Expert: Ronald Fern - 7/30/2011

Question
QUESTION: Sir,
    I have an 1883 5$ gold coin/faked nickle. I have done some reading and I cannot tell if its real or not. It is definatelyh a real coin, liberty head, 13 stars, 'V' on the obverse, VF almost uncirculated condition. Problem is, it is said that all the coins that were faked were hand 'reeded' on the edge. My coin is not. It is also said that none of them have ever appeared. Can you shed some light please.
         Sincerely,
         Eugene Scott Willard

ANSWER: Hi Eugene:

Thanks for the opportunity to answer your question.

You likely have what is commonly called an 1883 "Racketeer" Nickel. The coin is a real 1883 "V" five cent coin. From coinsite.com: "In 1883 the Mint issued a new 5c coin with the head of Liberty and a Roman "V" meaning "5" on the reverse. Many people thought that the coin was an error since in didn't have "cents" anywhere on the coin.

The lack of the word cents created an opportunity for the unscrupulous. The coins were gold plated and reeds were cut into the edge by hand (nickels have a plain edge) and they were passed off as $5 gold coins."

For more information, see: http://www.coinsite.com/content/faq/RacketeerNickel.asp or http://reviews.ebay.com/Racketeer-Nickels_W0QQugidZ10000000006644146

You are mistaken in that only some were reeded, but not all. Both types exist today. It is difficult to say whether they were made a long time ago or are modern entries into the market. They can be found on ebay from time to time, and generally sell for $10 to $25, depending on condition. At the present time, there are 16 listings. It is an interesting curiosity piece, but has no added numismatic value.

If you live close to a local shop, they should offer an opinion as to the value at no charge. Always try and get at least two opinions and try and deal with PNG dealers if possible. If you should decide to sell your items to a dealer, remember they will offer about 50% to 60% of the retail value. Here's a link to find one in your area: http://www.pngdealers.com/dealersearch.php

Please remember to go to the experts site to rate this answer. And check the nomination box on the rating page below any comments you may have.

Thank You and Good Luck in your collecting.  




---------- FOLLOW-UP ----------

QUESTION: were any $5 gold pieces made with he V on the obverse that did not have reeding on the edge

Answer
Hi Again Eugene:

I answered that in my original reply. The "V" is on the reverse of the coin. While the real $5 gold coins had reeding, some of the "faked" five cent pieces were plated and attempted to be passed with no reeding cut into it. Both types of the 1883 "Racketeer" Nickel exist today.

Please remember to go to the experts site to rate this answer. I hope you feel I should be nominated for top expert of the month. Only about half of the people asking questions even bother to read my replies. Half of them rate me. I do not get paid for this. It is my attempt to pay back the hobby for the wonderful education I've received through coin collecting. Check the nomination box on the rating page below any comments you may have.

Thank You Again and Continued Good Luck in your collecting.