1938 Dime Value Guide: Mercury Dime Worth $4.50 to $364,250

1938 Mercury Dime: Overview and Market Significance

The 1938 Mercury Dime—officially known as the Winged Liberty Head dime—represents a critical juncture in the iconic series designed by Adolph A. Weinman. While mintage figures might suggest the lower-mintage 1938-D (5.537 million) would be the scarcest, the modern market tells a different story. The true rarity lies not in quantity produced, but in strike quality.

The 1938 Mercury Dime features Adolph A. Weinman's iconic Winged Liberty Head design

The 1938-S, despite its higher mintage of 8.09 million, is notorious for weak strikes where the horizontal bands on the reverse fasces remain poorly defined. Consequently, examples earning the coveted "Full Bands" (FB) designation command substantial premiums—culminating in a $364,250 auction record for a single PCGS MS-68+ FB specimen in 2019.

This guide covers all 1938 dime issues: Philadelphia, Denver, and San Francisco business strikes (both standard and Full Bands), proof strikes, known die varieties, mint errors, and authentication considerations. Values range from bullion-level prices for worn examples to six-figure sums for condition-rarity specimens.

Identifying Your 1938 Mercury Dime: Mint Marks and Design Features

Proper identification begins with understanding the Mercury Dime's distinctive design elements and mint mark placement. The obverse features Liberty wearing a Phrygian cap with wings—a detail that led to the coin's popular (though technically incorrect) "Mercury" nickname, referencing the winged Roman messenger god.

Obverse Diagnostics

The designer's monogram "AW" (for Adolph A. Weinman) appears on the obverse, positioned to the right of Liberty's neck. This small detail helps authenticate genuine coins. The date "1938" is located at the bottom of the obverse, below Liberty's portrait.

Reverse Diagnostics

The reverse design centers on a fasces—a bundle of rods bound together with an axe blade protruding—symbolizing unity and strength. An olive branch, representing peace, entwines the fasces. The denomination "ONE DIME" appears at the bottom of the reverse.

Mint marks (D or S) appear on the reverse, to the left of the fasces base and right of the 'E' in 'ONE DIME'

Mint Mark Location and Identification

Critical Detail: Mint marks appear on the reverse, located near the bottom rim, to the left of the base of the fasces and to the right of the letter 'E' in 'ONE DIME'. This precise positioning is key for authentication.

• 1938 (Philadelphia): No mint mark present
• 1938-D (Denver): Small "D" mint mark
• 1938-S (San Francisco): Small "S" mint mark

Composition and Physical Specifications

All 1938 dimes share identical specifications per the Mint Act of 1873:

• Composition: 90% Silver, 10% Copper
• Weight: 2.50 grams
• Diameter: 17.9 mm
• Actual Silver Weight (ASW): 0.0723 troy ounces
• Edge: Reeded

These specifications provide additional authentication checkpoints. Counterfeits often weigh incorrectly or show incorrect thickness.

1938 Mercury Dime Price Guide: Current Market Values

The 1938 Mercury Dime market demonstrates a critical principle: condition rarity often trumps mintage rarity. Values are based on PCGS and NGC retail price guides with supporting auction data from October-November 2025. All circulated examples trade near their silver melt value of approximately $3.54, with minimal numismatic premium below Very Fine grade.

1938 Philadelphia Business Strike (No Mint Mark)

The 1938 Philadelphia issue, with 22.19 million struck, is the most common date. Values remain modest except at the highest grades with Full Bands designation.

Grade comparison: G-4 (heavy wear), VF-20 (moderate wear), MS-65 (full mint luster)

Standard Strike (Non-FB):

Full Bands (FB) Designation:

1938-D Denver Business Strike

The 1938-D holds the lowest mintage of the year at 5.537 million—the final business strike Mercury Dime with mintage below ten million. However, Denver coins are known for relatively strong strikes, making Full Bands examples plentiful and therefore less valuable than the 1938-S FB in equivalent grades.

Standard Strike (Non-FB):

Full Bands (FB) Designation:

1938-S San Francisco Business Strike: The True Condition Rarity

The 1938-S exemplifies condition rarity perfectly. Despite a mintage of 8.09 million—significantly higher than the 1938-D—San Francisco coins are notorious for weak strikes. Full Bands examples are decidedly in the minority, creating dramatic value premiums.

Full Bands (FB) designation requires complete separation of central horizontal bands on the fasces

Standard Strike (Non-FB):

Full Bands (FB) Designation:

1938 Proof Strike (Philadelphia)

The Philadelphia Mint struck 8,728 proof Mercury Dimes in 1938 for collectors. Survival rates are exceptional—PCGS estimates 7,250 examples survive in all grades, with approximately 4,250 (nearly 50% of original mintage) surviving in PR-65 or better. This makes the standard 1938 Proof relatively affordable and accessible.

Standard Proof (Non-Cameo):

Grading Your 1938 Mercury Dime: Understanding Wear and Strike Quality

Accurately grading a Mercury Dime requires understanding both wear patterns from circulation and original strike quality from the minting process. Unlike other series where grade alone determines value, Mercury Dimes introduce the critical "Full Bands" designation that can multiply values by 3× to 10×.

High points that show wear first: Liberty's hair, cheek, and the horizontal bands on the fasces

Circulated Grades: G-4 Through AU-50

Good (G-4): Heavy wear across all design elements. Date and major features visible but lacking detail. Liberty's hair is mostly flat, with only major outline visible. Fasces shows smooth surface with bands barely distinguishable. Rim may be worn into design elements.

Very Fine (VF-20): Moderate wear visible on high points. Liberty's hair shows some detail, with clear separation of major strands. Cheek shows slight flatness. On reverse, fasces bands show partial definition—typically 2-3 bands partially merged. This grade marks where numismatic value begins separating meaningfully from bullion value.

Extremely Fine (EF-40): Light wear on highest points only. Liberty's hair retains most detail with only slight flatness at highest areas. Cheek shows minimal wear. Fasces bands show good definition but lack complete separation. All lettering sharp and fully formed.

About Uncirculated (AU-50): Only slight traces of wear on absolute highest points: Liberty's hair above forehead, cheek, and fasces bands. Original mint luster visible in protected areas, though diminished overall. This grade represents the transition point to uncirculated territory.

Mint State Grades: MS-60 Through MS-70

Mint State Mercury Dimes show no wear from circulation, though they may exhibit contact marks, bagmarks, or other imperfections from the minting and storage process. Strike quality becomes the dominant factor separating values.

MS-60 to MS-63: Full mint luster present but significant contact marks, bagmarks, or imperfections visible. MS-60 may show distracting marks on prime focal areas. MS-63 shows fewer marks, primarily in non-focal areas. Strike quality varies—weak strikes common at these grades.

MS-64 to MS-65: Above-average luster with fewer contact marks. MS-64 may show one or two noticeable marks on focal areas. MS-65 represents "gem" quality with minimal marks and strong eye appeal. Strike quality becomes increasingly important—weak strike examples struggle to achieve MS-65 regardless of surface preservation.

MS-66 to MS-67: Premium quality with exceptional luster and minimal contact marks. MS-66 shows nearly mark-free surfaces with strong eye appeal. MS-67 represents superb quality with virtually perfect surfaces and exceptional luster. At these grades, strike quality is critical—Full Bands designation adds substantial premiums.

Strike quality dramatically affects value: 1938-S coins are notorious for weak strikes

MS-68 and Higher: Virtually perfect coins showing no significant imperfections under 5× magnification. MS-68+ represents the absolute finest examples with Full Bands designation commanding extraordinary premiums—particularly for 1938-S issues where the $364,250 record resides.

Understanding Full Bands (FB): The Critical Designation

The Full Bands designation applies to Mercury Dimes where the horizontal bands on the reverse fasces show complete separation. However, standards differ between grading services:

PCGS Standard: Awards FB if the central (middle) set of bands shows complete separation. Strike quality of top and bottom bands affects numeric grade but not FB eligibility.

NGC Standard: More stringent—requires central bands show full separation AND top and bottom band groups also show separation. By definition, NGC's FB represents a higher overall strike standard.

Strike Quality vs. Wear: A Critical Distinction

Beginning collectors often confuse weak strike with wear. Key differences:

Weak Strike: Results from insufficient metal flow during minting. Appears as softness or mushiness in design details—particularly fasces bands—but occurs uniformly across both high and low relief areas. Original mint luster remains intact across all surfaces.

Wear from Circulation: Appears only on highest relief points first (Liberty's hair, cheek; fasces high points). Low-relief protected areas retain sharp detail and luster. Wear shows as smoothness or flatness with luster disturbance.

Proof Grading: PR-60 Through PR-70

Proof coins use a specialized striking process creating mirrored fields and, ideally, frosted devices. Proof grades focus on surface perfection rather than strike quality (which is typically excellent).

PR-63 to PR-65: Mirrored surfaces present but showing contact marks, hairlines, or handling marks. PR-63 may show distracting imperfections. PR-65 represents choice quality with minimal visible marks.

PR-66 to PR-68: Premium to superb quality with minimal to virtually no imperfections. At PR-67 and higher, only minor imperfections visible under magnification. Cameo contrast (if present) adds substantial premiums.

For 1938 Proofs specifically, Cameo (CAM) or Deep Cameo (DCAM) examples are exceedingly rare due to 1938-era production methods. Standard proofs show minimal device frost, making true Cameo examples exceptionally valuable when encountered.

Authentication and Counterfeit Detection

While 1938 Mercury Dimes are not among the most heavily counterfeited U.S. coins, collectors must remain vigilant against two primary threats: crude counterfeits targeting novice collectors and sophisticated alterations involving added mint marks. Understanding authentication fundamentals protects your investment and ensures genuine coins enter your collection.

Famous counterfeit reads 'IN COD WE TRUST' instead of 'IN GOD WE TRUST'

The most well-known family of 1938 Mercury Dime counterfeits can be identified through a glaring obverse error: the motto reads "IN COD WE TRUST" instead of the correct "IN GOD WE TRUST." These fakes target beginners and can be spotted instantly. Additional diagnostics include incorrect composition (typically nickel-silver, non-magnetic), improper weight (genuine: 2.50 grams), and incorrect thickness (counterfeits often measure 1.5mm versus 1.0mm for authentic dimes). These crude fakes possess no collector value.

A more deceptive threat involves added mint marks—a sophisticated alteration where counterfeiters add a "D" or "S" mint mark to genuine but cheaper Philadelphia coins. This fraud exploits the price differential between common 1938-P and scarcer 1938-D or condition-rare 1938-S issues. Detection requires careful comparison of mint mark style, shape, and exact positioning against known genuine examples. Fake mint marks often appear "mushy" with indistinct edges, show improper placement (remember: to the left of fasces base, right of 'E' in 'ONE DIME'), or exhibit stylistic inconsistencies with authentic mint-applied punches.

Weight verification provides a first-line authentication tool. Genuine 1938 Mercury Dimes weigh exactly 2.50 grams. Variances beyond 0.02 grams suggest problems—either planchet defects, post-mint damage, or counterfeits. Many counterfeits use incorrect alloys resulting in noticeably wrong weights. A precision scale capable of 0.01-gram accuracy (available inexpensively) serves as an essential authentication tool.

Edge examination reveals additional authentication markers. Genuine Mercury Dimes feature reeded edges with uniform, evenly-spaced ridges. Counterfeits and cast fakes often show irregular reeding, incomplete ridges, or mushy edge detail. The edge should feel crisp and well-defined under fingertip examination.

For high-value purchases—particularly Full Bands examples in premium grades or any coin valued above $100—third-party certification by PCGS or NGC provides authentication assurance. These services employ expert authenticators with access to extensive reference collections and sophisticated detection equipment. While certification adds cost (typically $20-$50 depending on declared value), it provides essential protection against sophisticated counterfeits and alterations. Major auction houses and serious dealers typically handle only certified coins for high-value transactions.

Beware of coins showing evidence of tooling or re-engraving around the mint mark area. Counterfeiters may attempt to add a mint mark by hand-engraving the surface. Such work appears crude under magnification, showing rough edges, unnatural metal flow, or disturbance to the surrounding field. Genuine mint marks were applied by steel punches at the mint, creating sharp, well-formed letters with characteristic metal flow around the impressed mark.

Preservation and Storage Best Practices

Proper preservation protects your 1938 Mercury Dime's value and prevents degradation from "collectible" to "problem coin" status. Silver coins face specific threats including environmental damage, chemical reactions, and physical handling wear. Following numismatic best practices ensures long-term preservation.

Storage materials matter critically. Use only inert, archival-quality holders specifically designed for coin preservation. PCGS and NGC slabs provide museum-quality protection with inert plastic and sealed environments preventing atmospheric exposure. For raw (uncertified) coins, use Mylar flips, inert plastic capsules, or archival cardboard holders. Never use PVC-containing flips or holders—PVC breaks down over time, releasing acids that cause irreversible green or black damage to silver surfaces. If uncertain about holder composition, replace it. The few cents saved on inferior holders risk hundreds or thousands in coin value.

Environmental control prevents toning and spotting problems. Store coins in stable, low-humidity environments—ideally below 50% relative humidity. Avoid basements prone to moisture fluctuations or attics experiencing temperature extremes. Temperature stability matters as much as humidity: rapid temperature changes cause condensation, promoting tarnish and spotting. A climate-controlled interior space provides optimal conditions. Silica gel packets placed in storage containers help control humidity.

Never clean your 1938 Mercury Dime. This cardinal rule of numismatics cannot be overstated. Any cleaning—whether harsh abrasives or "gentle" chemical dips—destroys original surface texture and mint luster. Third-party grading services immediately identify cleaned coins, relegating them to "Details" slabs with no numeric grade. A cleaned coin loses 50-80% of its numismatic value, trading at or below bullion value regardless of apparent visual improvement. Natural toning that develops slowly over decades often adds value and eye appeal; artificial attempts to replicate this through cleaning invariably destroy value. If your coin appears dull or tarnished, leave it alone—collectors and grading services value originality above artificial brightness.

Handling minimization protects surfaces from contact marks and fingerprint residue. Handle coins only when necessary, and always by the edge—never touch obverse or reverse surfaces. Clean, powder-free cotton gloves provide additional protection during examination. Natural skin oils contain acids and salts that etch silver surfaces, causing permanent fingerprint patterns or spots that appear months later. Even brief contact leaves residue. For certified coins in PCGS/NGC holders, handling becomes simple: hold the slab, never remove the coin. For raw coins, minimize handling frequency and duration.

Long-term preservation sometimes justifies professional certification. Beyond authentication, PCGS and NGC holders provide conservation-grade protection. The hermetically sealed environment prevents atmospheric exposure, stabilizing the coin's surface condition indefinitely. For valuable examples—Full Bands specimens in MS-65 or better, proof coins in PR-66+, or any coin worth $200+—certification provides both market liquidity and conservation protection. The investment in grading fees returns value through enhanced preservation and marketability.

Known 1938 Mercury Dime Die Varieties

The 1938 Mercury Dime series is not known for major, high-value die varieties comparable to famous issues like the 1955 Doubled Die Lincoln Cent. However, three recognized varieties exist, primarily of interest to specialists and advanced collectors. These varieties carry modest premiums and are valued chiefly for their attribution interest rather than dramatic value implications.

1938-D Repunched Mint Mark (D/D RPM)

The most accessible 1938 variety, this Repunched Mint Mark (RPM) shows clear evidence of the Denver mint mark being punched twice, with the secondary impression visible to the south (below) the primary "D" mint mark. Multiple attribution systems recognize this variety:

• Cherrypickers' Guide: FS-501
• CONECA: RPM-001
• NGC VarietyPlus: VP-001

Attribution diagnostics require at least 5× magnification to clearly observe the secondary "D" impression. The repunching appears as doubling or slight shadowing below the primary mint mark. The variety is described as "pleasing" by variety specialists but carries only a minimal premium. Market data shows uncertified examples in Extra Fine (EF) condition listed around $12.00—a modest increase over standard 1938-D values at the same grade. The lack of significant certified auction records confirms its status as a minor, specialist-interest variety rather than a major market driver.

1938-S Repunched Mint Mark (S/S RPM)

The Cherrypickers' Guide documents two minor RPM varieties for the 1938-S issue, designated FS-501 and FS-502. These varieties show evidence of repunched San Francisco mint marks, though diagnostics are less pronounced than the 1938-D RPM.

Critical market reality: No reliable public pricing data exists for these varieties. A review of major auction databases including PCGS and NGC shows no specific sales recorded for FS-designated 1938-S RPM varieties. This suggests extreme rarity in the certified population or, more likely, minimal market interest and premium beyond standard 1938-S values. Collectors pursuing these varieties should expect modest premiums if any, with value primarily residing in attribution interest rather than significant market demand.

1938 Doubled Die Obverse (DDO) - Proof Strike Only

Wexler's die variety catalog recognizes a Doubled Die Obverse variety designated WDDO-001 for the 1938 dime. However, this variety carries a critical limitation: it exists only on the Proof strike, not the 22-million-mintage business strike.

Attribution diagnostics reveal extremely minor doubling: "Light extra thickness on date, WE TRUST, and LIBERTY." This represents Class I (rotated hub) doubling at its most subtle—requiring significant magnification and favorable lighting to observe. It is not a dramatic or valuable doubled die comparable to major varieties commanding four- or five-figure premiums.

NGC's VarietyPlus registry does not list a DDO for the 1938 business strike, supporting the conclusion that this variety applies exclusively to proof specimens. No reliable public pricing data exists for this variety. Given the minor nature of the doubling and the already modest values for standard 1938 Proofs, collectors should not expect significant premiums. This variety appeals primarily to proof set specialists and doubled die completists rather than representing a significant market or value consideration.

1938 Mercury Dime Mint Errors and Valuations

Mint errors represent unique production mistakes, with each error coin being one-of-a-kind. Unlike die varieties (where multiple coins show identical characteristics), mint errors result from planchet defects, striking malfunctions, or die failures. Values depend on error type, severity, and the grade of the coin. The 1938 Mercury Dime series shows several collectible error types.

Off-Center Strikes

Off-center strikes occur when the planchet is improperly positioned between the dies during striking, resulting in the design appearing off-center with a portion of blank planchet visible. Value correlates directly with two factors: the degree of misalignment and whether the date and mint mark remain fully visible.

Off-center strikes are collectible mint errors with values depending on degree of misalignment

Minor Off-Center (5-10%): Shows slight misalignment but retains nearly complete design. These add modest premiums of approximately $20 to $40 above standard values. Market data shows ungraded 1938-D off-center examples offered around $84.

Significant Off-Center (20-50%): These represent the most desirable off-center errors, showing dramatic misalignment while retaining the critical date. A circulated 1938 dime struck 20% off-center carries a realistic market value around $125. For certified examples showing 15-30% off-center strikes, expect values in the $50 to $150 range, with Mint State examples commanding premium prices.

Extreme Off-Center (50%+): While dramatic, these become less valuable if the date is partially or fully missing—the key identifier establishing the coin's vintage. Collectors prefer dramatic off-center strikes where the date remains fully visible, creating a balance between error severity and attribution certainty.

Broadstrikes

Broadstrike errors occur when a coin is struck without the retaining collar in place. The collar normally constrains the planchet and creates the reeded edge. Without it, the planchet spreads outward under striking pressure, resulting in a larger-diameter coin with a plain, un-reeded edge—a distinctive diagnostic.

While no specific auction records for 1938 Mercury Dime broadstrikes appear in major databases, analogous data provides reliable valuation guidance. A 1945-S Mercury Dime "Uncentered Broadstrike" graded PCGS AU-58 sold for $60.00 at auction, providing a comparable baseline.

Based on this comparable and general broadstrike market dynamics, a 1938 broadstrike in similar grade would likely achieve values in the $50 to $100 range. Mint State examples would command premiums, while circulated pieces with damage or problems would fall toward the lower end. The distinctive plain edge and larger diameter provide easy authentication, making broadstrikes appealing to error collectors.

Lamination Errors

Lamination errors represent common planchet defects from the 1930s-40s era, caused by impurities in the silver alloy or improper preparation during planchet production. These impurities create weak points where the metal's surface flakes, peels, or cracks—either during striking or subsequently.

Severity determines value. Minor lamination flakes or small surface separations add minimal premiums, often trading barely above standard values. More dramatic examples show greater appeal:

Retained Lamination: The separated metal layer remains partially attached, creating a dramatic flap or bubble on the coin's surface. These visual errors appeal to collectors.

Major Cracked Planchet: Significant cracks running across the coin's surface, visible to the naked eye, represent the upper tier of lamination errors.

Market values for minor-to-moderate certified lamination errors on 1938 Mercury Dimes typically trade in the $20 to $75 range. Dramatic retained laminations or major cracked planchets on high-grade coins could achieve higher premiums, while minor flaking on circulated examples adds little value. The key is visibility and dramatic visual impact—errors that require magnification to observe command minimal premiums.

Recent Auction Results and Market Records

Auction records provide critical market insights, documenting actual prices achieved for top-quality 1938 Mercury Dimes. These results demonstrate how condition rarity and strike quality drive values far beyond simple mintage considerations.

Record-Breaking 1938-S MS-68+ FB: The absolute market record for any 1938 Mercury Dime belongs to a single PCGS-graded MS-68+ Full Bands example of the 1938-S issue. This coin—representing the finest-known "Top-Pop" specimen—sold at auction in 2019 for an extraordinary $364,250. This record powerfully illustrates condition rarity dominating mintage rarity: the higher-mintage San Francisco coin commands the series record, not the lower-mintage Denver issue, due to the 1938-S strike quality challenges making Full Bands examples exceptionally rare.

1938-D MS-68 FB Achievement: High-grade Full Bands examples from Denver have achieved strong results, though substantially below the 1938-S record. PCGS CoinFacts data shows 1938-D MS-68 FB specimens trading in the $1,750 to $5,635 range. The wide range reflects individual coin quality factors including eye appeal, toning, and strike sharpness beyond the minimum FB requirement.

1938 Philadelphia MS-68+ FB: The finest Philadelphia strikes with Full Bands designation have achieved $14,375 at auction. While this represents exceptional value for the highest-mintage issue, it remains a fraction of the 1938-S record, again confirming strike quality scarcity drives premium values.

Proof Strike Values: Standard 1938 Proof coins in PR-68 grade achieved $4,800 at Heritage Auctions in 2020, providing current market guidance. An earlier 2005 result showing $32,200 for PR-68 appears anomalous—likely reflecting a different market cycle or a uniquely toned specimen—and should not be considered representative of current market conditions.

Cameo Proof Scarcity: Despite PCGS officially recognizing both "1938 10C, CAM" and "1938 10C, DCAM" varieties, PCGS CoinFacts lists the auction record for 1938 CAM as "N/A"—indicating no public sales records exist or are tracked. This absence of data underscores the extreme rarity of Cameo and Deep Cameo 1938 Proofs, a result of 1938-era production methods that did not produce the frosted-device finish common on modern proofs.

Frequently Asked Questions

Research Methodology and Data Sources

This comprehensive guide synthesizes data from authoritative numismatic sources, third-party grading service price guides, and verified auction records to provide accurate, current market valuations for 1938 Mercury Dimes.

Primary Sources: Price data derives from PCGS and NGC retail value guides, representing the industry's leading third-party grading services. Auction records come from Heritage Auctions, Stack's Bowers, and other major numismatic auction houses with verified sale data.

Technical Specifications: Composition, weight, mintage figures, and designer information verified through official U.S. Mint records and authoritative numismatic references including the PCGS CoinFacts database.

Variety Attribution: Die varieties confirmed through multiple attribution systems: Cherrypickers' Guide (FS-), CONECA, NGC VarietyPlus, and Wexler die variety catalogs. Only varieties documented by recognized attribution authorities are included.

Market Dynamics Analysis: Strike quality observations, Full Bands scarcity patterns, and condition rarity assessments derive from CAC (Collectors Acceptance Corporation) grading analysis and population reports from PCGS and NGC.

All external references cited throughout this guide link directly to source materials, providing transparency and enabling readers to verify information independently. Authentication guidelines derive from NGC and PCGS counterfeit detection resources and established numismatic conservation standards.