The Case Of The Deaf Mute & The “Racketeer” Nickel

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Filed under: Gold Coins 

Extremely Scarce and Hard To Find – The Extraordinary 1883 24-Karat Gold Plated “Racketeer” Nickel

Doing research for other gold coins, I stumbled across a story about a 24 karat gold plated coin. I found it so interesting that I wanted to share it here. I know that it isn’t a real gold coin, but please bear with me and hopefully enjoy this story.

The year is 1883 and one that will go down in the numismatic hall of fame. It was the last year for the Shield Nickel and the first year for the Liberty Head “V” Nickel. This particular nickel had two varieties. The first Liberty Head nickels that were minted had, on the obverse, Lady Liberty and the year. The reverse had “E Pluribus Unum” and “United States of America”, along with a large, Roman “V”, surrounded by a wreath. At the time, the Liberty Head five dollar gold coin was being minted as well, whose obverse bore a resemblance to the Liberty Head nickel. Both had a portrait of Lady Liberty, with her hair pulled back, and wearing a tiara with the word “Liberty” imprinted on it. The year of issue was below her image, with thirteen stars surrounding her.

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 If you put the nickel and the five dollar gold coin side by side, you can clearly see the differences in Lady Liberty’s hairstyle and tiara. However, there were big differences on the reverse, with the nickel having the large “V” in the middle and the five dollar gold coin having an eagle holding olive branches, arrows and the shield. Plus, the five dollar coin had a reeded edge. Finally, the diameter of both coins was very similar. The five dollar gold coin has a diameter of 21.65 millimeters and the Liberty nickel’s diameter is 21.2 millimeters.

With this information, you can figure out how the Racketeer nickels came about. Deceitful and dishonest individuals took advantage of the fact that the Liberty nickels only had the “V” on the reverse. They took these coins and reeded the edges by hand and then gold plated them, in order to pass them off as five dollar gold coins. Not all of the edges of the Racketeer nickels were hand reeded. In the early part of the 1880’s, the weekly wages of the average worker were anywhere from ten to sixteen dollars, so you can see where the temptation came into play. If you are wondering why the store owners didn’t catch the forgeries, it was because gold coins didn’t circulate very often. This is probably why some of the Racketeer nickels were without the reeded edge; it was because very few people would notice the difference.

The most renowned criminal case, including the altered five cent coins, involved Josh Tatum, a deaf mute. Josh decided to become an entrepreneur and gold plated and hand reeded the Liberty nickels to pass them off as five dollar coins. He would then take the altered coin into a store, or to a cigar stand and purchase a five cent cigar. After Josh gave the clerk the altered nickel, the clerk, believing it was a five dollar gold coin, would then give him $4.95 in change. Josh was eventually arrested. When they put him on trial, they discovered that he never told the clerk(s) that it was a five dollar gold coin, nor did he ask for his change. Of course, he was unable to, being mute. It was ruled that Tatum had not committed any crime and that it was the clerk who made the error in giving him change.

This is the history of the Racketeer nickel. Later that year, the U.S. Mint changed the design of the Liberty nickel and added the word “cents” at the bottom, on the reverse of the coin. The U.S. Mint never again made the error of not putting the denomination on a United States coin.

There are Racketeer nickels around today, but are scarce and difficult to find. How can you ascertain if you have a genuine Racketeer nickel as opposed to a modern copy? If the wear on the nickel, at its high points, is comparable with the wear of the gold plating, this would be a tell-tale way to prove it is genuine. If the nickel is worn down, but has all of the gold plating, then chances are it is not authentic. Overall, most genuine Racketeer nickels, used in 1883, have some or all of the gilt rubbed off and have a very carefully reeded edge.

The magnificent, authentic Racketeer nickel offered today is plated in twenty-four karat gold and is in fine condition. Just to give you an idea of how scarce these are, less than one percent of all Liberty nickels, are the “no cents”, Racketeer variety. Think of the history behind this coin and that it was in circulation over 120 years ago! The detailing of this 1883 nickel is absolutely stunning. Your Racketeer nickel comes encapsulated in an acrylic holder for protection and in a custom presentation case. It is accompanied by a Certificate of Authenticity, including the history of this amazing coin. The outstanding 1883 Racketeer Nickel is alive with history and will make a cherished addition to your collection!

Check it out at GovMint.com for Gold under $150! Click here!

 

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Comments

One Comment on The Case Of The Deaf Mute & The “Racketeer” Nickel

  1. Perry Dunn on Mon, 21st Feb 2011 12:21 pm

    2. I have a coin that might be the on your talking about. What do you think its worth?

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