Barber Dimes MS64 to MS66: Semi-Key Dates

In this series of discussions about assembling a set ‘by date’ of Barber dimes in MS-64 to -66 grades, it is emphasized that Barber dimes in general are scarce in this grade range and many dates are condition rarities. The ‘common dates’ are relatively inexpensive and better dates, especially much better dates, cost considerably more than common dates. The semi-keys and the key 1895-O are in a category above, as they are relatively scarce in all grades, and MS-64 to -66 grade representatives of the semi-keys tend to be elusive.

Collectors who have already acquired a substantial number of common dates and better dates may be ready to hunt for the semi-keys. Some collectors may first wish to check with their accountants to ensure that they can afford them.

The 1894-O

The New Orleans area was severely harmed by the 1893-95 recession, and few people saved ‘Mint State’ 1894-O dimes. A small number of collectors on the East Coast ordered them or indirectly obtained Choice or Gem Uncirculated 1894-O dimes. Few survive in the present.

GreatCollections, Heritage and Stack’s Bowers have not publicly sold a CAC approved MS-64 grade 1894-O over the past half-dozen years. GreatCollections sold a CAC approved, PCGS graded MS-64 1894-O for $6121.50 on Aug. 28, 2018.

On Sept. 17, 2015, Heritage auctioned a PCGS graded MS-64+ 1894-O, with a CAC sticker, for $5875. It is important to keep in mind that experts at the CAC office in New Jersey ignore the plus aspect of each plus grade assigned by PCGS or NGC. It is therefore not being revealed as to whether experts at CAC graded this coin as MS-64+ or as just MS-64. If this coin is submitted to the CAC office in Virginia Beach, it may possibly be CACG graded MS-64+.

The PCGS serial number, 29805944, associated with this PCGS graded “64+” 1894-O dime is still recognized in the online CAC database. The PCGS serial number, 8326258, pertaining to the CAC approved MS-64 grade 1894-O that GreatCollections sold in 2018 is also still in the public CAC database of CAC stickered and CACG graded coins. These are the two MS-64 grade 1894-O dimes in the current CAC pop report.

The only CAC approved MS-65 grade 1894-O that is readily apparent in online auction archives was auctioned by Heritage in October 2014 for $17,120.93. Its PCGS serial number, 25276901, remains in the publicly accessible CAC database and thus is one of the two MS-65 grade 1894-O dimes in the CAC pop report, as of July 15, 2025.

There are three CAC approved MS-66 grade 1894-O dimes in the Stack’s Bowers archive. The most famous of the three is the 1894-O that was formerly in the collection of Louis Eliasberg. It was later in Bob Simpson’s set of Barber dimes and then in the Srotag Collection, which I covered in the November 2024 issue of The CAC Rare Coin Market Quarterly. On Aug. 13, 2024, Stack’s Bowers auctioned the Eliasberg-Simpson-Srotag 1894-O for $24,000. 

Bob Simpson’s set of business strike Barber dimes was one of the coolest and most impressive sets that he owned. Louis Eliasberg’s dimes were auctioned by Bowers & Merena (NH) in New York in 1996. This dime then realized $8800, a high price in 1996. As far as I know, the $24,000 result in August 2024 was an auction record for a certified MS-66 grade 1894-O dime.

Louis Eliasberg bought the Clapp family collection intact in 1942. This 1894-O dime was one of many coins that J. M. Clapp obtained directly from the New Orleans Mint. On the Eliasberg-Simpson-Srotag 1894-O, much of the obverse and a notable portion of the reverse are an appealing whitish gray color, which contrasts well with apricot and green tones. Orange and orange-russet colors appear about many of the letters and part of the wreath. Shades of green are especially noticeable in the outer fields.

Stack’s Bowers auctioned a CAC approved, MS-66 grade 1894-O dime from the Larry Miller Collection on Dec. 17, 2020, for $21,600. On Aug. 18, 2019, GreatCollections sold a CAC approved, MS-66 grade 1894-O dime for $18,150.

On Aug. 3, 2017, Stack’s Bowers auctioned still another CAC approved MS-66 grade 1894-O dime, which realized $17,625. I viewed lots for this auction in 2017 and I was very enthusiastic about this coin.

Demonstrating that the 1895 is a Semi-Key

The only Philadelphia Mint semi-key is the 1895. At the time, a severe financial crisis engulfed the U.S. government and contributed to an alarming contraction of the economy. Demand for coins fell dramatically in 1894 and 1895. There were already enough dimes in circulation for daily commerce.

I am aware that the 1895 dime is not considered to be as scarce now as it was considered to be when I was a kid. The 1895 was a more famous date in the past than it is now. Its status as a semi-key has been questioned or denied, even by people who I know and respect. In addition, price guide value estimates for ‘Mint State’ 1895 dimes suggest that pertinent coin buyers and editors of price guides are not convinced that it is a semi-key.

In his book, The Complete Guide to Barber Dimes (Virginia Beach: DLRC Press, 1991), David Lawrence Feigenbaum classifies the 1895 as one of the dozen rarest dates in Good to VG grades. Other than noting the extreme rarity of the Proof-only 1894-S, he does not rank those dozen in terms of levels of rarity. Furthermore, he places the 1895 in the top ten rarest in Fine to Very Fine grades. Additionally, David Lawrence Feigenbaum concluded that the key 1895-O and the 1905- ‘Micro O’ variety are by themselves in the category of the scarcest Barber dimes in XF to AU grades. He places the 1895 in the next group, which includes ten dates, so he concluded that 1895 is one of the dozen rarest dates in XF to AU grades.

Regarding ‘Mint State’ grades, David Lawrence and his son, John Feigenbaum, in a book published in 1999, The Complete Guide to Certified Barber Coinage (Virginia Beach: DLRC Press), featured compilations of PCGS and NGC population data to rank the relative rarity of Barber dimes in ‘Mint State’ grades, and the 1895 ranked twenty-fifth. I maintain that an unusually large portion of ‘Mint State’ 1895 dimes have been repeatedly resubmitted to PCGS and/or NGC, more so than Barber dimes of most other dates. Resubmissions of ‘Mint State’ 1895 dimes occurred before and after the publication of this book in 1999.

In any event, in 1998 or 1999, the Feigenbaums figured that the combined PCGS and NGC population of 1895 dimes in ‘Mint State’ grades was eighty-two. As of July 15, 2025, it was 205. Only a couple dozen, never-certified ‘Mint State’ 1895 dimes surfaced between 1999 and 2025. The vast majority of the difference between 205 and 82 stems from multiple submissions of individual coins, and the total of eighty-two already included some duplicate counts as well. Does the current combined PCGS and NGC total of 205 refer to just thirty-five to seventy different ‘Mint State’ grade 1895 dimes?

Besides, the relative rarity of the 1895 in all circulated grades demonstrates that it is a semi-key, even if it is not in the top ten in ‘Mint State’ grades. Although this discussion is about semi-keys in ‘Mint State’ grades, it may be illuminating to briefly consider rankings of the 1895 in the context of CPG-CAC medium retail estimates for Barber dimes in circulated grades.

In Good-04 grade, the 1895 ranks fourth, behind the key 1895-O, the 1896-S, and the 1901-S, another semi-key. In Fine-12 grade, with an estimated value of $435, the 1895 ranks fourth again, behind the 1895-O ($1300), the semi-key 1901-S ($500) and the semi-key 1903-S ($470). In VF-20 grade, the 1895 ($575) ranks fourth a third time, behind the 1895-O ($1900), the 1901-S ($600) and the 1903-S ($600). In XF-40 grade, the 1895 is tied for fourth. In AU-50, 1895 ranks sixth behind the key 1895-O, the semi-key 1896-O, the 1896-S, the semi-key 1901-S and the semi-key 1903-S.

MS65 to MS66 Grade 1895 Dimes

The Stack’s Bowers archive includes just two certified MS-65 1895 dimes, one with a CAC sticker and one without. Heritage has also auctioned just one CAC approved MS-65 1895 dime, and the Heritage auction archive dates back to the mid-1990s. The one sold by Heritage realized $1800 on March 30, 2018, more than seven years ago.

The lone non-CAC, PCGS graded MS-65 dime auctioned by Heritage is the same as the one PCGS graded MS-65 1895 dime ever auctioned by GreatCollections. Heritage sold it for $2760 on Nov. 29, 2007 and GreatCollections sold it for $1711.47 on Feb. 9, 2020.

As already mentioned, GreatCollections has auctioned one certified MS-66 grade 1895, which does not have a CAC sticker. Stack’s Bowers reports zero MS-66 grade 1895 dimes. Of the nineteen MS-66 or 66+ grade 1895 dimes in the Heritage auction archive, there are some multiple listings of the same coins.

The CAC population of five 1895 dimes in the MS-66 grade range is consistent with my classification of the 1895 as a semi-key. The 1903-S, clearly a semi-key, also has a CAC pop of five in MS-66 grade. The 1897-O, a semi-key, has a CAC pop of seven in MS-66 grade.

The Number of Different MS64 Grade 1895 Dimes

It is not controversial to declare that the 1895 Philadelphia Mint issue is a semi-key in circulated grades. Although some experts think otherwise, I maintain that the 1895 is truly a semi-key in ‘Mint State’ grades as well.

Relative market values of coins in the same series will never be perfectly correlated with their underlying relative rarity. The PCGS and NGC populations of 1895 dimes in MS-62 to MS-64 grades especially have been artificially increased by resubmissions of many of the same coins. Collectors and dealers have become accustomed to checking population data, and some buyers have adjusted their demands for ‘Mint State’ 1895 dimes based upon information that I argue is flawed.

As of July 15, 2025, the PCGS population of MS-64 grade 1895 dimes is thirty-eight. Three have been graded MS-64+. The PCGS population of MS-65 grade 1895 dimes is twenty-four, and more than eleven have been graded in the MS-66 range. The PCGS auction archive, however, indicates that the last PCGS graded MS-64 1895 dime to be sold at auction was in a Kagin’s sale in April 2019, more than six years ago. If the true population was really thirty-eight, at least one PCGS graded MS-64 1895 dime would have been sold at auction during the last six years!

Since 2011, GreatCollections has reportedly sold more than $1.5 billion worth of numismatic material. Further, GreatCollections has auctioned well over one million PCGS or NGC certified coins. The vast majority of the firm’s revenue comes from sales of U.S. coins, including thousands of Barber coins. This firm’s history is mentioned here to help illustrate my point that ‘Mint State’ 1895 dimes are much scarcer than population reports suggest.

Great Collections has never sold a CAC approved 1895 dime in the range of MS-60 to MS-66! GreatCollections has auctioned just three CAC approved 1895 dimes in total, which have the following certified grades: AU-55, AU-58 and MS-67.

Including both CAC and non-CAC, certified 1895 dimes, GreatCollections has auctioned just fifty-seven 1895 dimes in all grades. Not only has GreatCollections never auctioned a CAC approved MS-64 grade 1895 dime, GreatCollections has never auctioned a PCGS graded MS-64 1895 dime. GreatCollections has auctioned four NGC graded MS-64 1895 dimes, three of which are the same coin. The combined PCGS and NGC total of sixty-nine 1895 dimes in the MS-64 grade range must refer to a much smaller number of individual coins.  

GreatCollections has auctioned one certified MS-65 grade 1895, a PCGS graded coin in February 2020. Similarly, GreatCollections has auctioned just one certified MS-66 grade 1895, a PCGS graded coin in July 2019, six years ago. GreatCollections has thus sold a total of four different MS-64 to MS-66 grade 1895 dimes, not one of which has a CAC sticker.

This total of just four casts a dark cloud over the combined PCGS and NGC population of 117 1895 dimes in MS-64 to -65 grades. Other auction firms have not sold many of these either.

In the Stack’s Bowers auction archive, the two CAC approved, PCGS graded MS-64 1895 dimes are the same coin. The Blue Moon Collection 1895 sold for $1057.50 in June 2017 and then for $960 on Sept. 13, 2017. Market levels for rare coins were relatively low in 2017.

Stack’s Bowers auctioned a CAC approved, NGC graded MS-64 1895 dime for $1800 on Nov. 2, 2022. In February 2015, Stack’s Bowers sold a different CAC approved, NGC graded MS-64 1895 dime. Stack’s Bowers has also auctioned three different PCGS or NGC graded MS-64 1895 dimes without CAC stickers.

This total of just six PCGS and NGC graded MS-64 or MS-64+ grade 1895 dimes auctioned by Stack’s Bowers is further reason to doubt the usefulness of the PCGS population of forty-one, including thirty eight as MS-64 and three as MS-64+, and the NGC census of twenty-eight 1895 dimes in the MS-64 grade range. Stack’s Bowers is the successor to multiple auction firms, including Bowers & Merena (NH), Spectrum-Bowers-Merena (CA), ANR and Stack’s (NY).

The 1896-O

The 1896-O is recognized as a semi-key, and is usually expensive. It may be difficult to purchase a CAC approved MS-64 to -66 grade 1896-O for a price that is consistent with the corresponding estimates in major price guides.

GreatCollections has not auctioned a CAC approved MS-64 or MS-65 grade 1896-O. As of July 15, 2025, Stack’s Bowers has auctioned one CAC approved MS-65 grade 1896-O, which brought $9900 in December 2020. That coin was from the Larry Miller Collection, which featured a very impressive group of Barber dimes.

In the MS-64 grade range, including those certified as MS-64+, Heritage has auctioned just one 1896-O with a CAC sticker, a PCGS graded MS-64+ coin that brought $4700 in June 2017. A fair medium retail price for this coin in 2025 or 2026 would probably be around $5900.

Heritage lists ten auction appearances of MS-65 or MS-65+ 1896-O dimes. Only two of these have a green CAC sticker, both of which were auctioned in 2013 and are the same coin, which was formerly in the “Lily Nicole Collection.” Stack’s Bowers will auction this same coin on Aug. 27, 2025.

In regard to certified MS-65 and 65+ 1895 and 1896-O dimes with green CAC stickers, Heritage and Stack’s Bowers each auctioned one 1895 and one 1896. GreatCollections has not auctioned any MS-65 or MS-65+ 1895 or 1896-O dimes, with CAC stickers. There are not yet any CACG graded MS-65 or MS-65+ 1895 or 1896-O dimes. I am here comparing the rarity of the 1895 and the 1896-O in MS-64 to -66 grades.

Regarding MS-66 or -66+ grade dimes with CAC green stickers, Stack’s Bowers has auctioned zero 1895 dimes and zero 1896-O dimes, while GreatCollections sold zero 1895 dimes and one 1896-O, a PCGS graded MS-66+ coin that realized $17,074.20, on Nov. 19, 2023.

Heritage has auctioned three MS-66 or MS-66+ 1896-O dimes, with CAC stickers. Of these three, the most recent price realized was $13,200 on April 22, 2021. In my view, there is no solid evidence that the 1896-O is rarer than the 1895 in MS-64 or MS-66 grades, yet the estimated values in price guides are about three times as high, or more, for the 1896-O in MS-64 to -66 grades.

The 1897-O

I am certain that the 1897-O deserves to be classified as a semi-key. These are not seen often.

GreatCollections has not auctioned a certified MS-64 to -66 grade 1897-O dime, CAC or not. The Stack’s Bowers auction archive shows four certified MS-64 grade 1897-O dimes, not one of which has a CAC sticker.

Stack’s Bowers has not auctioned a certified MS-65 or MS-65+ 1897-O dime since 2012. The PCGS graded MS-65+ coin that Stack’s Bowers auctioned on March 21, 2012, was the last CAC approved 1897-O in the MS-65 grade range to be sold in any auction, as far as I know. It realized $4370. The last CAC approved MS-65 or 65+ 1897-O that Heritage auctioned was this same coin that Stack’s Bowers auctioned in 2012, which Heritage auctioned for $4312.50 on June 2, 2011.

On Dec. 17, 2020, Stack’s Bowers auctioned the most recent publicly offered, CAC approved MS-66 grade 1897-O dime, which brought $7200. During the period from 2013 to 2016, Heritage auctioned three 1897-O dimes that were CAC approved as grading in the MS-66 range. Interested collectors may wish to stay alert to have a chance to acquire a CAC approved MS-64 to -66 grade 1897-O.

The 1901-S & The 1903-S

The 1901-S is especially rare in MS-64 to -66 grades and is an underappreciated semi-key in general. GreatCollections has not auctioned an MS-64 or MS-65 grade 1901-S, CAC or not. Stack’s Bowers has not auctioned a CAC approved MS-64 grade 1901-S and has not sold a non-CAC, certified MS-64 grade 1901-S since 2017. I could not find a record of an MS-65 grade 1901-S dime in the Stack’s Bowers auction archive.

Stack’s Bowers did auction a CAC approved MS-66 grade 1901-S dime for $4440 on Nov. 9, 2017. It is worth much more in 2025.

The 1903-S is a semi-key that is not talked about very often. The CAC pops are four in the MS-64 grade range, just two in MS-65 and five in MS-66.

The Stack’s Bowers auction archive lists just three 1903-S Barber dimes in the MS-64 grade range, two of which have CAC green stickers. GreatCollections has sold zero MS-64 to -65 grade 1903-S dimes, CAC or not. Heritage has sold one CAC approved 1903-S dime in the MS-64 grade range, a PCGS graded MS-64+ 1903-S, which was earlier in the Eliasberg Collection. That 1903-S realized $3055 on July 7, 2016.

The Stack’s Bowers auction archive does not contain any CAC approved, MS-65 to MS-66 grade 1903-S dimes. Heritage auctioned two CAC approved 1903-S dimes in the MS-65 range, the last of which sold on Sept. 7, 2018, for $1680. The current CPG-CAC medium retail estimate for this coin is $3300.

Heritage auctioned three CAC approved MS-66 grade 1903-S dimes, but the most recent of these three sales was on April 26, 2017, for $3172.50, more than eight years ago. The one CAC approved MS-66 grade 1903-S dime sold by GreatCollections realized $6711.10 on Nov. 12, 2023.

In conclusion, a quest to obtain the semi-key dates in MS-64 to -66 grades would certainly be a challenge, though would be a lot of fun. There remain unanswered questions regarding the absolute and relative rarity of these semi-keys, which makes a quest to acquire them a little mysterious. Much available information is incomplete or notably inaccurate. I look forward to keeping track of the semi-keys that become available over the next five years and the prices that they command.

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.