The distinction is based on the intent of the person/company who printed them. If the intent is to deceive (sell as the original), then they are counterfeits. If the intent is to reproduce as a novelty, then it is a reprint. Appropriate reprints make changes to the original card so that they can be easily spotted and not used as a fake version later on. For example, 1933 Goudey reprints have Reprint printed on them. T206 reprints have "Capital Reprint" printed on them. Topps reprints of earlier cards are made on different stock and normally have "Topps Reprint Series #x of y cards" printed on them.
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PWCC: The Fish Stinks From the Head
PSA: Regularly Get Cheated
BGS: Can't detect trimming on modern
SGC: Closed auto authentication business
JSA: Approved same T206 Autos before SGC
Oh, what a difference a year makes.
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