In 1883, the Chief Engraver of The United States Mint, Charles Barber, designs the Liberty Nickel. The reverse has a roman numeral V for the number 5. However, the nickel is missing the word “Cents”. This coin becomes known as the No Cents Nickel or the Racketeer Nickel. It isn’t rare with over 5 million nickels, but it has a devious past
Creating The Racketeer Nickel
Our story begins with a man by the name of Josh Tatum. The story goes that he notices that the Liberty Nickel and the current $5 gold coin are about the same size. With help from a friend, they are able to convert thousands of Liberty Nickels to $5 gold pieces using a 24-carat gold electroplate. Josh takes these fake gold coins and uses them in different stores in different towns.
He buys something worth 5 cents, give the cashier the “gold” coin, or Racketeer Nickel, and gets $4.95 back. Not bad, huh? After a while, they catch Josh with these fake gold coins. He is brought to court for fraud, but none of the witnesses say that he tells them they are $5 gold pieces and never asks for change. The case ends up being dismissed because Josh is actually a deaf mute. Some people think this is where the phrase “joshing you” comes from.
The Liberty Nickel Gets a Revision
So, to prevent this from happening again, the US mint adds CENTS underneath the V on the reverse. Even though there are three times as many nickels that will include CENTS in 1883, the nickels without cents will still be less valuable.
People try to fake people even after this by making the nickels look like the Racketeer Nickel. It’s like you’re trying to fake with a fake. Today, there are people selling these fake coins, some for the price of $4.95.
This is probably one of the earliest counterfeit coins in the United States. I have a “No Cents” Nickel in my Type Set as a remembrance of a deaf mute man who may fool the US Mint to change a design.
The Racketeer Nickel gives the Liberty Nickel a tough beginning, but with the inclusion of “CENTS” in the reverse, it becomes a popular coin. Have you ever seen an actual Racketeer Nickel.