Even today, LFEs are slabbed by third party grading services (yes, that includes PCGS and NGC) without prior X-Ray or Scanning Electron Microscope testing having been performed on the coin in order to definitively establish whether this attribution is correct.
Two major research studies have been conducted in which pre-testing LFE attributions were compared to post-testing attributions. The first was conducted by Carmichael and Wilson (published in the April, 1986 issue of the Numismatist) in which the authors tested twelve 1854 Coronet Heat and twenty 1854 and 1855 LFEs. The second was my study (Not yet published), in which I tested close to eighty LFEs. Approximately 60% of the greater than 100 coins tested were incorrectly attributed prior to testing.
With large dollar figures involved in the sale of rare coins, there is a strong incentive to continue selling coins attributed as a rare variety, even though it is more likely than not that the attribution is wrong, and the coin is actually worth significantly less than it would be worth were the attribution correct. A large percentage of LFEs are still slabbed and sold by using nothing more than eyeballing and guessing the composition of the coin.
One example, but by no means a unique (or even unusual) example sold at a major in 2017, described as “potentially unique as seen in the attached link.” https://www.coinworld.com/news/precious-metals/struck-on-a-unique-oriode-planchet-1855-flying-eagle-large-pattern-cent-is-valuable.html Of the more than 100 tested in the two studies mentioned above, only one coin in each study tested out as oroide (J-169). Additionally, only one coin in each study was attributed as a J-169 pre-testing, neither of those coins tested out as oroide.
Baseless attributions are more common with LFEs believed to be composed of 80% copper and 20% nickel (J-170) and 60% copper and 40% nickel (J-171). Despite the fact that neither study could confirm the existence of either LFE, coins are still slabbed and sold as both. Although the 10th edition of the Judd book refers to both as low R7 (7 to 12 believed to exist), it is very possible, or even probable, that neither exists. Sadly, when sold, they are often described as being extremely rare, thereby pumping up the sales price.
When this coin was purchased, it was labeled “J-171,” which would make it 60% copper and 40% nickel. However, upon testing, it was determined to be German silver, which makes it a J-171A. Of the fourteen coins tested in the two studies, not one was confirmed to be a J-170; all fourteen were confirmed to be German silver.
The lesson to be learned from the above discussion is caveat emptor (buyer beware). Don’t buy a coin whose value depends upon an unproven factor, or if you do, don’t be shocked when you find out that the coin is not as described.