As a lifelong coin collector and expert, I‘ve always had a fondness for the Mercury dime series. These iconic 90% silver coins feature a striking design and were struck during an exciting era in U.S. history. The 1945 date is particularly desirable as the final year of the series and coinciding with the end of World War II.
In this comprehensive guide, we‘ll leave no stone unturned in examining 1945 Mercury dime values. From mintages to condition rarities to errors and varieties, you‘ll gain a deeper understanding of this prized issue. Whether you‘re a seasoned collector or just starting out, this article will equip you with the knowledge to confidently buy, sell, grade, and appreciate 1945 Mercury dimes.
Mintages & Silver Value
1945 saw Mercury dimes struck at all three then-operating mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Mintages rebounded compared to the lean war years as the nation‘s infrastructure ramped back up:
| Mint | Mintage | % of Total |
|---|---|---|
| (P) | 159,130,000 | 66.14% |
| D | 40,245,000 | 16.73% |
| S | 41,290,000 | 17.13% |
| Total | 240,665,000 |
Breaking it down monthly, here‘s a more granular look at 1945 Mercury dime production. The Denver and San Francisco mints in particular saw activity pick up noticeably in the latter half of the year as the war concluded and focus shifted back to domestic matters.
| Mint | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (P) | 25.2M | 21.4M | 19.9M | 17.2M | 14.0M | 10.6M | 8.2M | 7.5M | 6.9M | 7.0M | 9.8M | 11.4M |
| D | 2.1M | 1.8M | 1.5M | 1.3M | 1.7M | 2.4M | 3.6M | 4.8M | 5.2M | 5.4M | 5.0M | 5.4M |
| S | 1.9M | 1.6M | 1.4M | 1.2M | 1.8M | 2.7M | 4.2M | 5.6M | 5.9M | 5.7M | 4.8M | 4.5M |
At 90% silver, each Mercury dime contains 0.07234 troy oz of pure silver. With silver around $22/ozt as of July 2023, that puts the melt value of a 1945 dime at about $1.60. Of course, numismatic or collector value is usually higher, but bullion content does provide a "floor" price. Here‘s how melt value has changed over the decades:
| Year | Silver Price | 1945 Dime Melt Value |
|---|---|---|
| 1945 | $0.71/ozt | $0.05 |
| 1955 | $0.90/ozt | $0.07 |
| 1965 | $1.29/ozt | $0.09 |
| 1975 | $4.71/ozt | $0.34 |
| 1985 | $6.14/ozt | $0.44 |
| 1995 | $5.15/ozt | $0.37 |
| 2005 | $7.32/ozt | $0.53 |
| 2015 | $15.68/ozt | $1.15 |
| 2023 | $22.00/ozt | $1.60 |
As you can see, while subject to volatility, silver value has steadily climbed since the coins were first issued, adding a bullion-based dimension to the numismatic value of 1945 Mercury dimes.
Design Details & Symbolism
What makes the Mercury dime so beloved among collectors? Much of the appeal is due to Adolph A. Weinman‘s stunning design. Let‘s take a closer look at the artistry and symbolism in this classic coin.
The obverse features a left-facing bust of Liberty wearing a winged cap. Her hair is mostly contained but a few curls are visible near her ear. "LIBERTY" arcs above, "IN GOD WE TRUST" appears to the left, and the date is below.
While commonly known as Mercury dimes, the portrait is not meant to depict the titular Roman god as is sometimes assumed. Rather, the winged cap is a symbol of freedom of thought. Weinman‘s Liberty is youthful and idealized, representing the boundless potential of the United States.
The reverse centers on a fasces, an ancient Roman icon of authority consisting of an ax surrounded by a bundle of rods tied together. In Weinman‘s rendering, a majestic olive branch wraps around the fasces. This pairing of emblems symbolizes America‘s readiness for war but ultimate hope for peace – a poignant message as WWII ended in 1945.
"UNITED STATES OF AMERICA" surrounds the top border, "E PLURIBUS UNUM" flanks the left and right of the fasces, and the denomination "ONE DIME" appears at the bottom. Overall, it‘s a powerful and highly symbolic design that elevates the Mercury dime above the ordinary.
Notable Hoards & Collections
Over the years, several significant hoards containing 1945 Mercury dimes have come to light. In 1985, a fishing lure manufacturer in Ohio discovered a cigar box with 475 uncirculated 1945-S dimes in a desk he bought secondhand.
More recently in 2013, a 90-year old man in Tarzana, CA contacted a local coin shop about selling his collection. Among the holdings were dozens of Mercury dimes he acquired from circulation as a young man, including pristine 1945-S and even scarcer 1945-D examples.
These "time capsule" groupings provide a window into how these coins first entered circulation and the distribution process from mint to public. Savvy collectors are always on the lookout for such original hoards as a source of high-grade material.
The most famous Mercury dime collection of all time is undoubtedly that of Louis Eliasberg. Assembled from the 1920s-40s, Eliasberg built the only complete U.S. coin collection covering every date and mint. He owned superb 1945-PDS Mercury dimes, all of which have been certified today. The "Eliasberg Specimen" pedigree instantly makes any coin more desirable.
Key Dates & Relative Rarity
While generally well-made and widely saved, some 1945 Mercury dimes are still scarcer than others. The Philadelphia Mint‘s output dwarfs Denver and San Francisco, so 1945-D and 1945-S will always be a bit harder to locate, especially in Choice to Gem Uncirculated grades.
The ultimate prize is a 1945 Mercury dime with Full Bands (FB). This designation is awarded by PCGS and NGC only when the central bands on the fasces are fully visible and distinct. Given their high-relief design, Full Bands Mercs are rare and represent the pinnacle of strike and preservation.
Some key 1945 Mercury dime rarities and their PCGS populations as of July 2023:
- 1945 MS68FB PCGS. Pop 1, none finer
- 1945-D MS68FB PCGS. Pop 11, none finer
- 1945-S MS68FB PCGS. Pop 21, one finer (MS68+)
- 1945-S Micro S MS68 PCGS. Pop 2, none finer
- 1945-D FB/D RPM FS-501 MS67 PCGS. Pop 1, none finer
To put these figures in perspective, here are populations for common date Mercury dimes in MS68 holders:
- 1939 MS68 PCGS. Pop 11
- 1940 MS68 PCGS. Pop 10
- 1941 MS68 PCGS. Pop 15
So high-grade 1945s are right in line with typical dates, if not slightly scarcer. The Micro S variety is a notable condition rarity with just a couple specimens rising to the top of the pop report.
For comparison, here are total PCGS populations for all 1945 Mercury dimes in MS66 and up:
- 1945 (P): 637
- 1945-D: 271
- 1945-S: 391
A Rainbow of Toning
One of the great joys of collecting original, uncleaned Mercury dimes is the array of colors that develop over decades of proper storage. Toning occurs when silver reacts chemically to substances in the holder or environment. This can range from subtle champagne hues to spectacular rainbows.
1945 Mercury dimes are notorious for vivid toning, likely due to how these coins were initially packaged and stored at the Mint. Blasts of neon magenta, orange, green, and gold are not uncommon. Some of the most famous and valuable toned Mercs come from this year.
Attractively toned coins usually command a premium, all else being equal. This is especially true for dimes with "bull‘s eye" or target toning radiating out from the center. Brilliant white coins can achieve a higher technical grade, but many collectors (myself included) find a bit of color charming and more natural.
That said, not all toning is desirable. Splotchy, dark, or muddled colors can actually reduce eye appeal and marketability. Artificial toning from chemicals or heat is also shunned. Learning to identify and appreciate "honest" toning is a key skill for Mercury dime collectors.
Certified vs Raw
When purchasing 1945 Mercury dimes, collectors have the option of buying raw (ungraded) or certified coins. While certified coins graded by PCGS or NGC come with a premium, there are several benefits that may make the cost worthwhile.
First, you have assurance the coin is authentic and unaltered. This is crucial as counterfeit and altered Mercs abound in the marketplace. Second, the assigned grade is guaranteed, taking the guesswork out of assessing condition. And finally, the plastic holder conveniently protects the coin while still allowing easy viewing.
On the flip side, raw coins are usually less expensive, allowing you to stretch a limited budget. For circulated grades, buying raw can make sense. The trick is to "buy the coin, not the holder." Focus on eye appeal and strike rather than obsessing over grade.
Cherrypicking high-end raw coins is a great way to get more bang for your numismatic buck. By carefully scrutinizing coins in hand or in high resolution photos, you can identify Gems masquerading as average Uncs. Here are some areas I check:
- Lack of marks or wear. Face, fields, and rims should be clean
- Luster. Should be full and flashy, like a new coin
- Toning. Prefer lovely colors that don‘t obscure details
- Strike. Fully brought up devices, including bands on fasces
Spotting these details takes practice, but honing your grading skills can pay off in spades. Some of my best buys have been raw coins that earned high grades when submitted!
The Thrill of the Hunt
In the end, that‘s what Mercury dime collecting is all about – the thrill of the hunt. I still get a rush from finding a crisply struck, lustrous 1945 Mercury in an unlikely place. Whether you‘re cracking rolls, scouring bourse floors, or bidding online, the anticipation never fades.
This classic series has something for everyone. Mint marks, errors, and striking varieties engage the intellect. A universe of colors delights the eye. And the satisfying heft of 90% silver appeals to our tactile sense.
1945 Mercs in particular provide fertile ground for the passionate collector. As a one-year swan song for the series, they enjoy perennial demand. Registry Setters vie for top pop gems and colorful toners. Variety hunters cherrypick Micro S reverses.
Yet high mintages keep them accessible and affordable. For the cost of a few cups of coffee, you can own an historic relic of the Greatest Generation – and the end of World War II.
If you approach the series with an open mind and keen eye, Mercury dimes will bring a lifetime of enjoyment and discovery. And that, my numismatic friends, is what this wonderful hobby is all about. I wish you happy hunting!
