1931-S Mercury Dime : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

1931 marks the end of the first period of production of the Mercury Dime. The “Mercury” or Winged Liberty Dime was introduced in 1916 and produced at the Philadelphia Mint and at least one branch mint every year of its run (except for 1922, when no dimes were struck). More often than not, the coin was produced at all three mint facilities. In a typical year, Philadelphia would manufacture 20 million dimes or more and the branch mints would produce mintages of five to seven million – more than enough to satisfy the commercial needs of the western United States. The Philadelphia Mint struck over 29 million dimes in 1929, a year that saw a global economic collapse. The Great Depression, as it became known, dramatically reduced the need for new coins.

In 1931, the United States Mint produced modest numbers of dimes at Philadelphia, Denver, and San Francisco. For the 1931-S Mercury Dime, a large portion of these coins immediately went into government storage. The Treasury Department would not have cause to release the issue in quantity until 1934.

After the production of the three 1931 Mercury Dime issues, the Mint put production of the 10-cent coin on hiatus for two years; three years for the San Francisco Mint, which did not resume dime production until 1935.

Market Data and Noteworthy Specimens

Full Band examples are scarce. The first MS67+FB wasn’t graded until after March 2019. Both MS67+FB 1931-S Mercury Dimes in the PCGS population reports are coins from known collections that upgraded.

Top Population: PCGS MS67+FB (2, 8/2024), NGC MS67FB (5, 8/2024), and CAC MS67FB (6:0 stickered:graded, 8/2024).

• PCGS MS67+FB CAC #13196867: As PCGS MS67FB CAC #13196867. Heritage Auctions, November 29, 2007, Lot 60476 – $20,700; “The Grand Prix Collection,” Legend Rare Coin Auctions, March 21, 2019, Lot 139 – $19,387.50. As PCGS MS67+FB CAC #13196867. Legend Rare Coin Auctions, June 27, 2019, Lot 211 – $270,250. Upgraded by 1/2 point. Top pop, pop one when offered.
• PCGS MS67FB+ CAC #25014827: Legend Rare Coin Auctions, December 15, 2016, Lot 230 – $27,025. Forsythe II on insert. As PCGS MS67+FB #25014827. Upgraded by 1/2 point. One of two coins connected to this pedigree. Small areas of rainbow toning, on the obverse mostly at bottom through date. Some gold color to the left of the face. On the reverse, planchet void in the left field below N of UNITED. Color around devices. FS-101. Doubled Die Obverse.
• PCGS MS67FB #84033402: Del Loy Hansen; DLRC, August 22, 2024, Lot 781433 – View.
• PCGS MS67FB #38266896: Stack’s Bowers, November 14, 2019, Lot 3056 – $8,400; Legend Rare Coin Auctions, January 30, 2020, Lot 160 – $7,050. Pale champagne hue with scattered toning along the periphery. Two vertical ticks in the right field below the cap. scattered planchet disturbances on the cheek.
• PCGS MS67FB CAC #27236894: “The Warren Collection,” Heritage Auctions, May 4, 2022, Lot 3375 – $22,800. Forsythe II on insert. Brilliant. Ticks on either side of R of LIBERTY. Tiny ticks on the lower diagonal band on the fasces. Tiny tick below UNUM.
• PCGS MS67FB CAC #38248257: Heritage Auctions, January 9, 2020, Lot 4152 – $12,600. Brilliant with light brown spotting.
• PCGS MS67FB #84033402: As PCGS MS67FB #80620912. Stack’s Bowers, August 11, 2016, Lot 3087 – $15,275. As PCGS MS67FB #82911775. Heritage Auctions, February 16, 2017, Lot 3710 – $14,100. Since this sale, the coin has been recertified. Obverse has ice-blue surfaces with scattered olive and rust-colored toning with dark blob on the eyebrow. Reverse has icy blue-green surfaces with scattered staining in olive green and rust.
• PCGS MS67FB #80620912: Stack’s Bowers, August 11, 2016, Lot 3087 – $15,275.
• PCGS MS67FB #28147698: Heritage Auctions, November 1, 2013, Lot 3566 – $28,200. Brilliant.
• NGC MS67FB: Stack’s Bowers, March 21, 2012, Lot 4064 – $6,900. Russet and brown toning on both sides.
• PCGS MS67FB CAC #21465149: “The William Dominick Collection,” Heritage Auctions, April 2001, Lot 6249; “The Joshua II Collection of Mercury Dimes, #1 All-Time Finest PCGS Registry Set,” Heritage Auctions, August 12, 2010, Lot 4529 – $37,375. Dominick/Joshua II on insert. Pale gold hue with hints of violet. Dark spot to the left of Liberty’s nose. Scattered spots on Liberty’s cheek and neck.
• PCGS MS67FB #50115213: “The Joseph C. Thomas Collection,” Heritage Auctions, April 30, 2009, Lot 2286 – $40,250. Pale champagne hue.
• PCGS MS67FB #3698843: “The Harold and Jan P. Kritzman Collection,” Heritage Auctions, January 10, 2002, Lot 6648 – $12,650. Kritzman on insert.

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1931-S Mercury Dime Specifications

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