1928 Mercury Dime Value: P, D, S & Full Bands Guide
1928 Mercury Dime values range from $3.50 (circulated) to $49,938 (MS67+FB). Complete price guide for Philadelphia, Denver, San Francisco mints plus Full Bands.
The 1928 Mercury Dime is worth $3.50 to $49,938 depending on mint, grade, and strike quality.
- Circulated: $3.50 – $175 (common issues)
- Uncirculated: $32 – $4,250 (base strikes)
- Full Bands: $35 – $18,000 (Philadelphia)
- Top specimens: $49,938 (1928-S MS67+FB, 2018 auction)
Strike quality, not mintage, drives value—the Full Bands (FB) designation creates 5x to 10x premiums over weakly struck coins in the same numerical grade.
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1928 Mercury Dime Overview
The 1928 Mercury Dime—officially the Winged Liberty Head Dime—represents a popular year in this beloved silver series. Struck at three mints (Philadelphia, Denver, and San Francisco), these business strike coins range in value from near-melt ($3.50 for heavily worn examples) to nearly $50,000 for the finest certified specimens. The U.S. Mint suspended proof production in 1916, so no collector proofs exist for this year.
What makes 1928 Mercury Dimes particularly interesting to collectors is that strike quality matters more than mintage. The low-mintage 1928-D takes a back seat to the 1928-S Full Bands as the year's premier condition rarity. Denver and San Francisco were notorious for weak strikes during this period, making sharply struck Full Bands (FB) examples exponentially more valuable than their weakly struck counterparts.
This guide provides comprehensive values for all 1928 issues, explains the critical Full Bands designation, documents die varieties and mint errors, and offers expert guidance on authentication and preservation.
1928 Winged Liberty Head Dime (obverse and reverse)
How to Identify a 1928 Mercury Dime
The Mercury Dime's distinctive design, created by sculptor Adolph A. Weinman, makes it one of America's most recognizable coins. Despite its nickname, the design depicts Liberty, not the Roman god Mercury—the winged cap she wears symbolizes freedom of thought, while Mercury wore wings on his sandals or helmet as messenger of the gods.
Obverse Design
Liberty faces left, wearing a Phrygian cap adorned with wings. The inscriptions read "LIBERTY" around the top arc, "IN GOD WE TRUST" to the lower left of Liberty's neck, and the date "1928" at the bottom. In circulated grades, wear first appears on Liberty's hair above the forehead, the winged cap details, and the cheek.
Mint mark location: reverse, left of olive branch base
Reverse Design
The reverse displays a Roman fasces (bundle of rods bound together around an axe) standing vertically in the center, symbolizing unity and strength. An olive branch wraps around the fasces, representing peace. Six horizontal bands bind the fasces—the complete separation of these bands defines the valuable Full Bands designation. Inscriptions read "UNITED STATES OF AMERICA" and "E PLURIBUS UNUM" around the rim, with "ONE DIME" at the base.
Mint Mark Location
The mint mark appears on the reverse, at the bottom of the coin. It sits to the left of the olive branch stem's base and to the right of the "E" in "ONE." Philadelphia coins carry no mint mark, Denver coins show a small "D," and San Francisco coins display a small "S."
Specifications
All 1928 Mercury Dimes share identical specifications: 17.90mm diameter, 2.50 grams weight, reeded edge, and 90% silver / 10% copper composition. This yields 0.0723 troy ounces of actual silver weight (ASW), establishing a bullion floor of approximately $3.46 based on November 2025 silver prices.
1928 Mercury Dime Value Guide
Values for 1928 Mercury Dimes span from near-bullion levels for common worn examples to five-figure sums for top-tier Full Bands specimens. The price tables below reflect retail values from major grading services (PCGS and NGC) as of November 2025, plus confirmed auction records. All values assume problem-free, accurately graded coins—cleaned, damaged, or altered coins are worth significantly less.
💡 Understanding Price Variations
PCGS and NGC price guides occasionally show significant divergence (exceeding 30%) for the same coin in the same grade. When this occurs, both values are presented. Auction records provide the most reliable real-world market benchmarks.
1928 Philadelphia (No Mint Mark) Business Strike
The Philadelphia issue is the most common 1928 Mercury Dime, with 19,480,000 struck. Circulated examples trade near or slightly above melt value, while uncirculated coins remain affordable. Philadelphia typically produced well-struck coins, making this the easiest 1928 issue to find with Full Bands.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| G-4 | $3.75 | $3.50 |
| VF-20 | $6 | $5.50 |
| EF-40 | $12 | $10 |
| AU-50 | $22 | $24 |
| MS-60 | $35 | $32 |
| MS-63 | $50 | $55 |
| MS-65 | $90 | $119 |
| MS-67 | $550 | $550 |
Auction record: $5,520(PCGS MS67, 2001)
1928 Philadelphia Full Bands
The Full Bands premium is most modest for Philadelphia coins but still substantial. In gem grades (MS-65+), FB coins command 3x to 4x the value of standard strikes. The jump from MS-67FB to MS-68FB is exponential, reflecting registry set demand.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| MS-60 FB | $45 | $35 |
| MS-63 FB | $125 | $120 |
| MS-65 FB | $350 | $345 |
| MS-67 FB | $2,000 | $2,000 |
| MS-68 FB | $18,000 | $18,000 |
1928-D Denver Business Strike
The 1928-D is the semi-key date of the year with the lowest mintage (4,161,000). PCGS estimates only 150 examples survive in MS-60 or better, and just 30 in MS-65+. Even in circulated grades, the 1928-D trades at a premium over Philadelphia and San Francisco issues.
Grade progression: G-4, VF-20, MS-65
| Grade | PCGS Value | NGC Value |
|---|---|---|
| G-4 | $5 | $4.75 |
| VF-20 | $24 | $22 |
| EF-40 | $65 | $55 |
| AU-50 | $120 | $120 |
| MS-63 | $500 | $425 |
| MS-65 | $1,000 | $950 |
| MS-67 | $4,250 | $3,000 |
⚠️ Price Guide Variance
Note the significant divergence between PCGS and NGC values for uncirculated 1928-D coins. This reflects a volatile market for condition rarities. Always check recent auction results when buying or selling.
1928-D Denver Full Bands
The 1928-D FB is described by specialists as "especially elusive" in gem condition. This is a major 20th-century condition rarity with volatile pricing. The auction record of $36,000 for an MS67FB (2019) significantly exceeds current price guide estimates, indicating strong demand for top specimens.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| MS-60 FB | $450 | — |
| MS-63 FB | $800 | $575 |
| MS-65 FB | $2,500 | $1,880 |
| MS-66 FB | $4,250 | $3,335 |
| MS-67 FB | $28,500 | $27,025 |
Auction record: $36,000(MS67FB, 2019)
1928-S San Francisco Business Strike
With a mintage of 7,400,000, the 1928-S sits between Philadelphia and Denver in availability. Circulated examples trade near melt value, but the value escalates rapidly in AU and uncirculated grades. Like Denver, San Francisco produced notoriously weak strikes during this period.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| G-4 | $4 | $3.25 |
| VF-20 | $12 | $12 |
| EF-40 | $30 | $28 |
| AU-50 | $50 | $47 |
| MS-63 | $375 | $360 |
| MS-65 | $525 | $500 |
| MS-67 | $1,750 | $1,700 |
1928-S San Francisco Full Bands
This is the paramount rarity for 1928. San Francisco's weak strike quality makes the FB designation exceptionally rare—PCGS estimates only 175 examples survive in MS-65FB or higher. The auction record of $49,938 (2018) for an MS67+FB makes this the most valuable 1928 Mercury Dime of any mint.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| MS-60 FB | $215 | $200 |
| MS-63 FB | $525 | $500 |
| MS-65 FB | $2,750 | $2,600 |
| MS-67 FB | $12,500 | $11,000 |
| MS-67+ FB | $49,938 | — |
Auction record: $49,938(PCGS MS67+FB, 2018)
Grading 1928 Mercury Dimes
Accurate grading is essential for determining a 1928 Mercury Dime's value, particularly when distinguishing between high-grade mint state coins. For this series, understanding the critical difference between wear and weak strike is paramount—many 1928-D and 1928-S dimes were weakly struck from new and never had sharp details, even straight from the mint.
Critical wear points for accurate grading
Circulated Grades
Good (G-4): Heavy wear with major design elements visible but very flat. Liberty's portrait is an outline with minimal facial detail. The date is readable but may be weak. On the reverse, the fasces is visible but the bands are completely merged and indistinct. These coins typically trade at or near melt value.
Very Fine (VF-20): Moderate wear with clear design separation. Liberty's facial features are visible, including the eye and some hair detail. The winged cap shows wear but the wing feathers remain distinct. On the reverse, some band separation may be visible, though they remain connected. The olive branch shows moderate definition.
Extremely Fine (EF-40): Light wear confined to the highest points. Liberty's hair shows good detail with only the highest strands worn smooth. The cheek retains significant detail. Wing feathers are well-defined. On the reverse, band outlines are clear but may not be fully separated. The diagonal stick lines in the fasces remain sharp.
About Uncirculated (AU-50/58): Only traces of wear on the absolute highest points. At AU-50, slight friction is visible on Liberty's hair, cheek, and the wing tips. By AU-58, the coin retains nearly full mint luster in protected areas with only minimal high-point friction. On the reverse, the bands show minimal wear but are evaluated on strike quality rather than wear.
Mint State Grades
MS-60 to MS-62: Full mint luster with no wear, but significant contact marks, bag marks, or imperfect strike. Surface quality is below average with numerous marks visible to the naked eye. These grades are suitable for type sets but not for date/mint specialists.
MS-63: Above-average strike and surface quality. Luster is complete but may be slightly subdued. Some contact marks are present but not distracting. This is the minimum grade serious collectors target for most 1928 issues.
MS-65 (Gem): Exceptional quality with strong luster and minimal marks. Only a few minor contact marks are allowed, and they must be in non-focal areas. Strike quality should be above average, though Full Bands are not required for this grade.
MS-67 (Superb Gem): Outstanding quality with virtually mark-free surfaces and excellent eye appeal. Luster is vibrant and original. Strike quality is typically sharp. These are condition rarities for all 1928 issues, especially Denver and San Francisco.
Full Bands (left) vs. weak strike (right)
The Full Bands (FB) Designation
The Full Bands designation is the single most important value factor for 1928-D and 1928-S dimes. PCGS defines Full Split Bands as requiring all horizontal bands holding the fasces together to be clearly and completely separated—including not just the three central bands but also the bands at each end of the bundle.
Critical distinction: An MS-60 coin can qualify for FB if the strike is sharp, while an MS-67 coin may not qualify if the strike was weak. FB is about strike quality at the moment of minting, not preservation. Many 1928-D and 1928-S coins retain full mint luster in the recesses (indicating no circulation wear) but show merged, mushy bands because the dies didn't impart sufficient metal flow into those areas during striking.
When examining for Full Bands, focus on the three central horizontal bands. They must show clear, unbroken separation across their full length. Even a small area where bands merge disqualifies the coin from the FB designation. Use strong magnification (10x or higher) and raking light to evaluate properly.
1928 Mercury Dime Die Varieties
Die varieties are permanent characteristics of the die itself and appear on multiple coins struck from that die. For Mercury Dimes, most die varieties receive minimal collector attention compared to other series, though specialists do pursue certain diagnostics.
1928-S "Large S" (FS-501)
The most significant 1928 die variety is the 1928-S "Large S" mint mark, designated as FS-501 (Fivaz-Stanton) and cataloged as PCGS #145447 (base strike) and #145448 (Full Bands). This variety is identified by its distinctly larger and thicker S mint mark compared to the standard "Small S" used on the vast majority of 1928-S dimes.
FS-501 Large S (left) vs. standard Small S (right)
Attribution: The Large S measures visibly taller with a prominent, thick diagonal stroke. Numismatic researchers believe it originated from an archaic 19th-century punch that was temporarily returned to service. Under magnification, the difference is unmistakable—the Large S has bold, heavy serif-like elements while the standard Small S appears more refined and compact.
Rarity: NGC estimates fewer than 5% of all 1928-S dimes carry the Large S mint mark, making it "very scarce" in their terminology. However, collector demand remains inconsistent.
Value Analysis: No reliable public pricing is available from PCGS or NGC price guides. The market for this variety is specialist-driven and contradictory. Retail listings range wildly, from $40 for circulated examples to several hundred dollars for certified mint state coins. Notably, a certified NGC MS-64 Large S sold at auction for only $177.75—significantly below the value of a standard 1928-S in the same grade. This suggests that unless the coin achieves very high grade or has Full Bands, the Large S premium is minimal to moderate. Advanced collectors pursuing the FS-501 variety should rely on recent auction comparables rather than advertised retail prices.
Minor 1928 Varieties
1928-S RPM-001 (S/S West): This CONECA-listed repunched mint mark variety shows a slight shift of the S to the left (west). It's classified as RPM-001 and appears on the standard Small S die. This is a micro-variety of interest only to advanced specialists, and it carries negligible, if any, premium. No reliable public pricing exists.
1928-D Doubled Die Obverse (DDO): Several minor DDO varieties are listed by CONECA (DDO-001, DDO-002) and in the Wexler doubled die files. However, as numismatic experts note, doubled die Mercury Dimes do not receive the media coverage or collector interest seen in other series like Lincoln Cents. These 1928-D DDOs show minor doubling on obverse elements but command minimal premiums. No reliable public pricing is available.
1928 Mercury Dime Mint Errors
Mint errors are one-of-a-kind production mistakes that occur during the striking process. Unlike die varieties, each error coin is unique. Error premiums vary based on the type of error, its severity, and its visual impact.
Common mint errors: off-center (left) and lamination (right)
Off-Center Strikes
Off-center errors occur when the planchet is not properly seated in the collar, causing the dies to strike the planchet off-center. A portion of the coin's design is missing, with blank planchet visible on one side.
Identification: The degree of off-centering is measured by percentage. For an off-center coin to have significant value, the date must remain visible. A completely off-center coin with no date is worth only the intrinsic metal value.
Value ranges by severity:
- Minor (5-10% off-center, date visible): $40 – $80
- Moderate (15-25% off-center, date visible): $100 – $250
- Major (30-50% off-center, date visible, MS-60+): $300 – $500+
Auction record: A 1928 (Philadelphia) dime graded MS-63 that was struck off-center realized $490 at auction, demonstrating strong demand for high-grade error coins.
Lamination Flaws
Lamination errors were particularly common on 1920s silver coinage due to impurities in the alloy. The metal literally peels or flakes away from the coin's surface, creating a layered appearance.
Identification: Lamination flaws appear as raised areas where metal is separating from the planchet, or as actual missing chunks where the metal has completely peeled away. These can occur on either side of the coin. "Retained" laminations (where the flake remains attached) are generally more desirable than simple missing-metal laminations.
Value ranges:
- Minor lamination flake (small peel, 1-2mm): $10 – $25 premium over base value
- Moderate lamination (larger area, 3-5mm): $30 – $75
- Major lamination (large retained peel or affecting date/Liberty's face): $50 – $150
Lamination errors are generally valued lower than other error types because they result from planchet defects rather than dramatic striking mistakes.
Broadstrikes
A broadstrike occurs when the coin is struck without the retaining collar, allowing the metal to spread outward under the striking pressure. The resulting coin is wider than the standard 17.9mm diameter and has a plain, flat edge instead of reeding.
Identification: Measure the diameter—broadstruck Mercury Dimes typically expand to 19-21mm. The edge will show no reeding whatsoever, appearing smooth and flat. The design elements are often slightly weaker than normal due to the metal spreading.
Value estimate: No reliable public pricing is available specifically for 1928-dated broadstrike Mercury Dimes. Based on general error coin values and the relative rarity of broadstrikes, a 1928 broadstrike in VF condition would be estimated at $75-$150, with mint state examples valued at $200-$400 or more depending on eye appeal and the degree of spreading.
Authentication and Counterfeits
The extreme values of high-grade 1928-D FB (up to $36,000) and 1928-S FB (up to $49,938) make these coins significant targets for counterfeiters and alteration. Even modestly valuable 1928-D coins in circulated grades attract fraud due to their consistent premium over Philadelphia and San Francisco issues.
The most common forgery method involves taking a genuine 1928 Philadelphia dime (no mint mark) and adding a false "D" or "S" mint mark to create the appearance of a scarcer issue. This type of alteration can be detected through careful examination. Compare the shape, size, and exact position of the mint mark to authenticated examples from reference materials or grading service images. Look for an unnatural "shelf" of raised metal around the base of the mint mark, which indicates it was punched into an existing coin after the fact. Examine for tooling marks or tiny scratches around the mint mark area that reveal recent metalwork. Check if the luster or toning around the mint mark differs from the rest of the coin's reverse—altered areas often show disturbance in the surface appearance.
Warning signs: cleaned coin with hairline scratches
For weight verification, a genuine 1928 Mercury Dime must weigh exactly 2.50 grams. Counterfeits cast from base metal or incorrect alloys will almost always be off-weight. Use a precision scale accurate to 0.01 grams. Outright fake coins (not altered genuine coins) typically exhibit a "soapy" or "greasy" surface appearance with unusually weak or mushy design details. The silver color may appear too bright, too dark, or have an artificial quality. Genuine silver has a distinctive luster that counterfeiters struggle to replicate accurately.
For high-value purchases, especially 1928-D or 1928-S coins in uncirculated grades, buying certified examples from PCGS or NGC provides authentication protection. These services guarantee the authenticity of coins in their holders. If purchasing an uncertified coin, consider the cost of professional authentication—for a coin potentially worth thousands, a $50-100 authentication fee is a wise investment. Reputable dealers will allow authentication contingent on purchase.
Cleaned coins represent another form of value destruction, though not intentional fraud. An improperly cleaned Mercury Dime may initially appear bright and attractive but will show fine parallel hairlines (from wiping with cloth), an unnaturally bright-white surface with no remaining mint luster (from "dipping" in acidic solution), or a dull, lifeless appearance. Professional grading services will not assign numerical grades to cleaned coins, instead issuing "Details" grades (such as "NGC AU Details—Cleaned") that significantly reduce value, often to a fraction of the straight-graded equivalent.
Preserving Your 1928 Mercury Dimes
Proper storage and handling are critical for maintaining both the numismatic and aesthetic value of silver coinage. A coin's surface condition directly affects its grade and market value, and damage from improper preservation is irreversible.
Store coins in archival-quality, acid-free holders. The safest options are hard, inert plastic holders made of materials like Mylar, or 2x2 cardboard flips that are certified acid-free and PVC-free. Never use soft, flexible plastic holders or flips—these contain Polyvinyl Chloride (PVC), which leaches a sticky green corrosive substance over time that permanently damages the coin's surface. This damage cannot be reversed and dramatically reduces value. If you inherit or purchase coins in soft plastic holders, immediately transfer them to archival-quality holders.
Environmental control matters significantly for long-term preservation. Store coins in a cool, dry location with stable temperature. Ideal storage locations include safe-deposit boxes or home safes. Avoid attics (which experience temperature extremes), basements (which tend toward dampness), or any area with high humidity. Humidity accelerates toning and can lead to spotting or corrosion on silver coins. Some collectors use dessicant packets or climate-controlled storage boxes for additional protection.
Handle coins properly when viewing them. Use soft cotton gloves to prevent skin oils and acids from contacting the metal surface. Hold coins by their edges only—never touch the obverse or reverse surfaces. Do not talk, cough, or sneeze directly over a coin, as microscopic saliva droplets can cause permanent spots that are nearly impossible to remove without altering the surface.
The single most important preservation rule: never clean your coins. Cleaning removes the natural patina and luster that form over time and are considered desirable by collectors. Even "gentle" cleaning with soap and water will create microscopic scratches that dramatically reduce value. Abrasive cleaning destroys a coin's numismatic value entirely. Coins should be preserved in their natural state. If a coin has heavy environmental damage requiring conservation, this should only be performed by professional conservators who specialize in numismatic materials—never attempt it yourself.
Recent Auction Results
Auction records provide the most reliable real-world market values, especially for condition rarities where price guide estimates may lag behind actual realized prices. The following confirmed auction results demonstrate the strong market for top-quality 1928 Mercury Dimes:
1928-S MS67+FB PCGS: Realized $49,938(2018 auction). This represents the all-time auction record for any 1928-dated Mercury Dime and establishes the 1928-S Full Bands as the paramount condition rarity for the year, despite its higher mintage compared to the 1928-D.
1928-D MS67FB: Realized $36,000(2019 auction). This record significantly exceeds current price guide estimates, indicating strong registry set demand for the finest 1928-D Full Bands specimens.
1928 (Philadelphia) MS67 PCGS: Realized $5,520(2001 auction). While this record is dated, it demonstrates that even common-date Mercury Dimes command strong premiums in superb gem grades.
1928 (Philadelphia) MS63 off-center strike: Realized $490 (auction date not specified in source). This result shows collector interest in high-grade mint error coins extends to mint state examples with eye appeal.
1928-S Large S (FS-501) NGC MS-64: Realized $177.75 (auction date not specified). Notably, this is below the value of a standard 1928-S MS-64, suggesting the Large S variety premium is inconsistent in the current market unless the coin achieves very high grade or Full Bands designation.
Frequently Asked Questions
How much is my 1928 Mercury Dime worth?
Values range from $3.25 for heavily worn common issues to $49,938 for the finest certified specimens. Philadelphia coins in circulated grades are worth $3.50-$24, while Denver coins command $4.75-$175 in circulated condition. Uncirculated coins without Full Bands range from $32 (Philadelphia MS-60) to $4,250 (Denver MS-67). The most valuable 1928 Mercury Dimes are those with the Full Bands designation, particularly 1928-S issues, which can exceed $10,000 in gem grades.
How do I identify the mint mark on a 1928 Mercury Dime?
The mint mark appears on the reverse (tails side) at the bottom of the coin. It is located to the left of the olive branch stem's base and to the right of the "E" in "ONE." Philadelphia coins have no mint mark, Denver coins show a small "D," and San Francisco coins display a small "S." Use magnification if needed—the mint mark is small, typically measuring only 1-2mm in height.
What is the Full Bands designation and why is it so valuable?
Full Bands (FB) is a special designation from grading services that certifies all horizontal bands holding the fasces together are completely and clearly separated. This requires an exceptionally strong strike—something the Denver and San Francisco mints rarely achieved in 1928. The FB designation can increase a coin's value by 5x to 10x compared to a weakly struck coin in the same numerical grade. The 1928-S Full Bands is particularly rare because San Francisco's strike quality was notoriously poor during this period.
Should I get my 1928 Mercury Dime professionally graded?
Professional grading is recommended if your coin appears to be in AU or mint state condition, especially for Denver and San Francisco issues. For Philadelphia coins, grading is worthwhile if the coin grades MS-65 or higher, or if it has Full Bands. Grading costs typically run $20-$50 per coin depending on service level and turnaround time. For a coin potentially worth hundreds or thousands of dollars, certification provides authentication, accurate grading, and tamper-proof storage. Circulated coins (VF and below) generally do not warrant grading unless they are key dates or have errors.
Is the melt value significant for 1928 Mercury Dimes?
Yes, the melt value establishes a "floor" for common worn examples. Each 1928 Mercury Dime contains 0.0723 troy ounces of silver, worth approximately $3.46 based on November 2025 silver prices (~$47.85/oz). The most common issues—1928 Philadelphia and 1928-S in heavily worn grades (G-4)—are valued at or very near melt value ($3.25-$3.75). This means countless examples have been melted over the decades. However, once condition improves to VF or better, or if the coin is a Denver issue, numismatic premiums quickly exceed melt value.
What is the most valuable 1928 Mercury Dime?
The 1928-S Full Bands in superb gem condition holds the all-time auction record at $49,938 for an MS67+FB specimen (PCGS, 2018). This coin is the paramount condition rarity for 1928 because San Francisco's strike quality was exceptionally poor, making sharply struck Full Bands examples extremely rare. The 1928-D Full Bands is the second most valuable, with an MS67FB selling for $36,000 (2019). While the 1928-D has lower mintage, the 1928-S FB is harder to find in top grades.
How do I care for and store my Mercury Dimes?
Store coins in archival-quality holders (hard inert plastic or acid-free cardboard flips) and never use soft PVC-containing plastic. Keep coins in a cool, dry environment like a safe-deposit box, avoiding temperature extremes and humidity. When handling, use cotton gloves and hold coins by their edges only. Never clean coins—cleaning destroys original surfaces and dramatically reduces value. Any necessary conservation should be performed only by professional numismatic conservators.
Are 1928 Mercury Dimes rare?
In absolute terms, 1928 Mercury Dimes are not rare—over 31 million were struck across three mints. However, condition rarity is significant. The 1928-D is a semi-key with only 4.16 million minted and limited survival in uncirculated condition (PCGS estimates just 150 examples in MS-60+). More importantly, 1928-D and 1928-S Full Bands coins are genuine condition rarities due to weak strike quality, with PCGS estimating only 175 surviving 1928-S specimens in MS-65FB or higher. These FB coins are far rarer than their mintage numbers suggest.
Research Methodology
This guide synthesizes data from authoritative numismatic sources including the PCGS CoinFacts database, NGC Coin Explorer, and price guides from both services as of November 2025. Mintage figures are drawn from official U.S. Mint reports. Auction records represent confirmed realized prices from major numismatic auction houses including Heritage Auctions and GreatCollections. Silver melt values are calculated using November 2025 spot prices from established precious metals dealers.
Market values fluctuate based on precious metal prices, collector demand, and the broader economy. The values presented represent retail asking prices—actual selling prices may vary based on negotiation, venue, and market timing. Auction results provide the most reliable real-world benchmarks for high-grade condition rarities where price guide estimates may lag actual market behavior.
For specific information about die varieties, diagnostic attributions were drawn from the Fivaz-Stanton (FS) system, CONECA variety listings, and the Wexler doubled die files. Authentication guidance reflects best practices from PCGS and NGC counterfeit detection resources.
