A remarkably rare dime, showcasing the portrait of President Franklin D. Roosevelt, recently captured the spotlight by selling for an astonishing sum of over $500,000.
This exceptional coin, minted in San Francisco in 1975, was part of a substantial collection of “proof” dimes. Notably, it is one of only two known examples from this collection to exhibit a unique error—a missing “S” mint mark. This omission significantly elevates its status as a coveted collector’s piece.
New owner for the rare dime
Before October came to an end, on the 27th, this extraordinary dime found its new owner through GreatCollections, an esteemed auction house renowned for dealing in valuable currency. The coin was jointly owned by three sisters from Ohio, who decided to sell it, making headlines in the numismatic community.
Ian Russell, the president of GreatCollections, shared his enthusiasm with Newsweek’s Natalie Venegas, stating, “This is a very exciting coin for our company to auction. We’ve handled many trophy coins over the years, including two 1913 nickels and two 1804 silver dollars—but this is the first time for the 1975 ‘no S’ proof dime.”
- Unique Error: Missing “S” mint mark
- Significant Sale: Over $500,000
- Coin Origin: Minted in San Francisco
- Ownership: Three sisters from Ohio
This auction not only highlights the rarity and value of such coins but also underscores the enduring fascination with numismatic treasures.
In 1978, a special coin became a part of a family’s legacy when the three sisters’ mother and brother purchased it for $18,200. Adjusted for inflation, this would be approximately $90,000 today, according to a statement from GreatCollections. After their brother’s passing, the sisters inherited the coin, which had been securely stored in a bank vault for over four decades.
A Legacy and a Safety Net
The family considered this coin as a vital “financial safety net” for their dairy farm, as reported by the Associated Press. One sister recalled how their brother often spoke about the coin, although she hadn’t laid eyes on it until recently.
The Significance of Mint Marks
Mint marks are essential identifiers on coins, indicating their place of production. For instance:
- The Philadelphia branch of the Mint used the letter “P” as their mark.
- The West Point Mint utilizes the letter “W”.
These marks not only specify the origin but also hold the maker accountable for the coin’s quality. According to the United States Mint, during the era when precious metals like gold and silver were used for minting, a commission was responsible for evaluating the metal compositions and quality of coins from each Mint facility. This rigorous evaluation process ensured that every facility adhered to precise specifications.
In the year 1975, the San Francisco Mint crafted a remarkable “proof” set, featuring over 2.8 million coins. Fast forward three years, and collectors stumbled upon an intriguing discovery: two of the dimes from this set were missing the distinctive “S” mint mark. This discovery elevated these coins to the status of a “modern rarity,” as highlighted in the lot listing.
A Rare Discovery
Actually, these two specimens are the only known examples of the 1975 “no S” proof dimes. However, as Russell mentioned to the AP, there’s always the possibility that more exist. In a notable event in 2019, one of these rare coins was auctioned off for an impressive $456,000. A savvy group of buyers, which included the renowned coinage expert Mitch Spivack, quickly turned around and resold it for a staggering $516,000 just five days later.
A Collector’s Dream
Mitch Spivack shared his excitement with Numismatic News in 2019, stating, “It was a great honor for me to own the finest known 1975 ‘no S’ dime, if even for just a few days.” As the proud owner of the unique 1976 “no S” silver Eisenhower dollar for several years, Spivack always aspired to add the elusive 1975 “no S” dime to his collection. He exclaimed it was a dream come true.