Despite his engineering training, McCoy faced significant racial discrimination in his career. He was unable to secure employment as an engineer and was forced to take on lower-paying jobs, such as a railroad fireman, due to the racial biases prevalent at the time.

McCoy likely faced financial struggles throughout his career due to the combination of limited job opportunities and the cost of patenting and developing his inventions. He sometimes sold the rights to his inventions to secure financial stability.

As an African American inventor, McCoy was vulnerable to exploitation. It's possible that others attempted to profit from his inventions without proper attribution or compensation. The origin of the phrase 'the real McCoy' suggests attempts at imitation and fraud.

In his later years, McCoy faced declining health and financial hardship. He died in an infirmary in Eloise, Michigan, indicating a state of impoverishment and dependency.