A seemingly ordinary ten-cent coin turned the coin-collecting world on its head when the elusive 1975 “No S” Proof Dime fetched an astounding $506,250 at an auction in October 2024. Despite its modest denomination, this rare coin—minted nearly five decades ago—owes its immense value to an unexpected minting anomaly. Missing the customary “S” mint mark meant to denote its origin at the San Francisco Mint, this dime is now regarded as one of the rarest modern U.S. coins in existence.
The story behind this remarkable piece is a blend of history, chance, and a fascinating minting mishap that has captivated numismatists. With only two known specimens, the 1975 “No S” Proof Dime is a true “Holy Grail” in the world of coin collecting, proving that even small mistakes can result in monumental value.
A Closer Look at the Rare 1975 “No S” Proof Dime
| Feature | Details |
|---|---|
| Year Minted | 1975 |
| Mint | San Francisco (intended) |
| Defining Feature | Lacks the “S” mint mark |
| Design | Franklin D. Roosevelt (obverse) |
| Initial Distribution | Part of 2.8 million proof sets |
| Known Specimens | Only two confirmed worldwide |
| First Purchase Price | $18,200 (1978) |
| Recent Sale Price | $506,250 (2024) |
| Previous Record | $456,000 (2019) |
What Makes the 1975 “No S” Proof Dime So Valuable?
The defining characteristic of this coin is its missing “S” mint mark. Mint marks serve as crucial identifiers, indicating where a coin was struck. Proof coins, in particular, are crafted with precision and typically bear clear mint marks, such as “S” for San Francisco, “D” for Denver, or “P” for Philadelphia.
For reasons still unknown, two dimes from the 1975 proof set were mistakenly minted without the “S” mark. This oversight managed to bypass the strict quality control measures at the San Francisco Mint, transforming an otherwise common proof coin into an ultra-rare collector’s item.
From Vault to Record-Breaking Sale
The 2024 auction sale of this remarkable coin has a rich backstory. Initially purchased for $18,200 in 1978, the coin was safeguarded in a bank vault for over four decades. The original collector considered it both a prized possession and a long-term investment.
Upon the collector’s passing, his three sisters inherited the dime and, realizing its significant worth, consigned it to GreatCollections, a prestigious auction house. When it finally hit the auction block in October 2024, it sparked a bidding war among eager numismatists worldwide, culminating in a record-breaking $506,250 sale.
A Coin with a History of Breaking Records
This was not the first time the 1975 “No S” Proof Dime made headlines. The other known example has twice set records at auction—once in 2011, selling for $349,600, and again in 2019, reaching $456,000. Each successive sale reflects the increasing fascination and demand for rare and error coins.
What Factors Drive This Coin’s Value?
Several key factors contribute to the extraordinary worth of the 1975 “No S” Proof Dime:
- Extreme Rarity: With only two verified specimens, it is one of the scarcest modern U.S. coins.
- Minting Anomaly: The absence of the “S” mint mark is a major error, especially for a proof coin.
- Pristine Condition: Graded Proof-67 by the Professional Coin Grading Service (PCGS), its well-preserved state boosts its desirability.
- Historical Significance: It represents a fascinating minting error that defied expectations and quality control measures.
- Collector Demand: Numismatists avidly seek unique error coins, and this dime is a prized rarity.
Minting Errors: A Collector’s Dream
Minting errors have always held special appeal for collectors, especially when they occur on proof coins, which are meant to be flawless. The 1975 “No S” Proof Dime defies this standard, making it an exceptional find.
Ian Russell, president of GreatCollections, emphasized that discovering another specimen is highly improbable. Most 1975 proof sets have been meticulously examined by collectors, leaving little hope of a third dime emerging.
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What This Sale Means for Coin Collectors
This record-breaking auction highlights the excitement and unpredictability of coin collecting. It also reinforces the importance of thoroughly inspecting and preserving older coins, as hidden treasures may still be lurking in collections.
FAQs About the 1975 “No S” Proof Dime
1. Why is the 1975 “No S” Proof Dime unique? The missing “S” mint mark is an extraordinary error on a proof coin, making it exceptionally rare and valuable.
2. How many of these dimes exist? Only two confirmed specimens are known to collectors.
3. What was its original purchase price? The dime was bought in 1978 for $18,200, which equates to approximately $90,000 today.
4. Why are mint marks important? Mint marks identify the facility where a coin was produced. Missing a mint mark is highly unusual, especially for proof coins.
5. Could another example of this coin be found? While theoretically possible, experts consider it highly unlikely since most 1975 proof sets have already been scrutinized by collectors.
Final Thoughts
The 1975 “No S” Proof Dime is a perfect example of how numismatics can transform a small coin into a multimillion-dollar treasure. From a simple minting mishap to a record-breaking sale, this coin’s journey has cemented its place in history.
Perhaps there’s a hidden gem in your collection waiting to be discovered. Have you checked your proof sets lately? Let us know in the comments and explore the thrilling world of numismatics!