Who Were the Original Perpetrators ?
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Nobody has ever come forward with the answer, but there are some theories.
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Since all the known coins of this family have an “O” mint mark, one theory is that they were produced by displaced New Orleans Mint employees who would have been out of a job as of 1909 when that Mint shut down.
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Another theory is that they were made by Germany or one of their allies during World War 1.
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A chemical composition
analysis of some of the coins appears to be consistent with
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The coins were widely dispersed in circulation. Some can still be found mixed in with genuine coins a century after the fact.
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