Coaltown was nicknamed "The Goose" by the stable employees at Calumet Farm for his way of outstretching his long, thin neck when he ran. Racing at age three in 1948, he was overshadowed by stablemate Citation, finishing second to him in the Kentucky Derby. Citation became the 8th U.S. Triple Crown Champion. Coaltown, meanwhile, won eight of his thirteen starts. He won the Blue Grass Stakes in track record time and at the end of the year was voted 1948's U.S. Champion Sprint Horse.
In 1949, injuries kept Citation from racing, allowing Coaltown to show how good he really was. He won twelve of his fifteen races, and set or matched several U.S. and world records including:
After mediocre performances in 1950 and '51, Coaltown was retired to stud at Calumet Farm, where he had only limited success as a sire. In 1955, he was sold to Haras de Jardy in Marnes-la-Coquette, France where he died at the age of 20 in 1965.