$16,000 Error Dime Discovered In Kid’s School Project Folder
In a remarkable turn of events, a rare 1975 Roosevelt dime lacking its mint mark has fetched over $500,000 at auction.
This dime, one of only two known to exist without the San Francisco “S” mint mark, was inherited by three sisters from Ohio and had been stored in a bank vault for more than four decades.
The Discovery and Auction
The dime was part of a 1975 proof set produced by the U.S. Mint in San Francisco. Typically, these proof coins bear an “S” mint mark indicating their origin.
However, this particular dime was mistakenly struck without the mint mark, making it an exceptionally rare error coin.
The sisters’ brother had purchased the coin in 1978 for $18,200, viewing it as a financial investment. After his passing, the sisters inherited the coin and decided to auction it.
The dime was sold through GreatCollections, a California-based auction house, for $506,250 in October 2024.
What Makes This Dime So Valuable?
Several factors contribute to the dime’s extraordinary value:
- Minting Error: The absence of the “S” mint mark is a significant error, especially for a proof coin.
- Rarity: Only two such dimes are known to exist, making it a highly sought-after item among collectors.
- Condition: The coin remained in excellent condition, having been stored securely for over 40 years.
- Historical Significance: Error coins like this offer a glimpse into the minting processes and mistakes of the past, adding to their allure.
Key Details of the Rare Dime
| Attribute | Details |
|---|---|
| Year | 1975 |
| Coin Type | Roosevelt Dime |
| Mint Mark | Missing “S” (San Francisco) |
| Composition | 75% Copper, 25% Nickel |
| Condition | Proof |
| Original Purchase Price | $18,200 (in 1978) |
| Auction Sale Price | $506,250 (in 2024) |
| Number Known to Exist | 2 |
Implications for Collectors
This sale underscores the importance of examining coin collections for potential rarities. Error coins, especially those from proof sets, can be incredibly valuable. Collectors are encouraged to:
- Inspect Proof Sets: Look for anomalies such as missing mint marks.
- Consult Experts: Seek professional evaluations for coins that appear unusual.
- Stay Informed: Keep abreast of auction results and market trends in numismatics.
The sale of this rare 1975 Roosevelt dime highlights the potential treasures hidden within coin collections.
For collectors and enthusiasts, it serves as a reminder of the value that can be found in unexpected places. Regularly reviewing and appraising coin collections can uncover significant finds that may have been overlooked for years.
FAQs
What is a proof coin?
A proof coin is a high-quality coin struck using a special process to produce a sharp, detailed finish. They are often collected and not intended for general circulation.
How can a missing mint mark occur?
A missing mint mark can result from a die being used without the appropriate mint mark engraving, leading to coins being struck without the identifying letter.
Are all error coins valuable?
Not all error coins are valuable. The value depends on factors like the type of error, rarity, demand, and condition of the coin.
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