A little metal disc from the size of a 10 cents coin can be worth more than a luxury house. One of the most famous coin actually, the 1894-S Barber dime, overcame the 2 millions of dollars in an auction of Heritage Auctions.
But how is it possible that something so small, that originally costed 10 cents has become such a legend in American numismatics? The experts respond to that question with three aspects: its rarity, its mystery and its importance in the history of the United States.
The 1894-S Barber dime is part of “The Big Three” (Barber dime, 1804 dollar, 1913 Liberty nickel), the most famous—and more difficult to find—group of coins today. For the rare coin collecting fans, this pieces are the ultimate dream, because they are nearly imposible to find anymore so their stories are as dramatic as a movie.
Why is this coin so rare?
In 1894, the San Francisco Mint only produced 24 units of the 1894-S Barber dime, which is actually not much at all if you compare it to other years where they fabricated millions of ten cent coins. But why so few that year? At that time, the country was getting out of a very strong economic crisis called the “panic of 1893,” which reduced the need for small coins. You see? That’s your movie-like story!
There are different theories about the origine of this 24 pieces:
- That they were made to square a small accounting adjustment of 2.40 dollars.
- That the director of the San Francisco Mint had them made as special gifts for friends or important people.
The truth is, that besides those 24 coins, they didn’t make more dimes in San Francisco that year. Today only between 8 and 9 samples of the 1894-S Barber dime are known to exist still, which makes it one of the most rare coin in history.
How did it become a legend
The coin’s fame started growing when Augustus Heaton, a coin studied guy, talked about it in 1900. Since then, each one of these dimes have been treated as a treasure. Certified houses, like PCGS, analyze every single piece to the very last detail: metal quality, shine, bumps… everything.
One of the 1894-S Barber dime was certified by PCGS with the note PR66, which means the conditions where almost perfect. David Hall, expert and founder of PCGS, considerate one of the most wanted pieces in the country. So it’s not that weird that every time one appears, it reaches more than one million dollars.
For the rare coin collecting community, finding a 1894-S Barber dime is like finding the absolute lost treasure. They even offered rewards to anyone who presents a copy that has not been registered before.
What does the 1894-S Barber dime represent today?
The story of these famous dime is more than a curiosity for collectors; is a window to the economy and politics of the past, the daily life at the end of the 19th century in the United States. In this case, it shows how a decision from the San Francisco Mint in the middle of the 1893 panic ended up creating one of the most valued pieces in American numismatics.
The 1894-S Barber dime shows that even the smallest object can have a great history behind it. And although they can be really expensive, it’s not just about money but about holding in your hand a piece of history. This rare coin that nearly saw the light of day back at its time, can can change the life of those you find it in the old family collection.
Have you looked at your old coins jar already? Luck might be waiting for you in there.