...thats a decent observation if it never existed it cant be counterfeited....
The authentic so-called "California Fractional" pieces are original fantasy pieces made by a jewelry company. In themselves, as noted above, they are not counterfeits. Fractional pieces of similar form made in the 1840s-50s originated in California, but were never manufactured to even the low standards of most private issues. This encourages the opinion that they were made for profit, for jewelry, and possibly to cheat the illiterate.
However, once an item such as either of the above, is accepted by collectors and resellers, Unmarked copies could be treated as true "counterfeits" because their intent is to defraud rather than ornament. Therein is the context.
Hobby Protection Act
Law: 5 U.S.C. §§ 2101-2106
Links: http://uscode.house.gov/view.xhtml
This Act, amended by the Collectible Coin Protection Act, Pub. L. No. 113-288, 128 Stat. 3281, prohibits manufacturing or importing imitation political items, and manufacturing, importing, or selling imitation numismatic items, unless they are marked in accordance with regulations prescribed by the Federal Trade Commission.