Imagine discovering that a simple dime in your possession could potentially be worth more than half a million dollars. For most people, this sounds like a fantasy, but for a lucky Ohio family, this dream became reality when their 1975 Roosevelt dime sold for an astounding $506,250 at auction in October 2024.
This remarkable story has captivated coin collectors and casual enthusiasts alike, sparking interest in one of the most extraordinary mint errors in American numismatic history.
The Million-Dollar Mistake That Created History
The story of the 1975 “No S” Roosevelt dime begins with a simple manufacturing error at the San Francisco Mint. In 1975, the U.S. Mint produced 2.84 million proof sets, each containing six specially struck coins with mirror-like finishes intended for collectors. Every coin was supposed to bear the distinctive “S” mintmark indicating they were struck at the San Francisco facility.
However, due to an unprecedented oversight, a small number of proof dimes were struck using dies that were missing the crucial “S” mintmark. This seemingly minor omission would transform these ordinary-looking coins into some of the most valuable modern American coins ever produced.
The error was discovered relatively quickly during production, and mint inspectors likely caught and destroyed most of the defective coins before they could enter circulation. However, at least two examples managed to escape detection and were included in proof sets sold to the public for just $7 each.
The Journey from Farm to Fortune
The most recently sold example has a fascinating backstory that reads like a collector’s fairytale. In 1978, a dairy farming family from Ohio purchased one of these error coins from renowned Chicago dealer Fred J. Vollmer for $18,200 – a substantial investment equivalent to approximately $90,000 in today’s currency.
The family, led by a mother and her son who understood the coin’s potential significance, stored their precious dime in a bank vault for over 40 years. This remarkable foresight proved to be an extraordinary investment decision. When the coin was finally consigned to GreatCollections auction house in 2024, it attracted over 200 bids from collectors worldwide, ultimately selling for $506,250 – nearly 30 times the family’s original investment.
The three sisters who inherited the coin after their mother and brother passed away were astounded to learn about their inherited treasure. They had maintained the family tradition of keeping the coin secure, never imagining it would become the centerpiece of numismatic history.
Understanding the Technical Details
The 1975 “No S” proof dime was struck using the same high-quality dies used for all other proof coins that year, with one critical exception – the obverse die lacked the San Francisco mintmark. Professional Coin Grading Service (PCGS) authenticated the recently sold specimen and assigned it a grade of Proof-67, with additional approval from Certified Acceptance Corporation (CAC).
Proof coins differ dramatically from regular circulation strikes. They feature deeply mirrored fields and frosted design elements, created through a special striking process that involves multiple impressions on polished blanks. This meticulous process produces coins with exceptional detail and visual appeal, making them highly prized by collectors.
The Current Market Landscape
Only two authenticated examples of the 1975 “No S” proof dime are known to exist, making this one of the rarest modern American coins. The price trajectory of these coins demonstrates their remarkable appreciation:
- 2011: First public auction – $349,600
- 2019: Second public auction – $456,000
- 2024: Most recent sale – $506,250
The other known example was sold privately for $516,000 shortly after the 2019 auction, purchased by a collector working to complete the only known complete collection of Roosevelt dimes ever assembled.
Numismatic experts consistently rank the 1975 “No S” proof dime as the number one modern U.S. coin rarity, featured prominently in authoritative references like “100 Greatest U.S. Modern Coins” by Scott Schechter and Jeff Garrett.
Distinguishing Genuine Rarities from Common Coins
One of the most crucial aspects of understanding this coin’s value lies in distinguishing between the extremely rare proof error and common circulation strikes. This distinction has become particularly important due to misleading online auctions where sellers capitalize on buyer confusion.
In 1975, the Philadelphia Mint struck 585,673,900 regular Roosevelt dimes without mintmarks – this was completely normal for Philadelphia production at that time. These common circulation dimes are worth exactly their face value of 10 cents when found in pocket change.
The key differences between valuable proof errors and worthless circulation strikes include:
Proof Characteristics:
- Mirror-like reflective surfaces
- Frosted raised design elements
- Sharp, well-defined details
- Originally housed in special proof set packaging
- Missing “S” mintmark (the error)
Circulation Strike Characteristics:
- Matte, non-reflective surfaces
- Less detailed striking
- Normal wear patterns if circulated
- No mintmark (normal for Philadelphia)
The Authentication Process
Given the astronomical value of authentic specimens, proper authentication becomes absolutely critical. Both known examples have been certified by PCGS, the industry’s leading authentication service. The grading process involves:
- Physical Examination: Experts examine the coin’s surfaces, strike quality, and overall condition
- Authentication Verification: Specialists confirm the coin’s genuineness and error status
- Grade Assignment: Professional graders assign numerical grades on a 1-70 scale
- Encapsulation: Authenticated coins are sealed in tamper-evident holders
Anyone believing they possess a 1975 “No S” proof dime should seek professional authentication before making any financial decisions based on its potential value.
Investment Potential and Market Outlook
The consistent appreciation of the 1975 “No S” proof dime reflects several factors driving modern coin collecting:
- Extreme Rarity: With only two known examples, supply constraints guarantee continued interest
- Modern Relevance: Unlike ancient coins, this error occurred within living memory
- Perfect Storm: The combination of modern minting technology and human error creates unique appeal
- Growing Market: Increasing global interest in American numismatics
Industry experts suggest that if a third example were discovered today, it could potentially command prices approaching or exceeding $900,000, given the proven track record and increasing collector base.
Historical Context and Significance
The Roosevelt dime series began in 1946, just one year after President Franklin D. Roosevelt’s death. The coin’s designer, Chief Engraver John R. Sinnock, created a lasting tribute to the president who had been instrumental in founding the March of Dimes organization.
Roosevelt’s connection to the dime extends beyond mere portraiture – his battle with polio and subsequent advocacy for research funding made the coin selection particularly meaningful. The March of Dimes organization, originally established to combat polio, provided a natural link between Roosevelt’s legacy and the ten-cent denomination.
| Historical Sales Data | Year | Sale Price | Venue |
|---|---|---|---|
| First Discovery Coin | 2011 | $349,600 | Stack’s Bowers |
| Same Coin Resale | 2019 | $456,000 | Heritage Auctions |
| Ohio Family Coin | 2024 | $506,250 | GreatCollections |
| Private Sale Record | 2019 | $516,000 | Private Transaction |
What This Means for Collectors Today
The story of the 1975 “No S” proof dime serves as both inspiration and cautionary tale for modern collectors. While the chances of discovering the third example remain astronomically small, the coin’s legacy has sparked renewed interest in proof set collecting and error coin hunting.
For those hoping to find valuable coins, experts recommend focusing on intact proof sets from the 1970s and 1980s, particularly those that have remained unopened since purchase. While finding another 1975 “No S” dime remains unlikely, other “No S” proof errors from different years (1968, 1970, 1983) also command significant premiums.
The phenomenon has also highlighted the importance of proper coin education, as unscrupulous sellers have attempted to capitalize on collector confusion by misrepresenting common Philadelphia dimes as rare errors.
The Future of Modern Coin Collecting
The remarkable success of the 1975 “No S” proof dime demonstrates the enduring appeal of error coins and modern rarities. As traditional rare coin markets become increasingly expensive, collectors are turning their attention to post-1964 issues that offer both accessibility and potential appreciation.
This trend suggests that modern mint errors, proof coins, and other contemporary numismatic items will continue gaining prominence in the collecting community. The 1975 dime’s story proves that extraordinary value can emerge from the most unexpected sources, encouraging both seasoned collectors and newcomers to remain vigilant for hidden treasures.
Frequently Asked Questions
Q: How can I tell if my 1975 dime is the valuable error? A: The valuable coin must be a proof strike with mirror-like surfaces and no “S” mintmark. Common circulation dimes from Philadelphia also lack mintmarks but are worth only face value.
Q: Where would I most likely find a 1975 No S proof dime? A: Only in unopened 1975 proof sets. The chances of finding one in circulation are virtually zero.
Q: Are there other valuable “No S” proof errors? A: Yes, similar errors occurred in 1968, 1970, and 1983, though the 1975 version remains the most valuable.
Q: What should I do if I think I have found one? A: Seek professional authentication through PCGS or NGC before making any decisions about the coin’s value.