As a seasoned US coin collecting expert, I'm excited to take you on a journey through the fascinating world of the 1938 Mercury dime. This small silver coin, often overlooked in pocket change, can hold surprising value and historical significance. Let's dive deep into what makes the 1938 Mercury dime special and explore its potential worth in today's numismatic market.
A Brief History of the Mercury Dime
Before we focus on the 1938 issue, it's essential to understand the Mercury dime's place in American coinage:
- Designed by sculptor Adolph A. Weinman in 1916
- Official name: "Winged Liberty Head dime"
- Nicknamed "Mercury dime" due to Liberty's resemblance to the Roman god
- Minted from 1916 to 1945
- Replaced the long-running Barber dime design
The Mercury dime is renowned for its artistic beauty and has long been a favorite among collectors. The 1938 issue represents a late-stage example of this iconic design, produced just seven years before the series concluded.
1938 Mercury Dime: Mintage and Varieties
In 1938, Mercury dimes were struck at three different U.S. Mint facilities:
- Philadelphia (no mint mark): 22,198,728 minted
- Denver (D mint mark): 5,537,000 minted
- San Francisco (S mint mark): 8,090,000 minted
These mintage figures provide our first clue about relative scarcity. The Denver issue, with the lowest mintage, is generally considered the key date for 1938.
Grading the 1938 Mercury Dime
The value of any coin, including the 1938 Mercury dime, is heavily dependent on its condition. Here's a more detailed look at the grading scale:
- Good (G4): Heavily worn but major design elements visible
- Very Good (VG8): Slightly more detail, lettering clear
- Fine (F12): All major details clear, some flattening on high points
- Very Fine (VF20): Moderate wear, all major details clear
- Extremely Fine (XF40): Light wear on high points, some mint luster visible
- About Uncirculated (AU50-58): Slight wear on high points, significant mint luster remains
- Uncirculated (MS60-MS70): No wear from circulation, ranging from imperfect surfaces to pristine gems
The 1938-D Mercury Dime: A Numismatic Highlight
While all 1938 Mercury dimes have value, the Denver mint issue deserves special attention:
- Lowest mintage of the year at 5,537,000
- More scarce in higher grades
- Potential for valuable full band examples
Understanding Full Bands
Full bands refer to the central horizontal bands on the fasces (the bundle of rods) on the reverse of the coin. When these bands are fully separated and clearly defined, the coin may receive a "Full Bands" (FB) designation, significantly increasing its value.
To qualify for the Full Bands designation, a Mercury dime must exhibit:
- Complete separation of the central bands
- Sharp definition of the upper and lower bands
- Clear delineation between all bands
1938 Mercury Dime Value Chart
Here's a comprehensive breakdown of approximate values for 1938 Mercury dimes in various grades:
| Mint Mark | G4 | VG8 | F12 | VF20 | XF40 | AU50 | MS60 | MS65 | MS65FB |
|---|---|---|---|---|---|---|---|---|---|
| No Mint Mark | $3.15 | $3.25 | $3.30 | $3.40 | $3.60 | $3.90 | $10 | $40 | $75 |
| D | $3.15 | $3.20 | $3.22 | $3.25 | $5 | $9 | $18 | $37 | $85 |
| S | $3.15 | $3.20 | $3.22 | $3.25 | $5 | $9 | $20 | $45 | $90 |
Note: These values are approximate and can fluctuate based on market conditions. Prices are in USD as of 2023.
Factors Affecting the Value of 1938 Mercury Dimes
Several factors can influence the value of a 1938 Mercury dime:
- Mint mark
- Condition/grade
- Full Bands designation
- Overall eye appeal
- Toning (natural coloration)
- Strike quality
- Preservation of luster
- Presence of errors or varieties
Record-Breaking 1938 Mercury Dimes
Some 1938 Mercury dimes have achieved remarkable prices at auction:
- 1938 (P) MS68+ FB: Sold for $14,375 in 2006
- 1938-D MS68 FB: Sold for $5,635 in 2006
- 1938-S MS68+ FB: Sold for an astounding $364,250 in 2019
These prices demonstrate the premium placed on exceptional examples, particularly those with the Full Bands designation and superb eye appeal.
Identifying Valuable 1938 Mercury Dimes
To determine if your 1938 Mercury dime might be valuable:
- Check the mint mark on the reverse (near "ONE DIME")
- Assess the overall condition using the grading scale
- Examine the bands on the fasces for full separation
- Look for any signs of damage, cleaning, or environmental damage
- Evaluate the strike quality and overall eye appeal
- Consider professional grading for high-grade specimens
Common Errors and Varieties in 1938 Mercury Dimes
While not known for major errors, some 1938 Mercury dimes exhibit interesting varieties:
- Doubled Die: Look for doubling in the lettering or design elements
- Repunched Mint Mark: Multiple impressions of the D or S mint mark
- Die Cracks: Raised lines on the coin's surface
- Die Breaks: Missing design elements due to die damage
- Clashed Dies: Faint impressions from the opposite die
Collecting Strategies for 1938 Mercury Dimes
For those interested in collecting 1938 Mercury dimes, consider these approaches:
- Mint Set: Acquire one example from each mint
- Grade Set: Collect various grades to show wear progression
- Full Bands Set: Focus on high-grade examples with Full Bands
- Error and Variety Hunt: Search for interesting die varieties and errors
- Toned Set: Collect examples with attractive natural toning
Preservation and Care
To maintain the value of your 1938 Mercury dimes:
- Handle coins by the edges using cotton gloves
- Store in non-reactive holders (avoid PVC)
- Keep away from extreme temperatures and humidity
- Use archival-quality storage materials
- Consider professional conservation for problem coins
- Avoid cleaning or polishing your coins
The Historical Context of the 1938 Mercury Dime
The 1938 Mercury dime was minted during a pivotal time in American history:
- The Great Depression was nearing its end
- Franklin D. Roosevelt's New Deal programs were in full swing
- World War II was on the horizon
- The minimum wage was established at $0.25 per hour
A 1938 Mercury dime had significant purchasing power at the time:
- A loaf of bread cost about $0.09
- A gallon of gas was $0.10
- A movie ticket was $0.25
This historical context adds depth to the coin's significance beyond its numismatic value.
The Legacy of the 1938 Mercury Dime
The 1938 Mercury dime represents more than just its silver content or collectible value. It's a tangible piece of American history, reflecting the artistic achievements in coinage during a challenging era. Each coin tells a story of economic resilience and the enduring spirit of the American people.
Conclusion: Is Your 1938 Mercury Dime a Hidden Treasure?
While most 1938 Mercury dimes are modest in value, the potential for a truly valuable coin exists, particularly among high-grade and Full Bands examples. Whether you're a dedicated collector or simply curious about an old coin, the 1938 Mercury dime offers a fascinating glimpse into numismatic history and the potential for hidden treasure in your pocket change.
Remember, the joy of coin collecting isn't just in monetary value but in the connection to history and the thrill of the hunt. So, take a closer look at those old dimes – you never know what you might discover!
As a final note, always consult with reputable dealers or consider professional grading services like PCGS or NGC for valuable coins. The numismatic market can be complex, and expert opinions can help you make informed decisions about your collection.
Happy collecting, and may you find that elusive 1938 Mercury dime gem!
