Release
Striking of the new coins began on January 30, 1883, and the Mint placed the first pieces in circulation on February 1. Snowden, concerned about reports of speculation in 1883 Shield nickels, received permission on February 6 to continue striking Shield nickels for several months alongside the new pieces.
It had not been thought necessary to inscribe the word "cents" on the nickel; the silver and copper-nickel three-cent pieces had circulated for years with only a Roman numeral to indicate the denomination. Enterprising fraudsters soon realized that the new nickel was close in diameter to that of the five-dollar gold piece, and if the new coin was gold-plated, it might be passed for five dollars. They soon did so, and had success in passing the coin. Some coins were given a reeded edge by the fraudsters, to make them appear more like the gold coins. A widespread tale is that one of the perpetrators of this fraud was a man named Josh Tatum, who would go into a store, select an item costing five cents or less, and offer the gold-plated piece in payment—and many clerks gave him $4.95 in change. According to the tale, the law had no recourse against Tatum, as he had tendered the value of his purchase and had merely accepted the change as a gift. By some accounts, Tatum could not have misrepresented the value of the coin as he was a deaf-mute.
The plating of the nickels caused consternation at the Mint, and brought production of Liberty Head nickels to a sudden stop. Barber was told to modify his design, which he did, moving other design elements to accommodate the word "cents" at the bottom of the reverse design. The revised nickel was issued on June 26, 1883, the date on which production of the Shield nickel was finally stopped. The public responded by hoarding the "centless" nickels, egged on by reports that the Treasury Department intended to recall those nickels, and that they would become rare.
Read more about this topic: Liberty Head Nickel
Famous quotes containing the word release:
“The steel decks rock with the lightning shock, and shake with the
great recoil,
And the sea grows red with the blood of the dead and reaches for his spoil—
But not till the foe has gone below or turns his prow and runs,
Shall the voice of peace bring sweet release to the men behind the
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—John Jerome Rooney (1866–1934)
“As nature requires whirlwinds and cyclones to release its excessive force in a violent revolt against its own existence, so the spirit requires a demonic human being from time to time whose excessive strength rebels against the community of thought and the monotony of morality ... only by looking at those beyond its limits does humanity come to know its own utmost limits.”
—Stefan Zweig (18811942)
“If I were to be taken hostage, I would not plead for release nor would I want my government to be blackmailed. I think certain government officials, industrialists and celebrated persons should make it clear they are prepared to be sacrificed if taken hostage. If that were done, what gain would there be for terrorists in taking hostages?”
—Margaret Mead (1901–1978)