One of only two known examples of a 1975 proof of the Roosevelt dime released without a mintmark will go on the auction block September 6 at the Long Beach Coin and Currency Expo. The live and proxy bidding is part of a Signature Auction of US coins conducted by Heritage Auctions.
The Wrong Place at the Right Time
By 1975 nearly all US proof coin production had been shifted to the San Francisco Mint, but the dies continued to be made at the Mint headquarters in Philadelphia. The dies for proofs included the S mintmark to verify their source.
But that year there was a huge demand for dimes, so San Francisco was also called on to make coins to help Philadelphia meet its production quota. Since Philly coins are struck without a mintmark, dies reflecting that were also sent to San Francisco, and one pair got installed on a press intended for proof coins.
A few proof coins were struck before the (probable*) mistake was noticed and the error coins were pulled from circulation, but not before at least two made it out the door in proof sets.
* There are several known occasions where non-standard coins were made deliberately without authorization. Was this one of them? It’s unlikely given the circumstances of this coin’s issue.
A Modern Mega-Coin
The third edition of 100 Greatest U.S. Modern Coins ranked the coin, known as the 1975 No S Proof Roosevelt Dime as its top choice. Of the two examples known today, both were sold as part of a five-set order to a California collector who paid $7.00 for each set. Fortunately, she noticed the missing mintmarks on two of the dimes and had them authenticated.
Both proof sets were sold to an Illinois coin dealer, the first in 1978 and the second the following year. The first set, graded PR66 by PCGS, was subsequently sold to a collector in Ohio for $18,200 and that person still holds it.
The second coin, graded PR68 by PCGS sold to a dealer for $38,550 in 1980 and realized $349,550 at auction in 2011. It has remained in that collection until now.
More information about this coin and auction details are available on the Heritage Auctions website.
About Proof Coins
Proof coins are a special breed. Originally made to test new coin dies and to set aside a few samples for archival purposes, the coins became popular with collectors due to their high quality. Prior to the mid-1800s, proof strikes were small, usually ten or fewer coins. For the next several decades larger quantities were struck, sometimes numbering over 1,000. Then between 1916 and 1936, the US stopped making proof coins except for limited internal use.
In 1936, the Mint started making individual proof coins for collectors again and in 1950 began selling sets of each coin made for a particular year. Since then, the Mint has made millions of specially packaged proof sets every year along with dozens of other collectible coins, and collecting them has become a specialty of many coin buffs.
The Great American Coin Company® offers Proof Sets from 1971 through 2016 and Mint Sets from 1968 to 2016 as well as Prestige Mint Sets from 1983 to 1997. All are very affordable and make great gifts to commemorate birthdays, holidays, and other special occasions.
