In the world of coin collecting, few stories capture the imagination like that of a seemingly ordinary dime fetching a staggering half-million dollars. The 1975 No-S Proof Roosevelt Dime has become a legend among numismatists, with one such coin selling for $506,250 at auction in October 2024. But what makes this ten-cent piece so extraordinarily valuable? Is it possible that you might have one hiding in your collection? This article dives deep into the history, rarity, and allure of the 1975 No-S Proof Roosevelt Dime, exploring why it commands such an astronomical price and how you can identify one if you’re lucky enough to stumble across it.
The Roosevelt Dime: A Brief History
The Roosevelt Dime, first introduced in 1946, was designed by engraver John R. Sinnock to honor President Franklin Delano Roosevelt, who passed away in 1945. Featuring Roosevelt’s profile on the obverse and a torch flanked by olive and oak branches on the reverse, the coin was initially struck in silver. However, by 1965, due to rising silver prices and public hoarding, the U.S. Mint switched to a copper-nickel clad composition for circulating dimes, a standard that persists today (except for special collector editions).
The 1975 dime, like others of its era, is part of this clad series. Most 1975 dimes were minted in Philadelphia (585,673,900 coins, no mint mark) or Denver (313,705,300 coins, marked with a “D”). These circulating coins, even in pristine condition, are typically worth only a few dollars at most, with values ranging from $1 for an About Uncirculated (AU58) coin to $200 for a Mint State (MS67) Philadelphia dime with a full band designation.
However, a small subset of 1975 dimes—those struck in San Francisco as part of proof sets—has turned heads in the numismatic world due to a rare error that makes them worth far more than their face value.
The 1975 No-S Proof Dime: A Minting Mistake Worth Millions
In 1975, the San Francisco Mint produced 2.84 million proof sets, each containing six coins (a cent, nickel, dime, quarter, half dollar, and dollar) and sold to collectors for $7. Proof coins are specially struck with polished dies and planchets, resulting in a mirror-like finish and sharp details, making them highly prized by collectors. All coins in these sets were supposed to bear an “S” mint mark to indicate their San Francisco origin.
But something went awry during the production of a tiny number of these dimes. Two proof dimes from 1975 were discovered without the “S” mint mark, an error that has since made them among the rarest and most valuable modern U.S. coins. These “No-S” dimes are not to be confused with the millions of Philadelphia-minted 1975 dimes, which were intentionally struck without a mint mark for circulation. The key distinction lies in their proof status and the error that occurred at the San Francisco Mint.
The Discovery of the Error
The first 1975 No-S Proof Dime was discovered in 1977 by a California collector, Fred Vollmer, who had purchased five proof sets directly from the U.S. Mint. Upon inspecting his coins, Vollmer noticed that two dimes lacked the “S” mint mark. Recognizing the potential significance of this error, he submitted one set to the American Numismatic Association Certification Service (ANACS), which authenticated the coin as a genuine proof strike without the mint mark. The discovery was reported in Coin World, sparking a frenzy among collectors.
Vollmer sold both No-S dimes to Chicago dealer F.J. Vollmer (no relation), who in turn sold one to a collector known as Ruth E. in 1978 for $18,200—a significant sum at the time, equivalent to roughly $90,000 today. The second dime was sold to an Ohio family, who stored it in a bank vault for over 40 years.
Why So Rare?
The rarity of the 1975 No-S Proof Dime stems from the fact that only two examples are known to exist. While other “No-S” proof errors occurred in years like 1968, 1970, 1971, 1983, and 1990, the 1975 error is by far the scarcest, with no additional examples reported since 1979. The exact cause of the error remains unclear, but it’s believed that a die without the “S” mint mark was mistakenly used to strike a small number of proof dimes before the error was caught.
Unlike circulating coins, proof coins were carefully inspected, so it’s remarkable that these two dimes slipped through quality control. Most experts believe that Mint inspectors likely discovered the mistake early, preventing further No-S dimes from being released. This makes the two known examples exceptionally rare, with odds of finding another estimated at 1 in 1.4 million.
The $500,000 Price Tag: Auction Highlights
The value of the 1975 No-S Proof Dime has skyrocketed over the years, driven by its rarity and the growing demand for numismatic treasures. Here’s a look at the auction history of these coins:
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1978: The first No-S dime was purchased by an Ohio family for $18,200.
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2011: The second No-S dime, graded Proof 68 by the Professional Coin Grading Service (PCGS), sold at a Stack’s Bowers auction for $349,600.
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2019: The same coin reappeared at a Heritage Auctions sale, fetching $456,000. Days later, it was sold privately for $516,000 to a collector specializing in Roosevelt dimes.
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2024: The Ohio family’s dime, inherited by three sisters after their brother’s passing, was auctioned by GreatCollections on October 27, 2024, for $506,250. The coin, graded PR67 by PCGS, attracted over 200 bids and drew global interest.
These sales underscore the coin’s status as “the world’s most valuable modern coin,” as described by Ian Russell, president of GreatCollections. The combination of extreme rarity, pristine condition, and historical significance has fueled its meteoric rise in value.
How to Spot a 1975 No-S Proof Dime
If you’re wondering whether you might have a $500,000 dime in your collection, here’s what to look for:
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Proof Characteristics: The 1975 No-S dime is a proof coin, not a circulating strike. Proof coins have a shiny, mirror-like finish, sharp details, and frosted devices (the raised elements, like Roosevelt’s portrait). Regular 1975 dimes from Philadelphia, which also lack a mint mark, are business strikes with a duller, satiny luster and are worth only face value unless in exceptional condition.
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No “S” Mint Mark: Check the obverse (heads side) near Roosevelt’s neck, below the date. A genuine 1975 No-S Proof Dime will have no mint mark, unlike San Francisco proof coins, which should have an “S.”
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Proof Set Origin: These dimes were only found in 1975 proof sets, not in circulation. If you have a 1975 proof set, inspect the dime carefully. Proof sets were sold in protective plastic cases, so the coin should be in pristine condition.
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Authentication: If you suspect you have a No-S dime, submit it to a reputable grading service like PCGS or NGC for authentication. Unauthenticated coins are often mistaken for common Philadelphia dimes, leading to disappointment.
Buyer Beware: Common Pitfalls
The hype surrounding the 1975 No-S Proof Dime has led to confusion and scams. Many novice collectors mistake regular 1975 Philadelphia dimes (no mint mark, business strike) for the rare No-S proof coin. Online listings often tout “1975 Roosevelt Dime No Mint Mark” as “rare,” with inflated prices, but these are typically common coins worth ten cents. Always verify the coin’s proof status and have it graded by a trusted service before purchasing or selling.
Could There Be More Out There?
While only two 1975 No-S Proof Dimes are known, some experts speculate that a third could still be hiding in an unopened proof set. Since 2.84 million proof sets were sold in 1975, it’s possible that another error dime exists in a forgotten collection. Ian Russell of GreatCollections encourages collectors to check old proof sets, noting that “many exist in sealed shipping boxes.” However, the chances of finding one in circulation are virtually nil, as proof coins were not meant for everyday use.
Why Collectors Pay So Much
The allure of the 1975 No-S Proof Dime lies in its perfect storm of rarity, historical significance, and condition. For collectors, owning one of the rarest modern U.S. coins is akin to possessing a piece of numismatic history. The coin’s value is further boosted by:
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Scarcity: With only two known examples, demand far outstrips supply.
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Condition: Both known dimes are in high-grade proof condition, appealing to collectors who prize quality.
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Market Trends: The coin market has been strong, with growing interest in tangible assets like rare coins.
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Story: The tale of an Ohio family’s dime, hidden in a bank vault for decades, adds emotional and historical intrigue.
Tips for Aspiring Collectors
If you’re inspired to start hunting for rare coins, here are some tips:
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Learn the Basics: Familiarize yourself with mint marks, proof vs. business strikes, and grading standards. Resources like the Red Book (A Guide Book of United States Coins) are excellent starting points.
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Check Proof Sets: If you have access to 1975 proof sets, inspect them carefully. Focus on the dime and look for the absence of an “S” mint mark.
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Work with Experts: Consult reputable dealers or grading services to authenticate finds. Avoid unverified online listings.
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Join Communities: Forums like r/coins on Reddit or CoinTalk can connect you with experienced collectors who share knowledge and tips.
A Dime Worth Dreaming About
The 1975 No-S Proof Roosevelt Dime is a testament to the thrill of coin collecting—a tiny error that transformed a ten-cent coin into a half-million-dollar treasure. While the odds of finding one are slim, the possibility keeps collectors searching through proof sets and dreaming of a windfall. Whether you’re a seasoned numismatist or a curious beginner, the story of this rare dime is a reminder that hidden treasures might be closer than you think. So, dust off those old coin sets and take a closer look—you never know what you might find.