Some thinking about "Rackateer" Nickels.
keets
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I started a BST thread a few weeks ago in hopes of finding a couple of 1883 NC Liberty Nickels, the so-called "Rackateer" Nickels that have been plated to mimic a $5-Gold coin. One came in the mail the other day from forum member coinduece. The coin itself is quite nice, AU/BU with pleasant faint tone encircling both sides. After I looked at the coin and thought awhile, it occurred to me that the coin might likely be an originally plated coin from that era which has survived through the years as a novelty.
Not that it has any great value, but here's why I think so. The story or "myth" about these coins is that shortly after they were first issued and before the word "CENTS" was added to the reverse, some enterprising individual came up with the idea of plating the new coins and passing them as a new $5 Gold coin. It makes sense and is probably true. The flaw in that thinking with all the coins that are sold is that they are typically moderately worn F/VF coins with fully intact plating. That clearly couldn't/wouldn't be what was passed off by "Josh" since the new 1883 coins couldn't have worn down that much in the short time that the scam was active. Add to that the simple fact that after a short while even the average citizen would have come into contact with the new coins and known they were worth five cents and not five dollars.
But, I digress. It's still a cool story and a nice coin that I have. It's for my stepson, he's making some kind of gift for his soon to be brother-in-law, I think it's going into a wallet. BTW, if you have a plated coin, please post it. Thanks.
Al H.
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Another interesting article on the history of the nickel: https://www.smithsonianmag.com/smart-news/brief-history-racketeer-nickel-180961066/
“Griffith reports that newspaper accounts from Deadwood in 1880s say people weren’t actually trying to pass off the nickels at the poker table (and risk getting shot over the ruse). Instead, young men used the gold-plated coins as cuff buttons that “to the uninitiated look for all the world like genuine five-dollar gold pieces.””
Modern racketeers possibly copying 19th century racketeers. Makes sense and inevitable in our hobby. Cool conversation piece nonetheless.
The thing is there is no way to tell when a coin was plated.
Obviously, a AG3 coin didn't get worn down in the first few months of 1883. But anything MS could have been plated in 1883, 1983 or last night.
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I have two from the 1950's (when I purchased). One has very nice reeding, the other, not.
bob
There's an interesting idea for @dcarr if he hasn't already.
An actual solid gold 1883 dated nickel.
--Severian the Lame
I've owned a few over the years, the nicest being similar to this coin, but with a reeded edge and without the hole. I bought this one at the B&M a couple weeks ago. Because the wear through the plating matches the wear on the coin, I believe this coin may have been plated when new, with the plating wearing off as it circulated. At some point it was holed, my guess being either as a souvenir or to mark it as a not-genuine gold piece.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
I agree that the originals were uncirculated specimens. Had one or two through the years. No pics.
On a side note, and as a merchant, I often wonder how many vendors (back then) may have gotten cheated out of their wares , thinking they received a new gold coin for the provisions, horses, supplies. etc. , that were being sold and traded in 1883; before "cents" was added.
Likely, a few. Would love to see some old newspaper reports of this happening.
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Dated 1983 might work. Anniversary (belated) coin.
I recently produced some "1879" no-"CENTS" fantasy-date over-strike Liberty Head / V nickels.
I gold-plated a couple of them to see how they would come out. But I don't really like doing the gold plating, so I don't expect to make many or release any. Pictures are here: moonlightmint.com/blog_36.htm
I've also thought about a "1913" no-"CENTS" V-nickel ("racketeer" and/or normal).
There are a lot of AU/BU no "Cents" examples out there, so you could probably get one and plate it at any time.
I remember reading in a contemporary newspaper article, that the ones being passed had reeding added. So if it doesn't have reeding, I doubt anyone tried to pass it off as a gold piece back in 1883.
I also read that the mint didn't really think it was that big of a problem, but made the change because of the talk about people doing it.
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Somewhere I have a couple that might be original.
One has done playing left and large reeds on the edge.
The other has the V removed and a large 5 stamped where the V was. There is what might be the slightest hint of plating still left on that one.
As the coins are altered will either of the two big TPG’s even grade one?
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I have this one... Acquired many years ago (mid '90's).... Cheers, RickO
I've had an awful lot of these guys over the years. Some with reeded edges......
I can't explain it, but when you've had enough of them, and looked at enough of them, you get a 'feel' for when the plating may have occurred, There just seems to be some difference between a 125 year old plate job and a 60 year old plate job...
I can definitely see that.
I assume/think that way back when, plating was done by dipping the item in molten metal, whereas today a lot of plating is electroplating, which can give an incredibly thin layer of metal.
Electroplating was also used by the mid-19th century.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Anyone got a picture of one with reeding? I have not seen one, but don't think I would consider one period without that.
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There are dozens of newspaper articles from early 1883 (on through the 1910's) about these. I do not feel reeding was as common as people think. That is a lot of work for those looking to make a quick buck. If you don't know what a $5 half eagle looks like, you probably would not know it was reeded.
I have an article (that I am not sure was even published) called "The Racketeer Nickel And Its Many Mysteries"
This goes into detail about these as well as the reeded and methods used in 1883 to reed them.
A number of years ago, it will be remembered, the Treasury issued a nickel five cent piece with a big V on it. The minting of this coin was stopped because clever swindlers hit upon the idea of gilding it and passing it off as as $5 gold piece. It was an easy matter, the only apparatus required being a small tank, containing cyanide of potash solution, a few feet of copper wire, and a little battery. Even the battery, indeed, could be dispensed with, if there was an electric light current available. The process was simply one of plating, the nickel being attached to one end of the wire and a piece of gold to the other. Both ends were immersed in the solution, and the current did the rest.
The Washington Herald (Washington D.C) Sunday January 12, 1913
Beware known and existing dates!
Interesting point, although $4.95 is a lot of money so it could be worth the effort to do the Reeding. I enjoy reading old newspaper articles, while they are not always accurate, they are always an interesting window on that particular time period. I just did a quick search, and found this interesting article from the Colorado Daily Chieftain, June 28, 1894
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Thanks, the reeding seems pretty well done.
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Still just gonna be a novelty item unless TPG will grade them which I do not believe they will as it is altered
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I would suggest that a reeded edge is a requirement for a "genuine" Racketeer nickel, i.e., one passed in or around 1883 with intent to defraud. Lord knows I've seen enough unreeded pieces that were plated after plenty of circulation.
Yep I have one of those and a Reeded one
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This is something I found online. Not mine, of course.........but added to the thread.
Pete
I've thought all along that whoever these 'racketeers' were their marks were people who would not have been familiar with circilating gold coinage other than possibly having seen such pieces pass over a retail counter once in awhile. A worn gold coin would probably not have raised an eye brow.
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I have not seen a description of how the reeding was added to the nickels... Does anyone have a link I can use? Or a description of the process? Cheers, RickO
Hi Ricko, my guess would be a castaing machine. Like the kind of thing that put the lettering on the edge of bust halves.....
https://en.wikipedia.org/wiki/Castaing_machine
@thebeav .... Thanks for the reply, and yes, that would make sense. Cheers, RickO
Fun subject, but please correct the spelling in the thread title,
as it triggers some of us!
Here is one that I purchased many years ago in a lot with two other racketeer nickel candidates. One was the typical piece with a smooth edge, and the other did not have plating, but had crude reeding. The reeding on this one is quite good.
Here is the nickel and the a $5 gold piece side by side. The diameter of the two coins is virtually the same.
Anyone for "Rocketeer" nickels?
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I just picked up two nice ones with reeding and light circulation so some gold plate still showing. I'll try and post pics tomorrow.