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Rare and valuable coin, kept in a bank vault for decades, sells for US$500 at historic auction; A treasure revealed to the world
In a historic transaction, a rare 1970s dime sold for more than $500 at a auction online. This coin, dated 1975, was minted by the U.S. Mint in San Francisco and depicts President Franklin D. Roosevelt.
However, what makes it special is the absence of the distinctive mint mark.”S“, which should be present, making it a unique and highly desired rarity for collectors.
The history of the rare coin
The coin, which sold for exactly $506.250, had been in the Ohio family's possession for more than four decades. It was passed down to three sisters after their brother passed away, and had kept it in a bank vault since he acquired it in 1978.
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At the time, he and his mother purchased the coin for $18.200, which would be worth about $90.000 today, taking into account inflation and the increase in value on the collectibles market.
The fact that the parents operated a dairy farm and saw the currency as a financial security contributed to it remaining in the family's possession for so long.
Why is this coin so valuable?
The coin’s rarity is due to a manufacturing error. In 1975, the San Francisco Mint produced more than 2,8 million sets of special uncirculated “proof” coins, which included six coins and sold for just $7.
However, two dimes from this set were discovered without the “S” mark, which dramatically increased collector interest. This anomaly is known as a mint error, where the coin’s marking process failed to engrave the Mint’s seal. This unintentional error has made the coin a relic.
According to Ian Russell, president of GreatCollections, a prestigious auction house in Irvine, California, the rare coin was the most sought-after item at the auction. The twin, the only other known “non-S proof 1975 dime,” also sold at auction in 2019 for $456.000, showing the high value of such pieces in the collectors’ market.
The trajectory of minting errors
Minting errors are not new to the history of numismatics. One notable example was the double-printed 1955 penny, which recently made a big splash on social media, especially on TikTok, where young collectors began sharing stories and rediscovering these rarities.
The impact of social media on the popularity of these items has been growing, especially among younger generations.
This type of error usually goes unnoticed during initial quality inspections and can emerge years later when someone who is paying attention discovers the absence of a specific detail, such as the Mint mark. However, since these coins are extremely rare, it is difficult to find one with visible flaws. In cases like this, the lack of a mark makes all the difference, transforming an ordinary coin into a true treasure.
The Coin Collectors Market
The world of coin collectors is a complex one, in which the value of a piece depends not only on its material or year of minting, but also on specific characteristics and even errors.
Collectors tend to look for unique pieces that carry historical or unique value, and coins with manufacturing flaws often stand out.
Furthermore, collectors from all over the world are willing to invest large sums of money to secure unique items for their collections.
This market has a special appeal, as coins are not only a form of financial investment, but also historical symbols that represent important eras and events.
Auction Conclusion and the Future of Rare Coins
The Ohio sisters now have a small fortune thanks to the sale of a rare coin inherited from their brother. The story highlights the sentimental and financial value that can be found in antique objects that have been stored away for years, often without their owners knowing what their treasure truly is.
It is likely that the coin now belongs to a private collector who understands and values the exclusivity of this item.
The market for coins and other rare items continues to grow, and new discoveries can emerge at any time, making the hobby of collecting not only a rewarding but also an exciting pursuit for those who dedicate themselves to searching for relics.
