History of the Mercury Dime
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History of the Mercury Dime
Introduction
The Mercury Dime holds a special place in American numismatic history. This article explores its creation, design, and legacy, offering insights into what makes this coin a favorite among collectors.
Background
In 1915, there was a concerted effort to redesign American coinage. Earlier reforms had already transformed the $10 and $20 gold pieces, the cent, and the nickel. Now, attention turned to the dime, quarter, and half dollar. Due to an 1890 law, a coin design couldn't be changed without congressional approval more frequently than every 25 years. With the Barber coinage's time reaching its limit in 1916, the U.S. Mint was poised for change, initiating the process well in advance.
Design Process
In 1915, Mint Director Robert W. Woolley invited three prominent sculptors?"Adolph A. Weinman, Albin Polasek, and Herman A. MacNeil?"to submit designs for the silver coins. Woolley preferred external artists over the then-Chief Engraver, Charles Barber, who was against outsiders designing coins traditionally under his purview. At 75, Barber seems to have relinquished control, letting his assistant, George T. Morgan, oversee the transition.
Weinman emerged as the standout, winning designs for what became the Walking Liberty Half Dollar and the Mercury Dime. MacNeil secured the quarter, while Polasek went unselected. Following Barber's death in February 1917, Morgan succeeded him.
The Mercury Dime
Adolph A. Weinman, a celebrated sculptor and student of Augustus Saint-Gaudens, crafted the Mercury Dime's design based on his earlier bust of Elsie Kachel Stevens. The obverse features a Winged Liberty, symbolizing freedom of thought. Its reverse displays a fasces with a battle-ax and an olive branch, representing preparedness, peace, and authority.
Although production was delayed until late 1916, the Philadelphia and San Francisco mints filled the gap by continuing the Barber dimes. The Denver Mint ceased its production in 1914, making its 1916-D output of just 264,000 coins an instant rarity.
Origin of the Name
The Mercury Dime gained its name due to the winged cap resembling that of the Roman god Mercury, the messenger of the gods. Though not the intended name, this moniker stuck and remains in use today.
Collectibility
The Mercury Dime is popular among collectors, offering options for both beginners and experienced numismatists. A full set, including all key coins in poor condition, can be acquired for under $1,500. However, sets in better condition can reach $2,000 or more.
Key coins, such as the 1916-D, are particularly prized. Despite their availability, their high demand maintains steep prices?"$500 for the lowest grades. More accessible options include the 1921-D and 1921-P, each priced at over $50 in lower grades.
Notable Features
A key aspect when grading Mercury Dimes is the "Full Split Bands" (FSB) distinction on Mint State coins, which refers to fully defined horizontal bands on the fasces. This feature commands premium prices.
Key Dates and Errors
- 1916-D: Known for its rarity and high value.
- 1921-D and 1921-P: Important keys with low mintage.
- 1942/1 Overdate: A renowned error produced in Philadelphia and Denver, commanding prices above $500.
- 1945 Micro S: San Francisco coins with a smaller mint mark also carry a slight premium.
Proof Coins
Produced only from 1936 to 1942, Mercury Dime proofs are highly regarded, with a complete set in PR-65 condition costing around $5,000.
Final Thoughts
Designed by Adolph A. Weinman, the Mercury Dime was in circulation from 1916 to 1945, composed primarily of silver. Its design, history, and collectibility continue to captivate enthusiasts, making it a lasting piece of American coinage history.
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