Wrapping up our series on collecting US dime coins, we take a look at the Roosevelt dime and its 72-year history.
FDR and the Dime
One of the most influential US presidents, Franklin Delano Roosevelt was at the nation’s helm during some of its most trying times. Coming to office at the height of the Great Depression, Roosevelt went on to lead the country through the bulk of World War II before his death on April 12, 1945, just weeks before the end of the war in Europe followed by Japan’s surrender that September.
The war was drawing to a close, and shortly after Roosevelt’s death, Louisiana Representative James H. Morrison introduced a bill for a new dime to commemorate the late president. The dime was chosen because of Roosevelt’s support of The March of Dimes, a program to raise funds for polio research, a disease that had struck the president in his youth.
Approval and Design
On May 17, 1945, Treasury Secretary Henry Morgenthau announced that the “Mercury” dime would be replaced by a new design featuring the late president at the end of that year. There was some objection that Roosevelt had not earned a place commensurate with Washington, Lincoln, and Jefferson, the only presidents on circulating coins at the time, but the idea was widely popular.
Although there was some debate about the reverse design of the coin, Mint Chief Engraver John R. Sinnock’s bust of Roosevelt was approved for the face (obverse) of the coin. It’s possible (maybe even likely) the bust was inspired by a plaque of Roosevelt sculpted by African-American sculptor Selma Burke. Sinnock’s design for the reverse eventually featured a torch surrounded by sprigs of olive and oak, representing peace and strength, respectively.
Production and Varieties of the Roosevelt Dime
The first Roosevelt dimes were struck on January 19, 1946, at the Philadelphia Mint and released into circulation on January 30, which would have been Roosevelt's 64th birthday. In anticipation of high demand, over 344 million dimes were minted that year, a record that stood until 1962.
In 1955, low demand for coins led to greatly reduced mintages and the eventual closure of the San Francisco Mint for production of circulating coins. While selling for a slight premium, collectors stashed 1955 coins in large numbers, so they aren’t particularly rare.
The design of the Roosevelt dime hasn’t changed significantly since its release other than the switch from 90% silver to clad coins in 1965. To discourage hoarding with the change in composition, the Mint removed mintmarks on coins dated from 1965 to 1967 Only slight modifications to the master hub were made to accommodate the different metals, but in 1981, minor design changes were made that lowered the coin's relief considerably, leading to a flatter look to Roosevelt's profile.
Major varieties from the 90% silver period include a doubled die obverse in 1960 and a doubled die reverse in 1963 on Philadelphia coins and a 1964 doubled die reverse from Denver.
In 1968 the mintmark was moved to the obverse. Minor changes were made to the obverse in 2002 to reduce wear near the coin’s rim. Roosevelt’s head size was reduced and the inscriptions were moved farther from the edge. The changes are subtle, but easily noticed in comparison to earlier coins.
In 1980 a “P” mintmark was added to coins made in Philadelphia, but it was accidentally omitted in 1982, making those coins worth considerably more than their mint-marked counterparts. An MS-68 sample sold at auction for $2,185 in 2004.
Some proof-quality dimes were issued from San Francisco in 1970, 1975 and 1983 without the "S" mint mark and command very high prices. Several 1970 and 1983 coins are known, but one of only two known from 1975 sold at auction in 2011 for $349,600.
Collecting Roosevelt Dimes
All Roosevelt dimes prior to 1965 are 90% silver and have virtually disappeared from circulation but most remain common through private dealers. Heavily circulated silver coins are worth little more than their bullion value (around $1.20), but lightly-worn and uncirculated coins can sell for $10-20. Most Mint State and proof coins, while common, can bring $30-60. Very early Mint State coins, however, are becoming rare, and some have sold for well over $10,000 at auction.
Prices can be higher for strongly-struck coins that show split bands on the torch, and since many other coins were poorly struck, ones from years known for poor quality strikes that show full bands and good quality strikes are highly sought. High-quality coins from low mintages also command a premium.
In 1996, clad dimes were produced at the West Point mint in Mint Sets to commemorate the coin’s 50th anniversary and carried a “W” mintmark, the only dimes to do so. They’re important parts of a Roosevelt dime collection, but many MS coins can be had for well under $50.
The Roosevelt dime is the only US coin that has not had a major design change since 1965, but there are still enough varieties to keep a collector busy. For a look at price ranges for all Roosevelt dimes, visit the PCGS Coin Facts website.
We hope you’ve enjoyed our series on collecting dimes. Stay tuned over the following months as we look at collecting US quarters.
