Mercury Dimes: Everything You Need to Know

Posted by Bullion Shark on Mar 12th 2024

Mercury Dime Value and History

In 1916, U.S. coinage for the first time ever saw the debut of different designs on each of the three key circulating silver coins used for commerce: the dime, quarter and half dollar. And the designs themselves marked an important shift in the art and symbolism of our coinage that is today considered part of the renaissance of American coinage started in 1905 by President Theodore Roosevelt. Learn about Mercury dime Value and History with Bullion Shark!

Most collectors know this is reference to the Mercury dime, Standing Liberty quarter and Walking Liberty half dollar. But to really understand what happened and why it is important, it is necessary to know what has happening in the country and at the Mint at the time.

Coinage Act of 1890 and Mercury Dime

Thanks to the 1890 law that allowed the U.S. Mint to change the design of a coin every 25 years without congressional approval, by 1915 the Barber silver dime, quarter and half dollar that each debuted in 1892 approached the time when they could be changed the following year.

When this was brought to the attention of Treasury secretary William G. McAdoo, who had presidential ambitions and happened to be the father-in-law of President Woodrow Wilson, he decided to work to persuade Wilson to undertake a redesign of our minor silver coinage. The two men agreed their goals would be to create coins of high artistic quality and coins whose designs would send the message that if America needed to go to war, which appeared increasingly likely at the time, it was ready to do so.

In addition, the Mint Director of the time, Robert Woolley, apparently misunderstood the 1890 coinage law as requiring that designs be changed every quarter century rather than simply being an option.

Secretary McAdoo, who had the legal authority to select the designs, as do all Treasury secretaries, invited a very select group of artists to submit designs for the new coins. While the instructions given to the artists have not been made public, it is likely they were asked to create designs that met the goals he and Wilson agreed on.

German-born sculptor Adolph Weinman, who had emigrated to the U.S. at age 10 to live with a relative and later worked for famed sculptor Augustus Saint-Gaudens, was notified in February 1916 his designs for the dime and half dollar had been accepted and got to work on creating plaster models. That process took much of 1916 because of changes needed to make the coins work in vending machines and because of obstacles that Chief Engraver Charles Barber created in part because he was unhappy the three silver coins he designed were about to cease production and that the designs he prepared for the new coins had been rejected.

Mercury Dime New Design

Weinman’s widely admired design for the dime was inspired by a bust he had prepared of Elsie Stevens, the wife of his neighbor Wallace Stevens. The obverse features a left-facing profile of a youthful Lady Liberty wearing a winged cap or pileus, which the artist explained was intended to symbolize “liberty of thought.” But some people mistakenly thought the design was of the winged god Mercury, which is why the coin was almost immediately known as a Mercury dime. Most numismatists prefer the more accurate term of Winged Liberty or Winged Liberty Head dime, but the Mercury name stuck.

The reverse shows “a design of the bundle of rods, with battle-ax, known as a Fasces, and symbolic of unity, wherein lies the Nation’s strength. Surrounding the fasces is a full-fledged branch of live, symbolic of peace,” according to the 1916 Mint Report. The side of the design has also been misinterpreted as being a Fascist symbol, which it was not.

The new dimes began circulating in October, but that year coinage demand was low. By 1917 when the U.S. entered the war against Germany, demand spiked greatly since war materials needed to be made, which meant a larger work force that needed coinage. With the war over by 1918 demand again lulled but was stronger in 1919-1920 before dropping in 1921, and no dimes were issued in 1922. At this time, the Mint was focused on the last Morgan dollars and first two Peace dollars in 1921 and 1922.

The Great Depression saw coinage demand decline dramatically in 1929-1930 with 1931 being a low mintage year, and no dimes issued in 1932 or 1933. Then from 1934 to the series’ end in 1945 production ramped back up, and coins from those years are readily obtainable, especially those from 1941-1945, even in mint state and are a popular subset of the series.

This series became one of the most widely collected ones by the 1930s and remains very popular with collectors today.

The melt value of a Mercury dime is currently $2.0349, but even common dates are worth at least $3-4 in circulated condition and $8-10 in lower mint state. They can be purchased in rolls of circulated condition or better grade coins.

1916-D Mercury Dime

This coin is the undisputed king of the series. In 1916 coinage demand was low, and the new dime was issued toward the end of the year, which means they did not even show up often in change until 1917. However, it was saved by collectors to a certain degree as the first year of issue, and it has been in demand since the 1930s when collecting by mintmark expanded as coin folders came into use. But the mintage of coins struck at Denver was the lowest for the series at 264,000, and today this coin in any grade is expensive.

Even in lower circulated grades like Fine 12, it is worth $2,500, while an MS60 is $12,000 and $39,000 in MS66. And with the elusive Full Bands, a top-graded MS67 FB is worth $155,000!

1941 Mercury Dime

1941 dimes are among the most common of this type. The year is mainly of interest to collectors because of the 1942/41 overdates made at the Philadelphia and Denver Mints. They were created when some of the dies for coinage late in 1941 accidentally got mixed in with those for 1942 coins.

Up to MS60, both overdates command about the same prices of around $400 for the lowest circulated grades to $3,000 in MS60, but in the higher mint state grades with FB the Philly coin is more valuable, reaching $85,000 in MS66FB. But the highest grade and most valuable example is the one Denver coin graded PCGS MS67FB worth $120,000!

1945 Mercury Dime

The final year of the series is also common and makes a good one for type set since it can be bought in nice mint state for a reasonable amount except for coins with Full Bands -- with the 1945 dimes struck at the Philadelphia Mint being the scarcest issue of the series in that condition with only 128 coins total graded by PCGS! The one MS67+FB is worth over $100,000! Even in MS60FB they are worth $1500, then $6,500 in MS63FB and $16,000 in MS65FB.

FAQ

What factors influence the value of a Mercury dime?

The value of a Mercury dime is influenced by several factors, including its year of minting, mint mark, overall condition (or grade), and rarity. Key dates and mint marks can significantly increase a dime's value, especially for those from low mintage years or with less common mint marks (such as the 1916-D). The condition of the coin is crucial, with higher grades (e.g., uncirculated or proof) commanding higher prices. Additionally, any unique errors or varieties can also increase a dime's value.

What is the most valuable Mercury dime?

The most valuable Mercury dime is the 1916-D, known for its extremely low mintage of just 264,000 pieces. This dime can fetch tens of thousands of dollars in higher grades. Other valuable Mercury dimes include those with full bands (FB) on the fasces, indicating a well-struck coin, particularly in higher grades.

How much is a common Mercury dime worth?

Common Mercury dimes, especially those minted in the later years with higher production numbers, typically have a value based on their silver content, often referred to as their melt value. However, even common Mercury dimes in uncirculated condition or with full bands can be worth more to collectors. Generally, a common Mercury dime in circulated condition might be worth $2 to $4, depending on the current silver prices.

How can I determine if my Mercury dime has full bands?

To determine if your Mercury dime has full bands (FB), you need to examine the fasces (the central design element on the reverse of the coin) under magnification. A Mercury dime is considered to have full bands if the horizontal bands holding together the rods of the fasces are fully separated and distinct without any merging. Coins with this detail are usually of a higher strike quality and are more sought after by collectors.

What should I do if I find a Mercury dime?

If you find a Mercury dime, the first step is to assess its year and mint mark, located on the reverse side of the coin near the bottom. Next, evaluate the coin's condition as best as you can, looking for signs of wear and checking if it might have full bands. For a more precise valuation or if you believe the dime is of significant value, consider consulting a reputable coin dealer or submitting it to a professional grading service like PCGS or NGC for authentication and grading.

How do I care for and store my Mercury dime collection?

To care for and store your Mercury dime collection, use acid-free holders, tubes, or albums designed specifically for coin storage. This protects the coins from environmental damage, handling, and potential chemical reactions that can tarnish or corrode the metal. Store your collection in a cool, dry place to prevent damage from humidity. Avoid cleaning your coins, as this can diminish their numismatic value.

What specific design elements on the Mercury dime symbolize America's readiness for war, as mentioned in the goals set by McAdoo and Wilson?

The specific design elements on the Mercury dime that symbolize America's readiness for war, as outlined by McAdoo and Wilson, include the fasces on the reverse side of the coin. The fasces, a bundle of rods with a protruding axe blade, is an ancient Roman symbol of authority and strength. In the context of the Mercury dime, it represents unity and the nation's strength, embodying the idea that America was prepared and united in the face of potential conflict. This symbolism was particularly poignant given the increasing tensions in Europe that eventually led to World War I. The inclusion of the olive branch alongside the fasces further nuanced the message by symbolizing America's desire for peace but readiness for war if necessary.

How did the public initially react to the new Mercury dime design, and were there any controversies or widespread misconceptions upon its release?

Upon its release, the new Mercury dime design received a mix of admiration for its artistic merit and confusion over its symbolism. While many appreciated Adolph Weinman's skillful depiction of Liberty and recognized the design as a significant improvement over previous coinage in terms of aesthetic appeal, some members of the public mistakenly believed the figure on the obverse was the Roman god Mercury, due to the winged cap. This misconception arose despite Weinman's intention for the cap to symbolize freedom of thought. There were no significant controversies surrounding the coin's release, but the misidentification of Liberty as Mercury highlights how public interpretation of artistic symbols can diverge from the artist's intent. The coin quickly became popular among collectors and the general public, cementing its place in American numismatics.

Are there any notable collections or famous collectors known for their Mercury dimes, and what makes their collections stand out?

Mercury dime series has attracted the attention of many prominent numismatists and has been a cornerstone of some of the most prestigious coin collections in the United States. One standout aspect of collecting Mercury dimes involves striving for "full bands" (FB) designation on the reverse fasces, which indicates a well-struck coin where the horizontal bands on the fasces are fully detailed and separated. Collections that feature a significant number of FB Mercury dimes, especially in higher grades, are particularly admired for their rarity and beauty. Additionally, collectors who possess the elusive 1916-D Mercury dime in high grades or with the full bands designation are often held in high esteem within the numismatic community. These collectors and their collections stand out due to the challenge of assembling a complete set of Mercury dimes in exceptional condition, showcasing the dedication and passion that drive coin collecting.