The White Raccoon
Most wild caught animals are not albino (completely without pigment--discussed below) but leucistic (greatly reduced pigment). If you look at examples of pale raccoons they often have a faint mask, or an all over orange tint. It is not possible to tell from this picture whether this raccoon has pink eyes and so is fully albino, but my bet would be that it is actually leucistic.
Zimmerman reports that another 15-pound white raccoon was captured in the town or Peru, Indiana. Low pigment is a recessive gene, so there are probably more white raccoon around now than when this picture was taken. This is because development tend to push animals into smaller areas where more inbreeding occurs. therefore there is a great chance of to raccoon mating that carry leucistic genetics, allowing it to be expressed in the offspring.
The picture above is from the collection of H E Zimmerman, a collector of curious and unusual things including photographs of freak animals of various sorts. The photograph is market "Griffin Studio Monroe LA". Zimmerman sold single photos and sets to people interested in freaks and curiosities.
The Zimmerman photo shows one of a pair of white raccoons (Procyon lotor) said to be pure white (albino). It is said to be kept in a small collection of zoological oddities but the owner or location are not identified.
Albinism in Raccoons
Full albinism has been shown to occur as a recessive trait in raccoons due to two different mutations.
Raccoons that are paler than usual but still have some pigment or other normal raccoon markings are often referred to as "blonde raccoons".