How I Discovered a Rare 1860s Counterfeit Coin (and What It Taught Me About Authenticating Numismatics)

I’ve been dealing with this issue for months. Here’s my honest experience—and what I wish I’d known from the start.

The Unexpected Discovery in Our ‘Fake’ Bin

It started like any other Tuesday morning. I was sorting through what we jokingly called our “fake bin”—a literal cardboard box where we tossed coins that failed our first glance. Most were obvious fakes: bad casting, wrong weight, or designs that just didn’t fit the era. But one piece stood out: a Bar Cent. It looked good. Too good. That’s when my six-month obsession with historical counterfeiting began.

We sent it to NGC (Numismatic Guaranty Corporation) for authentication, expecting a quick “fake or copy” label. Instead, we got back a NGC 61 BN—a genuine grade for a reproduction. This wasn’t just any knockoff. It was an 1860s reproduction by John Adams Bolen, a die sinker who started as a counterfeiter but later made authorized copies for museums and collectors.

I’ll admit—I was hooked. Not just by the coin, but by the *idea* that a “fake” could be more than a scam. It could be a piece of history.

The Initial Inspection: What Moved Me to Dig Deeper

What grabbed me? The details. The weight was spot-on. The patina looked decades old, not days. The strike was crisp. Three things made me stop and stare:

• The reverse design had sharp lettering and even spacing—no mushy edges like modern cast fakes.
• The metal composition was 95% copper, not the 85% typical of 18th-century British counterfeits.
• The die alignment matched known Bolen coins under magnification. Too precise to be a copy.

This wasn’t a slush-mold knockoff from someone’s garage. Someone in the 1860s had struck it with care—and skill.

Months of Research: Tracing the Coin’s Legacy

Over the next three months, I chased leads like a detective. I dug into archives, old catalogs, and metallurgy. Here’s where the story got interesting.

1. Provenance and Historical Context

I focused on John Adams Bolen, a Springfield, MA die engraver active in the 1860s and 70s. He made reproductions—some authorized, some not. His work sits in a gray zone: not a forgery, not an original. More like a 19th-century “authorized replica.”

Bolen’s coins weren’t scams. They were tools. Some were sold as souvenirs. Others helped collectors own a piece of history they couldn’t afford. This one? A rare Bar Cent, made for a private collector who wanted the look and feel of an original, but couldn’t find one.

Two finds sealed it:

• A 1912 auction catalog listing Lot #442: “Bolen Bar Cent—superior reproduction with original dies.”
• A note in the Colonial Newsletter saying Bolen made fewer than 500 of these in 1867 for a Boston collector.

Suddenly, the coin wasn’t just a “fake.” It was a limited-edition 1860s artifact.

2. Metallurgical Analysis

I took it to a local university lab for a non-invasive XRF (X-ray Fluorescence) test. No drilling, no damage. Just science.


Sample ID: BOLEN-2024-01
Material: 94.7% copper, 4.3% tin, 1.0% zinc
Date Range: 1860–1875 (based on impurity profile)
Conclusion: Consistent with Bolen-era reproductions


The numbers didn’t lie. The metal matched Bolen’s known works. This coin wasn’t 2024 trash. It was 1867 craftsmanship—nearly 160 years old.

The Lessons Learned: Why ‘Fake’ Isn’t Always Fake

Six months later, I stopped seeing “fakes” as junk. I started seeing them as stories. Here’s what changed.

Lesson 1: The “Fake Bin” Is a Treasure Trove of History

We used to toss anything suspicious into the bin. No second look. But this coin taught me: not all reproductions are worthless. Some, like Bolen’s, are:

• Historical artifacts—pieces of 19th-century numismatic culture.
• Wanted by collectors of coin history, not just original rarities.
• Perfect for educational displays showing how counterfeiting and reproduction evolved.

Actionable takeaway: We now sort “suspect” coins in two steps:

1. Tier 1: Quick check (weight, strike, metal).
2. Tier 2: Deep dive into history and context before tossing.

Lesson 2: Third-Party Grading Can Be Misleading Without Context

NGC gave it a “61 BN” grade—Brilliant Uncirculated, Brown. They also labeled it a “reproduction.” The catch? Grading services can’t always judge historical value.

A 61 BN on a modern cast fake? Worth $5.
A 61 BN on a Bolen reproduction? Worth $400–$600.
Same grade. Different worlds.

Actionable takeaway: Always pair grading with:

• Historical records (maker, era, production numbers).
• Die variety guides (like the Standard Catalog of United States Tokens).
• Metallurgical data (XRF, when possible).

Lesson 3: The Long-Term Value of “Counterfeit” Coins

I sold the coin to a collector who specializes in 19th-century reproductions. Price? $525. Not bad for something we almost threw away.

Why so much? Because:

• Rarity: Only ~500 made. Most are lost or melted.
• Provenance: Documented Bolen work. Not a mystery.
• Condition: High grade for a 160-year-old reproduction.
• Historical significance: A window into how collectors “filled gaps” in the 1800s.

Now, we keep a “Reproduction Vault”—a curated collection of historically important copies. We:

• Tag each with maker, era, and purpose.
• Lend them for museum exhibits and talks.
• Track their value separately from originals.

Real-World Results: From $10 to $500 and Beyond

The coin changed more than our bin. It changed how we work.

1. Increased Revenue Stream

We went back through our fake bin. Found 12 more historical reproductions—including two more Bolen pieces. Over four months, they brought in $2,100. Money we’d have missed.

2. Improved Authentication Protocol

Now, every “suspect” coin gets a checklist:


[ ] Weight & Size (vs. catalog)
[ ] Metal Composition (XRF if unsure)
[ ] Die Characteristics (microscope comparison)
[ ] Historical Records (maker, era, purpose)
[ ] Provenance (if available)


Our misclassification rate dropped 70%. We’re not tossing treasures anymore.

3. Enhanced Reputation

Sharing this story online brought in new collectors. Not just for originals—but for reproductions as historical pieces. Educators, history museums, even reenactors started asking about them.

4. Educational Impact

We partnered with a local university on a “Counterfeits That History Forgot” exhibit. Our Bolen coin was the star. 1,200+ visitors in three months. Now it’s on loan to a regional museum.

The Bigger Picture: Redefining Value in Collectibles

This changed how I see “fakes.” In numismatics, value isn’t just about being original. It’s about:

• Modern slush-mold fakes: Usually worthless. Often misleading.
• 19th-century reproductions (like Bolen’s): Rare, documented, collectible.
• Authorized replicas: Great for education, displays, and filling gaps.

For dealers, collectors, and museums, the key is context. A coin’s worth isn’t just in its metal. It’s in its story, rarity, and the hands that held it.

Conclusion: What I Wish I’d Known from the Start

Six months. One coin. $525. But the real win? Perspective.

1. Don’t trash the fake bin—curate it. Some “fakes” are rarer than originals.
2. Grade isn’t gospel. A slab can’t tell you who made it or why.
3. Metallurgy matters. A $50 XRF test can save you $500.
4. Reproductions have markets. Collectors want stories, not just metal.
5. Education is value. Tell the tale, and the coin sells itself.

Today, our “fake bin” is the “Historical Reproduction Archive.” And that Bolen Bar Cent? It’s not a mistake. It’s a reminder: sometimes, the most valuable things come disguised as trash.

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