ONCE UPON A DIME: LIBERTY BY ANOTHER NAME
A 1916 D Mercury Dime, graded as nearly uncirculated, sold for $4,250 plus the buyer’s premium in October 2020 at Gold Standard Auctions. Image courtesy of Gold Standard Auctions and LiveAuctioneers
Misconceptions can be stubborn things. The Pilgrims didn’t initially land on a rock at Plymouth Harbor. Betsy Ross didn’t sew the first American Flag. The Mercury dime doesn’t feature an image of the Roman god Mercury on its obverse side. Yet these ideas persist, and coin collectors continue to call the early 20th century American 10-cent coin the Mercury Dime. It has become part of the American lexicon.
In actuality, the profile on the dime is a Winged Liberty Head – a woman wearing the Phrygian Cap of Liberty with wings denoting freedom. But the debut of the coin was misunderstood by the press, and it was nicknamed “Mercury” instead.
In 1915, the Mint started the ball rolling to secure a new coin design to replace the Seated Liberty dime that had been in circulation since 1892. After a sponsored design competition failed to produce a suitable winner, a commission was given to sculptor and artist Adolph Weinman, who had created the Walking Liberty Half Dollar and several military campaign medals.
An antique-tone 1916-D Mercury Dime with a PCGS grade of MS-66 sold for $49,000 plus the buyer’s premium in June 2021. Image courtesy of Ira & Larry Goldberg Coins & Collectibles and LiveAuctioneers
Weinman’s vision featured a side profile of the aforementioned Winged Liberty Head on the obverse and a Roman fasces with an olive branch on the reverse to symbolize both war and peace. From its introduction in late 1916 until its run ended in 1945, the Mercury Dime rose to become one of the most popular coins produced in the United States.
As with most types of collectibles, condition is key for coins. But Mercury Dimes usually show more wear than most, because the collar surrounding the outside of the coin was reduced to better interact with coin-operated machines. The higher relief of the leather bands of the fasces on the reverse is key to grading a Mercury Dime. If the bands are crisp and distinct, it is considered a “full strike,” which is something not all mints were able to produce consistently.
Rarities and mistrikes that collectors prize so highly appeared throughout the three-plus decades of the Mercury Dime’s lifespan.
1910s
The Mercury Dime was first issued in October 1916 at the Philadelphia, San Francisco, and Denver Mints. However, the Denver Mint was told to stop production of the Mercury Dime in favor of the Standing Liberty quarter. Denver issued only 264,000 Mercury Dimes in 1916, with most entering circulation before being collected. Production didn’t restart until late 1917 making both years from Denver relatively scarce for the dime in any condition.
1920s
Production for the 1921 Mercury Dime was relatively low, with about 1.2 million in Philadelphia and about a million in Denver. No dimes were issued in 1922 and no 1923 dimes were issued in Denver. If you see a 1923 D Mercury Dime, it’s a counterfeit.
1930s
The Denver Mint did not issue Mercury Dimes in 1930, which means any coins shown as 1930 D are bogus. In 1931, San Francisco and Denver issued relatively few dimes, making the 1931 D and 1931 S desirable to numismatists. In 1932, when America endured the peak of the Great Depression and the song Brother, Can You Spare a Dime? captured the mood of the moment, American mints didn’t issue any dimes at all. The same held true in 1933 – no new dimes were struck.
A 1942/41 Mercury Dime, displaying a (noted by white edge) double-strike error, sold for $4,100 plus the buyer’s premium in July 2021 at 3 Kings Auction. Image courtesy of 3 Kings Auction and LiveAuctioneers
1940s
The rarest Mercury Dimes are the 1942/1941 double-die errors. Both the Philadelphia and Denver Mints suffered this hiccup, produced when a mint planchet overstruck a 1942 dime with a 1941 date, in effect double-striking it. The problem is hard to spot. Usually, magnification is required to see it properly.
The 1945 S series, which was minted in San Francisco, may show a smaller than usual “s” due to using a puncheon intended for coins bound for the Philippines. While the 1945 is one of the most common Mercury Dimes, the quality of the strikes was inconsistent, and the high relief of the fasces on the reverse was more vulnerable to wear. Only about two percent of the dimes display the leather bands as clear, distinct “full-strike” examples, adding extra collectability and value to these dimes.
A 24K gold Mercury Dime, issued in 2016 to commemorate the dime’s centennial, sold for $275 plus the buyer’s premium in January 2021 at Gold Standard Auctions in Dallas. Image courtesy of Professional Coin Grading Service, Wikimedia.org and LiveAuctioneers
2016
In 2016, a commemorative 24K gold Mercury Dime, weighing a little more than three grams, was issued at the West Point Mint in business proof condition to commemorate the 100th anniversary of the first Mercury Dime in 1916. Only 125,000 gold proof coins were issued, and they sold out fast. At auction, the commemorative is usually valued more for its gold content, which is about a tenth of an ounce, than for its mintage.
No coin is immune to counterfeiting, artificial aging, and other forms of doctoring, but collectors of silver coins, the Mercury Dime included, must be wary of an extra hazard: it’s possible to reduce the silver content of a coin.
A lot of 23 Mercury and two Barber Dimes sold at auction for its silver value at $42 plus the buyer’s premium in September 2021 at Lot 14 Auctions. Image courtesy of Lot 14 Auctions and LiveAuctioneers
When mulling the purchase of a 1916 D Mercury Dime, check its date. It should be on a straight line, not canted upward as a counterfeit will be. Also take care to weigh the coin. A genuine Mercury Dime weighs 2.34 grams and has 90% silver content (.07234ozt). A counterfeit will weigh more due to the heavier metal added to replace the silver. Note: Be sure the troy ounce setting of 31.10 is used, not the standard ounce setting of 28.35.
Counterfeiters may also cut away the bands on the fasces on the reverse to create the “full binding” look to increase its grade. Close examination under powerful magnification will easily identify the cuts.
It is always a good idea to have any high-value Mercury Dimes authenticated under magnification, have their weight checked, and have them screened for errors by members of the American Numismatic Association, who you can find at www.money.org.
Collecting Mercury Dimes requires a modicum of due diligence, but it’s worth it. Adolph Weinman’s creation is considered the most beautiful dime design ever struck, and it was immediately popular with the public and coin fans alike. A total of 2.6 billion Mercury Dimes were issued. Assembling a set is both rewarding and fun, and you can often find these coins in online auctions, such as those on LiveAuctioneers.
