Barber dimes were minted from 1892 through 1916 and struck at four different mints.

In 1894, however, the San Francisco mint struck only 24 Barber dimes, which have become one of the most sought-after, mysterious and prized rarities in U.S. history.

Serious collectors can only dream of owning an 1894-S Barber dime. They rarely surface for sale and when they do the price is out of reach for most.

In 2016, an 1894-S Barber dime sold for nearly $2 million.

Why were only 24 Barber dimes struck in San Francisco in 1894?

There are several stories explaining the tiny mintage.

As the most popular story goes, San Francisco Mint Superintendent John Daggett chose to strike a few dimes of the current date for banker friends who heard there would be no dimes struck that year.

Then, after Mr. Daggett struck the dimes, he gave 3 them to his daughter Hallie telling her to save them until she was as old as he was as they would become quite valuable someday.

Sadly, children sometimes fail to heed the advice of their parents.

It was a hot day and young Hallie could not resist stopping at an ice cream shop on the way home from the Mint and spending one of her brand new dimes. She did save the other two for many years until she sold them in the 1950s.

Other theories have been advanced as to why the mint struck only 24. While no one will likely ever really know the truth, the fact is whenever one surfaces for sale, wealthy collectors leap at the opportunity.

Alternate Theories for the 1894-S Barber Dime

Another theory to explain the limited mintage is that the San Francisco mint’s annual audit revealed a discrepancy of $2.40, so the 24 dimes were struck to compensate for this before the fiscal year ended on June 30.

Yet even another theory suggests the 1894-S dimes were struck to test the dies.

Lastly, another account suggests that over the course of 1894, the mint received a large sum in dimes, leaving the San Francisco mint well supplied in dimes on hand and thus did not plan strike any dimes that year. However, after nearly all of the coin bullion had been utilized, the mint had a small amount that coin only into dimes. Thus, the mint struck only twenty-four of them that year.

The Barber Dime Coin Details

The Barber dime is a classic American coin. It is part of a collection of dimes, quarter and half dollars, which all bear the signature of Charles E. Barber, the Chief Engraver. Known as the “King of the Mint” until his death in 1917, he set the tone for all of America’s turn of the century coinage.

Notably, his coin designs are considered to be some of the most inspiring in all of U.S coin history. Barber’s designs reflected the end of a great age in American coin art.

The Barber coin series in many ways represented America as it developed into a world power at the end of the 19th and beginning of the 20th century.

Barber dimes are composed of 90 percent silver and 10 percent copper.

Many of the Barber coins were melted down into bullion amid an increase in the price of silver in the late 1970s and the 1980s. They were produced at four mints, Philadelphia, Denver, New Orleans, and San Francisco

Barber dime values are on the rise now, with increased interest in the series.

Do you own any of these classic American coins? Tell us about your collection!

In 1914, America unveiled its greatest engineering marvel, the Panama Canal. In its first year the canal saw more than 1,000 ships pass through its gates. Today, more than 815,000 vessels cross the passage making it one of the seven wonders of the modern world.

Years before completing the canal, the U.S. decided to start raising money for the Panama–Pacific International Exposition, a celebration to commemorate the project. Funding, however, slowed after the upheaval of the San Francisco earthquake. Unexpectedly, this delay allowed more time for fundraising efforts. The expo became a celebration not only of the canal, but also of San Francisco’s recovery from the natural disaster.

The San Francisco mint would become the birthplace of the Panama–Pacific commemorative coin. These coins were round and octagonal $50 pieces that would become the highest denomination, and largest gold pieces struck in the U.S at that time.

Previously, the U.S. Government did not allow the Mint to sell commemorative coins to the public. Instead, they allowed a group, or an organization to purchase such coins at face value. The purchasing organization could then sell the pieces directly to the public in a fundraising capacity. Former president of the American Numismatic Association, Frank Zerbe, was chosen to undertake this effort.  

The obverse side of the coin depicts Liberty scattering flower and fruits from a cornucopia. This bountiful representation is meant to signify the rich trade opportunities expected from the construction of the canal merging two, previously distant parts of the world. The mint mark, an “S”, tells the owner that the piece was minted in San Francisco.

The coins were possible due, in part, to California Congressman Julius Kahn who introduced two bills calling for the commemorative coins. The bill made provisions for four designs, two $50 pieces with different shapes (one round, the other octagonal), a commemorative medal for sale to those attending the expo, and finally, a piece designed to be an award medal for those with prize-winning exhibitions.

Several sculptures were considered for the design work. Eventually, the artist’s designs were approved, and they sent bronze casts of their work to Medallic Art Company. These initial pieces would allow the mint to fabricate dies for casting. The coins were so large that the equipment at the San Francisco mint was insufficient. To solve this problem, officials at the Philadelphia mint shipped larger hydraulic metal presses to assist in the production.

Surprisingly, the coins did not sell well. In time, many were returned to the mint for melting. Today, the Panama-Pacific half dollar can fetch anywhere from $375 to $2,500 based on the condition. The most valuable pieces, however, are the round and octagonal $50 coins. In top condition the $50 round piece could earn up to $240,000 according to experts. In mint condition the $50 octagonal coin could command up to $245,000.

During the expo, more octagonal coins were sold than the round versions. Some speculate the popularity of this unusual shape was due to its association with the Gold Rush. That is, some early gold from the California Gold Rush was minted into unofficial coins not mandated by the US Mint. Many of these pieces were octagonal. Today, pieces like this often carry the name “pioneer gold.”

Though relatively rare, the Panama–Pacific commemorative coins are as enduring as the Panama Canal.   

In 1965 the US Mint melted 316,076 silver dollar coins that never reached circulation. These coins were the early batches of an initiative intended to coin 45 million silver dollars. The story of “the coins that never were” began with one man in Nevada.

Representative Image

In 1918, Senator Key Pittman of Nevada championed the Pittman Act. The intention of the Federal law was to convert 350,000,000 standard silver dollars into bullion. To fulfill this mandate the Government purchased approximately 209,000,000 ounces of silver from American mines. This massive haul of silver would become the basis for a series of coins minted from 1921 to 1928, then once more between 1934 and 1935.

Officials wanted a unique design for the coins that would convey a theme of peace. After holding a design contest artist Anthony de Francisci became the winner for his profile image of the Goddess of Liberty and bald eagle with an olive branch on the reverse. This design was met with greater public approval than the first design which included the image of a broken sword. This original design was thought by many to appear as an image of defeat.

By 1928 the mint had fulfilled the requirements underpinning the Pittman Act. However, new legislation ushered in a new period in which additional peace dollars were minted between 1934 and 1935. Then, the coinage of the peace dollar ended. That is, until the turbulent era of the 1960s came roaring forward.

The price of silver started to climb. Banks began to feel pressure as demand for silver coins grew. In response to demand, the 1964 Congress approved a measure to produce 45 million silver dollars. The order came from President Lyndon Johnson despite opposition from other government officials. Production began the following year.

The peace dollar was back.  

However, in late May of the same year, Congressional leaders successfully moved to cancel the minting. The new directive to melt the coins proved difficult. In an effort to accelerate the process, the mint decided to ensure all coins were accounted for by using weight measurements rather than the longer process of counting all the coins. This method may also have been preferable given that the coins never reached circulation and therefore were entirely within the confines of the US Mint.

In time there have been rumors that a few precious coins escaped destruction. In fact, mint records reportedly claim that two test strikes surfaced belonging to a set of 30 test pieces that were part of an inspection batch originally sent to Washington. The two coins were retrieved, then placed in the Treasury Vault until 1970. Then, they were destroyed.

The history and rarity of the coins has inspired some to produce fraudulent counterfeit pieces. In the meantime, the US Mint has responded stating that it is illegal to own even a real 1964 Peace dollar.

Today, the 2019 United States Official Coin Red Book address the topic of existing 1964 Peace dollars by simply stating, “many deceptive reproductions exist.”