As a seasoned numismatist specializing in 20th-century U.S. coinage, I‘ve long considered the Mercury dime series one of the most fascinating and rewarding to collect. These iconic 90% silver dimes, struck from 1916-1945, offer enthusiasts a wealth of opportunities, from assembling a complete date and mintmark set to pursuing finest known examples of rare varieties. In this comprehensive guide, we‘ll take a deep dive into the key factors driving Mercury dime values, examine the series‘ standout rarities, and explore strategies for building a top-tier collection.
Understanding the Rarity and Value of Key Date Mercury Dimes
While millions of Mercury dimes were struck throughout the series, certain dates and mintmarks have gained legendary status among collectors due to their scarcity. Chief among these is the 1916-D, the first year of issue and the undisputed "King of Mercury Dimes." Only 264,000 were minted, a fraction of the output at the Philadelphia and San Francisco mints that year. Values for the 1916-D range from around $1,000 in Good condition to over $20,000 in Mint State, with the finest known examples commanding six figures. In 2022, a PCGS MS67+FB CAC specimen realized an astounding $364,250 at auction.
Other key dates in the series include:
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1921 and 1921-D: With mintages under 1.1 million each, these post-World War I rarities are highly sought-after. The 1921-D is particularly elusive in high grades, with Uncirculated examples routinely selling for over $10,000.
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1926-S: Despite a seemingly ample mintage of 1.5 million, this date is surprisingly scarce in Mint State grades. MS-65 examples can fetch over $5,000, while gems graded MS-66+ by PCGS or NGC are five-figure coins.
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1931-D: Another semi-key date, the 1931-D had a mintage just over 1.2 million. It‘s notably difficult to locate in high grades, with MS-65 specimens often selling for $1,000-$2,000.
The table below provides a more detailed look at value ranges for these key dates in higher Mint State grades:
| Date/Mintmark | MS-63 | MS-64 | MS-65 | MS-66 | MS-67 |
|---|---|---|---|---|---|
| 1916-D | $3,500 | $7,500 | $20,000 | $50,000 | $100,000+ |
| 1921 | $1,500 | $3,000 | $6,000 | $15,000 | $50,000+ |
| 1921-D | $2,500 | $5,000 | $12,500 | $35,000 | $75,000+ |
| 1926-S | $500 | $1,000 | $5,000 | $12,500 | $35,000+ |
| 1931-D | $350 | $750 | $1,500 | $4,000 | $12,500+ |
The Impact of Strike, Toning, and Eye Appeal on Mercury Dime Values
Beyond numerical grade, several other factors can significantly influence the value of a Mercury dime. Chief among these is the presence of fully split horizontal bands on the reverse fasces, denoted by the "FB" designation. Coins with sharp, full bands command substantial premiums over similarly graded non-FB examples. For instance, a 1923-S graded MS-67 by PCGS sold for $4,406 in 2021, while an MS-67FB brought $16,800 the same year – nearly a fourfold increase.
Eye appeal also plays a vital role in Mercury dime values. Coins with exceptional luster, clean surfaces, and attractive natural toning often sell for multiples of the price of "average" examples in the same grade. Vibrant shades of blue, gold, red, and green, acquired through years of storage in original mint packs or albums, can transform an already desirable Mercury dime into a numismatic masterpiece. In 2019, a magnificently toned 1938-D graded MS-68+FB CAC by PCGS realized an impressive $28,800.
Rare Varieties and Errors in the Mercury Dime Series
While assembling a complete date and mintmark set is a worthy goal, many Mercury dime enthusiasts also pursue rare varieties and errors. The most famous of these are the 1942/1 and 1942/1-D overdates, created when 1941-dated dies were repunched with a "2" for use the following year. Both are highly sought-after, with the 1942/1 being the rarer of the two. In 2008, a PCGS MS-68FB example of this overdate sold for $207,000, underscoring its desirability.
Other notable Mercury dime varieties include:
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1945-S Micro S: A small, distinctively shaped mintmark identifies this scarce variety. High-grade examples can sell for thousands.
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1928-S Large/Small S: Both mintmark sizes are known for this date, with the Large S being slightly more valuable in Mint State.
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Repunched mintmarks: Numerous Mercury dimes exhibit repunched mintmarks, most notably the 1920-D, 1934-D, and 1944-S issues. These varieties often command a premium.
Error coins, such as off-centers, double strikes, and clipped planchets, add further excitement to collecting Mercury dimes. While not as widely pursued as overdates or repunched mintmarks, striking errors can be quite valuable when dramatic and well-preserved.
Building a World-Class Mercury Dime Collection: Expert Tips and Strategies
Whether you‘re a seasoned Mercury dime collector or just starting, here are some expert tips for assembling a set that will be the envy of your numismatic peers:
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Focus on quality over quantity. While completing a 77-piece date and mintmark set is a noble goal, you‘ll derive more satisfaction (and potential profit) from owning a handful of high-grade, visually appealing coins versus a slew of average ones. Aim for pieces graded MS-64 and higher by PCGS or NGC.
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Cherrypick for FB status and eye appeal. Take the time to carefully examine prospective purchases for full bands, vibrant luster, and attractive toning. These attributes can make the difference between an ordinary Mercury dime and an extraordinary one.
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Invest in key dates and rare varieties. While assembling a high-grade set of common dates can be rewarding, the true "stoppers" in a top-tier Mercury dime collection will always be the keys and rare varieties. Prioritize acquisitions like the 1916-D, 1921-D, and 1942/1 to elevate your set‘s prestige.
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Seek CAC-stickered coins. Numismatic experts agree that Mercury dimes approved by Certified Acceptance Corporation (CAC) represent the crème de la crème. While you‘ll pay a premium for these exceptional coins, their enhanced marketability and liquidity often justify the expense.
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Participate in Registry Set competitions. Submitting your Mercury dimes for inclusion in PCGS or NGC Registry Sets can be a fun way to showcase your collection and compete against fellow enthusiasts. The pursuit of top rankings can also provide motivation to upgrade your set over time.
Proof Mercury Dimes: Collecting Tips and Value Guide
In addition to business strikes, the U.S. Mint produced specially prepared Proof Mercury dimes for collectors from 1936-1942. With mintages ranging from 3,905 to 22,329 pieces, these coins are considerably scarcer than their circulation strike counterparts. As such, they command significant premiums, particularly in high grades.
When collecting Proof Mercury dimes, look for coins with deep mirrorlike fields, frosted devices, and minimal imperfections. Cameo contrast is desirable and can add substantially to a coin‘s value. For instance, a 1941 Proof Mercury dime graded PR-68 by PCGS sold for $2,880 in 2021, while a PR-68 Cameo example brought $7,800 the same year.
The following table provides a snapshot of Proof Mercury dime values in high grades:
| Date | PR-65 | PR-66 | PR-67 | PR-68 |
|---|---|---|---|---|
| 1936 | $1,000 | $1,500 | $2,500 | $5,000 |
| 1937 | $600 | $1,000 | $1,750 | $3,500 |
| 1938 | $500 | $800 | $1,500 | $3,000 |
| 1939 | $450 | $700 | $1,250 | $2,500 |
| 1940 | $400 | $600 | $1,000 | $2,000 |
| 1941 | $350 | $500 | $800 | $1,500 |
| 1942 | $450 | $750 | $1,500 | $3,000 |
The Strength of the Market for High-End Mercury Dimes
One of the most exciting aspects of collecting Mercury dimes is the enduring strength of the market for high-end examples. Year after year, top-quality coins from this series achieve impressive results at auction, a trend that shows no signs of abating.
In recent years, some of the most notable Mercury dime sales have included:
- 1919-D MS-67+FB PCGS CAC: $270,250 (Heritage Auctions, 2021)
- 1919-S MS-67+FB PCGS CAC: $182,125 (Heritage Auctions, 2022)
- 1945-S MS-68FB PCGS: $96,000 (Heritage Auctions, 2022)
- 1942/1-D MS-67+FB PCGS CAC: $55,812 (Heritage Auctions, 2021)
These results demonstrate the robust demand for finest known Mercury dimes, particularly those with FB status and CAC approval. As more collectors enter the market and compete for these numismatic masterpieces, there‘s every reason to believe that values will continue to appreciate over time.
Final Thoughts
Mercury dimes offer collectors a fascinating blend of historical significance, artistic beauty, and numismatic challenge. By understanding the factors that drive value, seeking out high-quality examples, and staying abreast of market trends, you can build a collection that will provide endless satisfaction and potential financial upside.
Whether you‘re drawn to the series‘ iconic design, the thrill of the hunt for rare varieties, or the prestige of owning the finest known examples, Mercury dimes are sure to captivate you as they have countless collectors over the decades. With a wealth of knowledge and a discerning eye, you‘ll be well on your way to assembling a truly remarkable set of these classic American coins.
