1938-S Mercury Dime Value: Is Your Old Coin Worth Money?
The 1938-S Mercury Dime is worth anywhere from $3 in worn condition to over $900 in top-quality mint state. Finding one of these silver beauties in an old jar or antique shop is an exciting moment for any American, as it represents a classic era of U.S. coinage design.
| Condition | Estimated Value (USD) |
|---|---|
| Good / Very Good | $3.00 – $4.50 |
| Fine / Very Fine | $5.50 – $8.00 |
| Uncirculated (MS60+) | $25.00 – $150.00 |
| Gem Mint (MS67+) | $400.00+ |
Understanding the Appeal of the 1938-S Winged Liberty Head
If you have just discovered an old dime in a collection, you might first notice the lady with the winged cap. While often called the “Mercury Dime” because she resembles the Roman messenger god, she is actually an image of Liberty. The “S” on the back indicates it was struck at the San Francisco Mint.
To get an immediate sense of what your find might be worth, you can use a free coin identifier app to scan the surface and check for key features. These digital tools help beginners understand if they are holding a common strike or a rare treasure.
The year 1938 was a relatively low-production year compared to the massive mintages seen during World War II. Because San Francisco usually produced fewer coins than Philadelphia, the “S” mint mark typically carries a slight premium for collectors. Using the CoinKnow app can help you verify the mint mark’s location and clarity in seconds.
How Grading Affects the 1938-S Dime Value
In the world of numismatics, the “grade” or physical condition of the coin is everything. A coin that has been passed around in pockets for decades will show significant wear on Liberty’s hair and the feathers of her cap. These “circulated” coins are valued mostly for their silver content and historical charm.
However, “Uncirculated” coins—those that never made it into public hands—can fetch much higher prices. Collectors look for sharp details on the fasces (the bundle of sticks) on the reverse side. If the horizontal bands across the fasces are fully separated and distinct, the coin is designated “Full Bands” (FB), which significantly increases the price.
Professional graders use a 70-point scale to determine quality. For the most accurate and up-to-date 1938-S Mercury Dime price estimates based on grade, investors often look at auction records. Even a single point difference on the scale can mean a hundred-dollar difference in the final sale price.
| Grade Designation | Visual Characteristics | Market Value |
|---|---|---|
| Good (G-4) | Heavily worn, outlines flat. | $3.25 |
| Extremely Fine (EF-40) | Light wear on high points only. | $12.00 |
| Mint State (MS-65) | Strong luster, few scratches. | $75.00 |
| MS-67 Full Bands | Perfect bands, superb luster. | $950.00+ |
Silver Content and Intrinsic Worth
Even if your 1938-S dime is in terrible condition—scratched, bent, or heavily worn—it is still worth much more than ten cents. All Mercury Dimes minted from 1916 to 1945 are composed of 90% silver and 10% copper. This “melt value” provides a price floor that moves with the global silver market.
During times when silver prices are high, these coins become targets for “stackers” who buy them in bulk. Currently, with silver around $25-$30 per ounce, a single silver dime contains roughly $2.00 worth of raw precious metal. This makes it a great entry-level collectible for everyday Americans.
Using the CoinKnow mobile application allows you to track the daily silver spot price and see how it affects your collection’s total worth. Knowing the current 1938-S Mercury Dime resale price ensures you don’t sell it for just face value at a grocery store or a bank.
Identifying the “S” Mint Mark and Mintages
The San Francisco Mint produced 8,090,000 Mercury Dimes in 1938. While eight million sounds like a lot, it is quite small compared to the 1944 Philadelphia strike, which saw over 230 million coins produced. This relative scarcity is why the “S” version is more sought after.
To find the mint mark, look at the bottom of the reverse (tails) side. To the left of the base of the fasces, you will see a tiny “S.” If the space is blank, it was made in Philadelphia. If there is a “D,” it was made in Denver. The 1938-D is actually the most valuable of the three standard issues for that year.
If you are having trouble seeing that tiny letter, the CoinKnow app’s high-resolution zoom feature can help clear up the mystery. A clear, well-struck “S” is a hallmark of San Francisco’s craftsmanship during the late 1930s.
The “Full Bands” Premium Explained
For serious collectors, the “Full Bands” (FB) designation is the ultimate goal. On the reverse side, the fasces is held together by three sets of horizontal leather bands. Due to the way the coins were struck, the central set of bands is often blurry or merged together.
A 1938-S dime that shows a clear, distinct line between these middle bands is considered a superior strike. These coins are rare and can sell for double or triple the price of a standard Mint State coin. Professional grading services like PCGS or NGC must verify this status to get the full market premium.
| Year/Mint | Mintage | Rarity Rank (1916-1945) |
|---|---|---|
| 1938-P | 22,190,000 | Common |
| 1938-D | 5,537,000 | Semi-Key Date |
| 1938-S | 8,090,000 | Better Date |
Common Errors and Varieties to Look For
While the 1938-S isn’t famous for major errors like the 1942/41 overdate, collectors still hunt for minor varieties. Look for “Repunched Mint Marks” (RPM), where the “S” was stamped into the die more than once, creating a shadowed appearance.
Another thing to watch out for is “Die Cracks.” These appear as thin, raised lines of metal on the coin’s surface, caused by the steel die breaking during the minting process. While most die cracks don’t add massive value, they do make your 1938-S dime unique and more interesting to specialty collectors.
If you suspect your coin has an error, take a clear photo and compare it with the database in the CoinKnow app. Many errors are only visible under 10x magnification, so don’t be afraid to use a jeweler’s loupe or a high-quality smartphone camera to inspect the details.
Where to Sell Your 1938-S Mercury Dime
If you’ve decided to sell your coin, you have several options. For common, worn dimes, a local coin shop is the fastest way to get cash. They will usually pay slightly under the “melt value” or current market wholesale price. This is convenient if you have a handful of different silver coins.
For high-grade or “Full Bands” examples, consider an online auction or a reputable numismatist. These buyers are looking for specific quality markers and are willing to pay a premium. Always check the current market trends on a trusted pricing site before accepting an offer.
Remember to never clean your coins! Even a gentle scrub with baking soda or soap can leave microscopic scratches that destroy the coin’s numismatic value. Collectors prefer “original skin”—the natural patina and toning that develops over eighty years of history.
FAQ
Q: Is every 1938-S dime made of silver?
A: Yes, all Mercury Dimes minted between 1916 and 1945 are 90% silver. There are no “base metal” versions of this coin produced by the U.S. Mint during that era.
Q: Where is the mint mark on a 1938-S Mercury Dime?
A: The mint mark is located on the reverse side. Look at the bottom of the coin, just to the left of the base of the fasces (the bundle of sticks). You will see a small “S” there.
Q: How much silver is in a 1938-S dime?
A: It contains approximately 0.07234 troy ounces of pure silver. This means if silver is $30 per ounce, the silver value alone is about $2.17.
Q: Should I get my 1938-S Mercury Dime professionally graded?
A: Only if the coin appears to be in “About Uncirculated” or “Mint State” condition. If the coin is heavily worn, the cost of grading (typically $20-$50) will be more than the coin is worth. Use the CoinKnow app to get an initial estimate first!
