In a stunning development for the numismatic world, a 1975 Roosevelt dime recently sold for an incredible $506,250 at auction. What makes this dime so special? The answer lies in a tiny detail – or rather, the absence of one. This particular coin lacks the ‘S’ mint mark typically found on coins produced at the San Francisco Mint, making it one of only two known examples of this rare error.
Understanding the Rarity
The San Francisco Mint produced approximately 2.84 million proof sets in 1975, with each coin normally bearing the distinctive ‘S’ mint mark. However, through an extraordinary error, two dimes emerged without this crucial identifier. This mistake, while seemingly minor, created one of the most sought-after modern coins in American numismatics.
The Discovery Story
The journey of these rare dimes begins in the late 1970s. Both specimens were discovered in California and eventually sold to dealer F.J. Vollmer in 1978 and 1979. The first example was purchased by an Ohio collector and his mother for $18,200 – a significant sum at the time. They viewed the coin as a financial investment and kept it safely stored for decades, a decision that would prove incredibly wise.
Record-Breaking Sale
The recent auction, conducted by GreatCollections in October 2024, attracted tremendous interest from collectors worldwide. The dime, graded PCGS Proof-67 and approved by the Certified Acceptance Corporation (CAC), drew over 200 bids before achieving its final price of $506,250. This sale represents a new record for this particular error coin.
Historical Price Progression
The value of these rare dimes has shown remarkable growth over time:
- 1978: First example purchased for $18,200
- 2011: Second example sells for $349,600
- 2019: Second example reaches $456,000
- 2024: First example achieves $506,250
This steady increase in value demonstrates the growing appreciation for rare mint errors among collectors.
What Makes It Special
Several factors contribute to this coin’s extraordinary value:
- Extreme rarity (only two known examples)
- Well-documented provenance
- High grade (PCGS Proof-67)
- CAC approval
- Historical significance as a modern mint error
The Role of Professional Authentication
The coin’s grading by PCGS (Professional Coin Grading Service) and approval by CAC played crucial roles in establishing its value. These professional certifications provide collectors with confidence in the coin’s authenticity and condition, essential factors in the numismatic market.
Impact on the Collecting Community
This sale has significant implications for coin collectors:
- Demonstrates the potential value of mint errors
- Encourages careful examination of modern coins
- Highlights the importance of professional grading
- Shows the strength of the rare coin market
- Reinforces the value of maintaining proper documentation
Lessons for Collectors
This remarkable sale offers several important lessons for collectors:
- Pay attention to details, as small variations can be extremely valuable
- Maintain proper documentation of purchases and authentications
- Consider professional grading for potentially valuable pieces
- Research thoroughly before making significant purchases
- Be patient, as value can appreciate significantly over time
Looking Forward
The record-breaking sale of the 1975 ‘No S’ dime demonstrates the continuing vitality of the rare coin market. It serves as a reminder that valuable treasures can exist even in modern coinage, encouraging collectors to examine their holdings carefully and maintain high standards in their collecting practices.
The $506,250 sale of the 1975 ‘No S’ Roosevelt dime represents more than just a record-breaking auction result. It symbolizes the enduring appeal of numismatics and the extraordinary value that can be found in even the smallest minting errors. For collectors and investors alike, this sale reinforces the importance of knowledge, patience, and attention to detail in building and maintaining a valuable coin collection. As the market for rare coins continues to evolve, stories like this remind us that numismatic treasures can appear in unexpected places, making every coin worth a careful look.
