1938 Mercury Dime Value No Mint Mark: Guide for Beginners

The 1938 Mercury Dime with no mint mark is worth anywhere from $2.50 in worn condition to over $150 in pristine uncirculated condition. If you’ve found one of these beautiful “Winged Liberty” coins in a jar or an old collection, you’re holding a piece of American history that carries a premium over its face value.

Condition / Grade	Estimated Market Value
Good (G-4) to Fine (F-12)	$2.50 – $4.00
Extremely Fine (XF-45)	$6.00 – $9.00
Uncirculated (MS-60 to MS-63)	$15.00 – $30.00
Gem Uncirculated (MS-65+)	$50.00 – $150.00+
Full Bands (FB) Designation	$100.00 – $1,200.00+

Understanding the 1938 No Mint Mark Dime History

The 1938 Mercury Dime is part of a series officially known as the “Winged Liberty Head” dime. Designed by Adolph A. Weinman, this coin remains a favorite among collectors due to its artistic elegance. If your 1938 dime has no mint mark, it means it was struck at the Philadelphia Mint. During this era, Philadelphia was the main facility and generally did not use a mint mark (like the ‘S’ for San Francisco or ‘D’ for Denver).

With over 22 million pieces struck in Philadelphia that year, this specific coin isn’t the rarest in the series, but it remains highly sought after because of its 90% silver content. Many Americans use a top coin identifier app to quickly distinguish between these mint varieties and check for silver purity. When you use the CoinKnow app, you can instantly see if your dime is a common Philadelphia strike or a scarcer branch mint issue.

Because these coins circulated heavily during the tail end of the Great Depression, finding one in high-grade condition is a treat. While millions were made, many were lost to the melting pot or simply worn down until the details disappeared. Today, the intrinsic silver value provides a “floor” price, but the collector demand drives the value much higher for “shiny” examples.

The Impact of Silver Content on 1938 Dime Value

Before worrying about the “grade” or the perfection of the coin, you should know that every 1938 Mercury Dime is worth its weight in silver. These coins are composed of 90% silver and 10% copper. With silver prices fluctuating, the raw bullion value alone usually stays around $2.00 to $2.50 per coin. This means even a heavily damaged or “slick” coin still has value.

However, collectors look far beyond the silver. They want coins that retain the original luster and the sharp details of Lady Liberty’s cap. If you are comparing your find to current 1938 Mercury Dime price trends, you’ll notice a significant jump in price once you move from “average” coins to those that look like they just came from the bank.

To get an accurate estimate, CoinKnow can help you track the daily silver melt value alongside the numismatic (collector) value. This ensures you never sell your 1938 dime for just its silver weight if it actually has collector appeal.

Metal Type	Composition	Silver Weight (oz)
90% Silver / 10% Copper	2.50 Grams Total	0.07234 oz

How to Grade Your 1938 Philadelphia Mercury Dime

Grading is the process of determining how much wear a coin has suffered. For the 1938 dime with no mint mark, the difference between a $5 coin and a $50 coin comes down to the smallest details. In “Good” condition, you can see the outline of Lady Liberty, but her hair and the feathers on her cap are flat. By the time you reach “Extremely Fine,” most of those feathers are clearly defined.

Professional graders look at the high points: the hair above the eye, the tops of the wings, and the vertical lines on the fasces (the bundle of sticks) on the back. If you have a specimen that looks brand new, you might be looking at a “Mint State” coin. For these high-end pieces, the 1938 Mercury Dime MS auction data proves that collectors will pay huge premiums for coins with “Full Bands.”

“Full Bands” (FB) refers to the horizontal straps holding the fasces on the reverse. If these straps are fully separated with a clear line between them, the coin is considered a masterpiece of striking quality. Checking your coin with a magnifying glass or a high-resolution photo in CoinKnow is the best way to see if yours qualifies for this premium.

Valuable Errors to Look For on 1938 Dimes

While the standard 1938 Philadelphia dime is common, error hunters always keep their eyes peeled for anomalies. Although 1938 isn’t known for major “deal-breaker” errors like the 1942/41 overdate, there are subtle things to look for. One of the most common things people find are “Double Dies.” This happens when the coin is struck by a die that was incorrectly engraved, leading to slight doubling on the lettering or date.

Another thing to watch for is “Clipped Planchets,” where the coin looks like a bite was taken out of the edge during manufacturing. Lamination errors, where the silver surface seems to peel or flake, are also occasionally found. While these don’t always add hundreds of dollars, they certainly make the coin more attractive to a specific niche of collectors.

If you find something that looks odd, don’t clean it! Cleaning a coin with chemicals or a cloth will almost always destroy its collector value. Keep it in its original state and use an app to verify if what you’re seeing is a valuable mint error or just post-mint damage (scratches from circulating).

Error Type	Estimated Value Adder
Minor Double Die Obverse	+$10 – $50
Clipped Planchet	+$15 – $40
Broadstruck (No Rim)	+$20 – $60

Where to Sell Your 1938 Mercury Dime

Once you’ve identified your 1938 Mercury Dime no mint mark and estimated its grade, the next step is knowing where to get a fair price. For worn, common dates, local coin shops are a great choice. They will typically offer you roughly the silver melt value or a small premium above it. If you have several, this can add up to a nice dinner!

For coins that appear to be in “Mint State” or have “Full Bands,” selling on platforms like eBay or through major auction houses like Heritage Auctions is better. This allows you to reach collectors who are specifically looking for high-grade 1938 dimes to complete their sets. Always take clear, well-lit photos of the front (obverse) and back (reverse) to show off the coin’s condition.

The CoinKnow app can also help you track historical sales so you don’t get “lowballed” by a buyer. Knowing that a Similar MS-65 coin sold for $60 last week gives you the leverage you need to negotiate a fair deal. Whether you’re selling a single coin or an entire collection, being informed is your best defense against unfair offers.

FAQ

Q: Where is the mint mark on a Mercury Dime?

A: The mint mark (if there is one) is located on the back of the coin, at the bottom left, near the word “ONE.” If you see nothing there, it was minted in Philadelphia and is a “No Mint Mark” coin.

Q: Is my 1938 dime really made of silver?

A: Yes! All dimes minted in the United States from 1945 and earlier (and up to 1964 for Roosevelts) are made of 90% silver. If you have a 1938 dime, it is definitely a silver coin.

Q: Does cleaning my 1938 Mercury Dime increase its value?

A: No, never clean your coins. Collectors prefer the original “patina” or “toning.” Cleaning creates microscopic scratches that professional graders can easily spot, which can reduce the coin’s value by 50% or more.

Q: How many 1938 dimes were made without a mint mark?

A: The Philadelphia Mint produced about 22,190,000 dimes in 1938. While this sounds like a lot, many have been lost or melted over the last 85 years, making surviving examples valuable today.