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The 1938-S Mercury Dime is worth anywhere from $3 in worn condition to over $1,200 in high-grade mint state. Finding this “Winged Liberty Head” dime in your pocket change or an old jar is a lucky discovery, as the San Francisco mint produced fewer of these than many other years.
| Grade Condition | Estimated Value (USD) |
|---|---|
| Good (G-4) | $2.50 – $3.50 |
| Fine (F-12) | $5.00 – $7.00 |
| Extremely Fine (XF-45) | $12.00 – $18.00 |
| Uncirculated (MS-63) | $35.00 – $50.00 |
| Gems / Full Bands (MS-67+) | $350.00 – $1,500+ |
A Brief History of the 1938-S Winged Liberty Dime
In 1938, the United States was slowly emerging from the Great Depression, and the San Francisco Mint was busy striking these iconic silver pieces. The Mercury Dime, which actually depicts Lady Liberty in a winged cap (representing freedom of thought), is widely considered one of the most beautiful designs in American history. If you are trying to identify your find, using a top coin identifier app can help you confirm the date and mint mark immediately.
The “S” mint mark on the reverse of the coin signifies that it was struck in California. During this era, the San Francisco Mint often had lower mintage numbers compared to Philadelphia or Denver. For 1938, there were exactly 8,090,000 dimes struck at the San Francisco mint. This makes it a “semi-key” date for collectors who are trying to complete a full set of Mercury Dimes.
Because many of these coins were saved by collectors at the time, finding them in decent condition is possible, but discovering one in a “Gem” state is where the real money lies. If you aren’t sure about the quality of your coin, you can use the CoinKnow app to get an instant visual assessment and see how your specimen compares to professional standards.
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Grading and 1938-S Mercury Dime Value Details
The value of your 1938-S Mercury Dime is heavily dependent on its professional grade. Coins that were used in daily commerce for decades often have “Good” or “Fine” grades, where the feathers on Mercury’s cap are blurred or the diagonal lines on the fasces are worn smooth. Even in these humble conditions, the coin is valuable because it is made of 90% silver.
Your Old Coin Could Be Valuable!
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For serious collectors, the “Mint State” (MS) ratings are the most important factor. An MS-65 or MS-67 coin looks just like it did the day it left the mint. You can check the current market trends for 1938-S Mercury Dime MS values to see how quickly the price jumps for high-quality specimens.
Specifically, look at the horizontal bands on the fasces (the bundle of sticks) on the back of the coin. If those bands are perfectly separated with no blurring, the coin is designated “Full Bands” (FB). A 1938-S with “Full Bands” can be worth three to five times more than a standard uncirculated coin of the same grade.
Your Old Coin Could Be Valuable!
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| Condition Category | Visual Characteristics | Typical Price Range |
|---|---|---|
| Circulated (Average) | Heavily worn, distinct flat areas | $3 – $8 |
| About Uncirculated | Slight wear on highest points only | $15 – $25 |
| Uncirculated (MS-63) | Original luster, some marks | $40 – $60 |
| Superb Gem (MS-67+) | Perfect strike, no visible marks | $400 – $1,200 |
Silver Content and Intrinsic Value
Even if your 1938-S Mercury Dime is completely worn down and the date is barely visible, it will never be worth just ten cents. This is because all Mercury Dimes minted between 1916 and 1945 are composed of 90% silver and 10% copper. This creates a “melt value” that fluctuates with the price of precious metals on the global market.
Each dime contains approximately 0.07234 troy ounces of pure silver. When silver prices are high, the floor for these coins rises. Many casual investors buy “junk silver” bags of Mercury Dimes just for this metal content. However, the 1938-S usually carries a “numismatic premium,” meaning it is worth more to a collector than its silver weight alone.
Before you consider selling your coin as scrap silver, it is wise to consult a 1938-S Mercury Dime price guide to ensure you aren’t overlooking a rare mint state specimen. Using tools like CoinKnow allows you to stay updated on both the bullion value and the collector value simultaneously.
Your Old Coin Could Be Valuable!
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Identifying the “S” Mint Mark and Varieties
To ensure you have the 1938 San Francisco strike, you must look at the reverse (back) side of the coin. Near the bottom, to the left of the bundle of sticks (fasces), you should see a small “S” letter. If there is no letter, the coin was minted in Philadelphia. If there is a “D,” it was minted in Denver.
While 1938-S is not known for having major famous errors like the 1942/41 overdate, collectors often look for “RPM” or Re-punched Mint Marks. This occurs when the “S” was punched into the die twice, creating a shadowed or doubled effect on the letter. These varieties can increase the value for specialized collectors.
The 1938-S is particularly known for having several “Large S” and “Small S” variations. While the price difference is usually minimal for the average hobbyist, these nuances are what make coin collecting so exciting. If you think you see a double letter, use a jeweler’s loupe or a high-definition camera to get a clear view.
Your Old Coin Could Be Valuable!
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Where to Sell Your 1938-S Mercury Dime
If you’ve discovered that your coin is worth a significant amount, the next step is finding the right buyer. For common, worn 1938-S dimes, a local coin shop is often the easiest route. They will likely pay you a percentage of the silver melt value or a small premium for the date.
For coins that appear to be in “Mint State” (shiny, no scratches, sharp details), you may want to consider professional grading by services like PCGS or NGC. A certified high-grade 1938-S can be sold at major auction houses or through reputable online dealers for much higher prices.
Always remember to never clean your coins. Wiping a dime with a cloth or using chemicals can destroy its “original skin” and reduce its value by 50% or more. Collectors prefer a tarnished, original coin over a shiny, cleaned one every time. If you want to track your collection’s growth, the CoinKnow app provides a digital portfolio to manage your inventory and see value changes over time.
| Mint Mark Location | Total Mintage (1938) | Rarity Level |
|---|---|---|
| Philadelphia (None) | 22,190,000 | Common |
| Denver (D) | 5,537,000 | Semi-Key |
| San Francisco (S) | 8,090,000 | Semi-Key |
FAQ
Q: Is the 1938-S Mercury Dime rare?
A: It is considered a “semi-key” date. While over 8 million were made, it is much scarcer than the Philadelphia issues. It is not “rare” in worn condition, but it is rare in high Mint State grades with Full Bands.
Your Old Coin Could Be Valuable!
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Q: How much silver is in a 1938-S Dime?
A: Each dime contains 0.07234 ounces of pure silver. Usually, these dimes sell for a “multiplier” of their face value based on the current silver market (e.g., 15x to 20x face value).
Q: What are “Full Bands” on a Mercury Dime?
A: Full Bands (FB) refers to the two horizontal lines holding the bundle of sticks on the back of the coin. If these lines are clearly separated by a physical gap, the coin is more valuable.
Q: Should I clean my 1938-S silver dime to make it look better?
A: Absolutely not! Cleaning a vintage coin with polish or even soap and water creates microscopic scratches that professional graders can detect. A cleaned coin is always worth less than one with original toning.