by Greg Reynolds
This is the second in a series on assembling a set of Mercury dimes. Here, Mercury dimes from the 1920s are covered.
The pending recession of 1920-21 did not have an effect on dime production during 1920. The percentage of Choice to Gem survivors, though, of the original mintages in 1920 is microscopic. Curiously, the CAC population of 1920 Mercs without a ‘Full Bands’ (FB) designation is just twenty-two. Statistics cited here are current as of Sept. 1, 2024.
As non-FB Mercury dimes may be good values for many collectors, it might make sense to be on the lookout for them. If there was not a financial reason to do so, who would focus on the bands anyway? The bands on the central reverse (back of the coin) are not important aspects of the design of Mercury dimes.
The CPG-CAC medium retail price estimate for a MS-64 grade 1920, without ‘Full Bands,’ is $170, though the population is just four! With an ‘FB’ designation, the CAC population in MS-64 grade is much higher, twenty, still not a large number, and the CPG medium retail value estimate is $265. The MS-65-FB CAC population is forty-four and the MS-66-FB population is fifty-five.
On Aug. 11, 2024, GreatCollections sold a CAC approved MS-65-FB 1920 for $578.60. On April 8, 2024, Heritage sold a CAC approved MS-66-FB 1920 for $720.
The 1920-D and 1920-S Mercury dimes are both CAC certification rarities. I suggest submitting some 1920-D and 1920-S dimes that grade from AU-50 to MS-64. For each date, less than 100 in total have been CAC stickered or CACG graded.
On Dec. 13, 2023, Stack’s Bowers sold a CAC approved MS-63 1920-D for $456, probably a very good value. On May 9, 2024, Heritage sold a CAC approved MS-65-FB 1920-D for $2880. A similar, CAC approved MS-64-FB 1920-D might cost half as much, if one could be found in the near future.
The 1920-S is scarcer than the 1920-D. On May 28, 2023, GreatCollections sold a CAC approved, NGC graded MS-63 1920-S for $511.50. On Aug. 18, 2024, Heritage auctioned a CAC approved, MS-64-FB 1920-S for $2520.
Cutbacks in Dime Production from 1921 to 1923
Although their mintages were not low, Mercury dimes from the year 1920 from all three mints ended up eventually wearing down in circulation more so than coins of other dates because there were sharp cutbacks in dime production from 1921 to 1923, mostly due to the 1920-21 recession. Philadelphia Mint production of Mercury dimes in 1917 (55.2 million), 1918 (26.68 million) and 1919 (35.75 million) was lower each year than Philadelphia Mint production in 1920 (59 million). As for the Denver Mint, 1917-D mintage (9.4 million) and 1919-D mintage (9.39m) were each less than half of the 1920-D mintage (19.17 million), though the 1918-D mintage (22.67 million) was greater than the 1920-D mintage (19.17 million).
As the 1920-21 recession developed, there were far more dimes in commerce than were really needed. As with quarters, production of dimes from 1921 to 1923 was much less than production from 1917 to 1919.
Researcher David Lange found that the mintages in 1921 for dimes, quarters and half dollars all occurred during the first half of the year 1921. An interesting question is why 1921 quarters were struck only in Philadelphia while half dollars were struck at all three mints during 1921. Dimes were struck in Philadelphia and Denver; no 1921-S dimes ever existed.
Philadelphia Mint production in 1921 was just 1.23 million dimes, around 2% of the mintage in Philadelphia in 1920, 59 million. The 1921-Denver mintage was even less, 1.08 million, dramatically lower than the 1920-Denver mintage (19.17 million).
During the 1920-21 recession, there was much less demand for coins, especially in the West. Earlier, production from 1917 to 1919 was spurred by enthusiasm for new silver coin designs, especially since they had patriotic and military themes. The outcome of World War I (1914-18) was positive, and was a relief for the Western democracies. Also, from 1898 to 1918, the United States became a major military power.
Additionally, U.S. silver dollars had not been produced from 1905 to 1920. Morgans were revived in 1921 and the Peace silver dollar was introduced later that same year. Silver dollar production then related to World War I and foreign affairs. From 1921 to 1923, the U.S. Treasury Department devoted substantial resources to producing silver dollars.
Morgan dollar production in 1921 was vastly greater than Morgan dollar production during any one year from 1878 to 1904. In 1922 and 1923, Peace dollars were struck at all three mints, including more than fifty million in Philadelphia in 1922. For dimes, production at the San Francisco Mint in 1921 was zero, yet half dollars were minted there. Mercury dimes, Standing Liberty quarters and Walking Liberty half dollars were not minted anywhere in 1922.
Some commemorative half dollars were struck in 1922. Those are a different matter. Commemorative coins were struck for political or cultural purposes. Except for a handful of special strikings, Peace dollars struck in 1922 were business strikes, though not circulation strikes. Peace dollars of the 1920s relate to the Pittman Act of 1918, foreign policy and the backing of silver certificates, a form of U.S. paper money in circulation. In 1923, more than fifty million dimes were struck in Philadelphia, but zero in Denver and just 6.44 million in San Francisco. In contrast, millions of Peace dollars were struck at all three mints in 1923.
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Semi-keys: 1921 and 1921-D
It was largely the recession of 1920-21 that resulted in 1921 and 1921-D dimes being semi-keys. Demand for dimes for use in business decreased drastically. Though not as scarce or as famous as the 1916-D, 1921 and 1921-D dimes are frequent topics of conversation among collectors, especially since 1921 and 1921-D Walkers are keys to the series of Walking Liberty half dollars (1916-47).
Personally, I would be tempted to buy a CAC approved AU-58 grade 1921 dime for less than $1750 rather than a ‘MS’ grade 1921 dime for a lot more. This discussion, though, is about collecting Choice (MS-63) to Gem (MS-65 and higher) grade Mercs. On March 31, 2024, GreatCollections sold a CAC approved MS-64-FB 1921 for $4410.52, perhaps a good deal.
On May 9, 2024, Heritage sold a CAC approved, MS-64-FB 1921-D for $5160. While this price was around the wholesale-retail border, and certainly was fair, a collector on a budget may wish to think about the fact that a CAC approved AU-50 grade 1921-D that GreatCollections sold on April 14, 2024, for $1031.80.
It is easy to buy a gem 1923 dime for less than $500. The 1923-S is a different matter. A gem 1923-S with a ‘FB’ designation will cost thousands. I suggest being on the lookout for naturally toned 1923-S dimes that do NOT have a ‘FB’ designation. On April 2, 2024, Stack’s Bowers sold a CAC approved MS-64 grade 1923-S for $720, probably a good value. Back on Aug. 14, 2022, GreatCollections sold a CAC approved MS-65 grade 1923-S for $1215.50.
Date By Date: 1924-29
In the CAC population report, there are four to five times as many 1924 dimes with a ‘FB’ designation as there are without a designation. Furthermore, the low CAC pop total of all 1924 dimes, just eighty-eight, is not reflective of the reality that 1924 dimes are rather common coins. Thousands survive. A budget-minded collector should not spend more than $1100 on a 1924 dime.
On Dec. 11, 2022, GreatCollections sold a CAC approved MS-65 grade 1924 for $287.10. On March 26, 2024, Heritage sold a PCGS certified MS-66+ FB 1924 dime, with a CAC sticker, for $1200.
As are 1924-D cents, quarters and double eagles, the 1924-D dime is a ‘better date,’ though not close to being a semi-key. On April 12, 2022, Stack’s Bowers auctioned a CAC approved MS-64-FB 1924-D for $1080. On Nov. 19, 2023, Heritage sold a CAC approved MS-65 grade 1924-D for $1440.
It is interesting that there are a substantial number of classic U.S. coins that are very common overall, yet are condition rarities in the gem (MS-65 and higher) grade range. The 1925 and the 1925-D fall into this category. In theory, one of these without a ‘FB’ designation will be modestly priced, yet CAC has approved just a handful without a ‘FB’ designation. The CPG-CAC medium retail estimate for a MS-65-FB 1925 is $1250 and the corresponding estimate for a 1925-D is $5100. My hunch is that these are not currently the best values in the series. I suggest searching for Choice 1925 and 1925-D dimes that do not have a ‘FB’ designation; some of these have never been submitted to CAC.
In MS-63 to -65 grades, the CPG-CAC guide values the 1925-S slightly lower than the 1925-D. CAC approved 1925-S dimes do not sell publicly very often. On Nov. 19, 2023, Heritage sold a CAC approved MS-64 grade 1925-S, with a FB designation, for $4080! The CPG-CAC medium retail estimate on Sept. 7, 2024, was $3000. Moreover, the CPG-CAC estimate for a MS-64 grade 1925-S without a FB designation was $1300. In an actual transaction, a buyer might have to pay more than $1300. Even so, 1925-S dimes in the MS-64 to -66 grade range without a FB designation tend to be less than half the price of otherwise equivalent 1925-S dimes with a FB designation.
If collectors tell their favorite dealers that they want 1925-S dimes without a FB designation, more may be sent to CAC, and more CAC approved or CACG graded 1925-S dimes could become available in the near future. Nevertheless, the 1925-S might be more of a condition rarity in MS-64 to -65 grades than most interested collectors and pertinent dealers realize.
The 1926 and the 1926-D are not CAC certification rarities to the same extent as the 1925 and the 1925-D. On Sept. 10, 2023, Great Collections sold a CAC approved, NGC graded MS-63 1926 dime that was formerly in the Eric Newman Collection, for $90.20. On Aug. 11, 2024, GreatCollections sold a CAC approved, NGC certified MS-65-FB 1926 dime, with a stated “Eliasberg” pedigree, for $687.50.
The 1926-D is a scarce date that is overshadowed by the 1926-S. On April 24, 2024, Stack’s Bowers auctioned a CAC approved MS-63-FB 1926-D for $750. Again, though, I repeat my view that premiums for ‘FB’ designations are largely illogical. Back on July 4, 2021, GreatCollections sold a CAC approved, NGC graded MS-64 1926-D for $309.10. As of Sept. 1, 2024, the CPG-CAC medium retail estimate for a MS-64 grade 1926-D dime is $470.
The 1926-S dime is a semi-key and is famous. Few CAC approved 1926-S dimes have sold publicly in recent years. The CPG-CAC medium retail estimate for a MS-64 grade 1926-S is $3900, though this estimate jumps to $9400 for a MS-64 grade 1926-S with a ‘FB’ designation. The CPG-CAC medium retail estimate for a MS-65 grade 1926-S, without a designation, is $4900, but only two of those have been CAC approved, as of Sept. 1, 2024.
These are extreme CAC certification rarities in grades above MS-62, and it is very hard to estimate market levels for CAC stickered or CACG graded, Choice to Gem grade 1926-S dimes. It might be a good idea to consult an expert.
On May 12, 2024, GreatCollections sold a CAC approved MS-65 grade 1927 for $182.60, a reasonable price. Most 1927 dimes that now grade above MS-64 were struck with ‘Full Bands’ (FB), so it may be very difficult to find a MS-63 to MS-66 grade 1927 without a ‘FB’ designation. Those with a ‘Full Bands’ designation often cost more than twice as much as presumably equivalent 1927 dimes without a designation. It could be true that, because so many collectors have been talked into buying Mercury dimes with ‘FB’ designations, interested buyers sometimes ignore those without designations.
The 1927-D is a ‘better date.’ On March 28, 2023, Stack’s Bowers sold a CAC approved, NGC graded MS-64 1927-D for $1440. On Nov. 16, 2023, Heritage sold a CAC approved MS-66-FB 1927-D for $16,200.
The 1927-S is similar in scarcity and value to the 1927-D. On Aug. 14, 2023, Heritage sold a CAC approved MS-65 grade 1927-S for $1560. If it had an ‘FB’ designation, it would be worth dramatically more. On Jan. 14, 2024, Heritage sold a CAC approved MS-65-FB 1927-S for $9000.
A budget-minded collector may wish to consider an AU-58 grade 1927-S. On April 12, 2023, Stack’s Bowers sold a CAC approved AU-58 grade 1927-S for $336.
The 1928 is common. The CPG-CAC retail estimate for a MS-65 grade 1928 is just $170, though it may be nearly impossible to find one to buy for less than $200. The CPG-CAC estimate for a MS-65 grade 1928, with a ‘FB’ designation, is $430.
On Aug. 14, 2023, Heritage sold a CAC approved MS-65 grade 1928-D for $1440. The CPG-CAC retail estimate for a MS-63 grade 1928-D is $600. CAC has approved just two 1928-D dimes at this level and only one with a ‘FB’ designation as the MS-63 level. MS-63 to MS-66 grade 1928-D dimes with a ‘FB’ designation are relatively expensive, even though 1928-D dimes are not that scarce. It might be a good idea to wait for a 1928-D without a ‘FB’ designation.
In the MS-63 to -66 grade range, the 1928-S is not nearly as rare as the 1928-D, though it may not be easy to find one. On June 16, 2024, GreatCollections sold a CAC approved MS-65 grade 1928-S for $746.90.
There exists a 1928-‘Large S’ variety. The mintmark is somewhat larger than the typical ‘S’ mintmark for dimes of the 1920s. In my opinion, it is not of great importance, though I am aware that some collectors regard it as an exciting and very noteworthy variety.
The 1928-‘Large S’ variety is not as popular as it was in the past, and is not always noted on the holders of grading services. On average, the premiums for these have decreased over the last dozen years, yet it is a realistic possibility that two excited collectors will someday ‘bid up’ a 1928-‘Large S’ dime to an extremely high level. It helps to employ common sense while seeking esoteric varieties. An interested collector, who is quiet about such a pursuit, could probably acquire a 1928-‘Large S’ dime that grades in the MS-63 to -65 range without paying a large premium, if a premium at all.
The 1929 and the 1929-D are both common. Not many dealers bother to send coins of these dates that grade below MS-65 to CAC.
On Aug. 30, 2023, Stack’s Bowers sold a CAC approved MS-65-FB 1929 for $312. On Aug. 4, 2024, GreatCollections sold a CAC approved, NGC graded MS-64 1929-D for $102.30.
In the MS-63 to –66 grade range, the 1929-S is the scarcest of the three dates of this year. On July 31, 2022, GreatCollections sold a CAC approved MS-65 grade 1929-S for $264, one of only two that were CAC approved as MS-65 without a ‘FB’ designation.
Concluding Remarks
Given the hundreds of millions of Mercury dimes that were minted during the 1920s, the number that grade MS-63 to –66 that survive is surprisingly small, just a few thousand coins. It is curious that more people did not save rolls of Mercury dimes during that period, for speculative purposes or just for fun. It is possible that many rolls saved during the 1920s were spent during the Great Depression of the 1930s, as the level of unemployment was then shockingly high and many businesses failed.
On the whole, MS-63 to –66 grade dimes from the 1920s are scarce, interesting, and challenging to collect, though it is not too difficult to find CAC approved or CACG graded representatives of all the dates. I suggest proceeding slowly and enjoying the process.
Images of coins are shown courtesy of GreatCollections and Stack’s Bowers Galleries.
Copyright © 2024 Greg Reynolds
About the Author
Greg is a professional numismatist and researcher, having written more than 775 articles published in ten different publications relating to coins, patterns, and medals. He has won awards for analyses, interpretation of rarity, historical research, and critiques. In 2002 and again in 2023, Reynolds was the sole winner of the Numismatic Literary Guild (NLG) award for “Best All-Around Portfolio”.
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.
Email: Insightful10@gmail.com
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