This is a respectable example of the still rare 1861 Z5-R variety of counterfeit Seated quarter with less than 5 documented examples. This variety was struck on a brass planchet and retains a little bit of its original silver plating in the peripheral recesses. This is only the 2nd example of this variety that I've handled and the other example is in my collection. There is a central obverse scratch, and a couple of pin indents on the obverse and reverse as notable 'problems'. The quality of die work on this counterfeit was quite good and probably fooled a handful of people until the thin silver plating started to wear off.