One vivid memory of my very early childhood back in the 1960’s was of driving to
church on Sunday mornings with my family. Since my grandparents lived close to
us, Dad would always swing by and pick them up, and we’d all carpool together.
It was the job of “Little Danny” (as I was affectionately nicknamed back then)
to sit in the backseat, wedged snugly between Grandpa and Grandma.
As if some sort of ritual, every Sunday Grandma would fish though her purse to
find goodies for me and my older brother. Grandma almost always carried
Wrigley’s chewing gum, though once in a while we had to settle for a
cherry-flavored cough drop. For a bonus treat, Grandma gave each grandson a coin
to go in the piggybank. There were a few instances when I received a dime
featuring a lady who sported a wild-looking hairdo, or at least that’s how it
appeared to a 4-year-old. On one occasion, Grandma explained to me the coin was
called a
Mercury dime. She was a coin collector of sorts, and I credit her with
encouraging my first interest in coins. Even though it didn’t mean much to me at
the time, this was my first lesson on Mercury dimes.
Here are the Mercury dimes Grandma gave me.
All these years, they've been stored in a 19 cent Calumet baking powder can.
All the dimes are common date, some badly worn. To the casual observer,
these coins probably don't merit a second glance, but to me, they helped
stimulate a lifelong interest in numismatics.
With the passage of years, I gathered more knowledge on Mercury dimes. For
example, I learned the face on the obverse really wasn’t that of Mercury, the
male Roman messenger god, as the public has largely believed ever since the dime
was first released in 1916. Instead, the coin’s designer, A.A. Weinman, intended
to portray a rendition of Lady Liberty crowned by a winged cap, to symbolize
liberty of thought.
However, the “Mercury dime” moniker stuck, and is still by
far the most common reference for this beautiful ten cent coin. The correct
name, Winged Liberty Head dime, is used much less frequently. Oh well, at least
I can congratulate myself, for even as a small child, I was able to recognize
the person on the dime as a woman, not a man!
Another important fact about Mercury dimes worth mentioning is that back when
Grandma was coin collecting, not much attention was focused on the degree of
separation and roundness seen in the horizontal bands holding together the
bundle of rods on the reverse side. Full Split Bands (abbreviated "FSB")
resulted from striking by fresh dies, and have proven to be much rarer than
blended, flattened bands. Generally speaking, if a Mercury dime displays fully
separated and rounded bands, it can generate prices far above less distinctive
specimens of the same date, mintmark, and grade. For the last 10-15 years, most
Mercury dime value guides have carried an FSB category for mint state grades.
Recently, I decided to chart the value trends of Mercury dimes over a long
period of time, for the purpose of identifying Mercs that have historically
demonstrated the best gains. My theory is that coins that have shown the
strongest price increases consistently in the past are the same coins most
likely to accomplish the same in the years ahead. I don’t advocate purchasing
Mercury dimes or any other coins for the sake of measuring ROI, but speaking for
myself, if I ever decide to add to my Mercury dime collection, I want to make
selections designed to (A) please my numismatic taste buds, and (B) stimulate
competitive bidding amongst future generations of collectors.
To quantify past performance and to evaluate Mercury dimes best positioned to
experience strong future price advancements, I called upon a mathematical
analysis I developed to reach similar objectives for other coin series.
First, I researched Mercury dime retail values for individual coins as they were
reported in the year 1950, covering a wide range of conditions, and entered this
data on a computer spreadsheet. Moving forward in time, values from the years
1980, 1995, and 2000 were similarly captured. Finally, estimated selling prices
in 2005 were placed adjacent to matching data from those earlier years. Because
grading terminology has evolved over the 55 year period, certain assumptions
were made to progressively track price movements throughout the time spectrum
(e.g. an “Uncirculated” value in 1950 is equivalent to the “MS-60” of today).
The highest grade inserted into the analysis was MS-65, for which I was able to
list relatively complete data starting in the 1995 data column. Because I deemed
“FSB” data to be somewhat sporadic, I elected not to include it in this study
for the sake of stability.
For each date and condition, compounded annual return rates were computed from
1950 to 2005. Return rate computations were likewise made from 1980 to 2005,
1995 to 2005, and 2000 to 2005. For each Mercury dime, the data was placed in
tabular format. Next, I calculated a “composite” score for each date by
averaging all the compounded return rates computed for that date. I then ranked
all the “composite” scores. The Mercury dimes with the top five highest scores
are:
Date
Score
1916-D
7.71
1942 (2 over 1)
7.64
1921-D
4.90
1945-S (Micro)
4.58
1942-D (2 over 1)
4.39
It should surprise no one that the kingpin of the Mercury dime series is the
1916-D. Long considered one of the classic rarities of the 20th century and a
favorite of collectors, we now have some statistical evidence to support this
claim. Experienced Mercury dime collectors probably would expect to see the
other dates making the “Top Five”, though the 1945-S (Micro) will cause some
head scratching. At the opposite end of performance, there is a logjam of
dimes crowded into the 2.50-3.50 range. The value of these coins is dominated
by their silver bullion content and merit only small numismatic premiums, with
the exception of higher grade specimens.
Okay, let’s say you’re fascinated with the history and style of the Mercury
dime. You’ve decided its time to add a few to your coin gallery, yet at the
same time, you’re afraid of spending money on something doomed to stagnate in
value over time. Bottom line solution: purchase a member of the “Top Five”
ranked above. Yes, they’re a bit pricey, but instead of buying many of the
less expensive Mercury dimes, save your cash and get a single example of a
proven winner. You will be pleased with this strategy as the years roll buy.
Buy the absolute best grade you can afford, and always, always obtain coins
that are problem-free and CERTIFIED by a reputable grading service. Sadly,
many fakes and alterations exist.
Thinking back again to those childhood days, I can’t begin to remember what
happened to most of the coins Grandma gave me on our Sunday morning drives.
Somehow, over the decades, I’ve managed to keep preserved in a special place a
tiny handful of Grandma’s Mercury dimes. All common dates, there’s not a
1916-D in the bunch, but their sentimental value to me is incalculable. These
coins were a heartfelt gift from someone close to me who departed from this
world long ago and they helped inspire in “Little Danny” a lifelong
enchantment with a wonderful hobby.
You know, come to think of it, let me add one more bit of advice: while you’re
bagging a “Top Five” Mercury dime, you ought to stop by the Bargain Bin and
pull out a few 1944-D’s for your children and grandchildren. You just never
know what you might get started.
About the Author: Daniel J.
Goevert is the webmaster of
US Coin Values Advisor, specializing in coin value trends and listing
bullish US coins. The site also includes detailed coin collecting advice and an
illustrated history of the US Mint.
