The 1923 Mercury Dime is a popular coin among US coin collectors and investors due to its historical significance and attractive design. As part of the Winged Liberty Head Dime series, commonly called the “Mercury Dime,” the 1923 issue offers collectors a glimpse into 1920s American numismatics. This article provides an in-depth look at the 1923 Mercury Dime’s history, design, mintage, notable errors, and current market values.
Key Highlights
- Designed by Adolph A. Weinman, a renowned sculptor.
- 1923 Mercury Dimes were minted only at the Philadelphia Mint.
- No proof or special issues were produced for this year.
- High-mintage year with no regular issue mint mark.
- Key value drivers include condition, Full Bands designation, and rare error varieties.
Who Designed the 1923 Mercury Dime?
The Mercury Dime series was designed by Adolph A. Weinman, an influential American sculptor. Weinman is also credited with the design of the Walking Liberty Half Dollar, another highly regarded US coin. The “Mercury” nickname comes from the obverse portrait’s resemblance to the Roman god Mercury, though it is actually a depiction of Liberty wearing a winged cap, symbolizing freedom of thought.
The Mercury Dime series ran from 1916 to 1945 and is celebrated for its artistic design and detailed relief, making it a favorite among numismatists.
Obverse and Reverse Design Details
- Obverse: Features Liberty facing left, wearing a winged Phrygian cap. The word “LIBERTY” arcs above, with “IN GOD WE TRUST” and the date “1923” below.
- Reverse: Displays a fasces (a bundle of rods with an axe), symbolizing unity and strength, accompanied by an olive branch representing peace. The inscriptions “UNITED STATES OF AMERICA” and “ONE DIME” encircle the design, with “E PLURIBUS UNUM” to the right.
Mints and Mintage Figures for the 1923 Mercury Dime
The 1923 Mercury Dime was produced solely at the Philadelphia Mint. No dimes were struck in 1923 at the Denver or San Francisco Mints, and thus, there are no “D” or “S” mint mark varieties for this year.
| Mint | Mint Mark | Mintage |
|---|---|---|
| Philadelphia | None | 50,130,000 |
Proofs and Special Issues
No proof or special issues of the Mercury Dime were produced in 1923. The US Mint did not strike proof coins for circulation from 1917 to 1935, so all 1923 Mercury Dimes are business strikes intended for general circulation.
Notable and Interesting Facts about the 1923 Mercury Dime
- The 1923 Mercury Dime is considered a common-date coin because of its high mintage.
- Despite its availability, coins in high Mint State grades, especially those with a “Full Bands” (FB) designation, command significant premiums.
- The absence of branch mint issues for 1923 makes it unique among Mercury Dimes from the 1920s.
Rare and Valuable 1923 Mercury Dimes
While the 1923 Mercury Dime is generally not considered rare, coins in top Mint State grades or with the “Full Bands” designation can be scarce and valuable. The Full Bands designation is awarded to coins where the horizontal bands on the fasces on the reverse are fully separated, indicating a strong strike. Collectors pay significant premiums for well-struck examples.
Notable Error Coins from 1923
The 1923 Mercury Dime is not widely known for major errors, but like most coins of the era, a small number of error types have surfaced and are sought after by specialists. These include off-center strikes, broadstrikes, and double dies. However, no nationally famous or dramatic errors have been recorded for the 1923 issue.
| Error Type | Description | Value Range (USD) |
|---|---|---|
| Off-Center Strike | Portion of the design is missing due to misalignment during striking; percentage off-center affects value. | $100 – $400+ |
| Broadstrike | Coin struck without a retaining collar, resulting in a wider, flat appearance. | $75 – $200 |
| Minor Double Die | Slight doubling visible on date or lettering; not dramatic. | $50 – $150 |
Values depend on the severity and visibility of the error, as well as overall coin condition.
1923 Mercury Dime Value Guide
The value of a 1923 Mercury Dime depends heavily on its condition and whether it has the desirable Full Bands designation. Below is a table showing approximate retail values according to condition and grading status as of early 2024.
| Mint | Good (G4) | Fine (F12) | Extremely Fine (EF40) | About Uncirculated (AU50) | Mint State (MS60) | Mint State (MS65) | MS65 Full Bands |
|---|---|---|---|---|---|---|---|
| Philadelphia | $2 | $3 | $7 | $15 | $32 | $70 | $350+ |
Graded coins certified by PCGS or NGC, particularly those designated as Full Bands, can command much higher prices. Coins below EF condition mainly trade at or slightly above their silver melt value.
Most Valuable 1923 Mercury Dime Sold at Auction
The most valuable 1923 Mercury Dimes are those in the highest Mint State grades with the Full Bands designation. For example, a 1923 Mercury Dime graded MS67 FB by PCGS sold at auction for over $7,000 in recent years. Such coins are exceptionally rare, as few business strike dimes from 1923 exhibit the sharpness needed for the Full Bands designation in the highest grades.
Typical coins in MS67 without Full Bands may realize $900–$1,500 at auction, but the Full Bands feature can more than quadruple the value due to its scarcity.
Conclusion
The 1923 Mercury Dime is an accessible and attractive coin for collectors and investors, with most examples being affordable in circulated grades. The coin’s value escalates sharply for high-grade Mint State coins, especially those with the Full Bands designation. While not renowned for major errors or branch mint issues, the 1923 Mercury Dime remains a staple in Mercury Dime sets and a testament to Adolph A. Weinman’s enduring coin artistry. Whether you are collecting for historical interest or investment potential, understanding the factors that drive value—such as condition and strike quality—can help you make informed decisions in today’s numismatic market.