram for Anthony de Francisci at base of neck, below truncation
• Should be small but distinct
• Proper formation and position
• Some counterfeits omit or incorrectly render the monogram

Design Details: Reverse (Eagle)

Eagle

• Perched Position: Eagle at rest on rock/mountain, facing left. Unique among U.S. silver dollars.
• Wing Feathers: Should show individual feather definition with proper layering. Cast fakes typically have blurred, simplified feathers.
• Body Feathers: Breast and body should show feather texture. More pronounced on 1921 High Relief.
• Head Details: Eye should be visible. Beak should be sharp and properly shaped.
• Talons: Should show proper anatomy gripping the rock/perch. Three visible toes with defined claws.
• 1921 High Relief: Much more dramatic feather detail and modeling throughout

Rays

• Radiating sunburst rays behind eagle
• Should be evenly spaced and extend from behind eagle to edge
• Sharp definition at ray tips
• 1921 High Relief has more pronounced, sharper rays
• Cast counterfeits often show mushy, indistinct rays

Mountain/Rock Perch

• Stylized mountain peak or rock formation below eagle
• Should show proper contours and shading
• More detailed on 1921 High Relief
• Check for proper relationship between eagle's position and rock

Legends and Motto

• "UNITED STATES OF AMERICA": Around upper rim
• "IN GOD WE TRUST": Small letters at upper left, following the rim
• "ONE DOLLAR": At bottom
• "E PLURIBUS UNUM": Does NOT appear on Peace Dollars (unlike Morgan Dollars)
• All lettering should be sharp with proper spacing
• Check for font inconsistencies or malformed letters

Mintmark Authentication

Mintmark Locations and Characteristics

Mintmark appears on reverse, below "ONE," above the "O" in "DOLLAR":

• No Mintmark: Philadelphia
• S: San Francisco
• D: Denver
• No CC or O: Carson City and New Orleans mints did not produce Peace Dollars

Detecting Added Mintmarks

• Microscopic Examination: Use 10x-20x magnification to check for:
  • Engraving tool marks or scratches around mintmark area
  • Raised metal, burrs, or displaced metal from punch work
  • Patina differences (added marks look fresher than original surface)
  • Incorrect font style compared to genuine examples
  • Positioning slightly off from documented placement
• Size and Shape: Compare carefully to certified genuine examples. Mintmarks varied slightly by year but should match documented standards.
• Depth Consistency: Added mintmarks often too shallow or too deep compared to genuine
• Serif Characteristics: Authentic mintmarks have specific serif details that added ones often miss

Removed Mintmarks

• Used to create more valuable no-mintmark (Philadelphia) dates
• Look for:
  • Slight depression or disturbance where mintmark was located
  • Re-polished or re-tooled area appearing different from surrounding field
  • Unnatural wear pattern in that location
  • Interruption in natural luster flow
  • Under magnification, evidence of metal displacement or smoothing

The 1964-D Fantasy Issue

• 316,076 pieces allegedly struck but never officially released
• Supposed to have been melted down
• Any 1964-D Peace Dollar should be viewed with extreme skepticism
• Most are altered coins with date changed from 1934-D or other dates
• Some are complete fabrications
• Even if authentic, legal status is questionable
• Professional authentication absolutely required for any claimed 1964-D

Edge Examination

Reeding

• Count: Approximately 185-190 reeds (vertical ridges)
• Sharpness: Should be evenly spaced and well-defined
• Perpendicular: Reeds should run at right angles to coin faces
• Cast Fakes: Often show indistinct, mushy, or irregularly spaced reeding
• Altered Coins: May show disturbance in reeding from mintmark work

Edge Seams

• Cast Counterfeits: Often display visible seam where mold halves joined
• File Marks: Counterfeiters may attempt to remove seams, leaving file marks
• Genuine Coins: No seams; edge formed by collar die during striking process
• Examine entire edge circumference carefully

Edge Uniformity

• Thickness should be consistent around entire circumference
• Cast fakes may show thickness variations
• Look for built-up areas or added material (signs of casting defects or alteration)
• Proper collar strike creates clean, uniform edge

1921 High Relief vs. Low Relief

Understanding the Two Types

1921 Peace Dollars come in two major varieties with distinct characteristics:

• High Relief (First Strike): Initial design with dramatic modeling and sharp details. Dies broke frequently, so design was modified.
• Low Relief (Modified): Flattened design introduced mid-1921 to extend die life
• All 1922-1935 Peace Dollars use low relief design

Key Differences

• Overall Relief: High relief has much more dramatic depth and modeling throughout
• Hair Details: High relief shows extraordinary hair detail; low relief more simplified
• Eagle Feathers: High relief has sharp, deeply carved feather details; low relief more flattened
• Rays: High relief rays are sharp and pronounced; low relief rays more subtle
• Thickness: High relief coins slightly thicker overall
• Field Depth: High relief has deeper fields creating more dramatic contrast

Authentication Considerations

• High relief 1921s command premium prices
• Some fakes attempt to simulate high relief characteristics
• Study certified examples of both types to learn differences
• Die characteristics and VAM varieties can help authenticate

Advanced Authentication Techniques

Specific Gravity Test

Determines metal composition by measuring density:

• Genuine 90% silver/10% copper: Specific gravity = 10.34
• Method: Weigh coin in air, then suspended in distilled water. Calculate: weight in air ÷ (weight in air - weight in water)
• Acceptable Range: 10.30-10.38 (allowing for minor impurities and wear)
• Different Alloys: Fakes made from other metals will show incorrect specific gravity
• Equipment: Requires accurate scale and proper setup

Magnet Test

• Silver is not magnetic; genuine Peace Dollars should not be attracted to magnets
• Steel core fakes will be attracted
• Limitation: Some non-magnetic base metals can also pass this test
• Use strong rare-earth (neodymium) magnet for best results
• Not conclusive alone but useful as quick preliminary check

X-Ray Fluorescence (XRF)

• Non-destructive test that identifies metal composition precisely
• Used by professional grading services (PCGS, NGC, CAC)
• Equipment expensive but available at some coin dealers
• Confirms silver content and purity
• Can detect silver-plated base metal fakes
• Can identify specific alloy composition

Die Variety Attribution

• VAM Varieties: Van Allen-Mallis catalog documents die varieties for Peace Dollars. Each die pairing has unique characteristics.
• Die scratches, die cracks, clashes, and doubled dies are diagnostic
• Match coin to documented VAM variety for that date/mint
• Counterfeiters cannot replicate specific die markers accurately
• Especially valuable for authenticating expensive dates
• Resources: vamworld.com, Peace Dollar VAM reference guides

Ultraviolet (UV) Light Examination

• Some repairs, alterations, and treatments fluoresce under UV
• Added or altered mintmarks may show different fluorescence than surrounding metal
• Artificial toning often glows under UV light
• Epoxy or filler materials used in repairs will fluoresce
• Genuine coins should show consistent appearance under UV
• Use both longwave and shortwave UV for thorough examination

Chinese Counterfeits

The Modern Threat

Since the 2000s, sophisticated counterfeits from China have become widespread:

• Die-struck rather than cast, making them more convincing
• Often correct weight and dimensions
• Some contain actual silver (but still illegal counterfeits)
• Widely available on international online marketplaces
• Often labeled as "replicas" or "copies" but enter market as genuine
• Quality has improved dramatically in recent years

Identifying Modern Chinese Fakes

• Surface Quality: Often too perfect or smooth, with artificial-looking luster
• Design Details: Subtle differences from genuine—wrong fonts, spacing issues, design elements in slightly wrong positions
• Color: May have slightly different color tone than authentic silver coins
• Toning: Artificial toning that appears painted or too uniform
• Die Characteristics: Won't match any documented VAM varieties
• Weakness Patterns: Weak in wrong areas (genuine Peace Dollars have characteristic weakness patterns due to die design)
• Edge Quality: Reeding may be slightly different in count or character

Red Flags for Modern Counterfeits

• Price significantly below market value for the date and grade
• Seller has multiple rare dates readily available
• Coin appears "too nice" for the claimed grade or price
• Listed as "copy," "replica," or "commemorative" on foreign websites
• No certification from PCGS, NGC, or other reputable service
• Seller reluctant to provide detailed images or allow examination

Authentication Resources and Tools

Essential Equipment

• Jeweler's Loupe: 10x magnification minimum, 20x or higher better for detailed work
• Digital Scale: Accurate to 0.01 gram minimum
• Digital Calipers: For precise measurement of diameter and thickness
• Good Lighting: Bright LED light, adjustable for raking light examination
• Magnet: Strong rare-earth (neodymium) magnet
• Reference Books: Peace Dollar guides with high-quality photographs
• Optional: UV light, microscope, specific gravity test setup

Reference Materials

• "A Guide Book of Peace Dollars" by Roger W. Burdette
• VAM Catalogs: Van Allen-Mallis die variety references for Peace Dollars
• PCGS CoinFacts: Online database with high-resolution images of genuine coins
• NGC Coin Explorer: Comprehensive reference with photos and data
• ANA Resources: American Numismatic Association authentication materials
• "Cherrypickers' Guide": Includes information on Peace Dollar varieties

Professional Authentication Services

For valuable coins, professional authentication is essential:

• PCGS (Professional Coin Grading Service): Industry-leading service, encapsulates and grades coins with authenticity guarantee
• NGC (Numismatic Guaranty Company): Equally respected major grading service
• CAC (Certified Acceptance Corporation): Verifies quality within grade, applies green or gold sticker to PCGS/NGC holders
• ANACS: Longtime authentication service, specializes in varieties and problem coins

When to Seek Professional Authentication

• Any coin valued over $300-500
• All key dates (1928, 1934-S, etc.)
• Any claimed 1964-D (extreme scrutiny required)
• 1921 High Relief examples
• High grade coins (MS64 and above)
• Coins purchased sight-unseen online
• When buying from unfamiliar sellers
• Before selling expensive coins (certification increases marketability)
• Whenever you have doubts about authenticity

Buying Safely

Purchase Guidelines

• Buy Certified: For valuable dates and high grades, purchase only PCGS or NGC certified examples
• Know Your Seller: Buy from established, reputable dealers with good track records
• Return Policy: Ensure clear return privileges if authentication fails
• Market Prices: If price seems too good to be true, it probably is
• Careful Examination: Always thoroughly examine raw (uncertified) coins before buying
• Expert Opinion: Have expensive raw coins verified by expert before finalizing purchase
• Payment Protection: Use payment methods with buyer protection when possible

Red Flags When Buying

• Seller refuses or reluctant to provide high-resolution images
• Price significantly below established market value
• Seller has numerous rare dates readily available
• No return policy or very restrictive return terms
• Vague, suspicious, or non-existent provenance
• Pressure tactics to buy immediately
• Seller discourages or refuses third-party grading
• Claims coin is "too valuable" or "too good" to submit for certification
• Poor seller feedback or reputation

Online Marketplace Considerations

• Recommended: Heritage Auctions, Stack's Bowers, Great Collections, Legend Rare Coin Auctions (primarily certified coins)
• Exercise Caution: eBay (many fakes present, but legitimate sellers exist—research seller carefully)
• High Risk: International marketplaces selling "replicas" that may enter market as genuine
• Avoid: Sellers explicitly marketing "copy" or "replica" coins

What to Do If You Suspect a Fake

Before Purchase

• Do not complete the purchase
• If dealing with reputable dealer, politely share concerns (they may be unaware)
• Walk away if dealer is defensive or dismissive of your concerns
• Request additional documentation or certification

After Purchase

• Contact seller immediately if within return period
• Document coin thoroughly with photographs and measurements
• Obtain professional authentication opinion from PCGS, NGC, or ANACS
• Credit card purchases may have fraud protection—contact card issuer
• File complaint with marketplace platform if purchased online
• Consider legal action for significant amounts

Reporting Counterfeits

• U.S. Secret Service: Federal agency responsible for counterfeit coin investigations
• Anti-Counterfeiting Educational Foundation (ACEF): Industry organization combating counterfeits
• Marketplace Platforms: Report to eBay, Amazon, or other selling platforms
• Local Law Enforcement: For cases involving local dealers or fraud
• Better Business Bureau: For dealer disputes

Never

• Attempt to pass counterfeit as genuine (illegal)
• Return it to circulation or sell without full disclosure
• Destroy evidence before reporting if fraud is suspected

Learning to Authenticate

Develop Your Skills

• Study Certified Coins: Examine PCGS/NGC certified examples to learn genuine characteristics
• Attend Coin Shows: Handle multiple examples to develop feel for authentic coins
• Join Collectors' Organizations: Learn from experienced Peace Dollar collectors
• Take ANA Courses: American Numismatic Association offers authentication education
• Compare Examples: Study differences between genuine coins and known counterfeits
• Learn Diagnostic Points: Master the specific authentication markers for Peace Dollars
• Study Both Relief Types: Understand differences between 1921 high and low relief

Build Reference Collection

• Acquire certified examples of common dates for study
• Learn die varieties and characteristics specific to Peace Dollars
• Maintain high-quality reference photographs
• Document authentic coin characteristics systematically
• Compare 1921 high relief to low relief examples

Stay Current

• Follow numismatic news about newly discovered counterfeit types
• Participate in online forums discussing Peace Dollar authentication
• Read articles and alerts about specific counterfeit threats
• Counterfeiting techniques constantly evolve—maintain awareness
• Subscribe to newsletters from major grading services

Quick Reference Checklist

Every Peace Dollar Should Pass These Tests