A rare 1975 No-S Proof Roosevelt Dime has recently set a new record by selling for $506,250, nearly 30 times its original price paid in 1978. The sale, which took place in a California-based auction, highlights the immense value of rare minting errors and the lasting appeal of coins with significant historical context. This exceptional coin, stored in a bank vault for over four decades, is one of only two known examples of its kind—a coin with a missing “S” mint mark, which sets it apart from other proof dimes from 1975.
What Makes the 1975 No-S Proof Dime So Special?
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The 1975 No-S Proof Roosevelt Dime is unlike any other coin from its era due to the absence of the “S” mint mark. Typically, proof coins minted at the U.S. Mint’s San Francisco facility are stamped with an “S” to identify their origin. However, this particular coin was struck without the “S” mark, making it a rare minting error that has become highly sought after by collectors.
In 1975, the U.S. Mint produced 2.84 million proof sets, yet only two of these sets are known to contain dimes missing the “S” mint mark. This rarity, combined with the coin’s age, has led to its incredible value. According to Ian Russell, the auctioneer behind the sale, the dime had been off collectors’ radars for decades before resurfacing, making it even more valuable.
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The Coin’s Discovery and Early History
The story of the 1975 No-S Proof Dime begins in 1977, when a Los Angeles collector ordered five proof sets by mail. Upon inspecting the coins, the collector noticed that two of the five sets were missing the “S” mint mark. Realizing the rarity of the error, the collector sold the first coin to a dealer and kept the second coin for himself.
At the time, collectors were already familiar with previous proof coin errors, including the 1968 and 1970 No-S Proof Dimes and the 1971 No-S Proof Jefferson Nickel, so the discovery of these two missing mint marks did not go unnoticed. These coins were quickly added to the growing list of valuable minting errors, with collectors eagerly searching for more examples.
A Family’s Long-Term Investment
After changing hands in the late 1970s, the coin found its way to an Ohio collector and his mother. The pair purchased the dime from Chicago dealer F.J. Vollmer in 1978 for $18,200, an investment that would prove to be a prescient one. The coin was stored in a bank vault for over 40 years, awaiting its eventual sale. Despite the years that passed, the owner always regarded the coin as a family asset and believed in its potential to become a rare and valuable collector’s item.
After the owner’s passing, his three sisters inherited the coin, and despite the sentimental value attached to it, they recognized the growing demand for rare coins and decided to sell it. This decision ultimately led to its auction, where it sold for $506,250 in 2024, far surpassing its original purchase price.
The Legacy of the 1975 No-S Proof Dime
The 1975 No-S Proof Roosevelt Dime’s sale not only marked a record-breaking moment in the numismatic world but also underscores the long-term appeal of rare coins. Coins that are mistakenly minted or feature errors can become highly valuable over time, as collectors seek out these unique items. The decision by the original collector to store the coin in a vault for several decades is a testament to the belief in its rarity and future desirability.
The coin’s record-setting sale also highlights the role of patience and foresight in the world of numismatics. As the years passed, the coin’s rarity only increased, making it a coveted prize for coin enthusiasts and collectors alike.
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The Future of Rare Coin Collecting
The 1975 No-S Proof Dime is just one example of how minting errors and unique coins can transform into highly valuable assets. Collectors who are willing to invest in such pieces often see tremendous returns, as seen with this coin’s substantial increase in value over the years.
As more rare coins are discovered, and as enthusiasts continue to seek out the most coveted examples, the world of coin collecting remains an exciting and potentially profitable hobby. The story of the 1975 No-S Proof Roosevelt Dime will undoubtedly inspire future generations of collectors, demonstrating the lasting value of rare and historically significant coins.
Conclusion
The sale of the 1975 No-S Proof Roosevelt Dime is a remarkable reminder of how rare and unique coins can fetch astronomical prices. Whether through careful preservation or sheer luck, the coin’s journey from a simple mistake to a $500,000+ auction item serves as a testament to the thrill and rewards of numismatics.