by Greg Reynolds for CoinLink

Of the twenty-four dimes that were reportedly minted in San Francisco in 1894, only ten are believed to exist today. On Oct. 17, Stack’s auctioned a Proof-64 1894-S dime, for $1,552,500. The auction was held at the Parker Meridien Hotel in midtown Manhattan. The consignor wishes to remain completely anonymous. As the new owner of this 1894-S dime is a “new player” in the game of acquiring really great rare coins, I will refer to this dime as the “New Player’s” 1894-S.

An understanding of this auction record involves more than just a description of the bidding activity. It is necessary to discuss the two other 1894-S dimes that have sold at auction for more than $1 million each. Furthermore, there is the pertinent point that higher grade pieces are often worth multiples of lower grade coins. In addition, the demand for extremely rare coins has increased markedly over the past ten years, particularly since 2003. Moreover, 1894-S dimes are more highly demanded than several other Great Rarities. The aesthetic characteristics of this particular 1894-S dime are also an important factor

This ‘New Player’s’ 1894-S has a nice overall look. It is not very bright, but it is not dark. It is somewhat brilliant. The hair and headband of Miss Liberty, and much of the wreath, feature a cameo contrast. The white glow of these areas contrasts really well with the fields, which feature blends of blue and gray, with purplish overtones. There is a light blue tone about UNITED STATES OF AMERICA. The fields on the obverse (front) are partly covered with a neat, pale orange overtone. The reverse fields are more gray than blue, though appear very purplish when the coin is tilted at certain angles. (more…)

Photos used with permission and courtesy of Rare Coin Wholesalers - Steve Contursi

Throughout the broad range of U.S. coinage from 1792 to the present day, this issue is arguably the most significant of any that has ever been struck. Although still recorded as a pattern issue in some references, most numismatists now consider the 1792 half disme to be a regular issue coin.

Slightly smaller than a modern dime and weighing half as much. Disme (pronounced, “deem”), is an early spelling of the word, dime.

Over the years, much has been speculated and much has been written, but little is known for sure. Many false and unsubstantiated claims have appeared in print about this coinage issue. Among such claims is one that suggests Martha Washington posed as “Miss Liberty” for the engraver. Another claim that remains unsupported is that the Washingtons provided their family table service for the coinage.

Both of these claims date back to 1860, when James Ross Snowden wrote: “The bust of Liberty is popularly supposed to represent the features of Martha Washington who is said to have sat for the artist while he was designing it … This piece is said to have been struck from the private plate of Washington, which is not unlikely, considering the great interest which he took in the operations of the infant mint, visiting it frequently, and personally superintending many of its affairs.” (more…)