Reed Waddell
Encyclopedia
Reed C. Waddell was an American swindler, confidence man and underworld figure in New York during the mid-to late 19th century. He was one of the most successful men of his trade making nearly a quarter of a million dollars using his "gold brick" swindle, a con game which he invented and introduced to New York in 1880, and from which the term "goldbricker" originated. Waddell was also involved in schemes with other prominent confidence men, including attempts to sell the Brooklyn Bridge
, before his murder by noted banco man Tom O'Brien
in 1895.
shortly before the American Civil War
. Although raised respectable upper middle class family, he became known as a high stakes
gambler and was eventually cut off by his family before the age of 21. He arrived in New York in 1880 where he offered the first gold brick ever offered for sale. This was part of his famed "gold brick" game in which the buyer, believed to be purchasing a gold brick from the U.S. Assayer's Office, was in fact was a lead bar with triple gold-plating and a rough finish with a small chunk of solid gold sunk in the middle. It also appeared to bear the official markings, such as the "U.S." and the name of the assayer stamped on either end of the gold bar and had the weight and fineness stamped on the underside.
The victim was brought to an accomplice posing as an assayer, who occupied an office and displayed the necessary equipment, who confirmed Wadell's claims. If the person was still not convinced, Waddell would take out a slug of real gold and suggest he take that piece to a jewelers where, even if the victim took him up on his offer, he would be satisfied when it was correctly identified by the jeweler. Waddell sold his first brick for $4,000 and began manufacturing bricks which sold were sold between $3,500 and $7,000. He also expanded his operations into the "green goods" or sawdust swindle and, between the two ventures, he reportedly made $250,000 within ten years. He eventually moved his operations to Paris, France working in partnership with Tom O'Brien
but was murdered by him in an argument over shares of a banco swindle on March 27, 1895. He had been shot several times by O'Brien, twice in the back and chest as well as suffering wounds to his head and heart, at the Northern Railway Station. O'Brien was arrested by French authorities however his trial was postponed when the US State Department requested that he be extradited to the United States.
Brooklyn Bridge
The Brooklyn Bridge is one of the oldest suspension bridges in the United States. Completed in 1883, it connects the New York City boroughs of Manhattan and Brooklyn by spanning the East River...
, before his murder by noted banco man Tom O'Brien
Tom O'Brien (swindler)
Tom O'Brien was an American confidence man and swindler during the late 19th century. He was popularly known as "King of the Banco Men", along with other prominent tricksters such as Joseph "Hungry Joe" Lewis and Charles P...
in 1895.
Biography
Reed Waddell was born in Springfield, IllinoisSpringfield, Illinois
Springfield is the third and current capital of the US state of Illinois and the county seat of Sangamon County with a population of 117,400 , making it the sixth most populated city in the state and the second most populated Illinois city outside of the Chicago Metropolitan Area...
shortly before the American Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
. Although raised respectable upper middle class family, he became known as a high stakes
High roller
A high roller, also referred to as a whale in the casino industry, is a gambler who wagers large amounts of money. High rollers often receive lavish "perks" from casinos to lure them onto the gambling floors, such as free private jet transfers, limousine use and use of the casinos' best suites...
gambler and was eventually cut off by his family before the age of 21. He arrived in New York in 1880 where he offered the first gold brick ever offered for sale. This was part of his famed "gold brick" game in which the buyer, believed to be purchasing a gold brick from the U.S. Assayer's Office, was in fact was a lead bar with triple gold-plating and a rough finish with a small chunk of solid gold sunk in the middle. It also appeared to bear the official markings, such as the "U.S." and the name of the assayer stamped on either end of the gold bar and had the weight and fineness stamped on the underside.
The victim was brought to an accomplice posing as an assayer, who occupied an office and displayed the necessary equipment, who confirmed Wadell's claims. If the person was still not convinced, Waddell would take out a slug of real gold and suggest he take that piece to a jewelers where, even if the victim took him up on his offer, he would be satisfied when it was correctly identified by the jeweler. Waddell sold his first brick for $4,000 and began manufacturing bricks which sold were sold between $3,500 and $7,000. He also expanded his operations into the "green goods" or sawdust swindle and, between the two ventures, he reportedly made $250,000 within ten years. He eventually moved his operations to Paris, France working in partnership with Tom O'Brien
Tom O'Brien (swindler)
Tom O'Brien was an American confidence man and swindler during the late 19th century. He was popularly known as "King of the Banco Men", along with other prominent tricksters such as Joseph "Hungry Joe" Lewis and Charles P...
but was murdered by him in an argument over shares of a banco swindle on March 27, 1895. He had been shot several times by O'Brien, twice in the back and chest as well as suffering wounds to his head and heart, at the Northern Railway Station. O'Brien was arrested by French authorities however his trial was postponed when the US State Department requested that he be extradited to the United States.
Further reading
- Asbury, Herbert. Sucker's Progress: An Informal History of Gambling in America from the Colonies to Canfield. New York: Dodd, Mead & Company, 1938.