Reed Waddell

Background

Waddell was born in Springfield, Illinois, shortly before the American Civil War.

Career

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 bunco artist Tom O"Brien in 1895. 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 United States. Assayer" General’ 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. lieutenant also appeared to bear the official markings, such as the "United States." 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 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 United States Department of State requested that he be extradited to the United States.

Waddell"s remains were buried in his hometown, at Oak Ridge Cemetery.

Connections

Partner:

Tom O'Brien