In an unexpected turn of events, a rare 1975 Roosevelt dime sold for over $500,000 at an online auction, all because it lacks a small but essential detail. This dime, created by the US Mint in San Francisco, was mistakenly made without the letter “S” mint mark, setting it apart from other dimes of that year.
This unique feature makes it one of the rarest coins from the 20th century, according to the US Mint, and one of only two known dimes from 1975 without this distinctive mark.
How This Rare Dime Was Discovered and Sold
The dime’s story dates back to the late 1970s when it was kept in a bank vault. It was inherited by three sisters from Ohio, who received it after their brother’s passing. Their brother had carefully safeguarded it in the vault for over four decades, knowing it was valuable.
On Sunday, this extraordinary coin finally went up for sale, fetching an impressive $506,250 at an auction held by California-based GreatCollections.
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What Makes the 1975 ‘No S’ Dime So Special?
A Roosevelt dime from 1975 missing the “S” mint mark is extremely rare. Usually, proof sets, like the one this coin was a part of, are marked with the letter “S” to indicate they were made at the San Francisco Mint. The US Mint created around 2.8 million special proof sets in 1975, each containing six coins. These sets typically sold for about $7 at the time, but only two of those dimes came out without the “S” mint mark, making them invaluable to collectors.
This particular dime features the image of former President Franklin D. Roosevelt, just like every other dime, but the absence of the mint mark has transformed it into a collector’s dream, turning a small coin worth only ten cents into an asset worth hundreds of thousands of dollars.
The Coin’s Journey Through Time: Inheritance and Investment
The dime was initially purchased by the sisters’ brother and mother as a “nest egg” investment for the family. Back in 1978, the family bought the first 1975 “No S” dime discovered for $18,200, which today would be worth close to $90,000.
The family’s interest in collecting and saving coins was a serious one. They were dairy farmers, and they saw this rare coin as a unique asset. Now, decades later, the dime has earned them a significant return on their investment.
The Fascination with Error Coins and Collectors’ High Demand
Error coins, like this “No S” dime, are in high demand among collectors. Each coin in the 1975 proof set, like the Jefferson Nickel, Lincoln Cent, Bicentennial Washington Quarter, Bicentennial Kennedy Half Dollar, and Bicentennial Eisenhower Dollar, typically holds the “S” mark when minted in San Francisco.
However, a few coins, such as this dime, can slip through without it, due to small errors during the minting process. This kind of rare error creates excitement in the world of coin collecting, and these mistakes can turn ordinary coins into priceless treasures.
In fact, the other known 1975 “No S” Roosevelt dime previously sold for $456,000 in 2019, also making headlines among collectors. It, too, was later sold to a private collector, raising its value even further due to its rarity.
What’s So Special About the Proof Set of 1975?
The 1975 proof set holds special historical value, especially for collectors. Apart from the Roosevelt dime, it included the Lincoln Cent, the Jefferson Nickel, and three special Bicentennial coins – the Washington Quarter, Kennedy Half Dollar, and Eisenhower Dollar – each featuring unique designs celebrating the United States’ upcoming 200th birthday in 1976.
Since the Mint intentionally created these commemorative designs, the set became even more attractive, leading to high demand from collectors across the country.
The Collectible Coin Market: Error Coins Fetching Big Money
Collectors have long known that error coins, like this Roosevelt dime, can sell for far more than their face value. Their uniqueness and the mystery of how they escaped standard minting processes make them highly prized. Today, as more people look for valuable collectibles, rare coins such as this one continue to grow in demand, fetching record prices.
GreatCollections president Ian Russell confirmed the winning bid of $506,250, which marks a significant achievement in the world of coin auctions. Such auctions often attract collectors who understand the lasting value of these rare coins, with the most valuable ones capable of selling for hundreds of thousands or even millions of dollars.
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Conclusion
This 1975 Roosevelt dime, sold for over half a million dollars, highlights the allure of rare error coins. Though it began as a mere ten-cent piece, the missing “S” mint mark has made it one of the rarest coins of its kind. Today, it stands as a testament to the potential value hidden within seemingly ordinary objects, demonstrating that rare coins remain one of the most fascinating areas for collectors worldwide.