The San Francisco mint coined but two dozen 10-cent pieces in 1894. Today, just nine are known to exist. One was sold earlier this month for an astounding $2 million at a Florida auction.
The coin sold on Jan. 7 to an unidentified buyer during the Florida United Numismatists show at the Tampa Convention Center is the finest of the nine known surviving examples, described as a “premium gem” by Heritage Auctions.
The story behind the 1894-S dime is an interesting one.
The San Francisco Mint struck nearly 2.5 million Barber dimes in 1893, and planned another substantial mintage in 1894.
However, the financial downturn of 1893 caused a widespread and long-lasting economic recession, and there was little demand for small change in the shrinking economy. As a result, just 24 10-cent pieces were struck at the San Francisco facility in 1894.
Of that number, two coins were sent to Mint Director Robert Preston in Philadelphia in early June 1894, for assay, per mint policy. These were melted and assayed.
On June 25, 1894, two more examples were assayed as part of the monthly assay at the San Francisco Mint. A fifth specimen was sent to Philadelphia on June 28 to be reserved for the annual Assay Commission, which met early in 1895 to test and review the coinage from the previous year.
That left 19 surviving 1894-S dimes. Some of these, it would appear, were placed in a bag of dimes and released into circulation, while others were obtained by mint personnel at face value.
At that time – June 1894 – no one apparently realized that there would be no further orders for dimes in 1894 at the San Francisco Mint, according to Heritage Auctions, which explains why several examples were released into circulation.
While at least two of the known examples are coins that were found after being in circulation for lengthy periods of time – including one taken over the counter at a Gimbels department store in New York in 1957 – several others could still be out there, unknowingly squirreled away.
Conversely, the remainder may have been, at various times, unwittingly melted down.
If I had the time or inclination, I would calculate the rate of appreciation that the above-mentioned dime has undergone during the past 122 years. But we’ll just call it mucho grande and leave it at that.