Barber Dimes MS64 to MS66: Early Dates

In grades above MS-63, most nineteenth century dates in the series of Barber dimes (1892-1916) are extremely scarce. Indeed, many are condition rarities. It is best to get started by purchasing several ‘common date’ Barber dimes and a few moderately ‘better dates.’

There are many ‘better date’ Barber dimes that are fun and challenging to acquire. Indeed, the condition rarity and aesthetic appeal of high quality, nineteenth century Barber dimes are underappreciated in the coin collecting community. They are often characterized by enticing luster and/or colorful toning.

The dates from 1892 to 1895 are considered here. These comprise a fascinating mix of common dates, ‘better dates,’ semi-keys, the key 1895-O, and the Branch Mint Proof 1894-S, which is not covered in this discussion of business strikes. It is unlikely that there ever were any 1894-S business strike dimes.

‘Better dates’ are significantly scarcer than the relatively common dates in a series of a particular design type, though better dates are not nearly as scarce as semi-keys. Most series of U.S. coins feature one to three key dates. There is only one key date business strike in the series of Barber dimes, the 1895-O. A “date” is defined by both a year and a mint location in the context of a given design type, such as Barber dimes (1892-1816). As collectors tend to learn while reading and collecting, the acquisition of some of the better dates will help collectors focus later on semi-key dates.

Historical Aspects of Nineteenth Century Dimes

Nineteenth century Barber dimes are exciting relics of a turbulent and pivotal era in U.S. history. As I pointed out in my articles on the history of Morgan dollars, the 1890s were characterized by a booming economy at the onset and then severe economic problems in the middle of the decade. The availability of gold bullion, the influence of the silver industry, bitter disagreements regarding the role of silver in the monetary system, and U.S. coin production were all factors in economic volatility and huge political conflicts. Silver coins then played a large role in the U.S. economy and were symbolic of the deepest controversies of the time period.

From 1850 to 1890, the U.S. economy trended sharply upward. Real GDP (inflation adjusted, total domestic product) on average per person more than doubled from 1850 to 1890. The economy was sort of in a holding pattern in 1891 and 1892, and then a rather severe recession in 1893 and 1894 led to quite a drop in real GDP. There was a rebound in 1895 and then an economic decline in 1896-97 that was not nearly as serious as the decline in 1893-94. By 1898, the economy was booming again, and trended upward for a long time, with occasional subpar years, especially 1904 and 1908. The point here is that the period from 1892 to 1898 was tumultuous and painful. Even after the rebound in 1895, average per person (‘per capita’) GDP was considerably less than it was in 1892. After an upward trend for decades, and the depletion of the federal government’s gold reserves, the general public was very concerned. Mintages of Barber dimes during this period were relatively low due to problems with the economy at large and the monetary system.

As different mints faced different levels of regional demands for coins, it is best to compare mintages by mint location. The mintage of Barber dimes in Philadelphia in 1892 was more than 12 million, which was less than the 15.3 million Liberty Seated dimes struck in Philadelphia the year before. Nevertheless, the Philadelphia Mint did not strike more than 12 million dimes again in any year until 16.3 million were struck in 1898. Other Philadelphia Mint annual totals include 3.4 million in 1893, just 1.3 million in 1894, and a frighteningly low number of 690,000 in 1895, while the U.S. Treasury Department was experiencing a critical crisis.

In 1896, the Philadelphia mint struck 2.0 million dimes, less than one-sixth the number struck in 1892, less than one-seventh as many as were struck in 1891, about one-fifth as many as were struck in 1890 and much less than were struck in 1889. In 1897, the Philadelphia Mint produced 10.9 million dimes before the jump to 16.3 million in 1898. Philadelphia Mint totals for Barber dimes were between 10 million and 20 million every year from 1897 to 1914. 

While Philadelphia Mint coins did not have mintmarks before 1942, New Orleans Mint coins were each struck with an ‘O’ mintmark. At the New Orleans Mint, 3.8 million 1892-O dimes were struck and less than half that many, 1.8 million, in 1893. The 1894-O mintage was just 720,000, less than one-fifth of the 1892-O mintage. It is unsurprising that the 1894-O is a semi-key. The 1895-O mintage was just 440,000, the lowest of any business strike Barber dime, less than one-eighth of the 1892-O mintage and precisely one-fourth of the 1893-O mintage. The 1896-O mintage was not much larger, 610,000, than that of the 1895-O, 440,000, yet a severe economic disaster had been averted in 1895 and more people felt comfortable collecting coins in 1896. It is puzzling that the 1897-O mintage was only 666,000. Perhaps banks in the New Orleans area had plenty of dimes available to satisfy demands of their customers?

From 1898 onward, the New Orleans mint struck more than two million dimes every year, except 1.8 million in 1908 and zero in 1904, both years that were characterized by declines in real GDP per capita. During the last year the New Orleans Mint was in operation, 2.3 million 1909-O dimes were struck.

Mintages listed here are approximations. Those who seek more precise figures should refer to data compiled by R. W. Julian, which is included in some standard reference works, including various works by Krause Publications, Active Interest Media and Scott Travers.

An immediate point is that the fascinating and climactic historical events of the 1890s relate to the relative rarity of ‘Mint State’ (uncirculated) Barber dimes in the present. Dimes produced from 1892 to 1895 are particularly important from a historical perspective.

Barber Dimes Begin in 1982

The relatively large mintage of 1892 Barber dimes, as compared to the just cited annual mintages during the years that followed, and the fact that collectors on the East Coast tended to save examples of the first year of a new design type, contribute to the relative commonality of 1892 dimes in the present. These are easy to find and acquire.

In their book, The Complete Guide Certified Barber Coinage (Virginia Beach: DLRC Press, 1999), David & John Feigenbaum figured that the combined PCGS and NGC population of 1892 Philadelphia Mint dimes in ‘Mint State’ grades (MS-60 to -69) was 1314. On the fourth of July 2025, I figured that the combined PCGS, NGC and CACG population of ‘Mint State’ 1892 dimes was 2977, a small number of which were in CACG holders. Coins were first graded and encapsulated at the CACG office in Virginia Beach in 2023.

The PCGS and NGC population in ‘MS’ grades more than doubled since the Feigenbaums collected data during or before 1999. It is unlikely that very many never PCGS or NGC graded ‘Mint State’ (MS) 1892 dimes were discovered since 1999, perhaps 200 at most. An addition of more than 1500 stems from repeated submissions of individual coins to PCGS or NGC. I am optimistic that CACG will be more consistent, and thus there will be less of a motive to resubmit coins with the idea of receiving higher grades. Clearly, though, there are more than nine hundred different ‘Mint State’ 1892 dimes.

Though nowhere near as plentiful as the 1892, the 1892-O is not particularly scarce. The 1892-S is much scarcer than the 1892-O. In MS-64 to -66 grades, the CAC population of the 1892-O is twenty-eight. Of the more than one hundred PCGS graded MS-64 to -66 1892-O dimes in the PCGS pop report, however, there must be some that have never been sent to CAC. PCGS was founded in 1986. CAC began stickering applicable PCGS and NGC holders in 2007, and the CACG office in Virginia Beach opened in 2023. Many of the totals in the CAC pop report will increase over time. The premiums realized by CAC stickered and CACG graded coins encourage submissions.

The 1892-O Barber Dime

A MS-64 grade 1892-O is much less costly than an MS-66 grade 1892-O. On July 7, 2024, GreatCollections sold a CAC approved, NGC graded MS-64 1892-O for $676.50. On Jan. 8, 2020, Heritage sold a CAC approved MS-66 grade 1892-O for $3,120. On May 22, 2022, David Lawrence Rare Coins (DLRC) sold a different CAC approved MS-66 grade 1892-O for $3,412.

On Aug. 15, 2024, Stack’s Bowers auctioned a PCGS graded MS-66+ 1892-O, with a CAC sticker, for $5,760. It must be remembered that experts at the CAC office in New Jersey ignore the plus aspect of plus grades assigned by PCGS and NGC. Therefore, it is not now known whether experts at CAC graded this coin in the middle of the MS-66 range or as 66+. CAC has certified nine 1892-O dimes in the MS-66 grade range, just one 1892-O as MS-67 and zero above MS-67.

The 1892-S Barber Dime

Dimes minted in San Francisco have an ‘S’ mintmark on the reverse (tail side). The 1892-S is much scarcer than the 1892-O. On Jan. 19, 2025, Heritage sold a CAC approved MS-64 grade 1892-S for $1,680. On Nov. 2, 2022, Stack’s Bowers auctioned a CAC approved MS-66 grade 1892-S for $10,800.

According to David & John Feigenbaum, circa 1999, PCGS and NGC had graded sixty-one 1892-S dimes as MS-64, twenty-one as MS-65 and eight as MS-66. Curiously, the combined PCGS and NGC population in MS-64 grade on July 4, 2025, was not much higher, seventy-six. In my estimation, these numbers relate to forty to fifty-five different, PCGS or NGC certified MS-64 grade 1892-S dimes, a majority of which would not come close to qualifying for a CACG grade of MS-64. Indeed, the CAC population of MS-64 grade 1892-S dimes is just seven, all with stickers.

MS-65 and higher grade 1892-S dimes are important condition rarities. The combined PCGS and NGC population in MS-65 more than doubled from 1999 to 2025, but probably refers to just eight to ten different 1892-S dimes, only one of which has a CAC sticker.

There are more CAC approved MS-66 grade 1892-S dimes than there are CAC approved MS-65 grade 1892-S dimes, four times as many, four versus one, including an 1892-S that was CACG graded MS-66+. These four, or at least three of them, are probably among the eight that the Feigenbaums cited as having been PCGS or NGC graded MS-66 before 1999.

One of my favorite of all Barber dimes is the Simpson-Hansen 1892-S. The fields, dentils and rims are especially distinctive. This is simply an incredible coin, with outstanding physical characteristics, minimal imperfections and exquisite natural toning.

The Simpson-Hansen 1892-S was earlier in the epic collection of John Hugon, which was auctioned by Heritage at the FUN Convention in January 2005. It was then PCGS graded MS-66, before a plus grade was an option and before CAC was founded in 2007. The Hugon-Simpson-Hansen 1892-S was later PCGS graded MS-66+ and received a CAC sticker. More recently, it was CACG graded MS-66+ and is extremely likely to be the most impressive 1892-S dime around, one of the treasures in the D. L. Hansen Collection.

Dimes of 1893

The “1893/2 overdate” is covered in one of my articles about circulated Barber dimes. Representatives of this variety are not extremely expensive in MS-64 to MS-66 grades. An important question is whether the so-called “1893/2 overdate” is really appropriate for a set ‘by date.’ In some other series, overdates that are readily apparent are accepted as distinct dates or second dates of a given year and mint location.

Each collector should decide for himself or herself if this “1893/2” variety is important enough or otherwise suitable for a set ‘by date.’ In my opinion, it is not especially important. Given their unclear nature, it is very difficult to analyze and draw conclusions about the anomalies in the numerals of “1893/2” dimes. An overdate is eligible to be considered a distinct date if it can be discerned to be an overdate without magnification and without an explanation. Is the “1892/2” variety readily apparent as an overdate?

Most 1893 Philadelphia Mint dimes are not of the “1893/2” variety. While ‘normal’ 1893 dimes are ‘better dates,’ they are not especially scarce.

On March 13, 2022, GreatCollections sold a CAC approved MS-64 grade 1893 dime for $509.18. A medium retail price for this coin in 2025 or 2026 would probably be around $565. On Aug. 15, 2024, Stack’s Bowers auctioned a CACG graded MS-66 1893 dime for $1,200. In MS-65 and -66 grades, the total CAC pop of 1893 dimes is twenty-two. A majority of the dates in the series have current combined CAC pops, in MS-65 and -66 grades, below twenty-two. It should not be too difficult to obtain a CAC approved MS-65 or MS-66 grade 1893 for a price in the range of $900 to $1,500.

Though scarcer than the 1893, the 1893-O is not especially rare in MS-64 to -66 grades. On Aug. 15, 2024, Stack’s Bowers auctioned a CAC approved MS-65 grade 1893-O for $2,280. On Jan. 19, 2025, Heritage sold a CAC approved MS-66 grade 1893-O for $5,040. The 1893-S is a ‘much better date.’ It is substantially scarcer than other better dates, but is not as scarce as a semi-key. The CPG-CAC medium retail estimate for a CAC approved MS-64 grade 1893-S is or was $1,450 on July 5, 2025. A collector should not count on easily being able to buy one for less than $1,500. In May 2022, DLRC sold a CAC approved MS-66 grade 1893-S for $4,006.On March 2, 2025, GreatCollections sold a PCGS certified MS-66+ 1893-S dime, with a CAC sticker, for $5,199.58.

The 1894 Philadelphia Mint Issue

The 1894 Philadelphia Mint issue is a much better date. The relatively low mintage for a Philadelphia Mint date and the severe financial crisis affecting the U.S. government led to few people saving new issues of dimes and less people thinking about collecting coins in 1894.

Real per capita GDP in 1892 reached a level that was not reached again until 1898. It does not make sense to cite ‘gross’ or total domestic product numbers here as historical dollar amounts would have little meaning in the present, and the inflation-adjusted numbers would be confusing as well, especially without a long explanation regarding the common denominator employed. It is best to refer to ups and downs along with trends. Also, the term ‘per capita’ refers to dividing the total product of goods and services by the population, which increased  somewhat rapidly during the late nineteenth and early twentieth century.

The drops in average per person GDP were steep in 1893 and 1894. The U.S. government no longer had enough gold bullion to pay debts and other obligations that were contractually required to be paid in gold. During 1895, J. P. Morgan led other bankers in the formation of a group that rescued the U.S. government.

There are high quality 1894 dimes around, yet they are not often seen. CAC pops are eight in MS-64, eight in MS-65 and six in MS-66. The Stack’s Bowers auction archive lists just two CAC approved 1894 dimes, the most recent of which was an AU-58 grade coin that sold in 2020 for $312. On Jan. 14, 2024, GreatCollections sold a CAC approved MS-66 1894 dime for $2,500.30. While viewing some of the images of auction results, and reflecting in my mind on the high quality Barber dimes that I have personally examined, I am reminded that these often tone wonderfully, sometimes as a consequence of being stored in Wayte Raymond ‘National’ albums and boards.

The 1894-O is a semi-key. There are no business strike 1894-S dimes. The 1895 is a semi-key, too. The 1895-O is the key business strike. The key and semi-keys are discussed separately. I repeat that it is best for a collector to ‘get a feel’ for high grade, nineteenth century business strikes before spending relatively large sums for the semi-keys.

The 1895-S Barber Dime

The 1895-S would be an exciting date, if it was not living in the shadows of the 1895-O, the 1895, the 1894-O and the 1896-O. In MS-64 to MS-66 grades, the 1895-S has a slightly lower CAC pop, fourteen, than the 1896-S, fifteen, yet the 1896-S receives more attention.

For the 1895-S, the CAC pop is eight in MS-64, four in MS-65 and two in MS-66. During the period from 2012 to 2015, most of these fourteen appeared in public auctions. Since 2020, there have been very few public appearances of CAC approved MS-64 to -66 grade 1895-S dimes. Invariably, collections that contain them will be auctioned or sold privately, and it is statistically likely that at least a couple of these will become available within the next few years.

On Nov. 12, 2023, GreatCollections sold a CAC approved MS-65 grade 1895-S for $6,985, a very strong price, which could be due to any of multiple reasons. It was in Stewart Blay’s set, which is often thought of as the all-time best set of business strike Barber dimes. Earlier, this same 1895-S dime was owned by Louis E. Eliasberg, who formed the all-time best collection of U.S. coins to ever be sold at public auction.

On Dec. 3, 2015, during a down period in the coin business, Heritage auctioned a PCGS graded MS-65+ 1895-S, with a CAC sticker, for $3,055. On Jan. 7, 2018, Heritage auctioned a CAC approved MS-64 grade 1895-S dime for $2,640.

 The CPG-CAC medium retail estimate for a MS-64 grade 1895-S is $1,900. As of July 2025, I regard this estimate as too low. I estimate that a top-wholesale price would be around $1,850 and medium retail price is around $2,350. Market levels, though, keep changing.

Ultimately, each collector should decide how much a particular coin is worth to him or her. Opinions about individual coins vary. Different collectors of the same series attach much different values to the same coins.

Greg has carefully examined thousands of truly rare and conditionally rare classic U.S. coins, including a majority of the most famous rarities. He is also an expert in British coins. He is available for private consultations.