A recent online version of one of the nation’s most storied magazines recently showcased an article with the headline, “If You Have One of These Rare Dimes, You’re Sitting on More Than $2 Million.” Along with that was a photograph showing a common 2003 Roosevelt dime. Who could resist such an opportunity?
Having written about collectibles – most often coins, currency and stamps – for longer than I care to admit, I had to learn what fortune awaited in my pocket change. I knew of no modern dime with anywhere near that value. According to price guides, the most valuable Roosevelt dimes from any year came from a special mint strike. Those are now worth a few thousand dollars. So, where is the two-million-dollar coin?
Turns out, it’s not a Roosevelt dime such as those we carry in our pockets. Instead, it is an ultra-rare “Barber” dime (named after the man who designed it) struck in 1894 in San Francisco. When I say “ultra” rare, consider only 24 of the coins were ever created....
According to one account, that year, the San Francisco Mint balance sheet was off by $2.40 cents. To balance it out, 24 dimes were struck. That’s convenient but implausible. The 1894-S dimes in question were all in brilliant “proof” condition. Such strikes don’t roll off a standard coin press. They are very specially made with highly polished dies.
Adding to the conundrum is another story contending all 24 of the dimes ended up in the possession of the San Francisco mint supervisor. Even 130+ years ago, numismatic rarities were clearly recognized. That supervisor is said to have given three of the dimes to his daughter. She, in turn, promptly spent one on ice cream. At least that’s how the story goes. She is said to have kept the other two which she later sold to a collector in the 1950s. (Equally curious is the alleged owner of the aforementioned special-strike Roosevelt dimes. According to one auction firm, they are said to have, “entered the marketplace through the estate of Mint Director Eva Adams” who was the director in the early 1960s. Hmmm. If these tales prove true, there may have been more than a few perks for executives at the mint.
The stories surrounding the 1894-S dimes all makes for great legend. Still, the fact is, the coins are real and do exist. Today, it’s said just nine of those 24 coins have been accounted for. One lies in the collection of the Smithsonian Institution. The others in private hands. And, yes, today a pristine example could fetch upwards of $2 million at auction. So, where are the 15 dimes still unaccounted for?
Quite obviously, silver Barber dimes no longer circulate so no one is going to find one in their pocket change. Nor are any 1894-S varieties likely to be found in an old coin collection. Ever since their minting 131 years ago, collectors have been scouring for them.
Of the 15 missing dimes, assume three or four were lost, an equal number errantly discarded or unknowingly melted for their silver value and even a few circulated to the extent the date or mintmark became unreadable. That means there may be a few hiding in a forgotten yellowed envelope or leather pouch of coins in an old trunk. That’s the stuff that keeps our hopes and curiosity high.
No matter what rare or valuable coins are being sought, one suggestion is something told to my wife when she had to undergo a few medical procedures. Several nurses strongly advised her “NOT to pay attention to Dr. Google.” They were referring to the vast quantities of false advice found online. You just can’t believe all those claims for cures floating on the Internet. The same can be said for the profusion of coin value advice found online.
I’m especially referring to the abundance of come-ons for modern rarities. One example is a quarter minted to celebrate Wisconsin in 2004. A small number of those coins contained an extra leaf on a corn stalk. Some online stories contend the coin is worth $6,000. Not quite. A pristine, brilliant uncirculated version may bring $2,000. However, most dealers pay just $50 to $100 for average quality examples.
As always, the best resource a collector can have is a solid local dealer. They can often spot fakes or point collectors to certification organizations that will clearly identify valuable rarities. It’s definitely worth the time and effort to find one. Again, that’s my million-dollar two-cents worth.
For more collecting stories and advice, log on to: http://prexford.com/.