The 1938-S Mercury Dime is worth anywhere from $3 to $5 in heavily worn condition, while well-preserved examples in mint state can fetch $30, $50, or even several hundred dollars depending on grade and eye appeal. If you recently found one of these small silver coins, you’re in the right place to find out exactly what you’ve got.
What Makes the 1938-S Mercury Dime Special
The 1938-S Mercury Dime was struck at the San Francisco Mint, identified by the small “S” mintmark on the reverse side of the coin, just to the left of the “E” in “ONE.” That year, the San Francisco Mint produced 8,090,000 of these dimes — a respectable mintage that keeps them accessible, but not so common that they’re worthless. The coin features Adolph Weinman’s iconic design of Liberty wearing a winged cap (often mistaken for the Roman god Mercury, hence the nickname). The reverse shows a fasces bundled with an olive branch, symbolizing unity and peace. These coins are 90% silver, which means even a worn example has real melt value. If you want a quick way to identify what you’re holding, a coin identification app can help you confirm the date, mintmark, and design details within seconds. Tools like CoinKnow make this process simple and accurate for everyday collectors.
How Much Is the 1938-S Mercury Dime Worth by Grade
Coin value is heavily tied to condition, also called “grade.” A 1938-S Mercury Dime that’s been circulated for decades will show wear on Liberty’s cheek, hair details, and the bands on the fasces. The coin grades most commonly used run from Good (G-4) on the low end to Mint State (MS-65 or higher) for uncirculated examples. One of the most important grading details for Mercury Dimes specifically is whether the “Full Split Bands” (FSB) designation applies — meaning the horizontal bands on the fasces are clearly separated and sharply struck. Coins with Full Split Bands command a significant premium over those without. For detailed and up-to-date 1938-S Mercury Dime price data across all mint state grades, it’s worth consulting a trusted reference before buying or selling.
| Grade | Estimated Value | Notes |
|---|---|---|
| Good (G-4) | $3 – $4 | Heavy wear, major details visible |
| Fine (F-12) | $4 – $6 | Moderate wear, design clear |
| Extremely Fine (EF-40) | $7 – $12 | Light wear on high points |
| About Uncirculated (AU-50) | $14 – $22 | Slight wear, strong luster |
| Mint State (MS-63) | $30 – $50 | No wear, minor contact marks |
| Mint State (MS-65 FSB) | $80 – $200+ | Full Split Bands, gem quality |
Silver Melt Value and Why It Matters
Even if your 1938-S Mercury Dime is worn down and wouldn’t win any beauty contests, it still contains real silver. Each Mercury Dime is composed of 90% silver and 10% copper, with a total silver content of approximately 0.07234 troy ounces. When silver is trading around $28 to $30 per troy ounce (as it has been in recent years), the melt value alone sits around $2.00 to $2.20. That means no Mercury Dime is ever truly worthless. In circulated grades, the coin’s collector value tends to run slightly above melt, so you’re usually looking at at least $3 to $5 minimum regardless of condition. This silver base gives Mercury Dimes a built-in floor, which is one reason collectors and everyday people alike find them worth holding onto.
Tips for Selling or Getting Your 1938-S Mercury Dime Appraised
If you think you have a higher-grade 1938-S Mercury Dime — especially one that looks like it was never circulated — it’s worth getting a proper appraisal before selling. Professional grading services like PCGS or NGC can certify the coin’s grade and authenticity, which significantly increases buyer confidence and resale value. For a quick at-home estimate, apps like CoinKnow allow you to scan your coin and get an instant grade estimate and value range without leaving your kitchen. You can also check a detailed breakdown of 1938 dime values by mint and condition to see where your coin falls on the spectrum. Local coin dealers and coin shows are also great options if you prefer an in-person opinion. Just make sure you don’t clean the coin — cleaning almost always lowers collector value significantly, even if it makes the coin look shinier.
FAQ About the 1938-S Mercury Dime
Q: How do I find the mintmark on a 1938-S Mercury Dime?
A: Flip the coin over to the reverse side. Look just to the left of the “E” in “ONE DIME” near the bottom of the fasces. The “S” mintmark is small but visible with a magnifying glass or loupe.
Q: Is a 1938-S Mercury Dime rare?
A: Not particularly rare, but it’s a collectible silver coin from the late pre-war era. The San Francisco Mint struck just over 8 million of them, making it moderately available in circulated grades. Higher mint state examples, especially with Full Split Bands, are harder to find and worth more. CoinKnow can help you quickly assess the rarity tier of your specific example based on its condition.
Q: Should I clean my 1938-S Mercury Dime before selling it?
A: No. Never clean an old coin. Even gentle polishing removes the coin’s original surface and patina, which experienced collectors and dealers can spot immediately. A cleaned coin is almost always worth significantly less than an uncleaned one in the same grade.
