As a lifelong coin collector and professional numismatist, I‘ve had the privilege of handling some of the rarest and most valuable dimes in existence. These tiny silver discs, often overlooked by the general public, represent fascinating chapters in American history and can command truly astonishing sums. In this comprehensive guide, I‘ll take you on a journey through the world of rare dimes, sharing insider knowledge, key data, and strategies for building a top-notch collection.
The U.S. Dime: A Numismatic Legacy
The dime, or ten-cent piece, has been a staple of American coinage since the 18th century. First authorized by the Coinage Act of 1792, the dime has undergone numerous design changes over the decades, each marking a unique era.
| Design Series | Years of Issue |
|---|---|
| Draped Bust | 1796-1807 |
| Capped Bust | 1809-1837 |
| Liberty Seated | 1837-1891 |
| Barber | 1892-1916 |
| Mercury | 1916-1945 |
| Roosevelt | 1946-Present |
Each of these series boasts its own key dates, rare varieties, and storied pieces that make collectors‘ hearts race. Let‘s dive into some of the most coveted dimes and what makes them so valuable.
The Holy Grail: 1894-S Barber Dime
The undisputed king of rare dimes is the 1894-S Barber. Struck at the San Francisco Mint, this date saw a mintage of just 24 pieces. According to mint records unearthed by researchers, these coins were created to balance a $2.40 discrepancy in the mint‘s annual audit. Rather than producing a larger quantity of dimes, mint employees opted to strike two dozen pieces, all of which were subsequently released into circulation.
Today, only nine 1894-S dimes are confirmed to still exist, making this a true numismatic rarity. The most recent sale of an 1894-S occurred in 2016, where an example graded Proof-66 by PCGS sold for $1,997,500. The coin was once part of the famous Eliasberg Collection, named for Baltimore banker Louis E. Eliasberg Sr., who assembled the only complete collection of U.S. coins ever.
Owning an 1894-S dime is the ultimate goal for many collectors, but even top numismatists can go a lifetime without the opportunity to acquire one. If you‘re fortunate enough to encounter an 1894-S "in the wild," be sure to have it authenticated by a reputable grading service. Counterfeits and altered-date pieces do exist, making expert verification essential.
Early Gems: 1796 and 1804 Draped Bust Dimes
Moving back to the earliest days of the U.S. Mint, we find two other landmark rarities: the 1796 and 1804 Draped Bust dimes. These coins, featuring the classic design by engraver Robert Scot, saw mintages of just 22,135 and 8,265 respectively. For context, consider that the Philadelphia Mint struck over 125 million dimes in 2020 alone!
The 1796 dime holds special importance as the first ten-cent coin issued by the fledgling U.S. Mint. Researcher have identified several die varieties for this year, including the 1796 JR-1, JR-2, JR-3, and JR-4. High-grade examples of any 1796 variety regularly sell for six figures at auction. In 2015, a PCGS MS-67+FB 1796 JR-1 dime realized $881,250.
The 1804 Draped Bust dime, while not quite as rare as its 1796 counterpart, is still a major prize for collectors. PCGS estimates that around 150 examples survive in all grades, making this a challenging coin to locate. The finest known 1804 dime, graded PCGS MS-68, took $632,500 at a 2008 auction. Even mid-grade circulated pieces can sell for $50,000 or more.
Modern Marvels: The 1975 No-S Roosevelt Dime
Shifting gears to the modern era, one of the most fascinating rare dimes is a coin many collectors alive today had a chance to pull from circulation: the 1975 No-S Roosevelt. This piece is a proof coin, meaning it was struck using specially prepared dies and planchets to achieve a high level of detail and attractive finish. Proof coins are made for collectors and not intended for circulation.
In 1975, a small number of proof Roosevelt dimes were mistakenly struck at the San Francisco Mint without the "S" mintmark normally seen on proofs. These error coins escaped notice and were released in the 1975 proof sets sold to collectors. The missing mintmark went unnoticed at first, but as word spread, collectors began frantically searching through their sets.
Only two 1975 No-S dimes have been authenticated, making this one of the rarest modern U.S. coins. One example, graded PR68 by PCGS, brought $456,000 at a 2019 Stack‘s Bowers auction. Another piece exists in PR69 condition but has yet to appear at public auction. For a coin produced squarely within the lifetimes of many current collectors, that is an astounding sum!
Condition Census: The 1822 Capped Bust Dime
Within each series and date of U.S. coinage, there is usually a range of condition levels from poor to gem uncirculated. For serious collectors, acquiring coins in the highest grades possible is often a priority. This is where the idea of a "condition census" comes into play – a ranking of the finest known examples of a particular coin.
One dime that places high on many collector‘s condition census wish lists is the 1822 Capped Bust. This date is highly elusive in any grade, with researcher estimating around 30-40 pieces exist. In gem uncirculated condition, the 1822 dime is a major rarity. PCGS has graded just two examples as MS-66, with none finer.
The finest known 1822 Capped Bust dime, graded PCGS MS-66+, sold for $440,625 in 2021. This coin displays exceptional strike detail and attractive toning, factors that greatly influence value for high-end pieces. For collectors assembling a top-quality set of Capped Bust dimes, an 1822 in any grade is a centerpiece acquisition.
Strike While It‘s Hot: The 1942/1-D Mercury Dime
Mint production processes offer fertile ground for collectible errors and variations. From double strikes to off-center impressions, mint workers‘ mistakes can become collectors‘ cherished prizes. One of the most popular error varieties in the dime series is the 1942/1-D Mercury overdate.
This variety occurred when mint employees at the Denver facility used a leftover 1941-dated die to strike a portion of the planned 1942 coinage. The die was re-engraved with a "2" over the "1" in the date, but traces of the original digits remain visible. This makes for a visually dramatic error that captures collectors‘ imaginations.
While not an extreme rarity, the 1942/1-D Mercury commands solid premiums over common date Mercury dimes. Around 10,000-15,000 examples are believed to exist. In mid-level circulated grades like VF and XF, this overdate regularly sells for $300-$600. In 2010, a PCGS MS-67+FB specimen took $43,475 at auction. For collectors seeking an interesting and attainable error coin, the 1942/1-D is a popular choice.
Pocket Change Treasures: Rare Roosevelt Dimes
Think you have to be a high roller to get into the rare dime game? Think again! Even in the humble Roosevelt series (1946-Present), there are some key dates and varieties that don‘t cost a fortune but can still provide the thrill of the hunt.
One of my favorite "sleeper" rare Roosevelt dimes is the 1996-W. This special issue was struck at the West Point Mint to celebrate the 50th anniversary of the Roosevelt design. Only available in 1996 uncirculated mint sets, the 1996-W had a mintage of 1,457,000. While not rare in absolute terms, this coin is still eagerly sought by Roosevelt dime collectors.
Another fun modern rarity is the 1982 No-P Roosevelt dime. Like the 1975 No-S, this coin was mistakenly struck without a mintmark at the Philadelphia facility. The exact mintage of this error is unknown, but experts believe around 8,000-10,000 examples escaped into circulation. A keen-eyed collector might find one of these pieces in change, but most have been snapped up by now. In high grades, the 1982 No-P sells for $100-$300.
Building a World-Class Dime Collection
Whether you‘re starting with pocket change or have a war chest to invest, there are many ways to approach collecting rare dimes. Here are a few tips I‘ve learned over my years in the hobby:
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Buy the best you can afford. For any coin type or series, it‘s wise to prioritize quality over quantity. A single high-grade rarity will often appreciate better than a larger number of lower-end pieces.
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Focus on rarity and value. While it‘s great to collect what you like, paying attention to the overall rarity and market value of coins can help you build a collection with long-term potential. Consider factors like mintages, survivorship, and overall demand.
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Educate yourself. The more you know about your chosen collecting area, the better equipped you‘ll be to make smart buying decisions. Read books, explore online resources, and consider joining a collectors‘ club to tap into expert knowledge.
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Cultivate relationships. Getting to know reputable dealers and fellow collectors can open doors to exciting acquisition opportunities. Remember, rare coins often trade hands privately and may never be publicly advertised.
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Think long-term. Building a top-notch dime collection is a marathon, not a sprint. Be patient, stay focused, and don‘t be discouraged if you lose out on a coin here and there. Another opportunity is sure to come along.
The Future of Rare Dimes
So what lies ahead for the rare dime market? As with any collectible field, there are no certainties, but several factors suggest a bullish outlook. For one, the collector base for rare U.S. coins continues to expand, thanks in part to the ease of online trading and information sharing. Coins that were once the exclusive domain of specialists are now more readily accessible to a wider audience.
Another positive driver is the growing recognition of rare coins as a tangible asset class. In uncertain economic times, many investors seek out "hard assets" like rare coins as a hedge against inflation and stock market volatility. High-quality rare coins have a strong track record of appreciation over the long term, making them an attractive option for portfolio diversification.
Of course, there are also potential headwinds to consider. Shifting collector demographics, concerns over counterfeit coins, and cyclical downturns in the overall economy can all impact the rare coin market. As with any investment, due diligence and a long-term perspective are key.
The Joy of the Hunt
Ultimately, the pursuit of rare dimes is about more than just dollars and cents. For me and countless other collectors, there is a profound joy in holding a piece of history in your hands and knowing you are one in a select group to own such a rarity. These coins are tangible links to our nation‘s past and the people who have gone before us.
There is also the undeniable thrill of the hunt – that electric excitement that comes with finding a long-sought rarity or uncovering a hidden gem. In my decades of collecting, some of my most cherished memories are of the coins that almost got away, the ones that required a little extra persistence or a stroke of luck to acquire.
If you‘re thinking of taking the plunge into rare dime collecting, I wholeheartedly encourage you to do so. Start small, focus on quality, and above all, have fun! Who knows – you might just discover a multi-million dollar rarity in your pocket change. Stranger things have happened, and that‘s the magic of this endlessly fascinating hobby.
Happy collecting!
Sources and Further Reading:
- Bowers, Q. David. The Encyclopedia of United States Silver Dimes 1796-1837. Whitman Publishing, 2016.
- Breen, Walter. Walter Breen‘s Complete Encyclopedia of U.S. and Colonial Coins. Doubleday, 1988.
- Lange, David W. The Complete Guide to Mercury Dimes. DLRC Press, 1993.
- Yeoman, R.S. and Jeff Garrett. A Guide Book of United States Coins (The Official Red Book). Whitman Publishing, 2022.
- PCGS CoinFacts. www.pcgs.com/coinfacts
