Raccoon coats were a fad in the United States during the 1920s, particularly with (male) college students in the mid- and later years of the decade. They are full-length fur coats.

Source: Raccoon automobile coat advertisement, Lanpher Fur, Wikimedia Commons

     Cool was I and logical. Keen, calculating, perspicacious, acute and astute—I was all of these. My brain was as powerful as a dynamo, precise as a chemist’s scales, as penetrating as a scalpel. And—think of it!—I only eighteen.
     It is not often that one so young has such a giant intellect. Take, for example, Petey Bellows, my roommate at the university. Same age, same background, but dumb as an ox. A nice enough fellow, you understand, but nothing upstairs. Emotional type. Unstable. Impressionable.Worst of all, a faddist.
     Fads, I submit, are the very negation of reason. To be swept up in every new craze that comes along, to surrender oneself to idiocy just because everybody else is doing it—this, to me, is the acme of mindlessness. Not, however, to Petey.
      One afternoon I found Petey lying on his bed with an expression of such distress on his face that I immediately diagnosed appendicitis.
     “Don’t move,” I said, “Don’t take a laxative. I’ll get a doctor.”
     “Raccoon,” he mumbled thickly.
     “Raccoon?” I said, pausing in my flight.
     “I want a raccoon coat,” he wailed.
     I perceived that his trouble was not physical, but mental. “Why do you want a raccoon coat?”
     “I should have known it,” he cried, pounding his temples. “I should have known they’d come back when the Charleston came back. Like a fool I spent all my money for textbooks, and now I can’t get a raccoon coat.”
     “Can you mean,” I said incredulously, “that people are actually wearing raccoon coats again?”
     “All the Big Men on Campus are wearing them. Where’ve you been?”
     “In the library,” I said, naming a place not frequented by Big Men on Campus.
     He leaped from the bed and paced the room. “I’ve got to have a raccoon coat,” he said passionately. “I’ve got to!”
     “Petey, why? Look at it rationally. Raccoon coats are unsanitary. They shed. They smell bad. They weigh too much. They’re unsightly. They—”
     “You don’t understand,” he interrupted impatiently. “It’s the thing to do. Don’t you want to be in the swim?”
     “No,” I said truthfully.
     “Well, I do,” he declared. “I’d give anything for a raccoon coat. Anything!”
     My brain, that precision instrument, slipped into high gear. “Anything?” I asked, looking at him narrowly.
     “Anything,” he affirmed in ringing tones.