Ok, I'm just sharing stuff today. I was digging for something (still haven't found it) but found some other stuff. Here's a racketeer Nickel. http://i182.photobucket.com/albums/x275/clembo1872/rac0001.jpg http://i182.photobucket.com/albums/x275/clembo1872/rac0002.jpg For those that don't know a "racketeer nickel" is an 1883 No Cent variety nickel. People started to gold plate them and pass them off as $5 gold pieces. A nice profit especially back then. I have my doubts as to if this is an "original" even though it's in a holder from The American Historical Society which certifies that the artifact contained herein is genuine and authentic. Real or not it's a good looking example of scams from the past. These guys (racketeers) would have made a killing on ebay!
Original Racketeer Nickels appear most often as AU coins with much of the original plating worn off. Of course, that's not always the case, but well circulated coins with full gold plating are probably not original. Thanks for sharing.
I agree. I doubt this is the real deal. Bought it years ago cheap knowing that. Is it genuine and authentic. A resounding YES .... well at least the nickel.
I agree. It is cool, and a great conversation piece. I always enjoy reading, and debating, the history of coins. Our's is a fascinating hobby.
Thanks Clembo I like that :thumb: and I have to admit I had not heard the story before either :smile so thanks :hail:
Has anyone realized that this scam is still being used today to a certain degree. The home shopping network uses it to sell their gold quarters. Lou
clembo: Not my area of expertise, but didn't the original racketeer nickels usually have reeded edges to make them more like the half-eagle?
Not to my knowledge as it only happened with the 1883 No Cent variety - that's why CENTS was added to the reverse. From what I understand a person could pass these off as a "new" $5 gold piece. It'sreally no different today if you think about it. Most people have no idea what goes on in coins and currency until they see one and are confused. Case in point - a $200 note spent at a Dairy Queen in Kentucky. The cashier delivered the goods AND change. I would have fired that person AFTER I shot him. (maybe a bit harsh) clembo
You mean those aren't real?!? LMAO Good point. That's why I said the racketeers would have done well on ebay.
The first time I paid for items with the Washington dollars the clerk stared at it and asked 'me' if it was real money. After I answered, 'yes' the clerk asked me 'how much were they' .... scary.
The very first racketeer nickels did have reeded edges, other 'originals' were just gold plated. as mentioned above, the 'original' (w/o reeding) show wear in the gold plate. I was lucky to acquire one a few years ago, the dealer thought that it was a modern plate job, so I got it cheap.
I take it that this is the no cents nickel. I bought a 67 a few years back when I started getting into collecting again because of the history. They would gold plate the coins and take them out into the sticks to unsuspecting honest people that had no idea they were being hornswaggled. Caviet Emptor, let the buyer beware.
That partucular company that marketed yours was loose withthe facts - genuine might refer to the underlying coin, bit not the Racketeer part. If it was a real Racketeer coin with that complete a gold plating it would be in uncirculated condition (no wear on the design). These coins were plated in 1883, so there was no time for them to get worn. A coin that is worn with full gold coverage is definitley not original. Many but not all were reeded. I have a nickel I susoect was a Racketeer - it has the center design polshed off and a large 5 stanmped there. There might eb remnants of gold in the lettering. I wanted to have it tested someday to see if there was a trace of gold left.
I wasn't aware of the reeded examples but yes I was on to the fact that mine is not an "original". Even stated it earlier. The nickel is real and genuine but not the racketeer part. Just a coin I found while digging for some other stuff and thought I'd share the "concept"
