Is Your 1928 Peace Dollar Real? How to Spot a Fake Mint Mark

Historical Significance

The 1928 Peace Dollar stands as a true cornerstone of American numismatics. Struck at the Philadelphia Mint, this coin marks the final year of Peace Dollar production until the 1934-1935 issues. With a mintage of just 360,649 pieces, the 1928-P is one of the key dates in the series and commands significant premiums in all grades.

Identifying Key Markers

When authenticating a 1928 Peace Dollar, several critical markers must be examined. The weight should be precisely 26.73 grams, with a diameter of 38.1mm. The coin should be composed of 90% silver and 10% copper, making it non-magnetic. Any magnetic attraction indicates a counterfeit or altered coin.

The obverse features Lady Liberty wearing a radiant crown, with the word “LIBERTY” arcing across the top. The date “1928” appears below the bust. On genuine specimens, the date should be sharply defined with consistent font weight and spacing.

The reverse displays a majestic bald eagle perched on a rock, with the word “PEACE” prominently featured on the rock face. All rays emanating from the rock should be complete and evenly spaced. A missing or partial ray is often a telltale sign of an altered coin, as noted by experienced collectors in authentication discussions.

Mint Mark Verification

For the 1928 date, only Philadelphia minted coins were produced, meaning genuine specimens should have no mint mark. The confusion often arises because some unscrupulous individuals attempt to alter 1928-S coins by removing the “S” mint mark to create a more valuable 1928-P.

When examining the area where a mint mark would appear (below the wreath on the reverse), look for several key indicators of alteration:

• Surface disturbance or tool marks in the area where an “S” might have been
• Discoloration or staining that suggests recent modification
• Inconsistent metal flow or texture compared to surrounding areas
• Microscopic examination may reveal filing or grinding marks

The photographs in question show suspicious marks and staining exactly where an “S” mint mark would be located. This, combined with the partial missing ray mentioned by experienced collectors, strongly suggests alteration rather than a genuine Philadelphia issue.

Common Fakes and Alterations

Counterfeiters employ various methods to create fake 1928-P Peace Dollars. The most common approach involves taking a genuine 1928-S coin and carefully removing the mint mark. This requires precision tools and often leaves telltale signs of alteration.

Another method involves creating entirely fake coins using base metals with silver plating. These can often be detected through weight discrepancies, magnetic testing, or professional authentication services.

Surface cleaning is frequently used to disguise alteration marks. Harsh cleaning can actually make detection more difficult for the untrained eye, as it removes the natural patina and tool marks. However, experts can often identify the underlying surface disturbance through careful examination.

Testing Methods

Professional Authentication

For valuable coins like the 1928 Peace Dollar, professional authentication is highly recommended. Services like PCGS, NGC, ANACS, and ICG can provide definitive authentication and grading. These services use advanced techniques including microscopic examination, specific gravity testing, and comparison with known genuine specimens.

Weight and Dimensions

Using a precision scale, verify the coin weighs exactly 26.73 grams. Any significant deviation suggests a counterfeit. The diameter should measure precisely 38.1mm using calipers.

Magnetic Testing

A simple magnet test can quickly identify many counterfeits. Genuine 1928 Peace Dollars are composed of 90% silver and 10% copper, making them non-magnetic. Any magnetic attraction indicates a fake.

Die Marker Analysis

Every die used to strike coins has unique characteristics. VAM (Van Allen-Mallis) numbers identify specific die pairs used for Peace Dollars. All 1928-P die pairs are documented on VAMWorld and other reference sites. Comparing your coin’s specific characteristics against known genuine die markers can help identify counterfeits.

Magnification Examination

Using a 10x or higher power loupe, examine the surface details carefully. Look for:

• Consistency in strike quality across the coin
• Natural flow lines in the metal
• Authentic mint luster (on uncirculated specimens)
• Any signs of tooling, filing, or artificial wear

Red Flags to Watch For

Based on the authentication discussion, several red flags were identified in the coin under examination:

“Looks like removed S. At the very least, it’s suspicious.”

“conveniently placed distortion. possibly removed.”

“The partial missing ray is also a ‘tell’ of an altered coin.”

“Mint mark probably removed and then harshly cleaned to try to hide the surface disturbance.”

These expert observations highlight the importance of examining multiple aspects of a coin when determining authenticity. The combination of a suspicious area where a mint mark might have been, surface disturbance, and a missing ray creates a compelling case for alteration.

Value Guide

Genuine 1928 Peace Dollars in various conditions command significant premiums:

• Good-4: $300-$400
• Fine-12: $400-$500
• Very Fine-20: $500-$700
• Extremely Fine-40: $800-$1,200
• About Uncirculated-50: $1,500-$2,500
• Uncirculated-60: $3,000-$5,000
• Gem Uncirculated-65: $10,000+

Altered or counterfeit coins have minimal to no collector value, making authentication crucial before any purchase or sale.

Conclusion

The 1928 Peace Dollar remains one of the most desirable coins in American numismatics. However, its value and rarity have made it a target for counterfeiters and unscrupulous individuals looking to create altered specimens. The coin in question shows multiple signs of alteration, including suspicious marks where a mint mark might have been removed, surface disturbance, and a missing ray.

For collectors and investors, the lesson is clear: thorough authentication is essential. Whether examining a potentially valuable 1928 Peace Dollar or any other rare coin, understanding the specific diagnostic points, using proper testing methods, and when necessary, seeking professional authentication can protect your investment and ensure you’re adding genuine pieces to your collection.

Remember the sage advice from experienced collectors: “I would never buy it” when suspicious characteristics are present. When in doubt about a coin’s authenticity, it’s always better to pass and wait for a properly authenticated specimen than to risk purchasing an altered or counterfeit piece.

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