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Mikep2020
Penny Collector Member
USA
402 Posts |
 Posted - 04/07/2009 : 11:18:15
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I was at the local coin shop yesterday looking through Nickels and Dimes to add to my collection when I saw my first Gold plated 1883 Liberty V "No Cents" Nickel in BU condition. I had already piled up quite a few mercury dimes and buffalo nickels to add to my collection and was in the middle or checking out before I saw it. I didn't have the extra cash at the moment, but they were only asking $6.00 for it! I was kinda shocked since I would think these are pretty rare coins. I did a little googling and here is an excerpt from CoinResource:
quote:
The first "V" nickels had barely left the Mint when appalled officials found a fundamental flaw in their design: Barber had omitted the word CENTS. His oversight soon created a crisis for Uncle Sam: Confidence artists were plating the nickels with gold and passing them off to unsuspecting merchants as five-dollar gold pieces. They were, after all, virtually the same size as half eagles. As brand new coins, they were still unfamiliar to the public, and they lacked any statement of value beyond the letter V-which, of course, could represent either five cents or five dollars.
Barber quickly prepared a new design, this time placing CENTS in big, bold letters below the V. By then, however, the Mint had struck nearly 5-1/2 million of the so-called "No CENTS" nickels, and many had been gold-plated and passed. Even today, it isn't uncommon to find these "racketeer nickels" in hoards and collections. Their value as collector's items is small, but they hold great appeal as historical curiosities.
my question is why are the value of these "racketeer" coins so small? Wouldn't you think out of the 5.5 Million "no cents" minted, only a couple hundred thousand were plated? I would think these would be valued higher just due to the historical factor, plus the little bit of gold thats on the coin. Any thoughts?
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/07/2009 : 12:20:24
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To some coin collectors, the gold plating is defacing the coin and therefore ruins the value. While the story is cool, the gold is minimal, and I am in agreement with those that dont see as much collector value in these.
I have seen them with 3 cent nickels as well since the back of the coins has three roman numeral ones with no "cent" designation. So they were trying to pass it off as a $3 gold coin. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 04/07/2009 : 12:24:37
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| Sometimes a story is worth more than the actual value. I would have picked it up just for the history behind the gold plating. It would make for a good story to tell the grand kids. |
You don't have to be the BEST you just have to be.......SLICK
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 04/07/2009 : 13:25:58
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| I agree with the "defacing" argument, but since there is a market for the hobo nickels and they demand high premiums depend on the specific coin, I figured the gold plated 1883 no cents were in the same sort of "catagory" as hobo nickels. This was the first 1883 gold plated no cents I saw out of a half dozen coin shops in my area. I'm still new to coin collecting and still learning all the little details so I was just shocked to see a $6 tag on it, especially in BU condition. I would've expected it to list for around $20 at a minimum. If its still there when I go back I will definately pick it up to add to my Liberty V collection. |
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keys
Penny Collector Member
383 Posts |
Posted - 04/07/2009 : 19:49:30
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According to one story, a man named Josh Tatum gold plated these nickels and would use them to buy items that sold for five cents.
If the sales clerk wasn't paying attention, Mr. Tatum would get back $4.95, if the sales clerk double checked the coin, no change would be given. Eventually Mr, Tatum was arrested for passing the gold plated nickels-
but since Josh Tatum was mute
it was ruled that he couldn't be charged with fraud, since he couldn't tell the sales ckerks that the coin on the counter was a gold coin or not, hence the term "I'm just Joshin' you."
The gold plating on the nickel does hurt the value to purists in the realm of numismatics, but to own a coin such as this as a unique item of Americana (or early practices of 'sharpies') makes it a neat coin to own.
Beware, anybody can gold plate a nickel, no one can tell if the nickel you saw was gold plated back in 1883 or last year.
I seem to recall somewhere (maybe Publishers Clearinghouse or Heartland) selling gold plated nickels from 1883. |
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/07/2009 : 19:52:29
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quote:
Originally posted by keys
According to one story, a man named Josh Tatum gold plated these nickels and would use them to buy items that sold for five cents.
If the sales clerk wasn't paying attention, Mr. Tatum would get back $4.95, if the sales clerk double checked the coin, no change would be given. Eventually Mr, Tatum was arrested for passing the gold plated nickels-
but since Josh Tatum was mute
it was ruled that he couldn't be charged with fraud, since he couldn't tell the sales ckerks that the coin on the counter was a gold coin or not, hence the term "I'm just Joshin' you."
The gold plating on the nickel does hurt the value to purists in the realm of numismatics, but to own a coin such as this as a unique item of Americana (or early practices of 'sharpies') makes it a neat coin to own.
Beware, anybody can gold plate a nickel, no one can tell if the nickel you saw was gold plated back in 1883 or last year.
I seem to recall somewhere (maybe Publishers Clearinghouse or Heartland) selling gold plated nickels from 1883.
Good information! Thanks for sharing
Im agreed that It hurts the value. I personally would not buy it |
Copper Penny Investing
www.portlandmint.com |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 04/07/2009 : 22:07:35
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quote:
Beware, anybody can gold plate a nickel, no one can tell if the nickel you saw was gold plated back in 1883 or last year.
I was just getting ready to say that |
Inquiring minds want to know |
Edited by - daviscfad on 04/07/2009 22:08:05 |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/07/2009 : 22:24:46
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quote:
Originally posted by keys
According to one story, a man named Josh Tatum gold plated these nickels and would use them to buy items that sold for five cents.
If the sales clerk wasn't paying attention, Mr. Tatum would get back $4.95, if the sales clerk double checked the coin, no change would be given. Eventually Mr, Tatum was arrested for passing the gold plated nickels-
but since Josh Tatum was mute
it was ruled that he couldn't be charged with fraud, since he couldn't tell the sales ckerks that the coin on the counter was a gold coin or not, hence the term "I'm just Joshin' you."
The gold plating on the nickel does hurt the value to purists in the realm of numismatics, but to own a coin such as this as a unique item of Americana (or early practices of 'sharpies') makes it a neat coin to own.
Beware, anybody can gold plate a nickel, no one can tell if the nickel you saw was gold plated back in 1883 or last year.
I seem to recall somewhere (maybe Publishers Clearinghouse or Heartland) selling gold plated nickels from 1883.
Wow great story and great post. I didnt even think of the angle where people could be gold plating them now and trying to pass them off as something gold plated back in the late 19th century. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/07/2009 : 23:20:35
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Yep, great story.. and many of those nickels have been gold plated since to enhance their marketability.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 04/08/2009 : 08:19:05
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Based on what you guys are saying, I'm thinking this particular nickel I saw is one of the original plated ones from 1883 only because the condition of the coin was perfect and flawless. I'm only assuming here, but if a 1883 "No Cents" in this condition making it way through the past 100+ years might command a higher premium today un-plated, so why would someone go through the trouble of plating this nickel recently and loose a large part of its value? If it was a circulated or worn 1883, then I would be suspicious.
That is a good story, so thats where "I'm just joshin' you" came from? Neat! |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 04/20/2009 : 15:08:23
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| Not only Gold plated but there have also been those that are Copper plated to look like the Gold ones. Gold, even such a slight amount still is a lot more than Copper. Still for $6 I would buy it to have fun with some of the many coin collectors and dealers I know. |
Carl |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 04/28/2009 : 11:29:34
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| I stopped by this same coin shop yesterday (he's only open 3 days a week at odd hours), he had two of the gold plated 1883 No Cents for $6 bucks each so I picked them both up, one to add to my Liberty V collection and the other as a gift for my sister who also collects coins. Now all i'm missing is the 1885 and 1886 which I can't justify paying that kind of money for. |
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Gold Plated 1883 "No Cents" Question
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