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  • Book Review Of Millionaire Fastlane

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    Book Review of Millionaire Fastlane by M.J. Demarco

    This book is one of the best books on Entrepreneurship in which the author lays out five commandments to be on the Millionaire Fastlane. According to the author, until and unless the business complies with the five commandments, they are not destined to be successful. These commandments are:

    Commandment of Need, Entry, Control, Scale and Time (NECST).

    Commandment of Need:

    Millionaires affect lives of millions of people by adding some values to their lives and hence are millionaires. If the marketplace does not care about your product or service then it is not going to add value to the marketplace and it is a failed venture before it takes off. So, every business should first figure out if there is a need for the service or product your business is going to deliver or not.

    So, we have seen test products being sold for free to test the water. All they are doing is trying to figure out if there is any demand or not.

    People often start business with wrong reasons. They are good at something and very skilled and open a business about it. But if the marketplace does not care about it, it’s going to be a failure because marketplace is a selfish place. It does not care what you want, what you have, how good you are. All it cares about it is what is it for them. If it adds some value to their lives then they will buy it otherwise not. So, it’s a big eye opener for me and could be for so many budding entrepreneurs.

    Commandment of Entry:

    This is the second commandment to successful business. If the barrier to entry is very easy it means millions will be doing the same thing and you will not have the ability to scale your business but rather will have to decrease the price and compete those millions. Usually war of price harms all the parties. For example if creating a website and writing a blog and generate income is your business then there is not enough barrier to entry unless you try to add something extra value to the marketplace which not anyone else has added yet. An example which the author gives few times is when he thought about starting Limo business. He found it failed both the first and second commandments. There was no need for one more limo business and barrier was very low to enter into this business.

    Commandment of Control:

    If you have no control over your business and you have given entire authority to another party, you are doomed to failure.

    Many entrepreneurs start a company and then hire a CEO or CFO to completely take control of operation or finance. They know nothing about what is going on and that is the recipe to failure. Especially when entrepreneurs do not have any basic financial knowledge like what is loan mortgage, how to calculate simple interest but hire an expert to help them make decisions. Since they themselves cannot take a second look at the decisions made by their advisers, chances are that they might screw up and entrepreneur will have to bear the loss.

    One of the examples given in the book about the benefit of controlling the business is given as the following. If you are a doctor working at a private-care facility it’s natural to think that you are on the fastlane because your magnitude (price/unit) is large and that will increase the net profit and hence wealth. But, the control of the private care facility is not held by the doctors but by the owner. So, it’s him who is on the fastlane not the doctor who depends on his intrinsic value to increase the wealth.

    Commandment of Scale:

    The author gives an example of a burger stall outside a supermarket. No matter how much the owner tries, he cannot scale his business and reach out to customers outside of the supermarket. So, this business violates the commandment of scale. But an e-store that sells some product in the internet has unlimited number of customers and hence has the capacity to scale his business to unlimited level. However, if the entrepreneur can create franchise of any burger store then he has the ability to scale and will be on the fastlane.

    The author gives an example of a quote by the billionaire Mark Cuban who said it only one business to be successful. So, it’s important that we undertake projects which can be scaled up. In baseball terms, take swing for home runs not singles. If you do decide to play singles, you have to replicate the effort many more times.

    The Fastlane wealth equation is:

    Wealth = Net Profit + Asset Value

    Net Profit = Units sold * Unit Profit

    The leverage is created by the units sold. If you are selling burgers on the supermarket lot, you are limiting the leverage and hence you are on the speed limit of 15 mph road. Also, you cannot increase the price of the burger so the unit profit cannot be controlled as well.

    So, either you have to be able to reach millions of people to increase the Units Sold quantity or sell at very high price to extra wealthy clients to increase the unit profit values.

    Commandment of time:

    Time is the scarcest resource we have. Most people spend money frugally and time freely. That according to the author is exactly the wrong way to the road to wealth. Time is limited and money is abundant. Only difference between successful and unsuccessful people is the way they spend their time. The former value each moment of their life and spend it to increase their self-worth. The latter waste it on fulfilling their immediate desires like watching TV series, indulging in games etc. for long period of time etc.

    As per the author, fastlane is not an easy path but sure it should be a fast way to earn wealth.

    As a fastlaner, our goal should be to automate the travel. If you have a business which requires you to dedicate each moment of your life all the time and always have to trade time for money, it’s a job masked as a business. It’s a money tree that never grows.

    It’s normal to work more than 80 hours per week in the starting phase of a business but it’s not normal to work like that for the rest of the life which is a normal for most of the people working normal life. One of the famous quotes from the book which is often used outside as well is about how most of the people define as normal. Normal is to wake up at 6 am, fight traffic, work 8 hours or slave 8 hours Monday to Friday, save 10% and repeat for 50 years. Normal is to believe that stock market will make us rich and fastest car and bigger house will make us happy. The definition of normal is corrupted by the society and we are conditioned to believe that. In short, the author believes, normal is modern day slavery and that’s why only few have the courage and the intelligence to come out of normalcy and drive on a millionaire’s fastlane.

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    Source by Manju Pradhanang

    Views: 0

  • A Multi Level Marketing Opportunity Survival Kit

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    What separates the good from the great? Why is it I’m being told to work from the inside, to work on my mindset in order to effectively run a business working from home?

    Taking actions on a daily basis and getting things done helps move your business forward and some simple techniques and tools help in this. But doing and being busy is still not enough. You need to display leadership qualities and it’s these qualities that affect you as an entrepreneur.

    For an entrepreneur, the business is an extension of themselves. They make a living and conduct business whilst simultaneously pursuing a passion hence get results through inspiration.

    A business owner is generally detached emotionally from a lot of the things that defines the values and beliefs of the business or company.

    Do you see the difference between a business owner and an entrepreneur? It is important to recognise this as affects the way you conduct your business, how you achieve results and how you come across as a person.

    As an entrepreneur, if the business is an extension of yourself then you must know why you do what you do? It’s difficult to separate the business from yourself. Your business is your passion and life.

    Every entrepreneur has uniqueness within and it’s this uniqueness, enhanced by passion that connects with people to get results. This also helps define your brand.

    Find why you do what you do, your sense of purpose, reveal the little gift that makes you unique, apply passion and you can build a business from scratch as an extension of yourself. You just then need to figure out the what and the how.

    It will be impossible for you to fail if you follow these principles. Do what you want, when you want. It has nothing to do with money.

    Do you ever feel and think you can achieve something more fulfilling? Look at your business and how this is defined?

    Don’t look at yourself as a sales person or marketer. Yes this might be the business you’re in, but this is not what defines you.

    If someone was to ask you these questions, ‘Why do you do what you do? What is your business?’ What would you say? How would you respond? If the answers do not roll off the tip of your tongue regarding your business, your company mission statement and the core values then this is grounds for an immediate dismissal.

    Huge corporations abide by their mission statement. Some businesses are so big and so far reaching, have so many employees around the world, yet they are still able to follow the same set of rules.

    What is your personal mission statement? If you can’t figure this out then you are no different to the 95% of people. Get it right from the beginning. Statistics don’t come into successful companies.

    You may ask whether you can be successful! If in the sales and marketing business then you may be looking to make the sale by talking about the features and benefits of your product. You go out to do what ever it takes to make that sale and at times you may sound desperate. You may even start to use manipulation on some vulnerable people. You are in fact doing a lot of telling!

    If you changed your mindset to inspire to make the sale, then not only are you showing leadership qualities, but you are empowering. Once you start empowering you begin to run your business as an extension of yourself – an entrepreneur.

    Being an entrepreneur is not for everyone. There are so many people who are looking for a quick buck. What is being articulated here is a long term journey and probably the hardest thing you will ever do. You will soon come to realise that it is so much easier and fun being a leader than a sales person. Plant the seed and walk away through inspiring. If interested, your prospect will come back because you have made a connection by being ‘you’. We have all been there. You may have purchased a car at a sales room not because of the benefits and features, but because of the connection the sales person made with you.

    Leaders don’t lead because people are following them. People follow because you are a leader, because you are inspiring!

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    Source by Gary Bernard Oakes

    Views: 0

  • 10 Characteristics of a Successful Entrepreneur

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    For many people, entrepreneurship has become the job choice of the 21st century. That's understandable given the challenges and rewards of building a successful business. If you are considering entrepreneurship, you should begin the process by understanding the mental, psychological and behavioral characteristics needed for success.

    1. Positive mental attitude . This is arguably the most important of all the characteristics. You will never be a successful entrepreneur without a positive attitude. The one thing you can be sure of is that you will experience difficult times. Your success or failure will be determined at these times. If you maintain your confidence, persevere and continue to stay positive, you will be successful. Conversely, if you allow doubt and uncertainty to prevail, you will probably fail.

    2. Enjoy being around people . Being a successful entrepreneur means you will continuously interact with a diverse array of people such as customers, potential customers, colleagues, competitors, suppliers, lawyers, accountants and coaches. It really helps if you enjoy being around these people.

    3. Excellent communication skills . Communication can be defined as the accurate exchange of information between two or more parties. This is important because you will have many conversations. You need to be able to accurately exchange information in a fast-moving world using a variety of communication methods (eg, interpersonal, electronic). Of particular importance is the ability to listen and truly understand where another person is coming from.

    4. Have a need to achieve . Successful entrepreneurs are achievement-oriented. They value accomplishment and the intrinsic rewards that go along with achieving difficult goals. It is a strong motivator for most business owners.

    5. Resourceful . Most new businesses have limited resources such as money, information and time. Successful entrepreneurs figure out how to get the most out of these resources. They are masters at stretching a dollar and making a few resources go a long way.

    6. Objective . It is not easy to be objective about your business because you are passionate about making it successful. However, you do need to be impartial and dispassionate when it comes to making business decisions because emotion, bias and sentiment can result in poor choices.

    7. Committed . Building a successful business requires an absolute commitment. It takes a lot of work and there will be times when you become discouraged. It is during these times that you must be steadfast, faithful and committed to your vision.

    8. Dependable . This should go without saying but I will say it anyway. There is a strong positive relationship between your perceived level of reliability and the success of your business. No matter what type of business you have, your customers expect you to be dependable.

    9. Proactive and not reactive . Successful entrepreneurs anticipate problems in advance and deal with them before they occur. If you simply react to problems and issues as they arise, you may get overwhelmed.

    10. Possess technical skills and knowledge . Every business requires unique technical skills and knowledge on part of the owner. You have to be good at what you do for your business to succeed. This often means getting additional education and training on an ongoing basis, sometimes for the purpose of obtaining specific credentials (eg, certifications, licenses).

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    Source by Tyrone Holmes

    Views: 0

  • 5 Rules For Successful Affiliate Marketing

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    Online entrepreneurs like affiliate marketing due to the fact that you can make money selling other people’s products or services. You don’t need to create a product. Or a sales page. You don’t need to deal with online payment programs or organize product delivery. The product owner does all of that.

    Your job, as an affiliate marketer, is to send prospective customers to an offer. You then get paid a commission each time somebody buys through your affiliate link.

    Take a note of these 5 rules for successful affiliate marketing.

    1. Only Promote Products That You Believe In

    It’s so much easier telling people about products or services that you truly love and believe in. If you just market any old product or service to make a quick sale, your audience will start to see through you. Any product you choose to promote as an affiliate marketer should offer a solution to a problem that your audience has. When you believe and trust in a product, your enthusiasm will show through and you’ll be able to explain the benefits so much better.

    2. Build Your Own Website

    You don’t actually need a website of your own to start affiliate marketing. You can direct your prospects directly to a product sales page. But, when you have your own website it helps to establish you as an authority in your niche. A person who is a recognized authority doesn’t necessarily have to be a product creator. Your website can offer product reviews, information about your niche and helpful strategies and advice for your target audience.

    3. Develop A List Of Prospects

    Leading on from the point above, your website can be used to build a list of prospects. When you have a prospect’s email address, it gives you the opportunity to send them emails about other related products or services at some future date. Your website can have an email capture form on the homepage. Remember to offer something of value, like a report or eBook, in return their email address.

    4. Learn How To Drive Traffic To Your Website

    You want to push and pull as much traffic to your website as possible. If you don’t have traffic, you won’t have any customers. You can buy website traffic in the form of advertisements or you can generate free traffic by way of your website content being picked up by the search engines. The best strategy for successful affiliate marketing is to use a mixture of both free and paid traffic methods.

    5. Provide Value

    Affiliate marketing is not all about selling. That’s the job of the sales page that your affiliate links lead your audience to. Think of it as ‘telling’ rather than ‘selling’. As people become to trust you and the information you provide they will be more inclined to buy the products that you recommend.

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    Source by Jon Allo

    Views: 0

  • The Importance of Randomized DOT Drug Testing

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    Catch Drivers Off-Guard

    There is a reason for randomizing the DOT drug testing. If drivers know when to expect the drug test every month or every quarter, they’re going to know when to stop using drugs, if they are using. They will know exactly how long it takes to flush out of their system in order to get a negative result.

    By randomizing it, you catch drug abusing drivers off guard. They never know when you are going to call them in for a drug test, and therefore if they are using, you are likely going to catch it. This will allow you to learn more about your drivers and keep the roads safe. If for any reason you catch an employee who is using, you will be able to apply the necessary disciplinary action, which can include termination.

    Deter Drug Users

    You want to be smart about who you bring onto your team. You don’t want drug users and therefore, you may be able to detect any of them when you announce that you offer a randomized DOT drug testing. The moment they hear randomized, they know they will not be able to beat the system. Therefore, they are likely not even going to apply to your company – they will move on to someone who has yet to randomize their testing.

    Ensure No One is Being Targeted

    Employees often like to say that employers play favorites. This is something you have to be extremely cautious of. If you don’t randomize your drug testing, it’s likely that someone will feel as though they are being targeted. Particularly if you have a third-party running the program, no one will be able to claim such a thing.

    It Allows You to Be Complaint

    The DOT wants to be sure that you are running the best program possible. This means that they want you to be randomized, and being compliant is of the utmost importance. If the Department of Transportation decides to conduct an audit on your location and you are found to not be randomizing your DOT drug testing, you could be fined.

    In the end, there are plenty of reasons as to why you want to conduct a randomized drug test. Whether you are a large company or an owner-operator, you need to remain compliant. This doesn’t have to be a task that you do completely on your own. Assistance is available to conduct all of the drug testing, and manage the entire program, should you desire.

    Take the time to explore your current system and determine whether it is running effectively or not. If you aren’t randomizing the drug testing, get started right away. If you are inundated with the process, seek assistance.

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    Source by Jeff Weigang

    Views: 0

  • Home Health Care Equipment

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    Home health care equipment makes it possible for people to be directly involved in maintaining their own health care. Medical devices, tools and technologies designed specifically for home use are becoming more and more popular because of their convenience and their user-friendly nature. Innovations in home health care equipment include “smart” devices that significantly lower the amount of machine maintenance necessary. Many are also wirelessly connected to the Internet, which aids in providing efficient, monitored service.

    Convenience and reduced health care costs are some the more important elements that make home health care equipment popular among patients. People with certain conditions which need strict monitoring no longer need to confine themselves to hospitals because there are devices which can now monitor patients in the comfort of their own homes. These devices are geared towards teaching people to monitor themselves and their conditions through the use of tools that can give warnings and signs concerning their health. This could mean more efficient and effective health care, contributed to by patients who have more control over his/her condition.

    Home health care equipment sales have been steadily increasing based on customer demand for these innovations and advances. More and more, medical home devices are being designed and produced to cater to various medical needs. A lot of these new devices are very innovative and advanced. Soon to come are toothbrushes that can check one’s blood sugar and bacteria levels while brushing, that even comes with a holder that transmits information directly to the person’s medical file. People can soon expect heart monitors that can be connected to computers, making it convenient for people to monitor their own heart rates and other vital information which can easily be transmitted to their doctors via the Internet.

    Another popular advancement in home health care is the use of video devices for telemedicine. Video equipment used in telemedicine offer high-resolution images and audio that are much better than what computer phones and telephone lines can offer. There are even telemedicine devices which include a blood pressure cuff, a stethoscope and a thermometer, aside from the monitor which directly transmits vital information to the owner’s health care provider.

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    Source by Kevin Stith

    Views: 0

  • Hustler Vs Entrepreneur – Which One Are You?

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    To hustle or not to hustle?

    Currently the use of the word “hustler” is thrown about as a positive way to describe oneself as having an entrepreneurial streak, or starting a new business.

    From the 1800s, hustler meant “thief”, and in particular, someone who was aggressive with their victims. Nowadays, the dictionary still holds this definition true, describing a hustler in a negative light: a thief or criminal; a gold-digger or prostitute; an overly pushy salesman (OED, 2015). In modern music (mostly ghetto rap), “to hustle” refers to a way of making money and doing it against all odds. Maybe the latter is where startups are drawing their inspiration from?

    Hustlers work for immediate gratification to obtain cash-flow, without a long-term vision. It’s about a foot in the door, a constant drive to keep making the money – it’s all about making the next sale.


    As an entrepreneur myself, I would NEVER like to be referred to as a “hustler”.

    Why hustle when you can “undertake enterprise”?

    Being an entrepreneur may involve overcoming odds and making money, but it’s definitely NOT hustling. Startup entrepreneurs find ways of making money, but do so ethically and in terms of a defined growth strategy. Entrepreneurs build a business, own the business, delegate, strategize, and think ahead. They link things – they are connectors: businesses, ideas and people. Entrepreneurs create systems, contingency plans, they develop others, and (probably most noteworthy) entrepreneurs consider exit planning.

    The actual meaning of entrepreneur?

    It stems from Old French, “to undertake enterprise”. What’s enterprise? Well, that’s work. The characteristics of an entrepreneur were added in the 15th century: a person with “adventurous disposition, readiness to undertake challenges, and a spirit of daring” (Harper, 2015). In recent definitions, “One who undertakes an enterprise; one who owns and manages a business; a person who takes the risk of profit or loss” (OED, 2015).


    Which side of the coin are you on?

    Hustler vs Entrepreneur…

    Semantics matters

    Words change in meaning across time – that’s a common thing. But shifting from a negative use to a positive usage (pejoration to amelioration) is very rare. Between entrepreneur and hustler, we need to reflect. From a linguistics perspective, something to watch here. From a new business perspective, you should decide which side of the coin you’re on.

    I guess the choice lies in this –

    Are you undertaking an ethical enterprise as owner and manager, with adventurous disposition, readiness to undertake challenges, spirit of daring taking risks of profit and loss?

    Yes?

    Then you’re an entrepreneur NOT a hustler.

    ~A.

    —

    Direct references:

    -Harper, D. (2015). Etymology Dictionary Via http://www.etymonline.com/

    -OED – Oxford English Dictionary (2015). Via http://www.oed.com/

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    Source by Autumn O’Connor

    Views: 0

  • The Central Theme of Rich Dad Poor Dad by Robert Kiyosaki – Look For Assets Not Liabilities

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    Rich Dad Poor Dad has been reviewed by many writers. The book, written in 1997 by Robert Kiyosaki, immediately became a success. The concepts expressed therein are the foundation of Robert Kiyosaki’s Rich Dad book series.

    Rich Dad Poor Dad expresses a number of concepts that seem contrary to the established norms of accounting and finance. Robert Kiyosaki defines an asset as anything that puts money in your pocket and a liability as something that takes money away from your pocket.

    In Rich Dad Poor Dad and indeed the entire Rich Dad series, Robert Kiyosaki encourages his readers to look for assets and avoid liabilities. This is the key message to those who want to become wealthy and prosper financially.

    Based on the definition of assets and liabilities is the concept of making money work for you instead working hard for money. Money works consistently and diligently for a wise owner multiplying beyond expectations. You cannot become rich by working for money.

    You earn passive income when you get your money to work for you, a concept explored exhaustively in Rich Dad Poor Dad. Passive income is the foundation of wealth as it gives leverage to your efforts. After setting up an income stream, it continues to make you money while you sleep.

    The Rich Dad Corporation has three main shareholders: Robert Kiyosaki, his wife Kim Kiyosaki and Sharon Lechter. The three of them are co-founders of the RDPD Corporation under which they have produced a range of RDPD books.

    Kim Kiyosaki has written her own line of Rich Women, Poor Women which is based on the same basic principles expressed in Rich Dad Poor Dad but is directed to a different audience altogether. Riding on the back of her husband, Kim Kiyasaki’s books have also been very successful, drawing millions of satisfied readers.

    Robert Kiyosaki has influenced the lives of millions around the world through his books, helping many to become aware and get rid of doodads, thus eliminating liabilities from their financial life. He has conducted millions of seminars and training programs. He is dedicated to educating humanity in business principles and handling of personal finances, thus helping them to escape poverty.

    The Rich Dad Series gives many practical examples of how to grow money using real estate, the stock market and business. The books confirm Robert Kiyosaki’s qualities as educator and motivator, and his understanding of economics and money concepts. Employing skills as educator and his knowledge of money matters, Robert Kiyosaki has been able to build an empire on the concepts expressed in Rich Dad Poor Dad.

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    Source by Robert Mato

    Views: 0

  • Book Summary: The Millionaire Messenger: Make a Difference and a Fortune Sharing by Brendon Burchard

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    I read this book sitting in a Thai food restaurant on the Oregon coast. The food was outstanding and what was very interesting was the fact that at the cash register there was a book and DVD set talking about going to college for free. The author was a young guy who graduated from Harvard. The whole book series was designed to show college students and parents how to find money to pay for college. Come to find out the author was the restaurant owner’s son. This is a classic example of the Millionaire Messenger in action.

    Why is this important to me?

    I am not doing this summary to waste your time. It is my vision to provide concise action steps that you can adopt right now to enhance your life. The best way to financial freedom is through a business. Now most people cannot simply quit their jobs and to start a new business. Typically you need to work your job and your new business until you have enough sustainable revenue to take your business full time. The Expert Industry is a caring community of people who share their advice and knowledge with the world and get paid for it.

    You may be thinking I am not an expert in anything. This mindset has everything to do with Self-Esteem & Self-Confidence. Brendon addresses these concerns in the book. Think about this – every person has a unique finger print and unique life experiences. Those experiences with additional research can yield you an expert.

    I want to start with a potential example of being an expert in something. I have a good friend of mine that has been doing cement work for over 20 years. He does this with his four brothers. He does not think of himself as an expert. Have you ever considered how successful Home Depot is as business? They cater to the do it yourself community. My friend could simply film different cement jobs and sell them as a do it yourself venture. It would look like this:

    1. Create simple how to videos on the basics and give them away for free.

    2. Create a deeper video series on how to do a full patio, sidewalk or stairs and sell it with a checklist manual.

    3. Offer paid for consulting for job layouts with customers.

    4. Take high priced large concrete jobs that are above the do it yourself community and name your price.

    This is a simple example of releasing 100 years of combined cement expertise that could easily be parlayed into a seven figure business model.

    The Millionaire Messenger is packed with great how to advice. For the sake of time, I am going to chat about the 9 reasons you should consider unlocking your knowledge and passion in the expert business.

    1. Your work is based entirely on your passion and knowledge. This is really important because it no longer seems like work when you wake up each morning doing what you love.

    2. Relating and Creating – Your work activities center around gaining trust and relating to your audience as well as creating useful content that add real value to their lives.

    3. Anytime / Anywhere – Creating information how to products allows you the comfort of working on your schedule from anywhere. I can tell you from personal experience that setting up your business to do this one great step toward personal freedom.

    4. Work with who you want – This is a big deal because stress statistics show that stress related illness is interconnected with who you work with or bad working relationships in general.

    5. Promotions based on promos – The amount of money you make is directly related to the promotional efforts you put into marketing your content. This is all up to you and your work ethic.

    6. Pay equals value – This is the strongest and most relevant point in the book. If you deliver great value, people will pay you for it and you can decide what to charge. You are not trading hours of your life for dollars.

    7. Small Teams – You do not need a big team to do this. You can outsource several of these steps so that your payroll does not spiral out of control. There are information marketers that make millions of dollars a year with very little staff.

    8. Tools are cheap – Technology today really is cheap. There are so many excellent software packages that are free that you can craft your whole infrastructure for next to nothing.

    9. Financial Income can beat that of other industries. There are six ways to market your stuff and each has a different price point. The best business models are summed up in one phrase – “one to many”. Creating something once and selling it over and over is the true key to unlocking the wealth puzzle.

    The Millionaire Messenger is a good book that will give you the direction you need and the questions required to get you on the path to personal wealth and freedom.

    I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is one to many. When crafting your business model or tweaking an existing model, remember to leverage the power of “one to many.” In our software business, we create a software module once and sell it many times. This is how Microsoft and Oracle generate billions of dollars each year.

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    Source by Joe Mosed

    Views: 0

  • How to Quickly and Confidently Spot a Fake 1893-S Morgan Silver Dollar

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    1893-S Morgan silver dollars are so renowned, that more exist today than were originally minted. Most Counterfeit 1893-S Morgans consist of altered versions of existing genuine Morgan dollars.

    The majority of 1893-S Morgan silver dollars are certified, so why would I need to know how to tell a fake one when I see it? Hasn’t NGC and PCGS already done that for me?

    I’ve seen fake 1893-S Morgans both graded and raw. I have to assume PCGS and NGC graders both know how to spot a fake 1893-S Morgan, so when I see an example of a counterfeit slabbed in a legitimate looking holder, I have to figure the holder is as fake as the coin.

    I also run across fake coin denial. Owners of these coins don’t want to admit they were fooled into buying a counterfeit coin. That’s a hard pill to swallow, especially when the owner paid top dollar for a graded coin with the confidence of it being blessed from a major third party grader.

    The 1893-S date/mintmark is the most valuable of the Morgan designed dollars. Because of this, most counterfeit versions have been made by altering either the date, or the mintmark.

    Learning to tell a fake 1893-S Morgan is simple, because ALL 100,000 coins were made from the same obverse die and two reverse dies. That makes the diagnostic really easy.

    They all have the same obverse characteristics and not terribly different reverse characteristics. Any coin that doesn’t possess the telltale diagnostic characteristics is a fake. Learn what to look for, and you can spot a fake raw coin AND a fake graded coin.

    The date is probably the easiest thing to pick out. Unlike other dies from the S, O, or P mints, the date has a flaw and a certain characteristic the altered coins won’t possess.

    First, look closely at the 1. Does it line up exactly with the dentil directly under it? Can you draw a line right through the center of both?

    Next, study the last numeral. As the date progresses, it slopes upward to the right, in relation to the edge. The 3 is noticeably higher than the 1 at the beginning. This is the easiest way to quickly spot a fake.

    There are things to check in the “T” and “R” on LIBERTY, but they would need a microscope to detect. There’s a tiny die scratch in the “T” and a detail that resembles “rabbit ears” in the base of the “R”. ALL genuine 1893-S Morgans have this detail, if you happen to have a microscope check out this diagnostic detail.

    You don’t really need to turn the coin over to make any more diagnostics on it.

    Further diagnostics will only tell you how the alteration was made. The genuine “S” mintmark is clear and rounded. It isn’t a mushy blob. The top serif on the “S” is a vertical line, while the bottom serif is more like a triangle.

    The next mintmark giveaway is the alignment of the “S”. It should be perfectly aligned. I’ve seen the “S” mintmark noticeably slanted, and it shouldn’t be. Also, the “S” is slightly filled in between the upper curve and the slant of the “S” as well as the lower curve and the slant.

    Since most counterfeit 1893-S dollars are altered, continue to study the coin with a 10X glass. Rotate the coin and look for tooling marks around the 9 or 3 for signs of a date alteration on the obverse. Altered coins are usually the 1898-S, 1883-S, or 1893-P.

    As collector values continue to increase with the 1893-S, the fakes will get even better. With emerging technologies, counterfeits will become almost perfect replicas of the original. My hope is that as technologies to accurately copy a coin advance, technologies to detect such copies will also keep up.

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    Source by Paul St. Julien

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