This example of the rare 1861 Z4-I counterfeit Seated quarter exhibits near-mint details and was cancelled shortly after entering circulation. This example is also much nicer, at least in terms of details, than the Bad Metal Silver plate coin. Cancelled hand-made, die struck counterfeit Seated quarters are quite scarce, but this was part of the culture of identifying counterfeits in circulation. In my opinion, a cancellation mark on a contemporary counterfeit adds an extra layer of history to this piece, but not everyone may appreciate and see that perspective.