In numismatics, two distinct categories of counterfeit coins exist. The first category comprises those meticulously crafted to deceive collectors, while the second type is specifically manufactured for use in everyday transactions.
Let’s explore into the case of Capped Bust half dollars, specifically those from the year 1832. One might question the motive behind counterfeiting a half dollar from that era, given that the U.S. Mint produced a substantial 4,797,000 half dollars in 1832. The apparent value of a counterfeit half dollar in the collector’s market becomes questionable.
Back in 1832, fifty cents represented a significant sum, equivalent to a day’s labor for many individuals. If a counterfeiter managed to circulate just one fifty-cent piece daily for a year, they would inject 356 counterfeit coins into circulation, amounting to an additional $3,752 in today’s currency.
The success of counterfeiters hinged on the quality of their creations; some counterfeits were more convincing than others, with certain examples still passing as genuine coins today. The financial gains for counterfeiters were directly proportional to the quality of their forgeries.
Consider your own habits—how much time do you spend scrutinizing your change? Likewise, how much attention is given to a coin when used for routine transactions such as purchasing groceries, getting a haircut, buying lumber, or settling a bill?
In the early 1800s, the United States Mint faced challenges in producing enough coins to meet demand. Foreign currency, particularly British tokens, pennies, Spanish mill dollars, and Mexican reales (some of which were counterfeits), gained more recognition than U.S. coins. The scarcity of small denomination coins like half dollars created a ripe market for counterfeiters.
While some counterfeit half dollars were cast, others were struck with dies. Cast coins were generally easier to detect than die-struck counterfeits. Despite claims that certain counterfeits were struck with dies from original Mint hubs, closer examination reveals poor quality in design elements such as stars and letters along the rim.
To prolong the life of counterfeit dies, counterfeiters resorted to recutting them, resulting in merging letters. Notably, many counterfeit half dollars weren’t even made of silver; some were crafted from “German Silver,” an alloy devoid of silver, composed of 55% copper, 30% zinc, and 15% nickel. Although their weight and color mimicked circulated silver coins, most were underweight.
Counterfeit half dollars originated from various regions, including the United States, Canada, Mexico, and Europe.
For present-day collectors, the issue poses a significant challenge. Al C. Overton lists 23 die marriages (varieties) for genuine 1832 fifty-cent pieces, comprising 15 obverse dies and 16 reverse dies. In contrast, counterfeit 1832 fifty-cent pieces boast over 14 different known varieties. The exact quantity produced remains unknown, but it is logical to assume that counterfeiters wouldn’t go to such lengths for a single coin.
Several years witnessed a high number of different counterfeit coins, further complicating the collector’s task. For instance, in 1833, there were 23 different varieties. This complexity underscores the importance of thorough scrutiny, as not all Bust half dollars in a collection may be genuine.
One valuable resource for collectors grappling with this issue is the book “Contemporary Counterfeit Capped Bust Half Dollars” by Keith R. Davisnon, covering 158 pages of “KNOWN” counterfeit Capped Bust Half Dollars. As the age-old adage goes, “BUY THE BOOK BEFORE YOU BUY THE COIN.”
I highly recommend reference books that offer die markers or systems aiding in the identification of authentic coins. These books, such as “The CENT Book” by John D. Wright for Large Cents, “The Authoritative Reference On Lincoln Cents” by John Wexler and Kevin Flynn for Lincoln Cents, and “The Comprehensive Encyclopedia of United States Liberty Seated Quarters” by Larry Briggs for Liberty Seated Quarters, provide valuable insights for collectors. Other recommended titles include “Federal Half Dimes 1792 – 1837” by Russel J. Logan and John W. McCloskey for Half Dimes, “The Ultimate Guide to Attributing Bust Half Dollars” by Dr. Glen R. Peterson for Bust Half Dollars, and “The United States Early Silver Dollars 1794 to 1803” by Jules Reiver for Silver Dollars.