PART I. Die Subtypes:
Mid-year Design Modifications:
1883 Liberty Head Nickel; with and without the word
“CENTS”
Definition: After 17 years, the Shield nickel (1866 to 1883) was changed to the Liberty Head type nickel design by Charles Barber. The design for the new nickel can be seen below in the first set of images. This new nickel was released to the public on February 1st, 1883.
Almost immediately a problem arose with the new design. The omission of the word “CENTS” on the reverse led some unscrupulous persons to add reeding to the coin and then plate the coin in gold. It was then passed off to the unwary as a $5.00 gold piece, which had a similar diameter (21.6 mm) to that of the nickel (21.2 mm).
These altered nickels became known as “Racketeer” nickels. Whether Barber intentionally omitted the word cents (following the design of the nickel three cent piece which was still in production in 1883) or simply forgot to add that word to the reverse design is unknown. However, the production of the new nickel was halted and Barber re-designed the reverse, this time including the word cents.
After a short delay in production, the Liberty Head nickel was again re-introduced to the public on June 26th, 1883. This design change caused the 1883 Liberty Head nickel without the word cents to be hoarded by the public, which thought that the government might recall that particular coin.
The change of design can be seen as an addition of the word CENTS below the bow, the Roman numeral V becoming smaller and the motto E PLURIBUS UNUM being relocated to an area above the wreath.
There seems to be little similarity between the designs of the Liberty Head nickel and the 5 dollar gold piece (the latter shown above). However, as mentioned before, the critical similarity may have been the similar diameters.
*** CAUTION ***
True “Racketeers” nickels are in high demand. These coins should be of high grade and always reeded. Beware of reproductions of the “Racketeer” nickel, which are normally found in low to very low grades and with smooth edges (not reeded).
The above image shows a “Racketeers” nickel.
Images are courtesy of Heritage Auctions.