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Jeremy Bostwick submitted these notes on the mysterious lettered love tokens on counterfeit Liberty Seated Quarters.  Thanks!
-Editor
 
Regarding the mysterious love token on a fake Seated Quarter, this is actually something that I have been looking into since last summer when I acquired one with a "P." I thought that it was just odd in that it was a love token on a counterfeit, but looking at it more, it seemed not be engraved on the reverse. I then discovered a second one on the archives of the Seated Liberty collector site (this time with an "S," but otherwise the same style, with the same obverse die. I wrote to them about it, and my note was published (on page 24 of the August 2020 E-Gobrecht).
 
Since then, I have acquired another example, this time with a "K." Notice the similarities. There is also yet another on eBay now (with an "F"):
 
I had a conversation with someone at Northeast Numismatics regarding it about a week ago. I think that an enterprising jeweler looked to capitalize on the love token market, and instead of making individual ones on real host coins, instead made a fake die, cast his own, with varying reverses pre-made with the maeander border and old English-style letter. Almost like those novelty small license plates with people's names on them that you see in gift stores. I think that this was someone's cottage industry, and they're finally being recognized. I'll be interested to see what others have to say.
 
See also: 
1861
Counterfeit 105
 Obverse 5: Hand Cut Die - Small Date
Reverse F: Love Token Reverse
(http://www.lsccweb.org/cfquarters/1861_105page.htm)
 1861 ON QTR LOVE TOKEN, SEE PICTURES L288
(https://www.ebay.com/itm/1861-ON-QTR-LOVE-TOKEN-SEE-PICTURES-L288/154396218625)
 
To read the earlier E-Sylum article, see: 
NOTES FROM E-SYLUM READERS: MARCH 28, 2021 : Love Token on Counterfeit Seated Quarter
(coinbooks.org/v24/esylum_v24n13a11.html)
 
 
 Wayne Homren, Editor
 
 
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