The 1939-D Mercury Dime…The Epitome of Monster Toned Dimes…What Is Their Story? (LONG & BORING!!!)
TomB
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I’ve been in this hobby-industry continuously for over three decades and in that time there have been myriad hoards, accumulations and collections that have made headlines, come to market and/or crossed the auction block. Some of these are famous name collections that receive plenty of advertising from auction companies, earn special labels from the TPGs and become part of the provenance or pedigree of a coin upon resale. Most, however, are more likely to have an article mention them in the industry periodicals or be known within various internet forums or simply to be told orally between collectors and dealers.
One such hoard that has had little written about it, but that has made an outsized impact on the upper end toning niche of the series, is the group of 1939-D Mercury dimes that came to light in the mid-1990s.
I was active in numismatics when this group appeared in the market, but did not yet know well those who were more closely tied to the coins and, given the nature of communication and photography in the years before the internet became all-encompassing, was not aware of the eye appeal of these coins. I first became aware of them in the 1990s when someone close to their sale shared details with me, learned more at the turn of the century (at the “turn of the century”!!!) when an extremely knowledgeable and well-respected member of the community shared his involvement with them and then recently decided to do an internet dive to see what had been written about these coins in the intervening quarter-century. Upon finding near nothing about these coins I then went back to my original sources to confirm the details before I went in search of how many might still be in their old holders.
These dimes have such a reputation within the field that one well-known dealer recently wrote to me in an email “even today every time I read monster toned Merc I immediately assume it’s a ’39-D”.
The history of these dimes seems to be simple good luck in that they were apparently brought to market in cardboard bank cards and, as such, appeared to be what is known as “new old stock”. These are often referred to as “dime saver” bank cards and were issued for decades by banks throughout the country. Some examples are below.
The most common configuration found is like the Bank of America card. Less frequently seen configurations are like Peoples Bank and Trust Company as well as that of First National Bank.
These typically involved placing dimes in the book until it filled up and usually the books contained slots for 30-coins. My understanding of the story is that one or more of these dime saver books were filled at or near the time of issue for the 1939-D dimes and that they were then essentially lost to history for a half-century. The coins are supposed to have come from Colorado, which would make sense given the D-mintmark. The fact that they were filled with mint state dimes might not be so strange since the 1939-D has such a large mintage and they might not have been filled up daily or weekly, but may instead have been intended as gifts similar to the practice of including a gold coin in a birthday or Christmas card early in the twentieth century. Perhaps the fortuitous storage conditions afforded to a sleeve or two of forgotten coins over the course of decades produced some of the most attractive Mercury dimes ever found.
Using my own saved PCGS population reports, and with the help of PCGS forum members, we can see how the populations of super gem grade 1939-D Mercury dimes radically exploded.
November 1993-
67FB=55 68FB=0 69FB=0
February 1994-
67FB=57 68FB=0 69FB=0
July 1994-
67FB=104 68FB=63 69FB=6
July 1995-
67FB=79 68FB=54 69FB=8
April 1997-
67FB=93 68FB=60 69FB=8
October 1997-
67FB=100 68FB=61 69FB=8
January 1999-
67FB=192 68FB=64 69FB=8
The data above supports the idea that the coins came to light, were certified and began to be marketed in the first half of 1994, which is consistent with what I can recall from the time. The gain and loss in the populations of the MS67FB and MS68FB coins might reflect resubmissions from crackout coins in an attempt to get lucrative upgrades. Some discarded certs might have been returned to PCGS for the reward PCGS had offered on used certs while others might be lost to history. Crackouts of this nature can occur rapidly and I have been a participant in the resubmission of some scarce or supremely high end coins that have been submitted over and over and over again with the old certs never being returned. It skews the data tremendously for those unaware of the process.
The first auction record I can find for a coin that might be from this bank-card hoard is from an August 11, 1995 Heritage Auctions (HA) sale where a PCGS MS68FB was described as “Not only does this amazing Mercury dime border on perfection, but it also boasts an incredibly colorful array of rainbow iridescence on either side. Superb.” Unfortunately, due to the ephemeral nature of the internet, the HA images have bene deleted from their site. However, we can confidently conclude that this coin was from that hoard given that it was a PCGS MS68FB and the description of the toning.
This issue became so well known for the quality of its toned coins that the Knoxville Collection used it as its type coin example and later David Lange chose the Knoxville Collection example as the cover coin for his second edition guide to Mercury dimes. The cover is below.
This example graded NGC MS69FB with the Knoxville pedigree and was later upgraded to NGC MS69*FB without the Knoxville pedigree before it was given a green sticker at CAC and then crossed over to PCGS where it, as far as I know, currently resides in a PCGS MS69FB holder with CAC sticker. Images from a David Lawrence (DLRC) auction and a PCGS TrueView follow.
So, how many coins were in this hoard originally and are any of them still in a PCGS OGH? The answer to the first question is that I simply don’t know how many coins were in the hoard. The second question may be impossible to answer. Looking at the PCGS population reports indicates one or two rolls worth of coins might have been in the group if these were original bank rolls, but if in dime saver cards then perhaps two to four full or partial cards were involved.
Some coins that are characteristic for the “look” of the hoard are below. These are all PCGS TrueView images taken either from the PCGS CoinFacts page for the issue or have been found by plugging in publicly recorded cert numbers from auctions into the PCGS Cert Verification page. I own none of these coins. As one can see, they don’t all look identical, but have a similar “feel”.
MS69FB
MS68+FB
MS68FB
The top four coins are MS69FB, the next three are MS68+FB and the last two are MS68FB.
However, we can go through auction archives to search for unique coins that might have been part of this very distinctive group. There are limits to how well this can work in that I am searching for sales that may have occurred upwards of three-decades ago and the photography of the day was not nearly as good as it is today. Also, internet-based archives could be partially or entirely missing. Regardless, I have identified 131 possible auction records for coins in this hoard as well as four private sales. These 131 auction records represent 80 unique coins (perhaps fewer as there are some images that I just can’t decipher well enough).
To track these coins better I’ve built an Excel spreadsheet and recorded the date of sale, auction house, grade, CAC status, PCGS slab generation, cert number and sales price including BP and then also noted if there was an auction image for the coin, if the PCGS cert number is still active and if there is a PCGS TrueView that can be matched to the coin. I saved all available images. This allowed me to see certain coins upgrade over time or have their cert numbers just disappear without a trace.
The hoard appears to have been entirely certified in the PCGS OGH era using holders that PCGS currently calls generation 3.1 and since then there has been at least one shattering of the PCGS grading glass ceiling as well as the advent of PCGS + grades. Both of these changes no doubt resulted in many of these coins being resubmitted and losing their OGH. In the early 2000s the MS69FB grade was loosened up by PCGS and I recall firsthand folks submitting their OGH 1939-D Mercs in the hope of receiving the coveted MS69FB grade. Later, in 2011, PCGS and NGC both stared to award the + designation and once again these coins made the trip to the TPGs (primarily PCGS) in the hope of an upgrade.
I’ve found ten 1939-D Merc OGH coins from the hoard. Eight of these coins were sold at auction and two were private sales. Of the eight sold at auction there is very good evidence that five have been resubmitted and are now in blue holders while the two from private sales may both survive in their OGH. So, there is evidence that perhaps five 1939-D Mercs survive from this hoard in their OGHs, but I would hope there are others hiding in collections that will come to light in the future. An example of a coin that went from its OGH to a new holder is this MS68FB that was sold by Great Collections (GC) and later upgraded to an MS68+FB. My opinion is that it was not only more liquid, but was worth more in the OGH as an MS68FB than as it currently sits as an MS68+FB. Photos are below.
Of course, not all the OGH examples are gone. Within the last year I found one listed in an MS67FB holder and reached out to the seller, but the coin was already gone. However, I have my own example and have owned this coin since the FUN show in January, 2001. At that show Larry Shepherd had three cases of coins with a header on each case with something like "Great Color" and "Cool Toning" and then there were three coins set off by themselves with "NFS" written by them and something like "Monster" written on a little card. One of those three coins was an OGH PCGS MS68FB 1939-D Merc. I asked if I could examine it and then asked for a price, which I expected would be declined given it said NFS. The first time I did this Larry just said “Tom, it’s NFS…”, but I stopped by the table every day of the show and by the third or fourth day I stopped and asked for a price Larry finally wore down and blurted out a number. I purchased it immediately and still own the coin.
Larry apparently handled a large number of the MS67FB and MS68FB examples from this hoard and he has commented to me more than once that the example he sold me was his favorite coin from the entire group. To this day when he sees me at shows he shakes his head and says “I should have never sold you that dime…”. Below are images of the piece as slab shots taken perhaps a dozen years ago.
So, if you have one of these in the OGH I "know a guy" who might be interested in acquiring another!
Comments
Really enjoyed reading this and envious of that spectacular Merc!
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Thanks for the history lesson Tom. All amazing coins, including yours!!!
Wow is all I can say
BHNC #248 … 130 and counting.
Wow, that's a beauty! I appreciate the write up and trip down history lane...
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Thank you for sharing this story and the amazing examples, Congrats on your 39-D !!
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Really a great read Tom, thoroughly enjoyed it and just stunning dimes!!!. Now, did you say you were having a give-away?
Fantastic post, thank you!
chopmarkedtradedollars.com
@TomB, you really disappointed me with this thread!
After all, in your other thread about these coins, you offered a tease for this one as "I will write a long-ish and most definitely boring-ish thread about these coins soon. Fair warning...you may want to skip the well-titled and described thread!"
You definitely failed miserably in the "boring-ish" department! And why would anyone want to "skip" this one?
What a fantastic thread! Thank you.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Those are some beauties! Thank you for your time putting this thread together.
25 1939-D 10C in MS69.
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Thanks for such an amazing story. Well done.
I handled one of the 69FB about 7 years ago.
Great write up… after seeing the images, I don’t feel compelled to look for the ‘39-D I may or may not own to avoid the embarrassment. Terrific coins with great images.
Experience the World through Numismatics...it's more than you can imagine.
Great lesson and awesome looking dimes.
@TomB Excellent thread that is worthy of publication in an archived numismatic magazine. It's got some interesting data, it's got beautiful coins, it's got mystery. It's great!
It's possible that these coins may have been pulled from circulation and inserted into folders by coin collectors. I recall using these dime folders to save money and then later to store dimes that I liked as collectibles. I never searched for ultra-high grade dimes and stored them in folders, though.
Is there any info on how these coins surfaced to the hobby?
Great thread Tom! I remember the bank saving books.
Long and boring?
Too short and far too interesting!
Coin Photographer.
sweet collection
Thank you for putting pen to paper. Not too long, certainly not too boring.
If we were all the same, the world would be an incredibly boring place.
Tommy
There looks to be some strong shelf doubling on some of those dimes. I see doubling in Liberty's face. Am I seeing this correctly?
Awesome thread @TomB! Thank you.
My 1866 Philly Mint Set
Thanks so much for this _not boring story! Tremendous research job, congrats!
Seeing those images together was totally eye-opening. I ‘m sure everybody can pick out their own favorite, and I for one would be thrilled to own any one of them.
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
What a great thread and coin pr0n pics. These are the threads that make this forum great!
"Got a flaming heart, can't get my fill"
Very nice coins and an enjoyable thread!
Thanks Tom for such an in depth article in regards to a little known subject. Such beautiful coins.
As to the cardboard castles, we collected them from the bank when taking paper route money in. Ours were shaped like a castle from a Kingsport, Tn bank and when full we saved them until our next trip to Indianapolis and buy the whole families meal at White Castle with the $3. Lot of burgers at a nickel apiece. Must have had a dozen or so although mine had only a circulated mix of a few barbers, mercs and roosies. Would love to have kept just one, as have never seen one since.
Great work and much appreciated.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
I'm glad folks liked this! Thank you all for the kind words.
You likely already know this, @SethChandler, but the Merc that you shared an image of is the Knoxville coin. I had never seen that coin in a PCGS holder before and always thought the TV of it made it appear rather flat, but your image shows the luster coming through quite well. I believe Jay Parrino sold that collection (and it might have been Jay's collection to begin with) in a fixed price listing. There were some absolutely monstrous coins in that set. I saved your image, too.
I don't have an answer for @Barberian's question regarding how they actually surfaced. I wish I knew, but until now I haven't gotten there yet.
@jesbroken we had a White Castle near us when I grew up and it definitely was a place where you would buy a sack of burgers at a time. However, I can't recall ever seeing a castle themed dime saver book. That would be cool.
In honor of the memory of Cpl. Michael E. Thompson
Thanks for this write up. Lots of great info. And I absolutely love that dime of yours!
Really informative thread, I enjoyed the read. I have seen a number of these pop up and I always wondered how they came to be. Great research!
Collector of Capped Bust Halves, SLQ's, Commems, and random cool stuff! @davidv_numismatics on Instagram
Tom, unless I missed it in your post, what was the type of card and/or which bank in Colorado was the most likely source for them? Did these cards all come from one individual?
As an academic, I love scholarship and scholarly threads such as this one.
Thank you Tom for a very interesting article and for the staggering eye candy.
Whit
There’s a toned, 66FB, gold stickered 39-d in a nice NGC fatty on eBay at the moment… not going to link to it, hope it’s not bad form on my part to mention it… if so, my apologies.
I viewed the eBay listing. The coin doesn’t appear to be from the group discussed by @TomB.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld agreed, while the coin seems rather nice, the toning is not in the same league as the above referenced dimes.
Tom B thank you for your research. Wonderful thread and great eye candy.
Very nice and well written article. I enjoyed it a lot.
God bless all who believe in him. Do unto others what you expect to be done to you. Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24. Founding member of CU Anti-Troll League since 9/24/24.
Great article, Tom. High-grade toned 39-D have a unique place in the Mercury series.
I have some older population reports. In the early pre-internet days, they sold for as little as $10 or as much as $25 for a single copy. The oldest one I have is dated August 1, 1988. At that time there were a total of 164 Mercuries of all dates graded MS67FB. They were spread over 35 date/MM combinations, meaning there were 42 that had NO 67FB's. The 39-D was the most common at 23 pieces. Others that had double-digit populations were 44-D (22), 37-P (14), 43-D (12), and 42-D (11). The total 67FB's before 1934 totaled just 11 coins!
The early online auction firm Teletrade was an important source of certified coins for many collectors, myself included, and they sold a number of toned 39-D's in 67FB in the early 2000's. I purchased the one below in March 2002. It may be from the same group as the ones you pictured above. Although toned, it's not as spectacular as the ones you posted. (Yours, by the way, is a beauty!) My coin reinforces the idea that they came from a bank savings card. The reverse right field has what may be a fingerprint from being pressed onto a card. Just conjecture on my part.
Great thread!
Great read and very informative.
I was always interested in these coins and was an underbidder twice. That was as close as I ever got to owning one.