[The following excerpt is published courtesy of DLRC Press and its author, Gloria Peters & Cynthia Mohon. This information was originally published in 1995 in The Complete Guide to Shield and Liberty Head Nickels
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Racketeer Nickel
Colonel A. Snowden, director of the U.S. Mint at Philadelphia in 1883, appeared to have made a serious error in judgment when he ordered the new Liberty Head nickel minted without a monetary designation on the coin. However, in Snowden’s defense, not placing a denomination on a coin, as with some early gold $5 and $10 coins, did not seem a problem at the time. The first half-dimes, dimes and quarters issued by the Mint also lacked reference as to face value. In addition, the $5 Eagle had been coin of the realm for 44 years prior to the 1883 Liberty Head production. The weight of 8.359 grams alone, in addition to the size of 21.6 mm, reeding and looks, would be a dead giveaway to any merchant paying attention… or so it would seem. Del Romines, a former teacher of metallurgy, stated “the human fingers can tell the differences in thickness to 1/1000 of an inch or less in many cases.” Thickness and weight between the two coins should have stopped the fraudulent attempt to pass off the nickel as a $5 gold piece. Unless, like in our story of Josh Tatum, many merchants thought a new $5 gold piece had been issued. But then again we would be missing our story of numismatic rogue Joshua Tatum.
The tale begins in Boston during the 1880′s. It seems that Josh Tatum was always on the lookout for a way to make a fast buck. The U.S. Mint provided an ideal opportunity when it began to produce the Liberty Head nickel in 1883. The new 5- cent piece had a large Roman Numeral “V” on its reverse, but the denomination was not shown anywhere on the coin.
Mr. Tatum and an equally nefarious jeweler friend formed a partnership which secured and plated a thousand 1883 nickels. Then Tatum, a rather distinguished looking gentleman, ventured from one tobacco shop to another. At each store, after inspecting the displayed merchandise, he pointed to a particular box of nickel cigars. The store clerk took the box out of the glass display case and placed it on the counter. Tatum would place his gilded nickel on the counter and select one of these nickel cigars from the box. He would roll it gently in his fingers and slowly sniff the aroma. This ritual gave the clerk time to look the coin over. Many merchants would giveTatum $4.95 in change. This process was repeated in one tobacco shop after another. In no time, the nickels were gone.
Tatum and his partner acquired 5,000 more “V” nickels, gold-plated the entire batch, and began the process once again. By this time Josh had pretty well exhausted the Boston area market so he began to make his way southwest toward New York City. He was more than half-way between the two cities and had unloaded nearly 2,000 of the nickels when he was arrested by government agents and charged with operating a confidence game.
At his trial the government paraded hundreds of angry witnesses before the court and each one told essentially the same story. The defendant came into the store, looked at the cigars, and selected a nickel cigar while placing what appeared to be a gold coin on the counter. The ritual Josh performed as he waited at the counter was the same and when he received the $4.95 change he left the store. Each witness found that he had been hoodwinked only when Tatum had long since departed.
After each witness related his story for the prosecutor, Tatum’s defense attorney had only one question of each person who testified. “Did Mr. Tatum ask for $4.95 in change?” The answers were all about the same, “Well no.” Tatum’s defense consisted of one witness. Josh Tatum’s doctor told the court that Josh was both deaf and mute.
Not guilty — case dismissed! This is the origin of the expression “I’m joshing you.”
Behind the well publicized Josh story there remain questions involving the production of the gold-plated nickels as well as how many “original” coins exist today. With the help of Del Romines we’ll examine the Racketeer Nickel and its probable production method.
PLATING
Electroplating began commercially in 1859 and at that time the plating was somewhat heavier than it is today. Flash plating was in occasional use as early as 1870 but was used mostly on costume jewelry. There are many other methods of plating but “it is not too likely that any method other than the flash electroplating was used” for the 1883 N/C nickel. In that year the cost of producing the gold plated nickel was probably no more than $1.00, including altering the edges. U.S. gold coins were probably used in the plating process since they were commonly available in 1883. Not all gold-plated coins made in ‘83 were reeded edged it is thought, but the actual number made of either style is unknown. A guesstimate of 4,000 is quoted by some sources. The Josh story states 6,000 coins were plated by him and his partner. However, it is not known if he and the jeweler were the only ones passing the plated nickels, especially when it is generally accepted there were two types made. Most probably were confiscated by the Treasury.
ALTERED EDGES
Del Romines presents a strong argument against the term “knurled” as in the edges of this nickel being “knurled” — the common description used to describe the “reeding” in most literature. Del writes, “The possibility does exist (especially if the tool is home made) for knurling to do this, but within the entire metal working industry — including minting — knurling is the method used for making rough textured handles for better gripping. Knurled surfaces normally have diagonal lines with one set running at about a 45 degree angle, and the other set of lines running 90 degrees from the 45 degree lines. The general pattern of a knurled surface resembles the cutting edge pattern of a bastard file. The reeding could have been similar to a belt file method used by some private firms.” Another possible method, and the one probably used on the reeded edged coin we illustrate, was to force the coin through a collar or similar fixture which had the reeding machined into it. This method leaves a large burr on the rim of the coin which would then have to be filed down. Alan Herbert described a machine, referred to as a “knurling machine”, used to produce the 1937 Buffalo reeded edge pieces. Two large rollers hold the coin between them forcing the coin downward onto a knurled (reeded) roller. The knurled roller is turned forcing reeds onto the coin’s edge. The term “knurling” and “knurled” used to describe the illegal reeding of nickels seems to be here to stay — even though it may not be technically acceptable. Another example of reeding not illustrated, is thought to be machined instead of pressed.
GENUINE OR MODERN ALTERED COIN?
To satisfy collector demand, most Racketeer Nickels seen today are probably of modern vintage — 10 to 20 years for older examples, and they can be found with and without reeded edges. Currently produced Racketeer Nickels are usually seen without reeded edges to hold down production costs. Truth in advertising, coupled with a reasonable markup for profit and sales, would still give the collector a replica of a Racketeer Nickel for his or her collection. And it is always possible a few genuine pieces exist. At least the Josh Tatum story is genuine and is a good yarn to spin with friends.
Establishing the genesis of this nickel is probably not possible but there are common-sense guidelines. An authentic Racketeer Nickel should have been produced from either an AU+ or BU nickel. The plating on the nickel is thin and should be well worn before very much wear would show on the original nickel. Brilliant, new electroplating on the surfaces of the nickel, similar to the Memorial (1976) quarters, halves and dollars which were commercially gold plated and sold starting in 1976 (Alan Herbert), would tend to put a “current production” stamp on the piece.
Racketeer Nickel-Reeded Edge 1883 N/C Liberty Head
The gilded nickel pictured is probably not an original. Even though the gilding is worn it doesn’t appear worn enough considering the wear on the coin itself. It may have been manufactured approximately 20 years ago.
Racketeer Nickel-Plain Edge 1883 N/C Liberty Head
This gilded nickel pictured may be an original Racketeer Nickel. The gilt is well worn — worn off in some areas — and the original coin’s wear would seem to be appropriate. Original Racketeer Nickels may have either the reeded or plain edge.