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Die Grube Ratzenscheid ist mit dem Jahr 1298 die älteste, urkundlich erwähnte Grube des Siegerlandes.
Ursprünglich wurde hier hauptsächlich nach Silber gesucht. Aus diesem Grund verpfändete König Adolf von Nassau 1298 das „Bergwerk am Ratzenscheit“ seinen Vettern, den Grafen von Nassau. Die hauptsächliche Ausbeute bestand aus silberhaltigem Bleierz, Zink und Spateisen. 1852 wurde eine unterirdische Dampfmaschine zur Wasserrückhaltung eingebaut.
1901 wurde die Förderung von Erzen eingestellt und 1913 die Grube geschlossen.
