In the world of numismatics, certain coins transcend their face value, becoming coveted treasures for collectors. One such example is the 1975 Roosevelt dime, which recently fetched over $500,000 at auction due to a rare minting error.
This article delves into the fascinating story behind this dime, exploring its origins, the significance of its missing mint mark, and its remarkable journey from a family heirloom to a record-breaking auction piece.
The 1975 Roosevelt Dime: A Brief Overview
The Roosevelt dime, introduced in 1946, features the likeness of President Franklin D. Roosevelt on its obverse side. By 1975, the U.S. Mint in San Francisco produced over 2.8 million proof sets, each containing a dime with the “S” mint mark indicating its origin.
Proof sets are specially minted coins with a mirror-like finish intended for collectors rather than general circulation.
The Missing Mint Mark: A Rare Minting Error
In a rare oversight, at least two dimes from the 1975 proof sets were struck without the “S” mint mark. This error went unnoticed until collectors discovered it years later, instantly elevating the coin’s rarity and desirability.
The absence of the mint mark transformed an ordinary dime into a numismatic rarity, with only two known examples in existence.
The Ohio Family’s Hidden Treasure
In 1978, a dairy farming family from Ohio purchased one of these rare dimes for $18,200, viewing it as a financial safety net. The coin was stored in a bank vault for over four decades, its value appreciating significantly over time.
Following the passing of the brother who had acquired the coin, his three sisters inherited it, unaware of its current market value.
The Record-Breaking Auction
In October 2024, the sisters consigned the dime to GreatCollections, an auction house specializing in rare coins. The coin garnered significant attention, ultimately selling for $506,250.
This sale set a new record for a modern U.S. coin, underscoring the immense value that rare minting errors can hold in the numismatic community.
Factors Contributing to the Dime’s Value
Several factors contributed to the extraordinary value of this 1975 Roosevelt dime:
- Rarity: With only two known examples, the coin’s scarcity is a primary driver of its high value.
- Condition: The coin’s preservation in a bank vault ensured it remained in pristine condition, a critical factor in numismatic valuation.
- Historical Significance: The minting error represents a unique moment in U.S. Mint history, adding to the coin’s allure.
Key Details of the 1975 No “S” Roosevelt Dime
| Feature | Description |
|---|---|
| Year of Minting | 1975 |
| Mint | San Francisco (intended) |
| Mint Mark | Missing “S” |
| Known Examples | 2 |
| Original Purchase | $18,200 in 1978 |
| Auction Sale Price | $506,250 in 2024 |
| Composition | Copper-Nickel |
| Diameter | 17.91 mm |
| Weight | 2.268 grams |
| Obverse Design | Portrait of Franklin D. Roosevelt |
| Reverse Design | Torch flanked by olive branch and oak branch |
The Impact on the Numismatic Community
The sale of this dime has reignited interest in modern U.S. coins, particularly those with minting errors. Collectors are now more vigilant, examining proof sets and circulation coins for anomalies that could signify hidden treasures. The auction also highlights the importance of proper coin preservation, as the dime’s pristine condition significantly contributed to its record-breaking sale price.
The journey of the 1975 Roosevelt dime from a bank vault in Ohio to a $500,000 auction sale is a testament to the enduring allure of rare coins. It underscores the potential value hidden in everyday objects and the importance of awareness and preservation. For collectors and enthusiasts, this story serves as a reminder of the excitement and rewards that numismatics can offer.
FAQs
What makes the 1975 Roosevelt dime without the “S” mint mark so valuable?
The coin’s value stems from its extreme rarity, with only two known examples, and the unique minting error of the missing “S” mint mark intended for San Francisco-minted proof coins.
How can I identify a 1975 Roosevelt dime with the missing mint mark?
Examine the area above the date on the obverse side of the coin. If the “S” mint mark is absent, and the coin has a proof finish, it may be one of the rare error coins.
Are there other valuable Roosevelt dimes with minting errors?
Yes, other notable errors include the 1968, 1970, and 1983 “No S” proof dimes, each holding significant value due to their rarity.
