As a seasoned collector of U.S. coins, I‘ve always found the Roosevelt dime series to be a fascinating area of focus. These small silver and clad coins offer a tangible connection to the past, and the subtle changes and variations from year to year tell a story about our nation‘s evolving economic conditions and minting technology. One of the most pivotal issues in this series is the 1966 Roosevelt dime – the first year of the new copper-nickel clad composition and a key transitional coin for collectors. In this comprehensive guide, we‘ll delve into the history, varieties, and value of the 1966 dime, with insights gleaned from decades of collecting and studying these coins.
The Transition from Silver to Clad Coinage
To fully appreciate the significance of the 1966 Roosevelt dime, it‘s important to understand the historical context of the mid-1960s. In 1965, the United States Mint faced a major challenge. The rising price of silver had reached a point where the bullion value of circulating silver coins now exceeded their face value. This led to widespread hoarding of silver coins by the public, as well as the melting of coins for their precious metal content. To address this issue, Congress passed the Coinage Act of 1965, which authorized the Mint to change the composition of dimes, quarters, and half dollars from 90% silver to a copper-nickel clad composition [1].
The new clad composition consisted of outer layers of 75% copper and 25% nickel bonded to a pure copper core. This change allowed the Mint to continue producing these denominations without the risk of them disappearing from circulation due to hoarding or melting. The first clad coins were struck in late 1965, but the transition was fully completed by 1966 [2]. As a result, the 1966 Roosevelt dime holds a special place in the series as the first year of issue for the new clad composition.
1966 Dime Varieties and Mintages
The 1966 Roosevelt dime was struck at three mints: Philadelphia (no mintmark), Denver (D), and San Francisco (S). However, the San Francisco Mint coins were only produced for the 1966 Special Mint Set and not released for general circulation. Here‘s a breakdown of the mintages for each variety [3]:
| Variety | Mintage |
|---|---|
| 1966 No Mintmark | 1,098,638,440 |
| 1966-D | 202,748,850 |
| 1966 SMS (Special Mint Set) | 2,261,583 |
As evident from the mintage figures, the 1966 dime was produced in substantial quantities, particularly at the Philadelphia Mint. This high mintage was necessary to replace the silver coins that had been widely hoarded in the preceding years. The Denver Mint also contributed a significant number of coins, but far fewer than Philadelphia. The 1966 SMS coins, struck at the San Francisco Mint with specially prepared dies and a satin finish, were sold to collectors in sealed sets and not released for circulation.
One interesting variety to note for the 1966 dime is the so-called "Soft Strike" issue. Some 1966 dimes from both the Philadelphia and Denver mints exhibit a somewhat softer, less detailed strike than others. This is believed to be the result of dies that were not fully hardened or had been used beyond their ideal lifespan [4]. While not a dramatic difference, coins with a sharper strike and stronger details are generally preferred by collectors.
Grading and Condition
As with all collectible coins, the condition and grade of a 1966 Roosevelt dime play a major role in determining its value. Coins are graded on the 70-point Sheldon scale, with higher numbers indicating better condition [5]. Here are the primary grades you‘ll encounter for 1966 dimes:
- Good (G-4): Heavy wear with the design mostly worn down but still discernible.
- Very Good (VG-8): Moderate to heavy wear but with more design details visible than a Good example.
- Fine (F-12): Moderate wear but major design elements are clear, albeit lacking sharpness.
- Very Fine (VF-20): Light wear with design details more distinct and some sharper elements.
- Extremely Fine (EF-40): Only minor wear on the highest points of the design, with most details sharp.
- About Uncirculated (AU-50/53/55/58): Minimal wear visible only on the high points, with nearly full luster.
- Mint State (MS-60 to MS-70): No wear from circulation, graded based on luster, marks, and eye appeal.
It‘s worth noting that the copper-nickel clad composition of 1966 dimes can be prone to developing a dull or hazy appearance over time, particularly if the coins have been improperly stored or handled. When grading clad coins, the presence of original luster and a lack of major marks or hairlines are important factors in determining the grade.
For the 1966 SMS coins, a slightly different grading scale is used. These coins are designated with an "SP" prefix (e.g., SP67) to distinguish them from regular circulation strikes. The numeric grade follows the same criteria as the standard Sheldon scale.
Strike Quality and Luster
One aspect of the 1966 dime that sets it apart from earlier silver issues is the strike quality and luster. While some 1966 dimes do exhibit a softer strike as mentioned previously, many examples display remarkably sharp details and strong luster for a clad coin. This is particularly true for coins from the earlier die states and those that have been well-preserved over the years.
When examining a 1966 dime, pay close attention to the finer details of Roosevelt‘s hair, the lettering, and the torch on the reverse. Coins with crisp, well-defined details in these areas are more desirable to collectors. Similarly, examples with vibrant, satiny luster that dances across the surfaces are highly prized. While not as brilliant as the luster on a silver coin, a high-quality 1966 clad dime can still be quite attractive and eye-catching.
Value and Price Guide
For circulated 1966 dimes in lower grades (Good to Very Fine), the value is generally close to face value, with common examples selling for 10 to 25 cents. In higher circulated grades (EF to AU), the value begins to increase, with prices ranging from 50 cents to a few dollars, depending on the specific grade and appearance of the coin.
Uncirculated 1966 dimes, particularly those in higher Mint State grades, command more substantial premiums. Here‘s a breakdown of recent auction prices and estimated values for 1966 dimes in various uncirculated grades [6][7]:
| Grade | 1966 (P) Value | 1966-D Value | 1966 SMS Value |
|---|---|---|---|
| MS-60 | $1 to $2 | $1 to $2 | N/A |
| MS-63 | $2 to $4 | $2 to $4 | N/A |
| MS-64 | $5 to $10 | $5 to $10 | N/A |
| MS-65 | $12 to $20 | $12 to $20 | N/A |
| MS-66 | $25 to $50 | $25 to $50 | N/A |
| MS-67 | $100 to $200 | $100 to $200 | N/A |
| MS-68 | $500 to $1,000 | $500 to $1,000 | N/A |
| SP-65 | N/A | N/A | $8 to $15 |
| SP-66 | N/A | N/A | $20 to $30 |
| SP-67 | N/A | N/A | $40 to $75 |
| SP-68 | N/A | N/A | $150 to $300 |
| SP-69 | N/A | N/A | $500 to $1,000 |
As you can see, there‘s a significant premium for coins in the highest Mint State and SP grades, particularly MS/SP67 and above. These exceptional examples with pristine surfaces and strong eye appeal are quite rare, and competition among top collectors can drive prices into the hundreds or even thousands of dollars.
Collecting Tips and Strategies
If you‘re interested in collecting 1966 Roosevelt dimes, here are a few tips and strategies to keep in mind:
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Focus on quality: While 1966 dimes are generally affordable in circulated grades, it pays to be selective and choose coins with strong details, original luster, and clean surfaces. These higher-quality examples will be more attractive and desirable to other collectors.
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Consider SMS coins: If you‘re looking for a more challenging and rewarding collecting experience, consider focusing on the 1966 SMS coins. These special strikes have a distinct appearance and are scarcer than regular circulation issues. Assembling a high-grade set of SMS coins can be a fun and engaging project.
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Look for high-grade examples: For collectors with a larger budget, hunting for 1966 dimes in higher Mint State and SP grades can be an exciting pursuit. These coins are condition rarities and can serve as centerpieces in a high-end collection.
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Cherrypick for quality: When shopping for 1966 dimes, don‘t hesitate to cherrypick for coins with exceptional eye appeal, strong luster, or sharp strikes. These "PQ" (Premium Quality) examples may carry a premium, but they‘ll hold their value better over time and be more enjoyable to own.
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Store properly: To maintain the condition and value of your 1966 dimes, store them in archival-quality holders or albums designed for coins. Avoid using PVC or other chemically unstable materials that can damage the coin‘s surfaces over time.
Conclusion
The 1966 Roosevelt dime represents a pivotal moment in the history of U.S. coinage, marking the transition from silver to clad composition. For collectors, these coins offer an affordable entry point into the Roosevelt dime series, as well as the opportunity to pursue scarce and high-grade examples. By understanding the key varieties, strike characteristics, and value factors for 1966 dimes, you‘ll be well-equipped to build a meaningful and enjoyable collection.
Whether you‘re drawn to the historical significance of these coins, the challenge of assembling a high-grade set, or simply the joy of holding a piece of American numismatic history in your hands, the 1966 Roosevelt dime is a worthy addition to any collection. As you explore these fascinating coins further, I encourage you to consult a variety of resources, connect with fellow collectors, and always strive for the highest quality examples within your budget. Happy collecting!
References
[1] United States Mint. (2021). The Coinage Act of 1965. https://www.usmint.gov/learn/history/historical-documents/coinage-act-of-1965[2] Yeoman, R. S. (2021). A Guide Book of United States Coins (75th ed.). Whitman Publishing.
[3] United States Mint. (2021). 1966 Mint Set Production Figures. https://www.usmint.gov/about/production-sales-figures/mint-set-production-figures
[4] Lange, D. W. (2005). The Complete Guide to Roosevelt Dimes. DLRC Press.
[5] PCGS. (2021). Grading Standards. https://www.pcgs.com/grading-standards
[6] PCGS CoinFacts. (2021). 1966 Roosevelt Dime. https://www.pcgs.com/coinfacts/coin/1966-10c/146775
[7] NGC Coin Explorer. (2021). 1966 Roosevelt Dime. https://www.ngccoin.com/coin-explorer/roosevelt-dimes-1946-date-pscid-64
