Found this 1900 O (Micro O) Morgan VAM-5. I guess "privately made" is the polite way of saying counterfeit? It was some interesting reading finding out more about it.
It is an interesting story. They actually had higher silver content than real ones, because silver was less than 50 cents an ounce and you'd double your money at face value by making them. 1896-O, 1900-O and 1903-O counterfeits were all made with the same reverse die, and TPGs certified them until 2005 (95 by PCGS alone). I suspect there were other denominations of fakes in real silver, perhaps even from the same operation, since you could still make a lot from quarters and halves.
Much of the info here https://www.pcgs.com/news/pcgs-announces-contemporary-counterfeit-status-of-1896-o-1900-o. Many more identified since then, 34 die pairs across 7 dates and mints now designated "privately made" VAMs. http://ec2-13-58-222-16.us-east-2.compute.amazonaws.com/wiki/Listed_Privately_Made_Varieties Regarding the 2005 PCGS article, an interesting tidbit in another article says "In reaction to PCGS’s August 2005 announcement, Numismatic Guaranty Corp. officials stated that NGC had been aware of the nature of the Micro O varieties of 1896-O, 1900-O, and 1902-O Morgan dollars “for the better part of five years,” and that it had long refused to authenticate them as genuine."
