The Case Of The Deaf Mute & The “Racketeer” Nickel
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.
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.
An Old West Era Icon – The Memorable 24 Karat American Buffalo Coin!
On December 22, 2005, the Presidential $1 Coin Act authorized the production of the American Buffalo 24-karat gold coins. These gorgeous gold bullion coins were first offered for sale in 2006 in one-ounce, .9999 fine gold, with a face value of fifty dollars. This actually was the first time that the U.S. Mint struck 24-karat gold coins for public consumption. The coin’s design was based on the historic 1913-1938 “Indian Head” nickel done by American sculptor, James Earle Fraser, previously a student of Augustus Saint-Gaudens. In 1913, there were actually two variations of the original design: the first showed a bison on a mound; the second with the base changed into a straight, thinner line. The American Buffalo coins are based on Fraser’s Type I design.
On the obverse of the coin is striking image of a Native American, which is based on three different American Indians. Fraser gave the names of two of the individuals, but he was not able to remember the name of the third. Chief Two Moons of the Cheyenne and Chief Iron Tail of the Lakota Sioux tribes were the ones whose names Fraser revealed. Chief Big Tree’s name has come up as the remaining model, but no documentation has been found to prove that is the case. The proud image of the Native American is in profile, facing right, with feathers adorning his hair. The obverse coin’s inscriptions have the “W” mint mark of the U.S. Mint at West Point, the year of issue and the word “Liberty”. In fact, all of the 24-karat American Buffalo coins were struck at the West Point United States Mint.
The Quarter Eagle, A Unique $2.50 Gold Piece—Truly A Treasured Find!
The $2.50 gold piece, or more commonly called the Quarter Eagle, was given the name Quarter Eagle by an act of Congress in 1792. It is a common misconception that the term “eagle” was just slang, but thanks to the Coinage Act, it formally secured that name in the annals of history. The Quarter Eagle was designed initially by Robert Scot. It was a denominational variation of the ten gold eagles. It was minted in very limited quantities, during the 1800’s and early 1900’s.
Prior to 1933, it was common practice of the government to mint coins with gold, due to the fact that it was the common standard on which monetary value was based. When they were initially started in production, the gold content varied until the fineness of it was set at .900 by an act of Congress in 1837. It was in the 20’s and 30’s that numismatics truly realized the collectible value of these coins, especially the gold proofs that were made. Some of the proofs were only minted in quantities of about twenty, but never exceeded one hundred in total.
The most commonly known, rare $2.50 gold piece is the 1878 Liberty Gold Eagle. The obverse of this coin contains a bust of Lady Liberty, her face pointing to the left, wearing a coronet emblazoned with the word “Liberty”. The reverse is adorned by an American bald eagle, grasping an olive branch and arrows in its talons. This particular coin was probably melted down after it went unsold, due to the purity level of the gold used in the proof. Today only a few of these particularly rare $2.50 quarter eagles exist in collections around the world. There is one that is impounded in the Smithsonian. In today’s terms, the true value of this coin would be over thirty dollars. In recent years, one of these coins sold at auction for $32,570.00.
For any serious collector, having the opportunity to add one of these rare $2.50 gold pieces to their collection, is a driving force behind the high selling prices of them at auction. For someone to find a rare $2.50 quarter eagle, that was struck prior to 1834, it is extremely unusual and truly a treasured find. Proofs of these coins, that were struck prior to 1856, are unequivocally rare coins to find and to be coveted in whatever condition they are found. When the U.S. went off the gold standard in 1933, it made finding one of the Quarter Eagles even more difficult. There are several variations of these uncommon $2.50 gold pieces; some of which are the Capped Head, the Liberty Head and the Indian Head quarter. Each of these variations has a different face, but the flip side of it also has the iconic symbol of our nation, the majestic bald eagle. That rare collector, who has the fortune to possess even one of these rare and incredible coins in their collection, has the ability to not only brag about having such a unique coin, but also be able to hold a piece of our nation’s financial history. You can find some of these rare quarter eagles at GovMint.com! Click here!
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