The 1938 Mercury Dime Value Guide

The Full Bands designation is not a traditional mint error — it is a strike quality premium awarded by PCGS and NGC when the two horizontal bands crossing the center of the reverse fasces are completely separated and fully rounded. Most 1938 dimes, especially those from the San Francisco Mint, suffered from weak die pressure that left the bands merged or flat, making true FB examples a genuine condition rarity.

To earn the designation, the gap between the two central bands must run continuously across the full width of the fasces without any bridging. PCGS requires separation of the central bands specifically, while NGC applies a somewhat stricter standard requiring separation across all band groupings. A 10× loupe with raking light is essential for assessment — the bands can appear separated under direct light but bridged under angled illumination.

The value premium is extraordinary. A standard MS-65 example of the 1938-S may trade for around $12, while an MS-65 FB of the same issue commands over $135. At gem superb gem grades the gap widens dramatically: the single PCGS MS-68+ FB 1938-S specimen sold for $364,250 in 2019, a record for the entire Mercury dime series, driven entirely by the FB designation and its condition rarity on San Francisco strikes.

Before modern computerized hub production, mint mark punches were applied by hand to each working die individually. This manual process meant errors in placement and angle were routine. When a punch landed incorrectly, the engraver would re-punch the mark in the proper position, leaving the ghost of the first impression behind on the finished die — and on every coin struck from it.

The 1938-D RPM (FS-501, CONECA RPM-001, NGC VP-001) shows a secondary 'D' impression displaced southward from the primary mint mark. Under a 10× loupe the outline of the earlier, lower punch position is visible as a partial letter form below the dominant 'D'. The separation between primary and secondary impressions is distinct enough to be visible without magnification on sharply struck examples in better circulated or uncirculated grades.

This is the most clearly documented die variety in the 1938 Mercury dime series, catalogued in major reference works including the Cherrypickers' Guide. While values don't reach the heights of a Full Bands coin, the RPM adds a genuine specialist premium: examples in EF condition trade around $12 to $15, while uncirculated pieces with visible RPM detail can fetch $35 to $75 from variety collectors who actively seek die variety attributions.

The San Francisco Mint's 1938 dime production also yielded documented repunched mint mark varieties, with two separately catalogued examples recognized by Cherrypickers' Guide under the designations FS-501 and FS-502. As with the Denver RPM, these varieties arise from the hand-punching process where a first impression required correction, leaving evidence of the original placement on the finished working die.

The diagnostic features on the 1938-S RPM are less dramatically pronounced than those on the 1938-D RPM, making attribution more challenging in the field. Under a 10× to 20× loupe, examiners should look for evidence of a secondary 'S' curve — either a partial curve at a slight offset or a doubled foot serif on the letter — typically visible on the northeast or southeast quadrant of the primary 'S'. Because the 1938-S already suffers from weak strikes, finding this variety in clearly attributable form on a well-struck coin adds additional collector interest.

No highly reliable retail pricing exists in major numismatic references for this specific variety, consistent with its status as a specialist-level cherrypick rather than a widely traded market variety. Coins with clearly attributable RPM features tend to sell modestly above standard 1938-S values in the same grade, typically in the range of one to two times a non-variety coin of equivalent condition. Die variety specialists and Mercury dime completists represent the most active market for properly attributed examples.

A curved clip error occurs during the blanking stage of coin production, when the cutting punch descends onto a metal strip that has advanced too slowly through the press — causing the punch to overlap the hole left by the previous blank. The result is a planchet with a crescent-shaped bite missing from its edge. This error is significantly less common on Mercury dimes than on larger coins such as Lincoln cents, making 1938 dime clips a genuine numismatic find.

The key authenticating feature of a legitimate clipped planchet is the Blakesley Effect: a corresponding area of weakness directly opposite the clip on the coin's rim and nearby design. Because the missing metal affects how force distributes during striking, the rim and lettering on the side opposite the clip will show a characteristic weakness or softness that cannot be replicated by post-mint damage. This Blakesley Effect is the primary tool for distinguishing genuine clips from coins that were simply damaged after leaving the mint.

Value depends directly on the severity of the clip and the coin's overall grade. Small clips of 5% to 10% of the planchet diameter in circulated grades typically bring $25 to $50. Larger clips of 15% or more on a higher-grade coin can reach $125 to $200 or beyond with the right buyer. Dramatic off-center strikes combined with clips (double errors) are the most desirable and can command significant premiums from specialist error collectors who focus on Mercury dimes.

The Philadelphia Mint struck 8,728 proof 1938 dimes for collectors — a tiny fraction of the 22.19 million business strike dimes produced in the same year. These proof coins were struck on specially prepared planchets using polished dies, resulting in the mirror-like fields and sharp, frosted devices that define the proof finish. The 1938 proof is genuinely scarce, and most surviving examples show the characteristic deep cameo contrast that collectors prize.

Visually distinguishing a proof from a high-grade business strike requires attention to the fields and the sharpness of design elements at their edges. Proof fields appear as a mirror — you can see a reflected image in them. The device edges are crisp and squared-off rather than slightly rounded as on a business strike. The lettering shows wire-rim sharpness on a proof that is rarely replicated even on gem business strikes. Under magnification, proofs also show a distinctive die polish pattern in the fields.

Collector value for the 1938 proof ranges from roughly $150 for typical circulated or problem-free impaired proofs up to several thousand dollars for gem cameo examples. Coins graded PR-65 trade in the mid-hundreds; PR-67 examples can reach $2,000 to $3,500; and rare cameo-designated proofs at equivalent grades command the upper end of the range. No known Doubled Die Obverse exists on business strikes — the Wexler WDDO-001 catalogued variety exists only on proof specimens, adding a specialist layer of interest for proof collectors.