Mercury Dimes: The Classic Winged Liberty Silver Coin Series

The mercury dime, also called Winged Liberty or Winged Liberty Head dime, is a circulated US ten-cent coin minted from the years 1916 to 1945. This historical dime has been praised by numismatists for its artistic design and has become a staple of modern coin collections.

Why is it called a mercury dime? Don’t worry, it doesn’t contain any mercury. Liberty wears a winged cap on the coin, which people mistook for the Roman god Mercury (Hermes in Greek mythology). The moniker has stuck in collector’s circles.

Besides being popular among collectors, mercury dimes are also significant for:

• Several being flown into space on the Mercury-Redstone 4 (AKA Liberty Bell 7) mission in 1961, with some recovered in 1999

• Being the first US coin designed and released by Adolph Weinman

• Receiving widespread praise among the numismatist community from its release to today, including being heralded as: "the first individual and imaginative design for this small denomination in American numismatic art” by art historian Cornelius Vermeule in 1971

What makes the mercury dime so praise-worthy? We’ve gathered our years of industry experience to answer that question. Today, we’ll go over the history, design, grading, and prices of mercury dimes.

Pictured above: Obverse & reverse of 1916-P Mercury dime with MS67 grade from PCGS | Image credit: PCGS CoinFacts, Free use

Historical Background

The mercury dime’s story starts with the designs of three coins: the dime, the quarter, and the half-dollar.

Since 1892, all three coins bore designs by US Mint Chief Engraver Charles E. Barber — the “Barber coinage.” Public opinions of the designs were lukewarm at best. However, they couldn’t be changed for 25 years without Congressional approval, as established in 1890 legislation.

President Theodore Roosevelt kicked off the “Renaissance of American Coinage” with an overhaul of all the current coin designs, starting with gold double eagles in 1907.

Redesigns of the eagle, quarter eagle, cent, and nickel followed from 1908 to 1913. By 1915, discussions on redesigning the Barber coinage started.

Redesigning Barber Coinage

The Commission of Fine Arts (CFA) held a meeting in December 1915, where Mint Director Robert W. Woolley proposed some redesigns by Barber first. Unhappy with Barber’s sketches, CFA asked three outside artists for proposals instead: Albin Polasek, Hermon MacNeil, and Adolph Weinman.

MacNeil would design the 1916 Standing Liberty quarter, while German-American sculptor Adolph Weinman would design the Walking Liberty half dollar and today’s focus: the mercury dime.

Weinman submitted designs and met with Woolley on February 23, 1916. Woolley told Weinman his sketches were chosen on February 28.

On March 3, the Treasury publicly announced the upcoming coin changes and Woolley broke the news to Barber. Woolley also told Barber to have working models of the new designs by May 1, 1916, but Barber’s ego caused considerable delays.

Die Creation & Delays

Weinman worked with Barber and Assistant Engraver George T. Morgan to perfect the new coin design. Morgan was helpful, but the resentful Barber was obstructive. To make matters worse, Weinman came down with severe tonsillitis, pushing back the May 1 deadline.

Woolley told Weinman that the mint accepted the designs on May 29.

By June, Woolley told Philadelphia Mint Superintendent Adam M. Joyce to finish the mercury dime dies ASAP, as no 1916 dimes had been struck and demand was high.

However, production stopped two days later because the lettering wasn’t clear enough. Leadership also changed in July when Woolley resigned, going to Fred H. Chaffin first, then Friedrich Johannes Hugo von Engelken in September.

With high demand and die changes still being made, the mint struck Barber dimes and quarters. Mintage of mercury dimes was supposed to start on August 28, but more delays emerged. Clarence Hobbs (who infamously delayed the buffalo nickels in 1912) and AT&T complained that the new dime wouldn’t fit their machines.

Weinman modified the design and the first mercury dimes were finally struck in October 1916.

Pictured above: Early strike (pattern coin) of 1916 Mercury dime, the only one that wasn't melted | Image credit: 1916 report of the Director of the United States Mint, Public domain

Initial Release & Response

On October 30, 1916, production of Barber dimes ended and mercury dimes entered circulation.

Initially, the design caused confusion over the fasces (called battle axes or golf clubs) and whether “Winged Liberty” was the Roman god Mercury.

The first reference of the coin as “Mercury” seems to be from a comment by numismatist David Ulysses Proskey in the January 1917 edition of The Numismatist:

“The Phyrgian cap, typical of Liberty, is adorned with a wing similar to that we are accustomed to see on the cap of Mercury.”

Many publications tried to correct the nickname with the proper name “Winged Liberty” but “Mercury dime” stuck.

Most praised the Mercury dime design, though. Some opinions of numismatists published in The Numismatist in December 1916:

• "The best piece of work that the United States mint has turned out in a century." – John Walter Scott

• "A very creditable production and [I] am glad to see such an artistic coin come out from this country." – Henry Chapman

• "One of the handsomest coins of the denomination that has been issued for regular circulation in this country." – Edgar H. Adams

• “Liberty has considerable resemblance to some coins of the Roman Republic, and is very artistic." – Wayte Raymond

• "Without doubt the finest example of our new Coinage which was begun in 1907 with the advent of the $20 and $10 gold pieces.” – Howland Wood

• "The handsomest American coins. The winged head of Liberty is a real portrait of great beauty and finish. Our American girl in this instance is youthful, refined, and of gentle expression.” – Thomas L. Elder

There was some criticism of the reverse (tails side), but most numismatists cut Weinman slack for having to incorporate so many inscriptions.

Pictured above: Obverse & reverse of commemorative 2016-W gold Mercury dime | Image credit: PCGS, Public domain

End of Mercury Dime

Besides a few years, the mercury dime mintage was steadily high across its 30-year run.

The only controversy surrounding mercury dimes was a rumor that it covertly supported fascism. Post-WWI fascist dictatorships in Europe, particularly the National Fascist Party in Italy, used the fasces to symbolize their ideology. So, some Americans criticized the fasces on the dime.

Weinman’s design predates fasces even being associated with fascism, but the rumors were similar to false claims of Communism support on the Franklin half dollar and Kennedy half dollar.

The mercury dime persisted through 1945 until being replaced in 1946 by the Franklin dime design (which continues today) to honor the death of President Franklin D. Roosevelt in 1945.

In 2016, the US Mint created commemorative 1/10-oz 24K (99.99% pure) gold mercury dimes as part of the Centennial Gold Coins program. Of the three gold bullion coins, the mercury dime was the most popular and valuable.

Specifications of Mercury Dime

First, let’s go over the specs, from mercury dime weight to composition:

• Weight: 2.50 g (0.088 oz)

• Diameter: 17.90 mm (0.705 in)

• Thickness: 1.35 mm (0.053 in)

• Composition: 90% silver, 10% copper alloy

• Edge: Reeded (118 reeds)

Unlike circulated dimes from after 1965, mercury dimes are mostly silver. How much silver is in a mercury dime? There’s 0.07234 troy ounce (2.25 grams or 0.0794 standard ounce) of pure silver in a mercury dime.

Now, what does a mercury dime look like?

Design and Symbolism

Many elements of the Mercury dime’s design reflect the symbolism of early American coins, such as:

• Lady Liberty: Goddess from ancient Greco-Roman mythology, became symbol of freedom during Revolutionary War

• Fasces: Bundle of bound, wooden rods around an ax; Ancient Etruscan & Roman symbol of authority, popular during American Revolution to symbolize strength through unity

• Liberty Cap: Freedom; AKA Phrygian cap or pileus hat, given to freed slaves in ancient Rome after emancipation ceremony

• Olive Branch: Peace

• E Pluribus Unum: Traditional national motto, used on Great Seal; Latin for “Out of many, one”

• In God We Trust: Official national motto, first used on coins in 1864

The Liberty cap is on many American coins, but why is it winged on the mercury dime?

In ancient mythology, the winged petasos cap represented quick skillfulness. In a letter from Weinman published in the December 1916 edition of The Numismatist, he explained: “The wings crowning her cap are intended to symbolize liberty of thought.”

Art historian Cornelius Vermeule commented in his 1971 book Numismatic Art in America: “I suspect one reason the wing is there is because Winman, in the true Saint-Gaudens tradition, liked the effect of feathers in relief on his coins and medals.”

As for the reverse elements, Weinman explained: “I have selected the motive of the fasces and olive branch to symbolize the strength which lies in unity, while the battle-ax stands for preparedness to defend the Union. The branch of olive is symbolical of our love of peace.”

Pictured above: Obverse of 1943-D Mercury dime with "AW" initials and uncirculated grade | Image credit: Photograph by Brandon Bigheart, Public domain

Obverse Design

The main obverse (heads side) feature of mercury dimes is a bust of Lady Liberty facing left. She wears a winged Liberty cap with tight curls sticking out the front. In 1916, Mint Director Woolley described her as “simple and firm in form, the profile forceful.”

“LIBERTY” is widely spaced along the top rim. “IN GOD WE TRUST” is at the bottom left, while the mintage year (e.g. “1943”) is under Liberty’s neck truncation at the bottom right. Adolph Weinman’s stylized initials “AW” are between the mintage year and the “Y” of “LIBERTY” on the right.

Although not confirmed, many historians believe Weinman modeled Liberty after Elsie Stevens, specifically a bust of Stevens that Weinman created in 1913. Weinman rented Stevens and her husband, lawyer & poet Wallace Stevens, an apartment neighboring his own from 1909 to 1916.

Pictured above: Reverse of 1943-D Mercury dime with "D" mint mark and uncirculated grade | Image credit: Photograph by Brandon Bigheart, Public domain

Reverse Design

The central reverse (tails side) element is a fasces wrapped by olive branches. The fasces is bound horizontally and vertically with a leather strap, with an ax sticking out the top left.

“UNITED • STATES • OF • AMERICA” is along the top rim. “ONE” and “DIME” are along the bottom on either side of the fasces. A star () is between the top and bottom rim inscriptions on either side. “E PLURIBUS UNUM” is to the right of the fasces,

If present, the mercury dime’s mint mark (e.g. “D”) is between the “E” of “ONE” and the bottom of the olive branch.

The commemorative 2016 gold mercury dimes also include the inscription “AU 24K 1/10 oz.” below the “E PLURIBUS UNUM” inscription.

Minting and Production

Over 2.67 billion mercury dimes across 77 issues were minted from late 1916 to 1945 — over five times more than Barber dimes, which ran for 26 years.

Three mints struck mercury dimes, denoted by their mint mark on the reverse:

• None — Philadelphia Mint

• “D” — Denver Mint

• “S” — San Francisco Mint

All 2016 gold mercury dimes were struck at West Point Mint with a “W” mint mark.

The highest circulated mintage was the 1944-P issue at over 231 million. The lowest circulated mintage issue was 1916-D at 264,000. The average mintage across circulated issues is over 34 million.

Proof mercury dimes were minted in Philadelphia from 1936 to 1942. The highest proof mintage issue was 1942 at 22,329. The lowest was 1936 at 4,130, and the average proof mintage was 11,235.

The only years where no mercury dimes were minted were:

• 1922 — Post-WWI economic slump

• 1932-1933 — Lower demand during Great Depression

Mercury dime production decreased in the prior years — 1921, 1930, and 1931.

Pictured above: Obverse & reverse of 1943-S Mercury dime graded MS67FB PL (Mint State 67, Full Bands, Prooflike) | Image credit: PCGS CoinFacts, Free use

Collecting and Grading

Mercury dimes are among the most collected US coins. We’ll discuss their value factors later, but a key factor is condition.

Condition is typically given as a grade by a professional third-party service like Professional Coin Grading Services (PCGS) or Numismatic Guaranty Company (NGC).

Mercury Dime Grades

Different coin grading systems exist, but the general grade meanings are:

1. Uncirculated: Never circulated & properly stored; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Specimen (SP): Definition varies among grading agencies, but generally between a Mint State and Proof grade; Only used for 2016 gold mercury dimes

4. Proof (PR or PF): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State; Two subtypes on mercury dimes:

   1. Standard Proof: Background (field) isn’t highly reflective

   2. Cameo (CAM): Rarer; Background highly reflective plus a) light to moderate frosting on obverse & reverse, b) not frosted, or c) frosted on only one side

5. Prooflike (PL): Coins struck & handled for circulation but with a similar brilliant shine to proof coins; Occasionally with Full Bands (e.g. MS67FB PL)

6. About Uncirculated (AU): Very minor wear on high points of design from brief circulation, well-preserved surfaces, near-complete mint luster; Sub-grades from 50 to 58

7. Extremely Fine (EF or XF): Complete details, light wear on high points; Sub-grades 40 & 45

8. Very Fine (VF): Moderate to complete details, wear on high points; Sub-grades 20 to 35

9. Fine (F): 50 percent or less of detail flat, visible to sharp letters & digits; Sub-grades 12 & 15

10. Very Good (VG): Wear throughout, letters & digits soft but readable; Sub-grades 8 & 10

11. Good (G): Outer letters & digits full to slightly worn, slightly worn to sharp rims; Sub-grades 4 & 6

12. About Good (AG-3): Mostly readable letters & digits, worn rims

13. Fair (FR-2): Some visible details, traces of outer letters, flat

14. Poor (PO-1): Only date, mint mark, and year identifiable

Another grading designation only used for mercury dimes is “FB.”

Pictured above: Close up of "Full Bands" detail on reverse of Mercury dime | Image credit: PCGS. Free use

Strike Quality (Full Bands)

A unique grading factor for mercury dimes is how sharply the coin was struck.

The most sharply struck mercury dimes have “Full Bands” — shortened to “FB” for grades — similar to the “Full Bell Lines” (FBL) on Franklin half dollars.

The “bands” refer to the binding on the reverse fasces. PCGS defines the “FB” grade as:

“Mercury Dimes that grade MS60 or better and exhibit a complete separation of the central crossband on the reverse ... In all cases, there must be no interruption of the separation of the subject crossbands, including marks, gouges, nicks, or other surface imperfections.”

Some exclusions apply for minimum grades, though: “The rare 1916-D Mercury Dime as well as the 1942/1 and 1932/1-D overdates can receive a Full Bands designation on a qualifying coin grading as low as AU50.”

You’ll see the FB grade after the initial grade, like MS67FB or MS67+FB.

Full bands are generally rare, but exceptionally rare in certain issues. Among the rarest mercury dime issues to find with FB is 1945-P. One sold for $96,000 in 2018!

Pictured above: Close-up comparison of mint mark on normal 1945-S Mercury dime and 1945 "Micro S" error | Image credit: PCGS CoinFacts, Free use

Key Dates and Varieties

All mercury dimes are worth more than ten cents, thanks to their silver content, historical nature, and numismatic appeal.

Besides condition, the exact value of a mercury dime also depends on:

• Silver Spot Price: The spot price (“market value” or “melt value”) of silver per troy oz fluctuates. You can check silver’s current spot price here. Remember to multiply the spot price by 0.0723 (troy oz of silver in mercury dimes).

• Rarity: Issues with low mintages (fewer were struck) or low survival (fewer are known today) command higher prices.

• Mint Errors: Unintentional errors, particularly dramatic or well-known ones, are particularly sought-after.

• Demand: The popularity of mercury dimes overall or specific issues fluctuates over time, meaning fluctuating market value.

Rarity and demand often come together in “key dates” — mercury dime issues consistently sought-after by collectors.

Pictured above: Obverse of 1916-D Mercury dime (key date) graded MS65 by PCGS, sold for $29,900 in 2007 | Image credit: PCGS Auction Prices, Free use

Key Dates

The only major key date for mercury dimes is 1916-D. This issue compares in rarity to the elusive 1909-S VDB Lincoln wheat cent.

With the lowest circulated mintage, 1916-D mercury dime value starts around $300-$400 for the lowest grade. The most expensive 1916-D mercury dime was an MS67FB specimen that sold for $207,000 in 2010.

Other semi-key dates are:

• 1921-D: Second lowest mintage issue; Worth $50 to $27,500 (non-FB) or $2,100 to $47,500 (FB)

• 1921-P: Third lowest mintage issue; Worth $62 to $8,500 (non-FB) or $2,250 to $37,500 (FB)

• 1926-S: Rarely well-struck; Worth $14 to $13,500 (non-FB) or $2,000 to $70,000 (FB)

A 1926-S mercury dime with a Full Bands grade is especially rare, with only around 300 known. One sold in 2010 for $54,625!

Another rarity is any mercury dime graded Prooflike (PL) and Full Bands (FB). On PCGS, the grade is only known from four issues: 1940-D, 1940-P, 1941-S, and 1943-S.

Pictured above: Close-up of 1942/1 overdate from Philadelphia Mercury dime | Image credit: PCGS CoinFacts, Free use

Errors

The most famous mercury dime error: 1942/1 overdates from Philadelphia and Denver. These have a “2” over the “1” in the mintage year’s last digit. Technically, these classify as overdate and doubled-die error coins.

Both issues are similarly rare, worth $1,500 to $125,000 with “Full Bands” designations.

The other iconic mercury dime error is the 1945-S “Micro S” variety. These have an “S” mintmark that’s smaller than normal. Around one-third of the 1945-S issues graded by PCGS have this error, but only 10-12 also have Full Bands.

Non-FB types are worth $6 to $3,750, while FB types are worth $210 to $300,000. In the middle are Prooflike (PL) types, worth $450 to $1,600.

Other known errors include:

• Doubled-Die Obverse (DDO): Known on 11 issues

• Doubled-Die Obverse & Doubled-Die Reverse (DDO & DDR): Known on 2 issues (1941-D & 1940-S)

• Large “S” Mint Mark: Known on 2 issues (1928-S & 1941-S)

• Repunched Mint Mark (RPM): Known on 9 issues

• Horizontal Repunched Mint Mark: Known on 2 issues (1945-D & 1945-S)

• “Trumpet Tail” Mint Mark: Only known on 1943-S; “S” lacks serif

• Inverted (Upside Down) Mint Mark (IMM): Only known on 1942-S

Key dates and errors are intriguing and valuable to numismatists, but beginners can also find most mercury dime issues for affordable prices.

Pictured above: Array of Mercury dime coins | Image credit: mr.smashy, Flickr, CC-BY-SA-2.0

Treasure A Message From the Past with Historic Mercury Dimes!

Mercury dimes are gorgeous emblems of American history, representing the lasting ideals of peace, freedom of thought, and strength through unity.

Although the mythological connection wasn’t intended, the mercury dime’s ability to connect us to the past via historical currency parallels Mercury’s position as messenger between worlds and god of financial gain.

With 77 issues and plenty of rarities to hunt for, Mercury dimes are worthy of being a beloved staple for new and seasoned collectors alike.

Buy Mercury dimes coins today!