@otakufan:
The original English name "Raftel" was essentially a "best guess" on the part of the translators based on how the island's name is written in Japanese (which uses the strictly phonetic katakana, rather than kanji that would have meaning built in). We only got clarification that it was intended to be "Laugh Tale" with the Stampede movie and then the manga itself some time later, more than 20 years into the series. The way it's spelled and pronounced in Japanese never changed.
There have been hints over time that "Raftel" wasn't right (notably in the lyrics to Bink's Sake), but presumably they were resistant to changing the established spelling until it became absolutely clear that they had to - the same reason Zoro is still officially "Zolo" in the English manga.
Not ideal, but it happens from time to time, particularly for older and/or long-running series that haven't always taken the foreign market into account. The infamous "Band of the Hawk" from Berserk should have more rightly been translated as the "Band of the Falcon", but the other name was too well established to change by the time that became clear. Similarly, there's a character in "A Certain Magical Index" that was known both officially and unofficially by the name "Laura Stuart" for a good 40 light novels and two seasons of anime (at the time - three now), only for it to eventually become very, VERY plot relevant that her name was actually "Lola Stuart" the entire time.
Thank you very much, that clears things up for me. Kind of unfortunate, as you said, that the actual name of arguably the most important island in the series was never fully communicated between Oda/Editors and the translation teams. But I guess the word "Raftel" didn't show up that often for the majority of the series anyway.
I do have a second dumb question as well – just something I don't fully grasp. I'm attaching a scanlation note from chapter 968:
!
I don't know how to check the veracity of these translation claims. Anyone know if they are accurate? And if the true meaning of One Piece is supposedly "The Great Hidden Treasure of One Peace", is it possible Oda meant "One Peace" all along, and Piece was a mistake? I believe Oda has had some mistakes in the past when he spelled things specifically in english. It's just a bit worrisome for me that the name of the actual series might be unintentionally incorrect.
A side note – from reading 968, it also isn't super clear to me the origin of the name One Piece in reference to the treasure. Apparently the world as a whole started calling it that, but for no clear apparent reason? I don't have the actual official translation on hand, so I don't know if I'm just missing something there.
Thanks again for the help.