An extraordinarily rare coin whose whereabouts was a mystery for decades has sold for just over $500,000.
The coin, which was struck by the U.S. Mint in San Francisco in 1975, depicts President Franklin D. Roosevelt and is one of just two known to exist without its distinctive “S” mint mark.
While serious coin collectors have long known about the existence of these two rare dimes, their whereabouts had remained a mystery since the late 1970s.
Three sisters from Ohio inherited the dime after the death of their brother, who had kept it in a bank vault for more than 40 years.
The coin sold for $506,250 in an online auction that concluded Sunday, according to Ian Russell, president of GreatCollections, an auction house based in Irvine, California.
The only other known example of the “1975 ‘no S’ proof dime” sold at a 2019 auction for $456,000 and then again months later to a private collector.
The mint in San Francisco made more than 2.8 million special uncirculated “proof” sets in 1975 that featured six coins and were sold for $7. Collectors a few years later discovered that two dimes from the set were missing the mint mark.
The mint in San Francisco made more than 2.8 million special uncirculated “proof” sets in 1975 that featured six coins and were sold for $7. Collectors a few years later discovered that two dimes from the set were missing the mint mark.
The sisters from Ohio who inherited one of those two dimes after the recent death of a brother want to remain anonymous given their sudden windfall, Russell said.
They shared with Russell that their brother and mother in 1978 bought the first error coin discovered for $18,200, which would amount to roughly $90,000 today. Their parents, who operated a dairy farm, saw the coin as a financial safety net.
One of the sisters said her brother often talked about the rare coin. But she never saw it first-hand until last year.
Russell, whose company is based in Irvine, California, said their brother reached out to him about seven years ago and eventually told him about the coin. He too kept the secret.
