A rare 1975 dime that was kept hidden in a bank vault for over 40 years sold for over $500,000 in a recent online auction. This unique dime, featuring President Franklin D. Roosevelt, is one of only two known to exist without the typical “S” mint mark from the San Francisco Mint. Its fascinating story highlights how rare coins can turn out to be valuable treasures, offering financial security for families.
A Unique Coin from the Past
The coin, which was struck by the U.S. Mint in San Francisco in 1975, is a part of a limited set known as “proof sets.” These sets are special collections of coins that usually include a distinctive mint mark to indicate where they were made. The “S” mint mark signifies that a coin was made in San Francisco. However, this particular dime, like only one other, lacks this mark, making it extremely rare and valuable to collectors.
Discovery and History of the Rare Dime
This rare dime was hidden in a bank vault for decades, owned by a man who passed away, leaving it to his three sisters in Ohio. The sisters decided to auction it through GreatCollections, an auction house in Irvine, California. Ian Russell, the auction house’s president, revealed that the online auction concluded with the coin selling for an impressive $506,250.
Why This Dime is So Valuable
The coin’s value comes from its unique error: the missing “S” mint mark. In 1975, the San Francisco Mint produced over 2.8 million proof sets, but only two dimes are known to lack this identifying mark. Mistakes like these make coins more valuable because they are rare. Collectors find such coins highly desirable, and their value often increases significantly over time.
The first “no S” dime was discovered in 1978 and was sold for $18,200, which would be equivalent to about $90,000 today. The Ohio family who inherited the second coin had originally bought this first error coin, keeping it as a financial backup. This decision to keep the coin as a family asset reflects how rare coins can serve as valuable investments.
Auction Details and Previous Sales
This recent sale is not the only instance where a “no S” 1975 dime fetched a high price. In 2019, the other “no S” dime sold at auction for $456,000. These high sale prices show the strong demand for rare coins, especially those with unique errors or unusual features.
Russell of GreatCollections mentioned that, while the coin’s rarity and unique history are primary reasons for its high value, its condition as a proof coin also adds to its worth. Proof coins are made with a special technique that gives them a polished, mirror-like finish, which collectors prize for their beauty and detail.
Why Rare Coins are Valuable Assets
Rare coins, especially those with unique errors, attract collectors who are willing to pay large sums for these one-of-a-kind items. In addition to their historical and cultural value, coins like the 1975 “no S” dime can be seen as financial assets, providing families with a potential source of security and investment growth.
Conclusion
The story of the rare 1975 “No S” dime is a remarkable example of how hidden treasures can emerge from family legacies. This unique coin, which has no mint mark, fetched an astounding $506,250 at auction, demonstrating the significant value that rare coins can hold. Its journey from a bank vault to a highly sought-after collectible highlights the fascinating world of coin collecting and the financial security such items can provide. For families, like the Ohio sisters who inherited this dime, rare coins can represent more than just currency—they can be a piece of history and a smart investment. As interest in rare coins continues to grow, stories like this remind us of the treasures that may be waiting in unexpected places, underscoring the importance of preserving and appreciating the past.
FAQ’s
Why is the 1975 “No S” dime so valuable?
This dime is one of only two known without the “S” mint mark, making it rare and highly desirable among collectors.
What does “proof set” mean in coin collecting?
A proof set is a collection of specially made coins with a mirror-like finish, typically more detailed and polished than regular coins.
How much did the 1975 “No S” dime sell for?
The 1975 “No S” dime sold for $506,250 in an online auction.
Why was the “No S” dime hidden for so long?
It was kept in a bank vault by its original owner, who saw it as a valuable family asset.
Are other coins without mint marks valuable too?
Yes, coins with minting errors or missing marks are often valuable because they are rare and unique to collectors.