An extremely rare silver dime minted 125 years ago is expected to fetch $1 million or more when it is presented at an auction next week.
Also known as a Barber Dime, the 1894-S dime was minted in San Francisco, and is one of only nine that are known to exist today, according to auction house Stack’s Bowers Galleries in Illinois.
“It is one of the classic rarities in all of numismatics, a legendary coin in the same league as the 1804 silver dollar and 1913 Liberty Head nickel,” Stack’s Bowers Galleries said on their website.
Only 24 Barber Dimes were produced from leftover silver bullion in June 1894, during a period of economic recession in the U.S. that left dime presses mostly idle.
Online bidding for the coin had already reached $850,000 on Wednesday.
One of the most rare & popular branch mint coins this #PCGS PR63BM graded 1894-S Dime once resided in the collection of #LosAngeles icon, Dr. Jerry Buss, and will be offered for the first time in 31 years at the ANA World’s Fair of Money via @StacksBowershttps://t.co/SJeHMmBGWa pic.twitter.com/4YQyAjAOF4
— PCGS (@PCGScoin) June 25, 2019
The coin is named for its designer, Charles E. Barber, the sixth chief engraver of the U.S. Mint, and the “S” in 1894-S indicates the U.S. minting facility where it was struck, in San Francisco, according to Barrons.
The coins were produced by the San Francisco Mint at a time when dimes were made of 90 percent silver and 10 percent other metals. In 1965, the materials switched to an alloy of copper and nickel, as the price of silver shot up.
There are many theories as to why only 24 were made have been printed, but none have been supported by facts. The theories and stories (some are detailed in the Stack’s website) only fuel the Barber Dime’s “legendary” reputation.
According to the auction house, the coin is so rare hasn’t been seen in market in 31 years, when Stack’s sold it in January 1953. Barber Dimes have traditionally spent decades in tightly held collections.
“Fortunate is the numismatist — professional or private collector — who has the opportunity to even gaze upon one of these coins in real life or to hold it in their hands even for a minute or two,” Stack’s Bowers Galleries said.
The 1894 Barber Dime is ranked No. 6 in the influential reference 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth. It will cross the block at the American Numismatic Association (ANA) World’s Fair of Money on August 15 as part of the E. Horatio Morgan Collection, a private cabinet with many treasures.
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Source: https://www.geek.com/culture/rare-legendary-1894-dime-could-fetch-more-than-1-million-at-auction-1799168/?source
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