The 1938 Mercury Dime is part of a series of coins issued between 1916 and 1945. It is one of the last coin designs to feature Lady Liberty on the obverse.
It is a fantastic collector’s coin with many well-preserved copies available today, and the price is not prohibitively expensive if you want to start your coin collection with one.
However, before you go out and buy any coin, we want to give you the tools you need to learn how to identify which coins are valuable and what the story behind the 1938 Mercury Dime is.
You will be able to determine whether the coin you have or want to acquire has any additional value in this manner.
1938 Mercury Dime Details
- Category: Mercury Dimes (1916-1945)
- Mint: Philadelphia, Denver, San Francisco
- Mintage: 35,825,728
- Obverse Designer: Adolph A. Weinman
- Reverse Designer: Adolph A. Weinman
- Composition: 90% Silver, 10% Copper
- Fineness: 0.9
- Weight: 2.5g
- ASW: 0.0723oz
- Melt Value: $1.60 (2/11/2023)
- Diameter: 17.8mm
- Edge: Reed
The coin’s true name is Winged Liberty Head, but it was renamed Mercury Dime by the public. Many Americans were unaware of the coin’s significance or what the Phrygian cap and wings depicted on the coin represented.
Most people thought the image resembled Mercury, one of the Roman gods, so it was dubbed Mercury Dime from then on.
However, there is some connection between the people’s names and the symbolism of this coin, as there are several elements that refer us to the Roman era.
To begin with, the Phrygian cap is not of Roman origin, but it was widely worn in Rome by freed slaves. It became a way of identifying freedmen while also becoming a symbol of freedom for low-class people in oppressive situations.
That is why the Phrygian cap was used, as well as wings because the coin’s designer wanted to convey that one had to be free of thought. Think critically and express yourself freely.
All of these messages, however, were too sophisticated for ordinary Americans, who only came to recognize this symbol as Mercury, the god of communication, luck, and travel. He was once depicted with wings on his sandals or hat. This is where the misunderstanding about the coin’s image arises.
Observe side
The main character on the obverse of this coin is Lady Liberty in a winged cap. Initially, they intended for this image to represent freedom of thought.
The coin was associated with Mercury, the Roman mythological god responsible for conveying messages. This god was always depicted with wings on his hat and sandals, which led to confusion.
The Phrygian cap is not an uncommon element in US coin designs, but it has not always been well received.
They attempted to omit the cap on other coins, such as the Indian Head, which has the same image of Lady Liberty but a Native American feather headdress instead of the Phrygian cap.
Many people believe that the Phrygian cap is not the best choice for a coin because it was the cap worn by former slaves after they gained their freedom. However, because one of the values of American culture proclaims that one is free from birth, the meaning of regaining freedom has become obsolete.
That’s why they tried to add wings to the hat to give it a different meaning, but it didn’t seem to work. The word LIBERTY borders the top of the coin, and the phrase IN GOD WE TRUST appears at the bottom left.
The minting date is in the lower right corner, and there is an anagram with the letters A and W, which are the artist’s initials. Many people complained about this anagram because they thought it was too large and detracted from the coin’s prominence.
Reverse side
A fasces appears on the reverse of the Mercury Dime. This is a feature of Roman culture. It’s strange how the 10-cent coin’s nickname is still associated with the Roman Empire.
A fasces is a Roman symbol that represents the authority of a magistrate. It was made up of a series of wooden bars that were linked together. The fasces frequently has an ax at the top.
The ax on the left side of the dime coin is also visible, and it is held together by three bands. One on top, one in the center, and one at the bottom.
Many people mistake this element for a Roman or Greek column at first glance, but the ax is the element that should indicate what it is.
The fasces is surrounded by an olive branch, which represents peace. It’s fascinating to see how many seemingly contradictory symbols appear on US coins. While olive branches are used to represent peace, they are usually accompanied by symbols representing power or military force, such as arrows, the American eagle, or the fasces.
We have two sentences on either side of the coin. The first is the UNITED STATES OF AMERICA at the top, followed by ONE DIME at the bottom. A star symbol separates phrases, while a period separates words. No symbol separates the words ONE DIME, only the lower part of the fasces, which acts as a natural separator.
Finally, the phrase E PLURIBUS UNUM can be found in the lower right corner of the coin. The phrase means “one of many” in Latin.
Also Read: Top 15 Most Valuable Indian Head Penny Worth Money
1938 Mercury Dime Value Chart
| Quality | 1938 Mercury Dime (Philadelphia) | 1938 D Mercury Dime (Denver) | 1938 S Mercury Dime (San Francisco) |
| Good | $2.3 | $2.3 | $2.3 |
| Very Good | $2.8 | $2.8 | $2.8 |
| Fine | $3.4 | $3.4 | $3.4 |
| Very Fine | $3.5 | $3.6 | $3.5 |
| Extra Fine | $3.6 | $4.4 | $3.89 |
| Uncirculated | $6.6 | $9.3 | $11 |
| MS 60 | $12 | $21 | $23 |
| MS65 | $35 | $40 | $46 |
1938 Mercury Dime Value and Varieties Guide
The 1938 Mercury Dime had no significant flaws or anomalies. It was minted in three locations: Philadelphia, San Francisco, and Denver. A total of 35,825,728 coins were minted.
Following that, we’ll look at how to identify each type of coin and its market price.
1938 Mercury Dime (Philadelphia)
- Category: Mercury Dimes (1916-1945)
- Mint: Philadelphia
- Mintage: 22,190,000
- Obverse Designer: Adolph A. Weinman
- Reverse Designer: Adolph A. Weinman
- Composition: 90% Silver, 10% Copper
- Fineness: 0.9
- Weight: 2.5g
- ASW: 0.0723oz
- Melt Value: $1.51 (2/26/2023)
- Diameter: 17.8mm
- Edge: Reeded
The Philadelphia Mint produced a total of 22,190,000 coins. These coins, which lack a mintmark, are very popular on the open market.
Coins in good condition can range in price from $2 to $40. Even coins classified as gem quality do not cost more than $80, making them an excellent investment for those seeking a valuable and important coin.
This coin has a provenance. An MS 68 with full bands sold for $14,375 in 2006.
1938 D Mercury Dime (Denver)
- Category: Mercury Dimes (1916-1945)
- Mint: Denver
- Mintage: 5,537,000
- Obverse Designer: Adolph A. Weinman
- Reverse Designer: Adolph A. Weinman
- Composition: 90% Silver, 10% Copper
- Fineness: 0.9
- Weight: 2.5g
- ASW: 0.0723oz
- Melt Value: $1.60 (2/11/2023)
- Diameter: 17.8mm
- Edge: Reed
In 1938, the Denver mint produced 5,537,000 coins. Despite being a very small number when compared to the Philadelphia mint, Denver coins have survived in good numbers to this day. They are distinguished by the mint mark D on the reverse of the coin.
As a result, finding them and paying a reasonable price for them is not difficult. A coin in good condition can be purchased for as little as $2.
The most expensive coins can cost up to $150, but coins with full bands raise the price of this coin. A full-band MS 68 coin can be worth around $4,000,000. In 2006 one of these copies sold for $5,635.
1938 S Mercury Dime (San Francisco)
- Category: Mercury Dimes (1916-1945)
- Mint: San Francisco
- Mintage: 8,090,000
- Obverse Designer: Adolph A. Weinman
- Reverse Designer: Adolph A. Weinman
- Composition: 90% Silver, 10% Copper
- Fineness: 0.9
- Weight: 2.5g
- ASW: 0.0723oz
- Melt Value: $1.60 (2/11/2023)
- Diameter: 17.8mm
- Edge: Reed
In 1938, the San Francisco Mint produced 8,090,000 coins. Look for the mint mark on the reverse of the coin, just below the olive branch on the left side of the coin, to identify it.
These coins are also inexpensive, ranging from $2 to $175. However, this coin has the highest auction sales record. In 2019, a full-band coin in MS 68 quality sold for $364,250.
Also Read: Top 15 Most Valuable Roosevelt Dimes Worth Money
1938 Mercury Dime History
The design of this coin was quite surprising given that Charles Barber was the Mint’s chief engraver at the time, and many people accused him of always wanting to submit his designs to competitions.
Previously, there were unappealing contests for artists, with meager prizes and little interest in public contests.
That is why, in the end, Barber’s designs won after no one wanted to win the public contest due to a lack of motivation.
However, by 1916, the artist Adolph Weinman had presented a proposal that was well received. He intended to depict Lady Liberty with a winged cap to represent freedom of thought, but the public was not as astute as he was and instead saw the face of the god Mercury.
There was some disagreement about the coin’s design. While some claimed it was based on a statue’s face, the artist confirmed that he used a neighbor as a model.
It was later revealed that this neighbor was Elsie Stevens, who told her daughter that she was the model for the Mercury Dime.
The coin was a huge success, and the people adored it. It was discontinued in 1946 when the design was changed to include the face of President Roosevelt, the first president to advocate for putting former presidents’ faces on coins.
1938 Mercury Dime Grading
In the world of coin collecting, it is essential to know how to identify the different grades that these coins have and their prices. To have more specific help, we leave you a video where you can learn about the different values of the 1938 Mercury Penny.
List of 1938 Mercury Dime Errors
Full Band Mercury Dime
If there is a famous error for this coin it is the so-called Full-bands Mercury Dime. The reverse of the coin has a complex design and on many coins, the bands that bind the wooden rods are not visible.
That is why all the coins that have the complete bands cost a lot of money and their price amounts to thousands of dollars. Usually, the middle band is the least noticeable, but if you have a coin with perfectly minted bands, then you should know that you have a very valuable coin in your hands.
Gem-quality specimens are worth from $1,000 to $4,000.
1938 Mercury Dime FAQ
Is a 1938 Mercury dime worth anything?
The estimated value in the official coin book of the United States is $2.61 in normal conditions. The price goes up in mint quality up to $40. But the test coins can be worth up to 500 dollars. Full-banded coins double in value and can go much higher in price depending on supply and demand.
Is a 1938 dime silver?
The 1938 mercury dimes are made of 90% silver and 10% copper.