A rare dime that sat in a bank vault in Ohio for 46 years was sold for over $500,000 last weekend, according to a California auctioneer overseeing the sale.
The 1975 Proof Dime, minted in San Francisco, features the profile of Franklin D. Roosevelt. In that year, the United States Mint produced approximately 2.84 million proof sets, as noted by Ian Russell from GreatCollections, the auction house that managed the transaction.
What makes this dime particularly special is its absence of the “S” mint mark, which is typically found on all proof coins produced at the San Francisco Mint. Russell confirmed this distinctive feature in a statement to USA TODAY.
This dime is one of only two known coins mistakenly struck without the “S” mark, as Russell mentioned in a press release regarding the sale.
The coin attracted significant interest, receiving over 200 bids on Sunday night, ultimately selling for $506,250—nearly 30 times the price the previous owners paid back in 1978. This sale set a new record, according to Russell.
A customer from Los Angeles discovered the coin’s missing mark in 1977 after ordering five proof sets by mail, noticing that two of them lacked the “S” mint mark. He sold the first coin to a dealer and then, after a few months, sold the second coin.
“At that time, news was already circulating about the 1968 and 1970 Proof Dimes that also lacked the ‘S’ mark, as well as the 1971 No S Proof Jefferson Nickel. Therefore, it was quite common to check proof sets for errors each year,” Russell explained in an email to USA TODAY.
Coin Remained in Family for Decades
While collectors were aware of these two unique coins, their whereabouts remained a mystery since the late 1970s. According to Russell, both coins were sold by Chicago dealer F.J. Vollmer in 1978 and 1979.
The second coin appeared again in a 2011 auction, fetching $349,600, and later sold in 2019 for $456,000. This coin is currently owned by a collector who specializes in Roosevelt Dimes.
Russell shared that the recently sold coin was purchased in 1978 by an Ohio collector and his mother for $18,200. They stored the dime in a bank vault for over 40 years. After the owner’s passing, the coin was inherited by his three sisters.
“The owner always viewed the coin as a family asset,” Russell stated. “For his sisters, it was bittersweet—they recognized its significance to their brother but also understood he was considering selling it so another collector could have the chance to own it.”
Russell noted that valuable coins are often kept in vaults until collectors feel they have acquired all the pieces they desire, with some coins being preserved for future generations.
“The collector who bought the dime in 1978 and kept it for 46 years had great confidence in its rarity and long-term appeal,” Russell remarked. “He took a risk that more coins would be discovered, but he believed this one would remain a major rarity. Purchasing it just three years after it was minted gave him assurance that few, if any, others would emerge.”
FAQs
1. What is the significance of the 1975 Proof Dime that sold for over $500,000?
The 1975 Proof Dime is significant because it is one of only two coins minted without the “S” mark, which is normally present on proof coins produced at the San Francisco Mint. This rarity contributes to its high value and collector interest.
2. How was the missing “S” mark discovered?
The missing “S” mark was discovered in 1977 by a Los Angeles customer who ordered five proof sets. Upon inspection, he noticed that two of the coins lacked the mint mark, leading him to sell them.
3. What was the selling price of the dime, and how does it compare to its original purchase price?
The dime sold for $506,250, which is nearly 30 times the price the original owners paid for it in 1978, when they bought it for $18,200.
4. How long did the dime remain in the bank vault before it was sold?
The dime remained in a bank vault in Ohio for over 46 years before it was sold. After the original owner passed away, his sisters inherited the coin before deciding to sell it.