Why the 1938 Mercury Dime Remains a Collector’s Treasure
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The 1938 Mercury dime sits at an interesting crossroads – a coin with genuine silver content, a rich Depression-era backstory, and collector appeal that can push its value far beyond the melt price. Whether you stumbled across one in a coin roll or inherited a collection, understanding what you have is the first step toward making a smart decision with it.
This guide covers everything: the coin’s history, the three mint varieties, how condition and Full Bands affect value, and what to do if you want to sell. Silver is trading around $76 per ounce right now, which makes the silver content alone worth tracking – but for this coin, condition and date matter far more than spot price.
What Is the 1938 Mercury Dime?
The Mercury dime series ran from 1916 to 1945, and the 1938 issue is a mid-series example that collectors and silver stackers both pursue. The coin is 90% silver and 10% copper, weighing 2.50 grams with a diameter of 17.90 mm. Each coin contains 0.0723 troy ounces of pure silver – worth roughly $5.50 at today’s spot price.
Despite the nickname, the portrait on the obverse is not Mercury. Designer Adolph A. Weinman depicted Liberty wearing a winged Phrygian cap, a classical symbol of freedom. The resemblance to Mercury’s winged helmet gave rise to the popular name, and it stuck. The reverse shows a fasces – a bundle of rods with an axe – flanked by an olive branch, representing military strength balanced by the pursuit of peace.
The reeded edge and clean, classical lines made this one of the most admired U.S. coin designs of the 20th century. It replaced the Barber dime in 1916 and was itself replaced by the Roosevelt dime in 1946.
Historical Context: 1938 and the Recovery Era
By 1938, the worst of the Great Depression had passed, but the country was still finding its footing. Franklin D. Roosevelt’s New Deal programs had stabilized much of the economy, and consumer spending was rising again. The U.S. Mint reflected this recovery in production volumes – all three mints struck dimes that year after years of suppressed output.
The series had paused entirely in 1932 and 1933 due to low demand. The return to full production across Philadelphia, Denver, and San Francisco by the mid-to-late 1930s signals how far conditions had improved. Proof coins, discontinued during the early Depression years, had resumed at Philadelphia in 1936, adding a premium collector tier to the series.
The Mercury dime series ended in 1945. Roosevelt’s death that year prompted Congress to authorize a new dime honoring the late president, and the Roosevelt dime debuted in 1946. The Mercury dime’s seven-year pause followed by a full production run through the war years gives the 1938 issue a specific place in that arc – late enough to be common in circulated grades, early enough to be scarce in gem condition.
The Three 1938 Mercury Dime Varieties
Three mints produced dimes in 1938, each identified by a mint mark on the reverse, positioned below the fasces. The absence of a mint mark means Philadelphia. A “D” indicates Denver, and “S” points to San Francisco.
~16.4 million struck – most common variety, easiest to find in any grade
~6.6 million struck – scarcer in circulation, commands premium in MS65 and above
8,090,000 struck – semi-key date, especially prized with Full Bands designation
Philadelphia (no mint mark): The highest mintage of the three, at roughly 16.4 million coins. This is the easiest variety to find and the most affordable entry point for new collectors. High-grade gems still carry meaningful premiums, but circulated examples trade close to melt.
1938-D (Denver): With under 6.6 million coins struck, the Denver issue is noticeably scarcer. It was the last year the Denver Mint produced fewer than 10 million Mercury dimes, which adds a footnote of series significance. Expect to pay more for MS65 examples compared to Philadelphia coins of the same grade.
1938-S (San Francisco): The San Francisco issue is the most prized of the three, particularly when it carries the Full Bands designation. Mintage was 8,090,000 – more than Denver but far more valuable at the top of the grading scale. Survival estimates suggest roughly 2,000 examples grade MS65 or better with Full Bands.
Understanding Full Bands – Why It Matters So Much
Full Bands, abbreviated FB, refers to the sharpness of the horizontal lines on the fasces bands on the reverse. When those bands are fully separated and unbroken across their entire width, the coin qualifies for the FB designation from grading services like PCGS or NGC.
This distinction is not cosmetic. It reflects the quality of the original strike. Coins with weak strikes – common on many Mercury dimes – show mushy or merged bands. A Full Bands coin required a strong die, well-prepared planchet, and precise striking pressure. Because many 1938-S coins were struck with less-than-ideal pressure, finding a gem example with clean, separated bands is genuinely difficult.
The record speaks for itself: a 1938-S graded MS68+ FB sold at auction in 2019 for $364,250. That is not a silver coin anymore – that is a numismatic rarity. The silver content is incidental at that level.
Live Silver Spot Price – Accurate Precious Metals Refineries
1938 Mercury Dime Value by Grade and Variety
Values range from a few dollars for worn circulated examples to six figures for the finest known specimens. The floor is the silver melt value – about $5.50 per coin at $76 per ounce. Most circulated coins trade above that, but not dramatically so.
| Grade | 1938 (Philadelphia) | 1938-D (Denver) | 1938-S (No FB) | 1938-S FB |
|---|---|---|---|---|
| Good/Fine (G-F) | $2.25-$3.00 | $2.25-$4.00 | $2.25-$3.50 | N/A |
| Uncirculated (MS60) | ~$7 | ~$11 | ~$12 | $18+ |
| MS65 | $50-$200 | $100-$500 | $40-$100 | $1,000+ |
| MS68 / Record | – | $4,000+ (MS68 FB) | – | $364,250 (MS68+ FB) |
At current silver prices, any coin grading below Very Fine is essentially a silver stacking piece. The numismatic premium kicks in meaningfully at AU and above, and sharply at MS63+ with Full Bands. If you have a coin that looks uncirculated and shows clean reverse bands, it is worth having it evaluated before assuming it is a bullion piece.
Coin values across the Mercury dime series have risen 20-50% since 2020, driven partly by silver’s bull run and partly by increased collector demand for pre-1965 U.S. silver. For comparison, see how 1942 Mercury dime values track against the 1938 issue – the patterns are similar but the key dates differ.
How to Identify and Evaluate Your 1938 Mercury Dime
Start with the basics before worrying about grade.
Look at the reverse below the fasces. No mark = Philadelphia. “D” = Denver. “S” = San Francisco.
Look at Liberty’s hair above the ear and the high points of the cap. Flat or worn areas indicate circulation. A coin with full luster and no wear is uncirculated.
Under a loupe, look at the horizontal bands on the fasces. If the lines are sharp and fully separated across the entire band, the coin may qualify for Full Bands designation.
A genuine Mercury dime weighs 2.50 grams. Significant deviation suggests a problem.
Flick the coin gently and listen. Silver produces a clear, sustained ring. Base metal fakes sound dull and flat.
If the coin appears MS63 or better and shows promising bands, submission to PCGS or NGC is worth the cost. A confirmed MS65 FB coin is worth multiples of the submission fee.
Avoid cleaning coins. Even light polishing removes luster and drops a coin’s grade significantly. Store Mercury dimes in inert flips or hard plastic holders – PVC-based storage causes green corrosion over time.
For a broader look at how these evaluation steps apply to the wider series, the 1941 Mercury dime value guide covers similar grading principles in detail.
Proof 1938 Mercury Dimes
Proof Mercury dimes were struck at Philadelphia starting in 1936, after a long gap. The 1938 proof issue exists and commands a significant premium – expect to pay $500 or more for a PR65 example in today’s market.
Proof coins were made with polished dies and specially prepared planchets, producing mirror-like fields and frosted devices. They were sold directly to collectors, not released into circulation. Mintages were small, and survival in top proof grades is limited.
If you have a Mercury dime with unusually sharp detail and mirror-like surfaces, it may be a proof rather than a high-grade business strike. The distinction matters enormously for value. A professional grader can confirm this definitively.
Comparing the 1938-D to Other Late-1930s Issues
The 1938-D is not just scarce – it marks a transition point in the series. After 1938, Denver’s Mercury dime mintages climbed steadily. The 1938-D Walking Liberty half dollar from the same year is another low-mintage Denver issue that collectors often pair with the dime, since both reflect the mint’s constrained output during the late Depression years.
The 1940 Mercury dime offers a useful contrast: higher mintages across all three mints, more available in high grades, and lower premiums for the same MS65 designation. If you are building a Mercury dime set by date and mint, the 1938-D and 1938-S are among the more challenging pieces to complete in gem condition.
Silver Stacking vs. Numismatic Collecting – Which Approach Fits?
These are not mutually exclusive strategies, but they lead to different decisions.
Most people fall somewhere in the middle. Buying circulated 1938 dimes for silver exposure makes sense. Holding onto anything that looks uncirculated – especially with clean reverse bands – for potential grading also makes sense. The mistake is melting a gem coin for $5.50 when it might grade MS65 FB and sell for $1,000.
Selling silver coins is straightforward when you know what you have. The harder part is identifying the pieces worth holding versus the ones better converted to cash today.
Where to Buy and Sell the 1938 Mercury Dime
Buying: Coin shows, estate sales, and bank rolls are classic sources for circulated Mercury dimes. For slabbed, graded examples, PCGS and NGC population reports show exactly how many coins exist at each grade level – useful for gauging rarity before spending serious money.
Selling: Circulated examples and silver stackers are easy to move to any reputable precious metals dealer. High-grade or Full Bands coins are better served by specialist numismatic auctions where serious collectors compete.
Accurate Precious Metals, based in Salem, Oregon, buys Mercury dimes and all pre-1965 U.S. silver coins. With over 12 years in business and more than 1,000 five-star reviews, the team at AccuratePMR.com evaluates coins on their actual merits – not just melt value. As an NGC Authorized Dealer, Accurate Precious Metals can also help identify coins worth submitting for professional grading before a sale.
Local customers in the Salem area are welcome to bring coins in person for a direct evaluation. If you are anywhere else in the United States, the mail-in service makes it simple – request a kit, ship your coins with free insured packaging, and receive payment quickly after assessment. There is no obligation, and the process is straightforward.
Whether you have a single 1938-S you found in a collection or a roll of circulated Mercury dimes, Accurate Precious Metals handles both. You can also sell silver for cash through the same process for any other pre-1965 silver you want to convert. Call (503) 400-5608 or visit AccuratePMR.com to get started.
Frequently Asked Questions
How much silver is in a 1938 Mercury dime?
Each coin contains 0.0723 troy ounces of pure silver. At a spot price of $76 per ounce, that works out to roughly $5.50 in melt value.
What does Full Bands mean on a Mercury dime?
Full Bands refers to the sharpness of the horizontal lines on the fasces bands on the reverse. When those lines are fully separated and unbroken, grading services award the FB designation, which significantly increases the coin's value.
Is the 1938-S Mercury dime rare?
In circulated grades, no – it is a semi-key date but not dramatically scarce. In gem uncirculated condition with Full Bands, it is genuinely rare. Survival estimates for MS65+ FB examples run around 2,000 coins, and the finest known sold for over $360,000.
How do I tell which mint struck my 1938 dime?
Check the reverse below the fasces. No mint mark means Philadelphia. A small "D" means Denver. A small "S" means San Francisco.
Should I clean my Mercury dime before selling it?
No. Cleaning removes luster and damages the coin's surface, lowering its grade and value. Even a gentle wipe can cost you money. Leave the coin as-is and let a professional evaluate it.
Where can I sell my 1938 Mercury dime?
Accurate Precious Metals buys Mercury dimes and all pre-1965 U.S. silver. Visit the Salem, Oregon location in person or use the nationwide mail-in service at AccuratePMR.com. Call (503) 400-5608 for details.
Are 1938 proof Mercury dimes valuable?
Yes. Proof Mercury dimes from 1938 were struck at Philadelphia in small numbers for collectors. A PR65 example typically trades for $500 or more, well above the value of a business-strike coin in the same numerical grade.
