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The obverse design was crudely reduced from an 1854 silver dollar die using the portrait lathe resulting in many semi-circular patterns appearing on it. The 4 in the date is very weak so much so that these actually look like they are dated 1851 instead of 1854.
These were struck in many different alloys. Metalurgical analysis is recommended as the listed alloys have not been confirmed. In addition, a third german silver and one actually containing silver have been discovered. Other compositions are likely. See below for more details.
German Silver 40% nickel, 40% copper, 20% zinc; reeded edge J156/P185.
German Silver 30% nickel, 60% copper, 10% zinc; reeded edge J157/P185.
German Silver 20% nickel, 71% copper, 9% zinc; reeded edge J157A/P185. This was mentioned in an April 1998 edition of Coin World and was discovered by Jay Parrino.
40% nickel, 60% copper; reeded edge J158/P185.
78% silver, 5.6% nickel, 13.7% copper, 2.7% zinc; reeded edge J158A/P185A. This sold as lot 5004 in the 1998 ANA sale.
Copper; plain edge J159/P186. Die struck examples with only 2 or 3 known.
Copper; plain edge J159A/P186. Electrotypes with a nice seam around the edge. About a dozen are known.
Photo courtesy of American Numismatic Rarities.
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