Mercury dimes — officially the Winged Liberty Head dime, struck from 1916 through 1945 — range from $5.61 at silver melt to $364,250 at auction, depending entirely on date, mintmark, and strike quality. This guide covers every key date and Full Bands premium, the three coins that must never be purchased raw (the 1916-D and both 1942/1 overdates), and the realistic dollar range any owner can expect when selling inherited or found examples. Values reflect PCGS, NGC, Heritage Auctions, and Stack's Bowers data as of mid-2026.
Most Mercury dimes from 1934 through 1945 in circulated condition are worth $6–$15 — essentially their silver content plus a modest premium. The series has three genuine price-breakers. The 1916-D (264,000 mintage) starts at roughly $1,550 in Good-4 and reaches $87,500 in Gem Uncirculated with Full Bands. The 1921 and 1921-D semi-keys — mintages of 1,230,000 and 1,080,000 — run $60–$4,300 depending on condition. And the two overdate varieties, the 1942/1 and 1942/1-D, command $250 in low circulated grades and up to $120,000 for the finest certified Uncirculated Full Bands examples. The all-time Mercury dime auction record is $364,250, paid in June 2019 at Legend Rare Coin Auctions for a 1938-S in MS-68+ Full Bands — a condition rarity, not a low-mintage key.
For typical owners who found Mercury dimes in an inherited coin jar or estate box, the realistic outcome is silver melt value plus a small premium on common dates, or a significant payday if you happen to have a 1916 with a 'D' mintmark or a 1942 whose date shows an underlying '1.' The Full Bands strike designation can multiply a coin's value by 2× to over 100× compared to a non-FB example of the same date. Before you sell anything, visit Coins-Value.com for the most current independent value reference — date, mintmark, and grade all matter enormously here.
Reference Values
Values below are drawn from the PCGS Price Guide (as reflected through PCGS CoinFacts), the NGC Price Guide, APMEX retail estimates, and recent Heritage Auctions and Stack's Bowers realized prices. All figures are USD retail for problem-free, third-party-certified examples. Wholesale (Greysheet dealer-to-dealer) runs 20–40% below these figures. The FB (Full Bands) column reflects the premium for complete, uninterrupted separation of the two central horizontal bands on the reverse fasces — a strike-quality designation awarded by PCGS at MS-60 or higher (with AU-50 exceptions for the 1916-D and both overdates). Silver-melt floor at $77.54/oz (May 18, 2026, Fortune) is approximately $5.61 per coin.
| Date / Variety | G-4 | F-12 | XF-40 | MS-63 | MS-65 | MS-65 FB |
|---|---|---|---|---|---|---|
| 1916-D | $1,550 | ~$3,000 | $8,500 | $13,500–$17,000 | $27,500 | $87,500 |
| 1942/1 (Philadelphia) FS-101 | $250 | $400–$550 | $1,200 | $4,500 | $10,000–$15,000 | $35,000+ (record $120,000 MS-66 FB, Heritage 1/3/2018) |
| 1942/1-D (Denver) FS-101 | $412 avg | $550 | $1,000 | $5,000 | $10,000+ | $25,000+ (record $73,437.50, Legend 5/16/2019; 2024 high $40,800, Heritage) |
| 1919-D | $15–$60 | $80 | $200 | $1,200 | $4,000+ | $150,000+ (record $156,000 MS-66 FB, Heritage FUN 2019) |
| 1938-S | ~$5 | ~$8 | ~$20 | ~$40 | ~$80 | record $364,250 MS-68+ FB (Legend Regency 33, 6/27/2019) |
| 1919-S | $10 | $40 | $150 | $900 | $3,500 | $50,000+ (record $132,000 MS-66 FB, Heritage CSNS May 2024) |
| 1918-S | $8 | $15 | $35 | $400 | $1,500 | $10,000+ (record $144,000 MS-67 FB, Heritage FUN January 2019) |
| 1918-D | $8–$15 | $20 | $40 | $400 | $1,000+ | $10,000+ (record $182,125 MS-67 FB, Legend 2015) |
| 1921-D | $100 | $325 | $925 | $2,200 | $3,000–$4,300 | $5,200–$5,500 |
| 1921 (P) | $60 | $175 | $425 | $1,800 | $2,100–$3,000 | $4,350 |
| 1926-S | $13–$25 | $50 | $250 | $1,500 | $3,000 | $6,500 (record $54,625 MS-67 FB) |
| 1927-S | $4 | $12 | $40 | $700 | $1,400 | $30,000+ |
| 1927-D | $5 | $15 | $50 | $700 | $1,800 | $25,000+ |
| 1925-D | $5 | $20 | $80 | $800 | $1,800 | insufficient data |
| 1939 DDO FS-101 | $50 (circ) | $75 | $150 | $450 | $750+ | $1,706 retail (record $12,650 MS-68) |
| 1928-S Large S FS-501 | ~$5 | ~$10 | ~$30 | ~$200 | ~$500 | ~$1,770 (MS-67 per PCGS CoinFacts) |
| 1931-D | $13 | $21 | $44 | $148–$198 | $363 | ~$1,000 |
| 1931-S | $10 | $12 | $35 | $165 | $341 | ~$1,200–$1,500 |
| 1945-S Micro S | $5 | $8 | $25 | $115 | $176 (CAC, GreatCollections 8/2024) | $1,800+ (record $25,850 MS-68 FB) |
| 1945 (P) — common date | $3 melt+ | $4 | $6 | $30 | $30 | $10,000+ |
| 1916 (P) — common first-year | $8 | $18 | $60 | $115 | $125 | $550 |
| Common date 1934–1945 (circulated) | $6–$10 | $8–$12 | $10–$18 | $20–$35 | $25–$50 | $100–$300 (typical; exceptions exist) |
Cells marked 'insufficient data' reflect grades where no reliable, recent certified-coin sale was located in the consulted sources within the research window. Common 1934–1945 dates in circulated grades trade at $6–$15 — essentially silver melt plus a modest premium — and grading certification is rarely economically justified for those coins. For complete grade-by-grade pricing on every Mercury dime date and variety, Coins-Value.com's Mercury dime reference is the most current independent source.
Historical Context
The Mercury dime was born from a 1916 design competition organized by Mint Director Robert W. Woolley, who took advantage of the Mint Act of 1890's provision allowing redesign of any coin after 25 years. Woolley invited three outside sculptors to submit designs for the dime, quarter, and half dollar simultaneously; German-American sculptor Adolph Alexander Weinman — a former student of Augustus Saint-Gaudens — won both the dime and the half dollar commissions, while Hermon A. MacNeil received the quarter. Weinman's design replaced Charles E. Barber's long-running Liberty Head (Barber) dime.
Although the coin was officially named the Winged Liberty Head dime, the American public almost immediately nicknamed it the 'Mercury dime' because the winged Phrygian cap atop Liberty's head resembled the petasos worn by the Roman messenger god. Weinman intended the wings to symbolize 'liberty of thought,' and the fasces on the reverse — a bundle of rods and an axe representing unity and authority — carried its own classical weight. The model for Liberty's portrait is widely believed to have been Elsie Stevens, wife of poet Wallace Stevens, though Weinman never publicly confirmed the identification.
Specifications remained essentially unchanged for the series' 29-year run: 90% silver, 10% copper; diameter 17.9 mm; weight 2.50 grams; silver content 0.07234 troy ounces per coin. The mintmark, where present, appears on the reverse to the left of the fasces base — Denver coins carry a 'D,' San Francisco coins carry an 'S,' and Philadelphia coins carry no mintmark. Three years saw zero dime production: 1922 (adequate stocks remained from 1921), and 1932 and 1933 (the Great Depression collapsed demand for new coinage entirely). Total business-strike production across the 29-year series was 2,677,153,880 coins, per Stack's Bowers citing Mint Director Nellie Tayloe Ross.
The Mercury dime's historical arc is inseparable from its numismatic character. The low-mintage 1921 and 1921-D issues reflect the post-World War I recession and the diversion of silver to Morgan dollar production under the Pittman Act. The absent 1932 and 1933 dates are a direct scar of the Depression. The wartime 1942/1 and 1942/1-D overdates resulted from the chaos of switching die hubs simultaneously under production pressure. And the series' final year, 1945, ended with the atomic bombings and the Japanese surrender — the same year the U.S. Mint struck its highest-volume single-year dime run of the entire series (231,410,000 at Philadelphia alone in 1944, the series record). Collectors have carried that history in albums ever since.
The Key Dates
The Mercury dime's value hierarchy has three layers: absolute mintage scarcity (1916-D, 1921, 1921-D, 1926-S), overdate varieties (1942/1, 1942/1-D), and Full Bands condition rarities where a common-mintage date becomes extremely scarce with a fully struck reverse (1919-D, 1938-S, 1945-P). Mintage figures are verified against PCGS CoinFacts. Retail values reflect the PCGS Price Guide, NGC Price Guide, and APMEX as of approximately May 2025, with a silver-melt floor of ~$5.61 at $77.54/oz (Fortune, May 18, 2026). Wholesale (Greysheet dealer-to-dealer) runs 20–40% below retail.
The 1916-D Mercury dime is the coin every collector in the series wants and fears in equal measure. Its mintage of 264,000 made it the rarest regular-issue Mercury dime from the moment the Denver Mint struck it in late 1916 alongside the more common Philadelphia (22.18 million) and San Francisco (10.45 million) issues. Most examples circulated heavily; PCGS estimates that roughly 10,000 survive across all grades, with Fine-to-XF examples representing the bulk of the certified population. In Good-4, the coin retails around $1,550; in MS-65 with Full Bands, it reaches $87,500.
Authentication is non-negotiable for this date. NGC ranks the 1916-D as #2 on its 'Top 50 Most Commonly Counterfeited U.S. Coins' list, directly behind the 1909-S VDB Lincoln cent. The most common fake is an ordinary 1916 Philadelphia dime (no mintmark) with a 'D' engraved or pressed onto the reverse. Die-struck counterfeits also exist. The D. Brent Pogue Collection Part VII example — PCGS MS-67+ FB — sold for $204,000 at Stack's Bowers in March 2020. Never purchase a raw 1916-D at any grade.
The 1921 Philadelphia dime is one of only two Mercury dimes with a mintage below 1.5 million from Philadelphia. The post-World War I recession sharply reduced coinage demand, and silver was diverted to Morgan dollar production under the Pittman Act. A hoard of approximately 600 examples — the New York Subway Hoard — was documented by Numismatic News, which mildly softens the scarcity story in lower Mint State. Good-4 examples retail around $60; MS-65 runs $2,100–$3,000; MS-65 FB is approximately $4,350.
The 1921-D is the second-rarest Mercury dime by raw mintage and the more valuable of the two 1921 issues in most grades. San Francisco struck no dimes in 1921, so the entire year's coinage came from Philadelphia and Denver. Many 1921-D examples show a distinctive die crack on the obverse — 'Scarface' coins, as collectors informally call them, carry a cheek-area die scratch. Good-4 retails around $100; MS-65 runs $3,000–$4,300; MS-65 FB is approximately $5,200–$5,500 per Numismatic News and PCGS.
The all-time auction record for the date — $50,400 for a Heritage PCGS MS-66+ FB CAC at the January 2019 FUN convention — remains the benchmark for finest-known competition. A non-FB Mint State example with the obverse die crack sold for $2,340 at Heritage in January 2022, illustrating how dramatically the FB designation moves value on this date.
During autumn 1941, dies for 1941 and 1942 dimes were being hubbed simultaneously at Philadelphia. At least one working die received a first impression from the 1941 hub and a second from the 1942 hub. The result is unmistakable: a bold '1' visible to the left of the '2' and at the base of the '2,' a notched '4' with secondary serif, and doubling on 'IN GOD WE TRUST' and the 'Y' in LIBERTY. A diagonal die polish line runs from the crossbar of the '4' to the rim on genuine specimens.
PCGS estimates approximately 3,600 examples survive across all grades. Most examples are circulated because the variety was identified in March 1943 and pulled from commerce. Good-to-Fine examples retail $250–$400; XF-40 is approximately $1,200; MS-65 FB is $10,000–$15,000. The all-time record remains $120,000 for an MS-66 FB at Heritage Auctions' January 3, 2018 FUN sale — still the series record for this variety as of May 2026. Authentication is mandatory: tooled fakes and cast copies both exist.
The Denver counterpart to the Philadelphia 1942/1 resulted from the same autumn 1941 hub-doubling event, but the die sent to Denver shows a subtler underdigit — the '1' appears as a spur beneath the '2,' and the '4' notch is less pronounced than on the Philadelphia die. Five-to-ten-power magnification is typically required for confident identification. Good-to-Fine examples retail $350–$550; XF-40 is approximately $700–$1,000; MS-65 FB is $10,000+.
The all-time record is $73,437.50 for a PCGS MS-66+ FB at Legend Rare Coin Auctions in May 2019. The most significant post-2020 sale is an MS-66 FB that brought $40,800 at Heritage Auctions on May 12, 2024. As with the Philadelphia overdate, purchase only in a certified holder — tooled fakes and cast tokens (some openly sold on secondary markets) exist for this date.
By raw mintage the 1919-D looks ordinary. In Full Bands Mint State, it is arguably the rarest coin in the Mercury series. PCGS reports no MS-67 or better examples certified with the FB designation — an extraordinary statement for a 30-cent circulated coin. The combination of early branch-mint strike weakness and heavy circulation means virtually no examples survived with fully separated center bands. The all-time auction record of $156,000 for an MS-66 FB at Heritage Auctions' January 2019 FUN convention (ex-Charles McNutt Collection) defines the ceiling. In circulated grades the coin is nearly as affordable as a common date: Good-4 runs $15–$60, XF-40 approximately $200.
Like its Denver counterpart, the 1919-S Mercury dime circulated in enormous numbers and suffered from characteristic early branch-mint strike weakness, leaving the center bands of the fasces poorly defined on most examples. In circulated grades it is affordable: Good-4 around $10, XF-40 approximately $150. In full-strike Mint State, it is extremely scarce. The most recent major sale — $132,000 for a PCGS MS-66 FB at Heritage Auctions' CSNS convention in May 2024 — ranks it with the 1919-D as one of the highest-priced condition rarities in the series despite its modest circulated price.
The 1918-D illustrates how misleading mintage can be as a value guide. With 22.67 million struck, it is not scarce in absolute terms — circulated examples trade at $8–$40. But rampant strike weakness across the 1918 Denver production left almost no coins with fully separated center bands. PCGS MS-66 examples without FB sell around $1,000; with FB the same date in the same grade climbs well past $10,000. The dossier-cited record is $182,125 for an MS-67 FB at Legend Rare Coin Auctions in 2015, a sale that remains a reference point for the date's ceiling.
The 1918-S follows the same pattern as its Denver counterpart: common in circulated grades (Good-4 around $8, XF-40 approximately $35) but almost nonexistent in properly struck Mint State. The auction record — $144,000 for a PCGS MS-67 FB at Heritage Auctions' January 2019 FUN convention — established the San Francisco version as nearly as scarce with Full Bands as the Denver. MS-65 without FB retails around $1,500; MS-65 FB is $10,000 or more.
The 1926-S is routinely underappreciated because it sits in the shadow of the 1921 and 1921-D. Its mintage of 1.52 million is the fourth-lowest in the series, but unlike the 1921s — which were partially rescued by hoarders — the 1926-S circulated in the western states without significant collector attention. In MS-65 FB, approximately 17 NGC and 26 PCGS examples had been certified as of the dossier's research window (Numismatic News), making it one of the most condition-rare coins in the series at that tier. Good-4 runs $13–$25; MS-65 is approximately $3,000; MS-65 FB is approximately $6,500 with a record of $54,625 in MS-67 FB.
The 1938-S Mercury dime is the defining example of a condition rarity: a coin whose mintage and circulated value give no warning of what top-grade examples are worth. In Good-4 to XF-40, the coin is a $5–$20 purchase. At the absolute summit — MS-68(+) Full Bands — a PCGS-certified example sold for $364,250 at Legend Rare Coin Auctions' Regency 33 sale in Las Vegas on June 27, 2019, making it the highest Mercury dime sale on record. The cause is a late-series master hub that was worn enough by 1938 to make fully struck San Francisco reverses essentially nonexistent.
The 1927-D is one of several mid-series Denver dates that PCGS specifically flags as tougher than collectors expect in circulated and Mint State grades alike. Circulated examples are modest: Good-4 around $5, XF-40 approximately $50. In full-strike Mint State, no PCGS MS-67 example has been certified as of the dossier's research window. MS-65 without FB retails around $1,800; MS-65 FB commands $25,000 or more given the very thin certified population.
The 1927-S parallels the 1927-D: common in circulated grades (Good-4 around $4, XF-40 approximately $40), rare with a fully struck reverse. MS-65 non-FB retails around $1,400. MS-65 FB commands $30,000 or more — a figure driven by the thin certified population, not collector awareness. PCGS specifically flags this date as harder than its mintage suggests in mid-circulated grades as well.
The 1945 Philadelphia dime is among the most plentiful Mercury dimes in existence — 159.13 million were struck and millions survive in circulated grades worth $4–$6 each. What makes the 1945-P remarkable is that the master hub used to produce working dies by 1945 was worn enough that virtually none of the high-volume Philadelphia production exhibits fully separated center bands. MS-65 without FB trades around $30; MS-65 FB is $10,000 or more. The '1945-P MS-67 FB at $96,000' figure circulating in some price guides is a misattribution — that $96,000 sale was a 1916-D, per CoinWeek. The genuine 1945-P MS-65 FB price requires PCGS Auction Prices confirmation at the top end.
The 1945-S Micro S is the entry-level Mercury dime variety — identifiable, collectible, and still reasonably priced in most grades. It uses a smaller, sharper-serif 'S' punch that differs clearly from the bulbous regular 'S' used on most 1945-S coins. Researcher David Lange noted in his *Complete Guide to Mercury Dimes* that this punch was used only on 1945 dimes; some research suggests a possible Philippine coinage origin. An MS-65 CAC example sold for $176.61 at GreatCollections on August 11, 2024; the auction record is $25,850 in MS-68 FB.
The 1939 Doubled Die Obverse is the most distinct doubled die in the mid-series Mercury run. The doubling is Class V pivoted-hub, strongest on 'TRUST' in the motto 'IN GOD WE TRUST,' with secondary spread visible on other motto letters. Circulated examples trade at $50–$150; MS-65 is approximately $750+; the auction record is $12,650 in MS-68. Machine Doubling (flat, shelf-like, subtractive from letter width) is extremely common on Mercury dimes and has zero numismatic value; genuine hub doubling shows rounded, full-relief secondary impressions that add to letter width, not subtract from it.
The 1931-D has the third-lowest Denver mintage in the series. It sounds like a key date, and dealers sometimes price it that way — but it was heavily saved by Depression-era hoarders and 1960s roll collectors. APMEX shows MS-65 at approximately $363, MS-67 at approximately $1,018. In Good-4 it starts at $13. These are not key-date prices. The 1931-D is an interesting date and a worthwhile addition to a set, but it should not be purchased at key-date premiums.
The 1931-S shares the 1931-D's story: low mintage, heavy saving, modest actual market value. APMEX shows MS-65 at approximately $341, MS-67 at approximately $935. The San Francisco version shows slightly weaker strikes on average than the Denver issue. Like the 1931-D, it is a genuine low-mintage date that's not a genuine rarity in practice — survival is high relative to the coins struck.
The first-year San Francisco issue is not a key date in circulated grades — Good-4 is around $9, XF-40 around $30. In Gem Uncirculated grades, soft strikes are frequent enough to make MS-65 examples ($210) and especially MS-65 FB ($800) more interesting than a common late-date issue. PCGS flags the 1916-S as one of the branch-mint dates that proves tougher in mid-circulated grades than its mintage implies.
The 1928-S Large S variety uses a noticeably larger 'S' mintmark punch than the standard 1928-S. PCGS CoinFacts prices the MS-67 example at approximately $1,770 retail. It is one of the more straightforward Mercury dime varieties to identify under magnification by directly comparing the mintmark profile to a standard 1928-S example. Attribution through NGC VarietyPlus or the *Cherrypickers' Guide* (FS-501) is the collector standard.
A handful of Mercury dimes carry low mintages and Depression-era stories that attract retail premiums far beyond what the actual market supports. Honest framing serves buyers better than repeating overhyped copy.
Photograph the obverse and reverse of each Mercury dime with the Assay app (iOS and Android). The AI scan returns a structured identification with per-field confidence labels — high, medium, or low — for series, year, mintmark, and condition bucket. On a borderline mint-mark read (exactly the scenario that matters most for a potential 1916-D), Assay shows you a Yes/No confirmation question rather than presenting a guess as a fact. After identification, the app delivers a Keep / Sell / Grade verdict based on the coin's value range, with counterfeit risk alerts and coin-specific authentication tips — so if the scan suggests a possible 1916-D or 1942/1, you see the exact diagnostic steps before you touch the coin again.
Assay covers 20,000+ US and Canadian coins, including the full Mercury dime series across all three mints and recognized varieties. Condition is returned in four plain-language buckets — Well Worn, Lightly Worn, Almost New, and Mint Condition — each with a Low / Typical / High price range. A 7-day free trial unlocks all features; after that it's $9.99/month or $59.99/year. Manual Lookup (cascade selector, fully offline) is permanently free and returns the same valuation screen as the AI scan.
Errors and Varieties
Mercury dimes were struck across three mints for 29 years with hand-punched mintmarks and manually hubbed dies — conditions that produced a rich variety landscape. Two overdates (1942/1 and 1942/1-D) are the headline varieties; below them sit a recognized population of doubled dies, repunched mintmarks, mintmark punch varieties, and off-metal strikes. Authentication matters for any error or variety worth more than $100: tooled fakes, machine doubling misidentified as hub doubling, and cast tokens are all documented problems in this series.
During autumn 1941, at least one working die at Philadelphia received a first impression from the 1941 hub and a second from the 1942 hub — a Class III (Design Hub) doubling in the Wexler/Fivaz-Stanton classification. The result is immediately visible to the naked eye or under modest magnification: a bold '1' to the left of and beneath the '2,' a notched '4' with secondary serif, and doubling on 'IN GOD WE TRUST' and the 'Y' of LIBERTY. A diagonal die polish line running from the crossbar of the '4' to the rim is present on genuine specimens.
PCGS estimates approximately 3,600 survive across all grades. The all-time record — $120,000 for an MS-66 FB at Heritage Auctions' January 3, 2018 FUN sale (Lot 4809) — remains the series record for the variety as of May 2026. Two fake categories dominate: tooled common-1942 coins (where features are engraved into the surface rather than raised from it) and cast tokens sold openly on secondary marketplaces. Purchase only in PCGS, NGC, ANACS, or CACG holders.
The Denver overdate shares its origin with the Philadelphia 1942/1: the same autumn 1941 dual-hub impression event, with one affected die shipped to Denver. The diagnostic features are subtler — the '1' appears as a spur beneath the '2' rather than the bold underdigit visible on the Philadelphia version, and the '4' notch is less pronounced. The discovery of this variety came later than the Philadelphia version, identified in a November 1960 letter to the editor of *Numismatic Scrapbook*.
Five-to-ten-power magnification is necessary for confident identification below XF-40. The all-time record is $73,437.50 for a PCGS MS-66+ FB at Legend Rare Coin Auctions in May 2019; the most significant post-2020 result is $40,800 for a PCGS MS-66 FB at Heritage Auctions on May 12, 2024. Authentication requirements are identical to the Philadelphia version: buy only certified.
The most visually distinct doubled die in the mid-series Mercury run. The Class V pivoted-hub doubling is strongest on 'TRUST' in the motto 'IN GOD WE TRUST,' with secondary spread on adjacent motto letters. Circulated examples trade at $50–$150 depending on grade; MS-65 is approximately $750+; the auction record is $12,650 in MS-68.
A critical caution applies to all Mercury dime doubling claims: Machine Doubling (also called 'strike doubling' or 'shelf doubling') is extremely common on this series and has zero numismatic value. Machine Doubling appears flat and shelf-like under magnification and makes letter details appear thinner. Genuine hub doubling shows rounded, full-relief secondary impressions that add to letter width. The difference is plainly visible under a 5× loupe with raking light.
Because mintmarks were hand-punched into working dies through 1989, repunched mintmarks are common throughout the Mercury series. The 1941-S RPM is the most popular in the series — it shows clear doubled serifs on the 'S' mintmark, with a secondary impression visible to the north or west of the primary punch. Accessibility ($10–$225) and clear diagnostics make it a standard cherry-pick target in junk-silver lots and circulated rolls.
Other notable RPMs include the 1928-S Large S (FS-501, ~$1,770 in MS-67), 1935-S/S (Stack's Bowers MS-63 $720, October 31, 2018), and the 1945-D/D Horizontal RPM ($129–$809). The 1945-S Micro S is technically a mintmark punch variety rather than an RPM, but the identification method — comparing serif sharpness and overall 'S' profile under magnification — is similar.
Planchet errors exist across the Mercury series in modest numbers. Clipped planchets — a crescent-shaped void at the rim — are the most common, typically trading at $25–$125; authentic clips show the Blakesley Effect (weak or missing rim 180° opposite the clip). Off-center strikes at 10–20% command $100–$200; a 1942 MS-65 FB at 50% off-center sold for $1,320 in 2022. Laminations (surface peeling from metal impurities) are $10–$100.
An extraordinary wrong-planchet error — a 1942 Mercury dime struck on an Ecuador Five Centavos planchet — has been documented; it displays a golden color and slightly off-size dimensions. These are genuine numismatic curiosities rather than collectibles with a deep market, but they do attract specialist buyers at meaningful premiums over common-date silver value.
Reference Data
The table below mirrors the complete Mercury dime business-strike mintage roster as verified against PCGS CoinFacts and referenced through Stack's Bowers and Wikipedia. Mintmarks appear on the reverse: 'D' for Denver, 'S' for San Francisco, no mintmark for Philadelphia. Proof Mercury dimes were struck only 1936–1942 and are not included here. No dimes of any design were struck in 1922, 1932, or 1933.
| Year | Philadelphia | Denver (D) | San Francisco (S) | Notable |
|---|---|---|---|---|
| 1916 | 22,180,080 | 264,000 | 10,450,000 | 1916-D: Key date; lowest business-strike mintage in series |
| 1917 | 55,230,000 | 9,402,000 | 27,330,000 | |
| 1918 | 26,680,000 | 22,674,800 | 19,300,000 | 1918-D and 1918-S: Major FB condition rarities |
| 1919 | 35,740,000 | 9,939,000 | 8,850,000 | 1919-D: Greatest FB condition rarity in series; no PCGS MS-67+ FB certified |
| 1920 | 59,030,000 | 19,171,000 | 13,820,000 | |
| 1921 | 1,230,000 | 1,080,000 | — | Semi-keys; no 1921-S struck. NY Subway Hoard contained ~600 Philadelphia examples |
| 1922 | — | — | — | No dimes struck — adequate stocks from 1921 |
| 1923 | 50,130,000 | — | 6,440,000 | |
| 1924 | 24,010,000 | 6,810,000 | 7,120,000 | 1924-D and 1924-S: Conditional scarcity with FB |
| 1925 | 25,610,000 | 5,117,000 | 5,850,000 | 1925-D: Better date in mid-grades and Mint State |
| 1926 | 32,160,000 | 6,828,000 | 1,520,000 | 1926-S: Low-mintage strike rarity; record $54,625 MS-67 FB |
| 1927 | 28,080,000 | 4,812,000 | 4,770,000 | 1927-D and 1927-S: Conditional rarities with FB; no PCGS MS-67 D certified |
| 1928 | 19,480,000 | 4,161,000 | 7,400,000 | 1928-S Large S FS-501 variety |
| 1929 | 25,970,000 | 5,034,000 | 4,730,000 | |
| 1930 | 6,770,000 | — | 1,843,000 | |
| 1931 | 3,150,000 | 1,260,000 | 1,800,000 | Low mintages but heavily saved; not genuine rarities in practice |
| 1932 | — | — | — | No dimes struck — Great Depression |
| 1933 | — | — | — | No dimes struck — Great Depression |
| 1934 | 24,080,000 | 6,772,000 | — | Production resumes after two-year Depression gap |
| 1935 | 58,830,000 | 10,477,000 | 15,840,000 | |
| 1936 | 87,500,000 | 16,132,000 | 9,210,000 | 1936 DDO recognized by NGC |
| 1937 | 56,860,000 | 14,146,000 | 9,740,000 | |
| 1938 | 22,190,000 | 5,537,000 | 8,090,000 | 1938-S: All-time Mercury dime auction record $364,250 MS-68+ FB |
| 1939 | 67,740,000 | 24,394,000 | 10,540,000 | 1939 DDO FS-101: Record $12,650 MS-68 |
| 1940 | 65,350,000 | 21,198,000 | 21,560,000 | |
| 1941 | 175,090,000 | 45,634,000 | 43,090,000 | 1941-S RPM: Most popular RPM in series |
| 1942 | 205,410,000 | 60,740,000 | 49,300,000 | 1942/1 and 1942/1-D overdates struck from affected dies |
| 1943 | 191,710,000 | 71,949,000 | 60,400,000 | |
| 1944 | 231,410,000 | 62,224,000 | 49,490,000 | 1944-P: Single-year series mintage record |
| 1945 | 159,130,000 | 40,245,000 | 41,920,000 | 1945-P: FB condition rarity despite huge mintage; 1945-S Micro S variety; 1945-S Inverted S; 1945-D/D Horizontal RPM |
Mintage figures reflect business strikes only. Low mintage alone does not determine rarity in this series: the 1931-D/S/P issues had low mintages but high survival rates due to collector hoarding. Conversely, the 1919-D and 1938-S have moderate to high mintages but are extreme condition rarities in Full Bands Mint State. The 1944-P (231,410,000) is the single-year series record. Figures carry minor discrepancies between sources; this table uses the most widely cited published totals.
Composition
The Mercury dime's composition never changed across its 29-year production run — 90% silver, 10% copper, from the first Philadelphia strikes in late 1916 through the final 1945 coinage. That consistency makes it straightforward to calculate silver value for any date: every Mercury dime contains 0.07234 troy ounces of pure silver regardless of mint or year.
| Period | Composition | Weight | Silver Content | Notes |
|---|---|---|---|---|
| 1916–1945 (entire series) | 90% silver, 10% copper | 2.50 g (38.58 grains) | 0.07234 troy oz pure silver | Diameter 17.9 mm; reeded edge; mintmark on reverse left of fasces base; no composition changes in 29-year run |
At the May 18, 2026 silver spot price of $77.54 per troy ounce (Fortune), a single Mercury dime carries a melt floor of approximately $5.61. At the January 29, 2026 all-time silver high of $121.64 per troy ounce (GoldSilver.com, citing the Silver Institute *World Silver Survey 2026*), the floor reached approximately $8.80 per coin. Fourteen Mercury dimes contain just over one troy ounce of silver; a $1.00 face-value bag of ten coins holds approximately 0.7234 troy ounces.
The Coinage Act of 1965 ended the production of 90% silver dimes in the United States — the Roosevelt dime introduced that year was struck in copper-nickel clad composition. Mercury dimes were actively withdrawn from circulation by collectors and silver speculators during the silver-removal years of 1965 through 1968, which is why the coins rarely appear in commercial change today. The Mercury dime is the last U.S. ten-cent piece struck entirely in 90% silver. The U.S. Mint announced in July 2025 that a 1/10-oz .9999 fine gold Mercury dime tribute would be issued in 2026 as part of the nationwide Semiquincentennial celebration — the first release in the 'Best of the Mint' series — bearing the original 1916 date and a '250' Liberty Bell privy mark.
Authentication
Three Mercury dimes demand mandatory third-party certification before any transaction: the 1916-D (ranked #2 on NGC's 'Top 50 Most Commonly Counterfeited U.S. Coins'), the 1942/1, and the 1942/1-D. Beyond those three, authentication concerns center on cleaned and improperly stored coins — the single most common value-destruction problem facing owners who find Mercury dimes in inherited collections.
Two main categories of 1916-D counterfeits exist. The most common is an added-D mintmark: a genuine 1916 Philadelphia dime (no mintmark) or sometimes a 1916-S has a 'D' engraved, pressed, or soldered onto the reverse field. Surface disturbance around the mintmark — disturbed luster, microscopic abrasions, slightly raised or sunken surrounding metal — is detectable under magnification. Die-struck counterfeits with entirely fake dies also exist; NGC has documented examples showing raised tooling marks (concentric arcs and radial lines) near the foot of the 'L' in LIBERTY not present on genuine coins.
The genuine 1916-D mintmark uses the same punch as the 1914-D Lincoln cent: slightly slanted, near-square outline, diamond-shaped opening, serif tails off the back. The D sits between the rim and the olive branch, level with the 'E' in ONE. Wear on the mintmark must be consistent with the surrounding coin field. Any 1916-D offered for sale without PCGS, NGC, or ANACS certification should be declined regardless of price, grade, or the seller's confidence.
Submitting a Mercury dime to a major grading service costs roughly $20–$50 base per coin, plus shipping, insurance, and annual membership ($69–$149). The economic calculus is straightforward once you know the raw coin's approximate grade.
| Coin / situation | Certify? | Reasoning |
|---|---|---|
| Any 1916-D, any grade | Yes — always | Counterfeit risk; value justifies certification even in AG-3 |
| Any 1942/1 or 1942/1-D in AU or better | Yes — always | Value exceeds certification cost by 20× or more; authentication mandatory |
| 1921 or 1921-D in AU-58 or better | Probably yes | Value in that range easily clears the grading fee |
| Semi-key (1918-D, 1919-D, 1926-S) in MS-63 or higher | Probably yes | Grade premium plus FB upgrade potential exceeds submission cost |
| Any candidate for Full Bands designation in MS-63+ | Yes | FB premium can add hundreds to thousands above the raw value |
| Common 1934–1945 date in any circulated grade | No | $5–$15 raw value; certification fee exceeds the entire market value |
Coins returned in 'Genuine — Cleaned' or 'Details' holders by grading services carry a 50–90% value reduction versus a problem-free example in the same numerical grade. If you are uncertain whether a coin has been cleaned, store it in a 2×2 cardboard flip and consult a local dealer or post clear photos on a collector forum before submitting.
Cleaning a Mercury dime — even with soap and water, a soft cloth, or a 'gentle' silver-dip solution — produces microscopic hairline scratches detectable under magnification and strips the coin's original surface chemistry. Grading services call this 'environmental damage' or 'altered surfaces' and assign it to a details holder rather than a numeric grade. For a common-date Mercury dime worth $8 raw, the damage is cosmetic. For a 1916-D where the difference between a problem-free G-4 and a 'Genuine — Cleaned' details holder is $1,000 or more, cleaning is financially catastrophic.
Natural toning — the gray, blue, or charcoal patina that develops on silver over decades of proper storage — is not dirt. It is the original surface chemistry of the coin and should be left entirely alone. If your inherited Mercury dimes look dark or spotted, place them in individual 2×2 cardboard flips, store them away from rubber, PVC, and humidity, and do not attempt any cleaning treatment under any circumstances.
Auction Records
Mercury dime auction records cluster in two zones: the key dates (1916-D, 1921-D overdates) and the condition rarities (1919-D, 1938-S) where common-mintage coins reached extraordinary prices through Full Bands strike scarcity. The 2019 FUN convention and 2020 Pogue dispersal represent the series' recent high-water mark in terms of multiple headline sales in a short window. Realized prices below include buyer's premium and are drawn from PCGS Auction Prices, Heritage Auctions archives, Stack's Bowers archives, and GreatCollections.
| Date | Coin | Grade / Holder | Price | Auction House |
|---|---|---|---|---|
| Jun 27, 2019 | 1938-S 10C | PCGS MS-68+ FB | $364,250 | Legend Rare Coin Auctions, Regency 33, Las Vegas |
| Mar 20, 2020 | 1916-D 10C (D. Brent Pogue Part VII, Lot 7050) | PCGS MS-67+ FB, CAC | $204,000 | Stack's Bowers |
| Jan 2019 | 1919-D 10C (ex-Charles McNutt) | PCGS MS-66 FB | $156,000 | Heritage Auctions, FUN |
| Jan 2019 | 1918-S 10C | PCGS MS-67 FB | $144,000 | Heritage Auctions, FUN |
| May 2024 | 1919-S 10C | PCGS MS-66 FB | $132,000 | Heritage Auctions, CSNS |
| Jan 3, 2018 | 1942/1 10C Philadelphia FS-101 (Lot 4809) | PCGS MS-66 FB, CAC | $120,000 | Heritage Auctions, FUN |
| Jan 2019 | 1921-D 10C | PCGS MS-66+ FB, CAC | $50,400 | Heritage Auctions, FUN |
| May 16, 2019 | 1942/1-D 10C Denver FS-101 | PCGS MS-66+ FB | $73,437.50 | Legend Rare Coin Auctions |
| May 12, 2024 | 1942/1-D 10C Denver FS-101 | PCGS MS-66 FB | $40,800 | Heritage Auctions |
| Aug 2020 | 1916 (P) 10C (Lot 1180) | PCGS MS-68+ FB, CAC | $20,400 | Stack's Bowers |
| Nov 16, 2023 | 1916 (P) 10C (Samuel Zavellas Collection, Lot 3025) | PCGS MS-68 FB | $10,800 | Heritage Auctions |
| Apr 2024 | 1916-D 10C (Lot 4078) | PCGS MS-62 FB, CMQ | $16,800 | Stack's Bowers, Spring 2024 |
| Aug 2023 | 1916-D 10C (Lot 6210) | PCGS VF-20, CAC | $5,520 | Stack's Bowers, August 2023 Global Showcase |
| Dec 2024 | 1916-D 10C (Lot 93098) | PCGS G-4, CAC, OGH | $1,560 | Stack's Bowers, Collectors Choice Online |
| Jan 22, 2022 | 1921-D 10C (obverse die crack) | PCGS Mint State (non-FB) | $2,340 | Heritage Auctions |
| Feb 24, 2021 | 1916 (P) 10C (Lot 3671) | PCGS MS-68 FB, CAC | $9,900 | Heritage Auctions |
Myth vs Reality
Mercury dime value content online ranges from accurate PCGS-cited data to dramatically inflated clickbait. A few myths circulate widely enough that they distort buyer and seller expectations in practical transactions. The corrections below are drawn directly from the dossier's cited sources.
Action Steps
Most people who find Mercury dimes in an inherited collection or coin jar go through the same predictable sequence: initial excitement, uncertainty about condition and authenticity, confusion about where to sell. The steps below compress that process into a practical workflow that protects the coin's value at every stage.
Pick up each Mercury dime by its edges. On the obverse, confirm the date. Then turn the coin over and look at the bottom of the reverse, to the left of the fasces base — that is where the mintmark sits. 'D' means Denver, 'S' means San Francisco, no mark means Philadelphia. The 'AW' monogram next to Liberty's neck on the obverse is the designer's initials, not a mintmark. Write down every date-and-mintmark combination before you go further.
After identification, separate your coins into two groups: dates that require immediate attention (1916-D, any 1942 from Philadelphia or Denver with a possible underdigit, 1921, 1921-D, 1926-S) and common dates (1934–1945 in circulated grades) that you can address later. Do not mix these groups. Store each priority coin in its own 2×2 cardboard flip — never in PVC flips, rubber bands, or loose in a bag.
The 1916-D, 1942/1, and 1942/1-D must be submitted to PCGS, NGC, ANACS, or CACG before any transaction. These three dates are among the most-counterfeited coins in American numismatics. The cost of certification ($20–$50 base per coin plus shipping) is trivial relative to the risk of buying or selling a fake. If you believe you have one of these coins, photograph it, double-flip it in a cardboard holder, and submit it without further handling. Never attempt self-authentication based on photos alone.
If any of your Mercury dimes shows little to no wear on the high points — Liberty's cheekbone and hair above the ear on the obverse, the top and middle bands of the fasces on the reverse — hold it under a single angled light source and examine the two central horizontal bands with a 5–10× loupe. Look for a clean, uninterrupted trough running across the full width of both central bands. If the trough is clear with no bridging or fading, the coin is a candidate for the Full Bands designation, which can multiply value by 2× to 100× depending on the date. Submit to PCGS or NGC for evaluation.
For any Mercury dime you believe is worth more than $200, obtain at least two independent assessments before selling. Options include a local American Numismatic Association member dealer (the ANA dealer directory lists vetted professionals by ZIP code), a written offer from Heritage Auctions or Stack's Bowers, or community feedback on established collector forums such as the PCGS or NGC message boards. A single dealer quote is not a market price — it is one buyer's offer, which will typically reflect 50–70% of retail.
With silver trading at elevated levels — $77.54/oz as of May 18, 2026 (Fortune), up from a historical norm near $20–$25/oz — the floor value of common circulated Mercury dimes is approximately $5.61 each at the time of writing. Any buyer offering less than melt value for common dates is paying below market. Spot silver prices change daily; calculate 0.07234 × spot price to get the current melt floor before any transaction involving a large quantity of common-date Mercury dimes.
For complete grade-by-grade pricing on every Mercury dime date and variety, Coins-Value.com maintains the most comprehensive independent value reference available, with 20,000+ U.S. and Canadian coin entries. Cross-check any offer against current PCGS and NGC price guides as well — the three sources together give you a solid picture of where the market sits on any specific date and grade before you commit to a sale price.
Frequently Asked
The all-time auction record for a Mercury dime is $364,250, paid for a 1938-S in PCGS MS-68+ Full Bands at Legend Rare Coin Auctions' Regency 33 sale in Las Vegas on June 27, 2019. The coin is a condition rarity, not a low-mintage key date — the 1938-S mintage was 8,090,000, but virtually none survived with a fully struck reverse. Among key dates, a 1916-D PCGS MS-67+ FB CAC from the D. Brent Pogue Collection sold for $204,000 at Stack's Bowers in March 2020.
The mintmark is on the reverse (the fasces side), at the bottom of the coin, to the left of the fasces base. A small 'D' indicates Denver; 'S' indicates San Francisco; no mark means Philadelphia. The 'AW' monogram visible on the obverse next to Liberty's neck is the designer's initials — not a mintmark. If you see a 'D' on a 1916 dime, use a 10× loupe to examine it closely before doing anything else, and consider submitting it to PCGS or NGC — added-mintmark counterfeits are the most common fake in American numismatics.
Full Bands (FB) refers to complete, uninterrupted separation of the two central horizontal bands wrapping the fasces on the reverse. Both bands must be fully split across the entire width of the fasces, with no break from strike weakness, contact marks, or damage. To test your coin, hold it under a 5–10× loupe in raking light and look for a clean trough running the full width between the central bands. If you see any bridging or fading, it does not qualify. Grading services allow no partial credit — any tiny interruption disqualifies the designation.
Each Mercury dime is 90% silver and 10% copper, with a total weight of 2.50 grams. The pure-silver content is 0.07234 troy ounces per coin. At a silver spot price of $77.54/oz (Fortune, May 18, 2026), the melt-floor value is approximately $5.61 per coin. Fourteen Mercury dimes contain just over one full troy ounce of silver. This melt floor applies to all dates — but key dates and varieties are worth dramatically more than melt in any grade.
No Mercury dimes were struck in 1922, 1932, or 1933. The 1922 gap reflects adequate coin stocks and low demand after World War I; the 1932 and 1933 gaps reflect the Great Depression, which collapsed demand for new coinage so severely that the Mint produced no dimes in either year. There are no 1922, 1932, or 1933 Mercury dimes to collect — if you see one offered for sale, it is either a different denomination, a different date, or a counterfeit.
No — under any circumstances. Cleaning strips original surface chemistry and produces microscopic hairline scratches detectable under grading-service magnification. Cleaned coins receive 'Details' holders with 50–90% value reductions versus uncleaned examples in the same grade. Natural gray or charcoal toning is not dirt — it is original surface chemistry and adds to a coin's appeal to experienced collectors. If your coin looks dark or spotted, store it in a cardboard flip and consult a dealer before touching it.
Look at the date under a 5–10× loupe. On a genuine 1942/1, you will see a bold underlying '1' visible to the LEFT of and at the BASE of the '2,' a notched '4' with a secondary serif, and doubling on the motto 'IN GOD WE TRUST.' All these features are raised — they project from the coin surface. A common 1942 dime shows a clean, unambiguous '2' with no underdigit. If you see those diagnostic features, submit to PCGS or NGC before any transaction.
They are lower-mintage Depression-era dates, but they are not genuine rarities. Both issues were heavily saved by hoarders and roll collectors, so survival rates are high relative to mintage. APMEX retail for an MS-65 1931-D is approximately $363; for an MS-65 1931-S approximately $341. In Good-4, they start at $13 and $10 respectively. These are interesting dates for a complete set, but they should not be purchased at prices appropriate for the genuine key date — the 1916-D — or the overdates.
For key dates (1916-D, 1921, 1921-D, 1926-S) and overdate varieties in any grade, Heritage Auctions and Stack's Bowers typically produce the best realized prices through competitive bidding. For common circulated dates worth $5–$15 each, a local coin dealer or junk-silver buyer is the most practical outlet — expect 70–80% of spot-based melt value. For semi-keys in certifiable Mint State grades, obtaining at least two dealer quotes or a formal auction consignment estimate is worth the time before committing to a sale.
Both PCGS and NGC require complete separation of the central horizontal bands on the reverse fasces. PCGS focuses on the center band pair and awards FB at MS-60 or higher, with an AU-50 exception specifically for the 1916-D, 1942/1, and 1942/1-D. NGC examines the center bands but also reviews the top and bottom band pairs and is sometimes described as marginally more lenient on borderline cases. PCGS FB coins occasionally command a 5–10% premium over NGC FB on the same date and grade, though both are fully liquid in the market.
Buy a Whitman or Dansco album and a 10× loupe first. Fill the 1934–1945 slots in VF-20 to XF-40 from junk-silver dealers or coin shows — typical cost is $8–$15 each at current silver prices. Add the 1916 and 1916-S in Fine grade, then work back through the 1917–1920 branch-mint dates. The 1921, 1921-D, and 1926-S are the financial commitment step ($60–$3,000 depending on grade). Save the 1916-D and the two overdates for last — budget at minimum $1,500 for a certified 1916-D in G-4 and $250–$400 for a certified 1942/1 in lower circulated grades.
Independent numismatic reference focused exclusively on the Mercury (Winged Liberty Head) Dime series (1916-1945). Values verified against PCGS Price Guide, NGC Price Guide, Greysheet CPG, and recent realized prices at Heritage Auctions, Stack's Bowers, and GreatCollections. We do not buy, sell, or appraise coins ourselves — we exist as a free public reference for owners trying to determine what they have. Read our full methodology →