Looks like it might be a contemporary counterfeit:

1786-AM, 5 kopeek (Catherine II)

Were these coins often faked back in the late 18th century (except for the Swedish counterfeits)?

Thanks for looking!

Hi Bob, the first letter of the mint is not clear, it can only have been E or K (from EM or KM). The AM design was different on both sides. Sigi

Hi, Sigistenz! Thanks -- I agree, AM is not possible. I have asked the seller for a description or picture of the edge. That would help to decide what it is. But the "E" on the monogram is so badly done, I tend to think that it is a counterfeit regardless of what the mintmark is. In the auction pictures, the edge (what I can see of it ) looks plain; this would also indicate that it isn't a genuine coin.

If it is a fake what would it be worth? I am considering bidding on it

Some fakes, such as the Swedish counterfeits of 5 kopek coins, are quite rare and very expensive. However, these are well documented in all reference works.

This one could be just a real coin struck from a die made by an apprentice -- it appears to have circulated quite a bit. However, without a picture of the edge, it is hard to tell.

If it is real, I would say it is probably an EM mintmark (in spite of the seller's assertion to the contrary). If it is fake, I would guess it is worth whatever its copper content is because it probably has neither any historical nor any numismatic significance -- unlike the very significant Swedish series.

Ah but some of us like fakes when they are contemporary

I can't imagine anyone faking this kind of coin today ... actually, I can't even see it being faked in the late 18th century because it was a kind of bullion coin, i.e. it was worth only its weight in copper. The Swedes, being at war with Russia in 1788, made their counterfeits for the Swedish army "...in order to pay Russian workers in the war zone..." (according to Catherine II's secretary, quoted in Brekke). So there was a special situation then; the Swedes could hardly request the Russian treasury to exchange money for them if they were at war.

Good luck to you if you decide to bid on it ... we'll be watching the outcome! I think you should be able to get it cheaply.

This is the 5 kopek 1786 EM, without any doubt. Just a coin in a low grade, where a lot of details are not visible anymore. I thought it is actually obvious

You can compare dies (EM vs KM) here:

http://www.numismat.ru/cgi-bin/catalog.cgi?year=1786

hit the magnifier, on the right from the coin you're interested in