A Hidden Gem Unearthed
TOLEDO, Ohio —Three sisters from Ohio, who had inherited a dime stored in a bank vault for over 40 years, knew it held some value. However, it wasn’t until a few years ago that they discovered just how much it was truly worth.
The coin, struck by the U.S. Mint in San Francisco in 1975, is expected to bring in over $500,000, according to Ian Russell, president of GreatCollections. The online auction, which is set to end in October, has drawn significant interest due to the coin’s extraordinary rarity.
What makes it special
The dime, depicting President Franklin D. Roosevelt, is one of only two known examples that lack the “S” mint mark for San Francisco. The other coin sold at a 2019 auction for $456,000 and later changed hands in a private sale.
While serious coin collectors have long been aware of the existence of these two rare dimes, their whereabouts remained a mystery since the late 1970s.
Hidden for decades
“They were hidden for decades,” Russell said. “Most major collectors and dealers have never seen one.”
The mint in San Francisco made more than 2.8 million special uncirculated “proof” sets in 1975 that featured six coins and were sold for $7. Collectors a few years later discovered that two dimes from the set were missing the mint mark.
A family’s legacy
The Ohio sisters, who inherited the rare dime after their brother’s recent passing, wish to remain anonymous. In 1978, their brother and mother purchased the first error coin discovered for $18,200, which would amount to roughly $90,000 today. Their parents, who operated a dairy farm, saw the coin as a financial safety net.
One of the sisters recalled her brother often talked about the rare coin, but she never saw it until last year.
Russell, whose company is based in Irvine, California, said the brother reached out to him about seven years ago and eventually revealed the coin’s existence. He, too, kept the secret.
When Russell informed one of the sisters about the coin’s potential value a few years ago, she responded, “Is that really possible?”
Public display and auction
The coin, known as the “1975 ‘No S’ Proof Dime,” will be displayed at a coin show starting Wednesday in Tampa, Florida, before the auction closes in late October.
While there is a chance more examples of the rare dime exist, they would only be found among the 1975 “proof” sets and not in regular pocket change, Russell noted.
Despite the slim odds, Russell expects this latest discovery to ignite a flurry of searches among collectors.
As the auction date approaches, the story of the Ohio family’s hidden treasure continues to captivate, offering a rare glimpse into the world of numismatics and the enduring allure of hidden gems.