The History of the 1894-S Dime, Part 1
mr1931S
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The History of the 1894-S Barber Dime from Coinappraiser.com Learning Center
In 1893 Augustus G. Heaton, a professional artist by trade and a numismatist by avocation, published his Treatise on Mint Marks. At the time the presence of a “CC” (for Carson City, Nevada—a mint operated from 1870 to 1893), or an “S” on a coin (for the San Francisco Mint which was established in 1854), or other mintmarks, attracted little interest. In fact, there was no catalogue or guide listing which mintmarks were available! This seems incredible in view of values attached today to certain rarities bearing tiny mintmarks.
This book precipitated a strong interest in collecting coins by mintmarks, especially the silver issues, as few were interested in gold coins at the time. Barber dimes, quarters, and half dollars, and, to a lesser extent, Morgan silver dollars, grew in popularity.
The 1894-S dime, famous in its own era and today remaining as one of America’s best known rarities, has been attracting lots of attention in recent times, including a book by Kevin Flynn and an article by him in Coin World. The latter precipitated a round-robin of research discussion on the Internet, bringing to the fore various theories.
We invited Kevin Flynn to share information for readers of the Numismatic Sun. From this we have selected some abstracts giving information about the mintage and distribution. Then comes an interesting letter found by Nancy Oliver and Richard Kelly.
In addition to archival material available, researcher Roger W. Burdette advises that the California State Library holds the papers of John Daggett, superintendent of the San Francisco Mint in 1894. Among those contributing to the Internet round robin were Kevin Flynn, Nancy Oliver, Richard Kelly, R.W. Julian, Roger W. Burdette, Tom DeLorey, and Q. David Bowers.
Aspects of the 1894-S Dime By Kevin Flynn
“On June 9th, 1894, 24 dimes were struck at the San Francisco Mint from a single set of obverse/reverse working dies. Of these 24, two were sent to the director of the Mint in Washington, D.C. on June 9th, 1894 as part of the special assay. On June 25th, 1894, two 1894-S dimes are listed as part of the coins assayed during the month of June of 1894. This left a net quantity of 22 coins. On June 28th, 1894, a single 1894-S dime was sent to the Superintendent of the Philadelphia Mint as part of the annual assay. As part of the assay process, this coin would have been melted, leaving a net of 21 coins. It is possible that several other 1894-S dimes were assayed by the San Francisco Mint, but no evidence of this has been found.
“The Chief Coiner Charles Gorham received two or three specimens in June 1894, and sold them in 1895 for $25 or more per coin. In an article in The Numismatist in 1928, Farran Zerbe stated that in 1905, he was told by an individual at the San Francisco Mint that two or three pieces were obtained by Mint people just to have a new dime, and that once it was found to be rare, sold to collectors for $25 or more each. These coins saved directly by Mr. Gorham, are most likely the two specimens obtained by John M. Clapp before 1900. Gorham was the melter and refiner in 1905, and the only individual left at the San Francisco Mint who would have had direct knowledge of these facts.
“Three specimens were either received by Superintendent John Daggett or Acting Superintendent Robert Barnett and were eventually given or sold to a woman in Ukiah, California, or more likely, these three specimens were found in 1894 by a banker in Ukiah from a mint bag and given to his daughter. Two of the three specimens were sold by a woman in Ukiah to San Francisco dealer Earl Parker in 1949. Parker first displayed the 1894-S dime in April 1949. The woman spent the third on ice cream.
“In my opinion, the remaining 15 or 16 1894-S dimes were released into circulation with 1893-S dimes. Only nine 1894-S dimes are verified to exist today. The 24 1894-S dimes were listed in the 1895 Annual Report of the Director of the Mint. Several collectors who read the Report and wrote to the San Francisco Mint received the confirmation that only 24 were struck, but none remained at the Mint.
“The first recorded numismatic sale was in 1933 by B. Max Mehl. The first public auction of an 1894-S dime was held in 1945 by the Numismatic Gallery (Abe Kosoff and Abner Kreisberg). “
A Contemporary Article
Nancy Kelly and Richard Oliver, who have published much on San Francisco Mint history, located the following newspaper article, first printed in the San Francisco Bulletin, then widely circulated in the United States in October and November 1895:
“Whoever has a dime of 1894, coined by the San Francisco Mint, has a coin for which $5 has already been offered, and when all the facts are known regarding its scarcity it is not unlikely that it will command a much higher premium. Inquiry at the mint elicited the information that during the fiscal year of 1894 only twenty-four dimes were coined at the San Francisco Mint. How this came about was told by Chief Clerk Robert Barnett.
“ ‘All undercurrent subsidiary coins, viz., those containing other than the design now being used when received at the Sub-Treasury, are not again allowed to go into circulation, but are sent to the mint to be recoined with the current design. In the course of the year 1894 we received a large sum in these coins, but having an ample stock of dimes on hand, it was not intended to coin any of that denomination in 1894. However, when nearly all of this subsidiary coin bullion had been utilized, we found on our hands a quantity that would to advantage only into dimes and into dimes it was coined, making just twenty-four of them.
“ ‘My intention was first drawn to the matter particularly but the receipt of a letter from a collector somewhere East requesting a set of the coins of 1894. In filling this order I found there were no dimes of that date on hand. Subsequently I received quite a number of similar letters, and in each case was, of course, unable to furnish the dimes.
“ ‘Plenty of dimes were coined that year at the Philadelphia and New Orleans mints, but there are many collectors who accumulate the coinage of each mint, as each has its distinguishing mark. Those coined here bear a letter ‘S’ under the eagle. New Orleans used the letter ‘O’ and Carson City the letter ‘C’ while Philadelphia coins are identified by the absence of the letter.
“ ‘We receive each year about fifty requests from coin collectors for coins, mostly for those of silver.’ ”
To the Fore in Numismatics
The 1894-S dime did not receive much notice until the 1940s, after which the low mintage figure of 24 pieces, published in the Guide Book of United States Coins, brought the coin into focus. Even then, fame remained elusive. In 1957, Dave Bowers, who had been studying the numismatic history of the issue, thought it undervalued. At the Empire Collection sale conducted by Stack’s in that year, Jim Ruddy, acting as agent, secured a gem specimen for $4,750, a record price. Newspapers nationwide picked up the story of a college kid paying $4,750 for “one thin dime,” and before long Dave was a guest on the NBC Today Show, explaining how such a coin could be so valuable. He received over 6,000 letters from people who had old coins, including many that were “even earlier than your 1894.” Not long afterward Bowers sold it to Honorable and Mrs. R. Henry Norweb.
Dave bought and sold a few other examples of this coin, then in 1996 catalogued the Eliasberg Collection example. The historical notes appended to the description included the following (excerpt):
"Story of the 1894-S Dime
“The 1894-S Barber dime has been the subject of numerous comments, accounts, catalogue descriptions, and articles. Mint records state that only 24 were struck, but no documentation giving particulars as to the circumstances of manufacture or distribution of the pieces has ever surfaced. Thus, the 1894-S has been wreathed in mystery, always a good ingredient for numismatic interest, publicity, and desire for ownership. It is believed that only nine exist today. The most recent authoritative article on this rarity, William A. Burd’s “The Inscrutable 1894-S Dime,” The Numismatist, February 1994, lists the known examples, two of which are well worn. This was a watershed study in the annals of this coin, as previously the population was estimated as being closer to a dozen, perhaps even 13 or 14. William Burd’s data, being of relatively recent publication, have not yet been fully appreciated by the market and will probably have a dramatic impact on the future pricing structure.
“Reasons given for making just 24 1894-S dimes include “balancing the Mint books by clearing a $2.40 item” and “testing the dies.” Walter Breen (Encyclopedia, 1988, p. 323) suggests that John Daggett, superintendent of the San Francisco Mint, struck the 24 pieces, all Proofs, as a favor for banker friends. Breen went on to comment: “ ‘Each of eight persons received three; Daggett gave his three to his daughter Hallie, telling her to put them away until she was as old as he was, at which time she would be able to sell them for a good price. On the way home the child supposedly spent one for a dish of ice cream, but kept the other two until 1954, when she sold them to coin dealer Earl Parker.…’
“This somewhat enchanting “ice cream story” seems to have been of rather recent origin, and the cataloguer (QDB) does not recall having heard it decades ago, despite studying 1894-S dimes for many years.
“When Augustus G. Heaton’s Mint Marks monographs was printed in 1893, the 1894-S, of course, was still in the future. In the March 1900 number of The Numismatist, Heaton updated the work with an article, “Late Coinage of the United States Mint.” in which he noted this:
“ ‘The San Francisco Mint takes proudly to itself the sensation of later U.S. coinage in striking but $2.40 worth of dimes, or 24 pieces in all, in the year 1894. Of these, the writer possesses the only one known to the numismatic world.’
“At the very least, this suggests that by very early 1900 Heaton was not aware of any examples in private collections and that the San Francisco Mint was proud of its accomplishment and related details to Heaton. Apparently, the other 23 were held by persons other than collectors. Heaton told no more. Farran Zerbe, who at the turn of the century was just beginning to travel around the United States to visit mints and collectors claimed to have much information on the 1894-S dime and also the mysterious 1873-S Liberty Seated dollar (no example of which is known today), but if he did, it was not committed to the printed page. Over a period of time the 1894-S became better known and was enshrined in the Pantheon of famous American rarities.”
(https://coinappraiser.com/rare-coin-knowledge-center/1894-s-dime/)
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Comments
I just read today that the 1870-S Half Dime was somehow sold over the counter in a Chicago coin shop and later discovered in a junk box thanks to the silver price shooting up to 50$ an ounce in 1980.
Perhaps another spike in precious metals like that would bring out many more of such gems from their hiding place?
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
Records show 19 1894-S dimes
Received from the Coiner
After the assay coins were removed etc.
I can imagine that at least one, maybe more, 1894-S dime was lost in the San Francisco earthquake of April 18, 1906.
https://www.theatlantic.com/photo/2016/04/photos-of-the-1906-san-francisco-earthquake/477750/
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Finest known 1894-S dime...
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
IF the coin seen above were for sale and IF I were to come into hundreds of pounds of money (being Powerball jackpot winner is my only hope) I would be a buyer at $11M (previously $10M). $1M finder's fee goes to the individual I would enlist to help me find who owns the coin and help with the sale. Of course, $11M to the present owner might be like $1 to most of the rest of us so no sale may be forthcoming, even if I have eleven briefcases full of Benjamins to spend.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
1894-S Barber Dime
grade: PCGS PR65+BM POP 1/2 CAC
pedigree: Clapp, Eliasberg, Morelan
cert: https://www.pcgs.com/cert/41477463
Of note, Stack's has NGC slab shots with a TrueView, which is interesting to say the least. The listing shows the NGC grade but includes both a TrueView and link to PCGS cert verification.
Nice write-up of the history. Thanks!
I don't think I would want PF designation on my 1894-S. Just Choice Brilliant Uncirculated or Gem Brilliant Uncirculated. There is considerable controversy whether 1894-S dimes are proofs or "special strikes." I'm in the special strike camp.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Nice write-up of Mr. Morelan's 1894-S dime is seen in the auction catalog for The Louis E. Eliasberg, Sr. Collection by Bowers and Merena Auctions, May 20-22, 1996.
"...A tiny lintmark from neck to below chin will serve to identify this specimen. One of the nicest examples of only nine pieces accounted for from a mintage of only 24 coins."
"This was one of Louis E. Eliasberg, Sr.'s most prized rarities..."
Eliasberg's 1894-S dime was auction item #1250. It realized $451,000.00.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Very good reading.
.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The top three coins have an interesting grading situation.
1894-S Barber Dime
grade: PCGS PR66BM POP 2/0 CAC
pedigree: Clapp, Eliasberg, James A. Stack
cert: https://www.pcgs.com/cert/25202431
This is the James A. Stack coin, who acquired it after Eliasberg.
While it is the technically the top at PCGS PR66 CAC and Bruce's coin is PCGS PR65+ CAC, both were owned by Eliasberg, who sold the PR66 James A. Stack coin as a duplicate.
When comparing these coins in hand, one imagines Eliasberg preferred the Morelan coin. Can anyone who's seen both of these coins comment? On the PCGS scale, they are only half a point apart.
1894-S Barber Dime
grade: PCGS PR66BM POP 2/0
pedigree: Daggett, Simpson
cert: https://www.pcgs.com/cert/40323817
The other PCGS PR66 coin is the Daggett-Simpson coin. Of note, it's not stickered, but the Clapp-Eliasberg-Stack and Clapp-Eliasberg-Morelan coins are both stickered.
Believe what you want. If the "balance the books" story is to be believed, those 24 dimes would not have been struck as proofs.
....................especially at a Branch Mint, IMHOP.
Pete
I have thought for a long time that the "balance the books" story is kind of shaky. Superintendent Daggett was making a statement to the poobahs at the Philadelphia mint by having those 1894-S dimes struck is what I think. "In your face Philadelphia, we're gonna make some dimes bearing the date 1894 here in San Francisco."
"Faint vertical planchet striations on the reverse side as made, a characteristic of this issue, visible on most well preserved examples. In our opinion, these striations indicate hasty planchet preparation, certainly in keeping with the extremely limited mintage. Presumably, all were struck on the medal press rather than readjusting the regular press for so few coins."
excerpt from catalog of Stack's 55th Anniversary Sale, The Allen F. Lovejoy reference collection of United States Dimes, 1792-1945,October 16, 1990
Lovejoy's 1894-S dime was lot #504 and it realized $85,000.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Does "hasty planchet preparation" belong in the same sentence as "proof"? Branch mint proof? I think branch mint "special strike" is better.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
All 1894-S dimes are special. I wouldn't thumb my nose at any one of them.I think there is a forum member here who has inspected all 1894-S dimes.Haven't seen him post here for quite a long time now.
I saw what the person who bought Eliasberg's 1893-O dime did to it and bawled. He bright-dipped it.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
The Barber dime type in my 7070 is a 1894-S. Of course my 7070 album is full of replicas/fakes.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
Looking at grades of the top three examples of 1894-S dime, we have two at PF 66, and one at PF 65 plus. Getting away for a moment from the grade numbers,pluses,and beans, the describing word "equivalent" for all three pieces is the same, "gem." "Superb gem" would be the next word descriptor up from "gem." Grade number, for superb gem is 67 and higher.
It really comes down to personal taste in look. They are all gems. I think the Stack coin is finest known. Someone else may think the Morelan coin is finest known. The Simpson coin might get someone else's nod for finest known.
Nobody is wrong. The photos, as good as they are, are no substitute for viewing the coin in hand. If I were afforded the opportunity to view all three coins in hand at the same time under the same lighting conditions I might change my opinion of which is finest. And so might someone else change their opinion.
A difference of opinion is what makes a horse race.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
I'd rather have an 1893-CC.
My Adolph A. Weinman signature
The story behind mint super rarities is always interesting. Like the ice cream story of one of these dimes. The OP has a great summary of information regarding this rarity. Cheers, RickO
and then there are all those "prooflike" Barber dimes.
Recently, I got lucky and located a copy of Kevin Flynn's book, The 1894-S Dime: A Mystery Unraveled. Needless to say, I
had to have it for my library. It's #18/450, ex William Burd.
Got the book, now all I need is the coin.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein