The 1938-S Mercury Dime is worth anywhere from $3 in worn condition to over $1,200 in pristine mint state. While millions were struck at the San Francisco Mint, finding one in your pocket or an old jar today is a thrilling discovery that could translate into a nice payday.
| Condition | Estimated Value |
|---|---|
| Good to Very Fine (Circulated) | $3.00 – $6.50 |
| Extremely Fine to About Uncirculated | $8.00 – $15.00 |
| Uncirculated (MS-60+) | $25.00 – $150.00 |
| Gem Mint State + Full Bands (FB) | $250.00 – $1,250.00+ |
Understanding the History of the 1938-S winged Liberty Head
If you have stumbled upon a 1938-S Mercury Dime, you are holding a piece of American history from the late Great Depression era. Officially known as the “Winged Liberty Head,” this coin features Lady Liberty wearing a Phrygian cap with wings.
Most people mistake Liberty for the Roman god Mercury, which is how the “Mercury Dime” nickname was born. To accurately identify your find, you can use the best coin identifier app to ensure you aren’t overlooking any rare San Francisco mint marks.
The San Francisco Mint produced 8,090,000 dimes in 1938. While this sounds like a lot, it is significantly lower than the production numbers at the Philadelphia Mint that same year. Because of this relatively lower mintage, “S” marked dimes from the late 30s often carry a premium over their Philadelphia counterparts.
Using modern tools like CoinHix allows collectors to quickly cross-reference their specific coin against historical auction records. In the world of numismatics, the San Francisco mint mark is always a welcome sight for those hoping for a higher valuation.
How to Identify the ‘S’ Mint Mark on Your 1938 Dime
To determine if your coin is a 1938-S, you need to look at the reverse (back) of the coin. Near the bottom, to the left of the “fasces” (the bundle of rods and ax), you will see a small letter “S.” If the space is blank, it was made in Philadelphia.
The “S” mint mark is the key driver of value for this specific year. Determining the exact 1938 dime value requires looking closely at the strike quality and how much detail remains in Lady Liberty’s hair.
For the non-expert, telling the difference between a “Fine” and “Very Fine” coin can be difficult. Professional graders look at the feathers in the wing and the horizontal bands on the reverse. If those bands are distinct and separated, you have a valuable “Full Band” coin.
Many users find that photographing their coin through CoinHix helps highlight these small details that the naked eye might miss. A clear “S” makes the coin instantly more desirable than a common 1938-P.
| Grade Detail | Description |
|---|---|
| Good (G) | Heavily worn; rim is flat; outlines are clear but details are gone. |
| Fine (F) | Moderate wear; some hair detail is visible; letters are distinct. |
| Extremely Fine (EF) | Light wear on the high points; most hair curls are visible. |
| Mint State (MS) | No wear; original luster; looks like it just came from the mint. |
The Importance of “Full Bands” (FB) Designation
When researching the 1938-S Mercury Dime prices for MS grades, you will often see the letters “FB” next to the grade. This stands for Full Bands.
On the reverse of the dime, there is a bundle of rods tied together with leather straps. On a perfectly struck coin, the horizontal lines (bands) across the middle of the bundle are clearly separated.
Most 1938-S dimes were struck with worn dies, meaning these bands are often blurred or merged together. A coin that features completely separated bands is considered “fully struck” and is highly sought after by serious collectors.
An MS65 1938-S dime without Full Bands might sell for $50, whereas the same coin with Full Bands could easily fetch $250 or more. This massive price jump is why professional grading is so important for high-end specimens.
Factors That Influence 1938-S Mercury Dime Value
Several factors determine how much someone will pay for your 1938-S Mercury Dime. First and foremost is the silver content. Every Mercury Dime is made of 90% silver and 10% copper.
Even if the coin is completely worn down to a smooth disk, it will always be worth its “melt value.” As of today, that silver value is roughly $1.50 to $2.00, meaning you will never get less than that for a genuine dime.
The second factor is “Luster.” Luster is the way light dances off the surface of a coin that has never been circulated. If your dime still has its original “cartwheel” shine, do not clean it! Cleaning a coin with polish or soap will instantly destroy its numismatic value.
Finally, “Eye Appeal” plays a role. Some 1938-S dimes develop beautiful rainbow-colored toning over decades. Collectors often pay a premium for “monster toned” coins that have vibrant blues, pinks, and oranges on the surface.
| Mintage Year | Mint Location | Mintage Quantity |
|---|---|---|
| 1938-P | Philadelphia | 22,190,000 |
| 1938-D | Denver | 5,537,000 |
| 1938-S | San Francisco | 8,090,000 |
Collecting 1938-S Dimes: What to Look Out For
If you are thinking about selling your 1938-S Mercury Dime or starting a collection, it is vital to be aware of counterfeits and damaged coins. While 1938 is not the most faked year (that honor goes to the 1916-D), altered mint marks occasionally appear.
Look for signs of “environmental damage” or “PVC damage.” If your coin was stored in a cheap plastic flip for 40 years, it might have a green, sticky residue. This can eat into the silver and lower the value.
Using an app like CoinHix can help you compare your coin’s texture and color to verified high-grade examples. This helps you determine if the coin is worth the investment of professional grading services like PCGS or NGC.
Remember, most 1938-S dimes found in “junk silver” bags are in the Good to Fine range. These are great for beginner collectors but aren’t retirement-fund coins. The real treasure lies in those that were tucked away in bank rolls and never touched by human hands.
Market Trends and the Future of Mercury Dime Values
The market for Mercury Dimes remains one of the most stable in the coin world. Because they are 90% silver, they have a “floor” value that protects owners from total loss, while their historical beauty keeps demand high among hobbyists.
In recent years, we have seen an uptick in the value of mid-range 1938-S dimes. As the “Winged Liberty” series becomes more popular with younger collectors entering the hobby, supply for “Choice Uncirculated” examples is tightening.
If you have a 1938-S that looks like it was minted yesterday, holding onto it might be a wise financial move. As silver prices fluctuate, the base value will rise, and as the number of “Full Band” survivors is finalized by grading services, the scarcity of top-tier coins only increases.
Whether you are a casual hunter or a dedicated numismatist, the 1938-S Mercury Dime is a rewarding coin to own. It represents a transition point in American history, caught between the struggles of the 30s and the upcoming conflict of World War II.
FAQ
Q: Where is the mint mark on a 1938-S Mercury Dime?
A: You can find the “S” mint mark on the reverse side of the coin. Look at the bottom, just to the left of the base of the fasces (the torch-like bundle). If there is no “S,” the coin was minted in Philadelphia.
Q: Is the 1938-S Mercury Dime made of real silver?
A: Yes, all Mercury Dimes minted between 1916 and 1945 are made of 90% silver and 10% copper. This gives them inherent “melt value” regardless of their condition as a collectible.
Q: How much is a 1938-S Mercury Dime worth today?
A: Most circulated examples are worth between $3 and $15. However, if the coin is in perfect uncirculated condition with Full Bands, it can sell for $200 to over $1,200 at auction.
Q: Should I clean my 1938-S Mercury Dime to make it look newer?
A: No! Never clean your coins. Collectors prefer the natural patina or even dirt over a coin that has been chemically cleaned. Cleaning creates microscopic scratches that can reduce a coin’s value by 50% or more.
