It is likely that the phrase is linked to the phenomenon of “wooden nutmeg” which was also a popular method of fraud in the 1820’s. The colloquialism, “don’t take any wooden nickels” originates from the 19 th century, when a nickel had a significant value and was worth the time and effort of replicating with wood and paint.
Wooden bowl with lid
Teddy woods cpa manchester ky
Picture of the woods
DON'T TAKE ANY WOODEN NICKELS — MTN Universal