No. If a thing is in the likeness or similitude of a coin, or includes a legal tender denomination and country of origin, it is a counterfeit. The making of it is prima facie fraudulent intent. Nothing else matters. Go read the US Code. It is so clear even a colorado counterfeiter can understand it. The HPA provides a legal exemption by REQUIRING the word copy be added, which converts it into a legitimate reproduction.
Note: It does not matter if the item existed as a legal coin or not. A vending machine slug is a counterfeit just as much as a fake Jefferson nickel or colorado fake half dollar, or Chinese Morgan dollar made in scrap steel.
ANA has legal standing to sue the pants off any counterfeiter, but they have neither spine nor testicles to do so....And collectors get ripped off every day.