Hey all, so I'm writing up an article about Racketeer Nickels (for a website I have in mind in the near future). Anyway, I was wondering a few things for confirmation, and to learn some new stuff 1) Racketeer Nickels were only spent in 1883? Or were they spent later years as well (after they added the "Cents" designation)? That is to say, did people still try to spend a racketeer nickel even after the mint changed it? 2) what could 5 cents buy you in the 1880's, versus 5 dollars? thanks
I also found this: http://books.google.com/books?id=yV...&oi=book_result&resnum=10&ct=result#PPA498,M1 Gives a preview of the book, and actually gives what the average annual salary was in 1883 (of all years!).
Also, as far as usage, the racketeer nickels continued to circulate. I do have one an old plated piece, sans reeding, that certainly looks like it circulated for a while, since the plating is well worn.
To me, stories of the gold-plated V-Nickels are a bit overblown. It's hard to believe that many people would be fooled by that since the design is nowhere close to the quarter eagles. This is not to say that some people weren't fooled but I doubt that it was epidemic. As far as their continued circulation, the thin gold coating rapidly wore off and they probably continued circulating as nickels. Given that some of these nickels were plated and circulated, I've often wondered if any nickel three-cent pieces were similarly plated and passed off as three dollar gold pieces. The designs were much closer and passing them might have been a bit easier.
It wasn't anywhere close to the Shield nickel either, but in early 1883 no one knew about a new five cent piece nor did they know whether or not they were changing the design of the half eagle. So when they were presented with a gold coin of the right size (Most wouldn't notice it was .4 mm smaller in diameter) some of them probably took it. I would agree though that it was not an epidemic problem. It would have been much more difficult to pass a gold plated three cent as a three dollar gold piece, there was almost a 2.5 mm size difference there.
