Collectors worldwide were captivated when three sisters from Ohio sold a rare dime for an astonishing $506,250. This dime, which once sat unnoticed in a bank vault for decades, is now recognized as one of the most valuable of its kind, due to a small but significant minting error. Here’s a closer look at the fascinating story behind this rare coin and why it garnered such an impressive sum.
A Family Treasure Kept for Security
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The coin was originally purchased by the sisters’ mother and brother in 1978 for $18,200 as a family investment. The family, who owned a dairy farm, saw the coin as a piece of financial security and kept it safely stored in a bank vault for over 40 years. Following the brother’s passing, the sisters inherited the collection, unaware that the dime’s value had appreciated so significantly.
In a recent interview with Newsweek, one of the sisters revealed that she hadn’t even seen the coin until the previous year. The family’s careful preservation of the dime, coupled with its unique rarity, allowed it to stand the test of time, ultimately yielding a substantial return.
Why This 1975 Dime Is So Rare
The 1975 dime that sold for over half a million dollars features a portrait of President Franklin D. Roosevelt and is part of a proof set, meaning it was struck with a higher-quality finish intended for collectors rather than for general circulation. However, this particular coin has a remarkable error: it lacks the “S” mint mark that usually identifies coins produced at the San Francisco Mint. This missing mark is a rare mistake, and only two dimes in the 1975 proof collection have been found without it.
The United States Mint emphasizes the importance of mint marks in ensuring accountability and quality standards. Historically, mint marks were crucial when the U.S. used precious metals like gold and silver for circulating coins, as they identified which facility created each coin. An oversight in this quality control process can make coins exceptionally valuable to collectors, as seen with the sisters’ dime.
The Fascination with Mint Mark Errors
Mint mark errors hold a special place in the world of numismatics, the study and collection of coins. According to Ian Russell, president of GreatCollections, this 1975 “No S” proof dime is among the most exciting coins they’ve auctioned. While GreatCollections has handled iconic pieces like 1913 Liberty Head nickels and 1804 silver dollars, this was their first encounter with the elusive “No S” 1975 dime.
Mint mark errors, especially on proof coins, intrigue collectors because of their rarity. As Russell noted, such coins are “trophy” items that add significant prestige to any collection. Only about 2.8 million 1975 proof dimes were produced by the San Francisco Mint, and the absence of the “S” mint mark on only two of them makes these coins exceptionally valuable.
The Auction and Display of the Rare Dime
Before the October 27 auction, the dime was publicly displayed at a coin show in Tampa, Florida, allowing collectors and enthusiasts to witness this rare piece of history firsthand. The auction, held online, attracted global attention and competitive bidding, ultimately reaching a final sale price of $506,250—more than 25 times the amount paid for it in 1978.
A Golden Lesson for Coin Collectors
The sisters’ experience serves as an inspiring reminder to coin collectors and casual hobbyists alike: sometimes, the true worth of an item can be overlooked for years. With an eye for detail and patience, rare coins can yield considerable value in the right circumstances. Collectors should consider having their collections appraised, as items that seem modest might hold significant historical and financial value.
This Ohio family’s story demonstrates that with careful preservation and a bit of luck, a seemingly ordinary coin can become a priceless treasure.