1870-S Half Dime

In 1870 when a new mint facility was being built in San Francisco for the Granite Lady, as the building was known, there was a plan to place a complete set of 1870 coins struck in San Francisco in the building’s cornerstone. The only problem is that not every denomination was issued that year, including the half dime, quarter, $3 gold coin and silver dollars. Apparently, officials there decided to strike what is believed to be single examples of those coins to add to the others for the cornerstone.

But we know today that decision was not followed to the letter since a dozen examples of the original mintage of 300 1870-S silver dollars are known to exist as well as one example of the 1870-S $3 Indian gold coin but no quarters dated 1870-S. Until 1978 no example of an 1870-S half dime had ever been known to exist other than potentially one in that cornerstone, which to date has never been found.

Half Dime Value

Half dimes, which have a 15.5-millimeter diameter, weight just 1.24 grams and have a melt value of just 67 cents because of an actual silver weight of only 0.0359 ounces) were not widely collected during the many years they were minted.

But today the coins are widely collected, especially those of the Seated Liberty motif that were minted from 1837 to 1873. A type coin runs from $125 in Fine 12 to $350 in XF-40, $800 in MS60 and jumps to $3,250 in MS65 as higher-grade coins were not saved in quantity.

All dates and mint marks are readily available today with the exception of the unique 1870-S half dime of which there are no records of any coins struck for circulation. However, there are records showing that six die pairs for the coin were shipped west from the Philadelphia Mint on December 15, 1869. In addition, the reverse die for this coin was also used on the 1871-S half dime. And the mint mark on the coin is located within the wreath on the obverse, where it had not previously been placed. But on the 1871-S and 1872-S coins it continued to appear there.

Mysterious Origins

We will likely never know the true origins of the one known example of an 1870-S half dime, though it is possible others could surface someday. We also do not know why there are several different, mostly highly unplausible stories about how the coin was found, but they seem designed to mask the real origins of this coin. One holds that a collector found it in a junk box at a coin dealer, but that seems highly unlikely since the known example is a mint state mint.

What is known for sure is that in 1978 a collector brought the coin to a deal in Chicago who immediately knew what it was and purchased the coin, and it was then exhibited at the 1978 American Numismatic Association Convention, where it reportedly attracted attention. After that it was reportedly sold in 1980 to another dealer for $425,000 – a sum arrived at by taking the most recent price an 1804 silver dollar sold for and adding $25,000.

Interestingly, the coin continued to trade hands after that for less than the amount of the 1980 sale, but in 2004 brought $661,250 in an auction. Today PCGS estimates the coin, which is currently graded PCGS MS64, to be worth $2 million. That amount is similar to what the dozen known examples of the 1870-S Seated Liberty silver dollar are worth, but much less than the higher profile, unique 1870-S $3 gold coin – a coin that continues to be shrouded like the 1870-S half dime in a great deal of mystery and intrigue and one that surfaced unexpectedly in 1907. And that coin, which has signs it was probably used in jewelry, only graded XF40.

The relatively low value of the 1870-S half dime, especially during the 1980s and 1990s, raises interesting questions about which uber-rare coins become the most valuable ones. Consider, for example, that all of the most famous American coin rarities like the 1933 $20 gold coin, 1913 Liberty head nickel and 1804 silver dollar are far from unique yet are worth many multiples of what the 1870-S half dime is valued at today, let alone the much lower prices it has sold for in the past.

The main reason for this situation is simply the enormous amount of publicity and media attention that has surrounded the more-well known American coinage rarities combined with the fact that those coins have been known to numismatists for a much longer period than the relative newcomer of the 1870-S half dime.

Another reason suggested by Jeff Garrett and Ron Guth in their book, 100 Greatest U.S. Coins (Whitman, 2019), which has included the coin in every edition of the book and currently rank it as #26 of the top 100 classic American coins, is that the coin is so small. In their view, if the coin were a silver dollar with the same one of one census and backstory it would be much more valuable and more widely known.  

sources:

NGC Coin Explorer

Q. David Bowers, A Guide Book of Liberty Seated Silver Coins (Whitman, 2016)

FAQ

1. What is a half dime? A half dime is a silver coin valued at five cents, produced by the United States Mint from 1794 to 1873. It predates the nickel five-cent coins introduced in 1866.
2. Were half dimes minted in San Francisco? Yes, half dimes were minted in San Francisco, but not every year. The mint marks on coins minted in San Francisco bear an "S."
3. What are the key features of the 1870 Half Dime? The 1870 Half Dime features the Liberty Seated design, which includes an image of Liberty seated on a rock on the obverse and a wreath around the denomination on the reverse.
4. How much is a 1870 Half Dime worth? The value of a 1870 Half Dime can vary widely depending on its condition, ranging from around $20 for coins in good condition to over $1,000 for coins in uncirculated condition (MS-60 or higher).
5. What makes the 1870 Half Dime valuable? Its value is primarily determined by its condition, rarity, and demand among collectors. Coins in higher grades, with sharp details and original luster, are particularly valuable.
6. Are there any known errors or varieties for the 1870 Half Dime? While there are no widely recognized major errors for the 1870 Half Dime, collectors seek out variations in die pairs, strike quality, and minor die variations that can add interest and value.
7. How can I tell if my 1870 Half Dime is genuine? Authenticating a 1870 Half Dime involves examining its weight, dimensions, design details, and edge. Consulting with a professional numismatist or submitting the coin to a reputable grading service can provide verification.
8. What is the historical significance of the 1870 Half Dime? The 1870 Half Dime represents the later years of the Liberty Seated design series, reflecting the artistry and minting techniques of the era. It's part of America's early numismatic history, offering insight into the coinage used during that period.
9. How were half dimes used in the economy during the 1870s? Half dimes circulated alongside other silver coinage as part of everyday transactions. They were important for small purchases, reflecting the economic conditions and monetary practices of the time.
10. Where can I find more information or sell my 1870 Half Dime? For more information or to sell your 1870 Half Dime, consider contacting reputable coin dealers, numismatic societies, or auction houses specializing in historic coins. Online forums and collecting communities can also provide insights and potential buyers.