1938 Dime Coin Value: Errors List, “D”, “S” & No Mint Mark Worth

1938 Dime value ranges from $0.10 face value all the way up to $364,250. That record price was achieved by a 1938-S FB example graded MS-68, sold through Legacy Mint auctions back in June 2019. If you’re curious what yours might be worth, upload a photo of your coin below and get a quick value range. Then scroll down to check recent eBay sales and see what collectors are actually paying for the 1938 Dime right now.

 

1938 Dime Value By Variety

Your coin’s grade, mint mark, and Full Bands status all affect what it’s worth. If you already know the grade, jump to the Value Guides section for exact pricing.

Also Read: Top 70+ Most Valuable Mercury Dimes Worth Money (Chart By Year)

 

Top 10 Most Valuable 1938 Dime Worth Money

That 1938-S FB MS-68 at $364,250 isn’t just the top coin on this list — it’s a huge gap above everything else. Finding a Full Bands San Francisco coin at that grade level is nearly impossible, and the price reflects it.

Proof coins fill out the middle spots. The 1938 PR-69 brought $32,200 and the PR-68 sold for $19,550, both driven by collectors chasing flawless surfaces and eye appeal. The 1938 FB-68 (No Mint Mark) at $14,375 proves Philadelphia coins with sharp bands can still bring serious money. Drop to MS-67 or PR-67 territory, and you’re looking at the $1,150–$1,440 range — still strong, but far more reachable for most buyers. The jump from one grade point to the next with Full Bands can mean thousands of dollars.

 

History of the 1938 Dime

In 1938, the country was still shaking off the Great Depression while war clouds gathered over Europe. These dimes saw heavy use in everyday commerce as the economy slowly found its footing again.

By this point, the Mercury Dime was a well-established workhorse. Production had fully recovered from the early 1930s, when minting had stopped altogether because nobody needed new coins.

Here’s a detail I find fascinating about the 1938 issue specifically: mint workers sometimes widened the gap between dies to make them last longer. That shortcut meant the center bands on the fasces often didn’t strike up fully — which is exactly why well-struck Full Bands examples are harder to find and worth more today.

Also Read: Mercury Dime Coin Value (1916-1945)

 

Is Your 1938 Dime Rare?

Not sure if your 1938 Dime is one of the rare ones? Check your coin’s exact rarity and value instantly using the Coin Identifier and Value App below.

 

Key Features of the 1938 Dime

The 1938 Dime is officially the Winged Liberty Head Dime, but everyone calls it the Mercury Dime. Sculptor Adolph Weinman’s portrait of Lady Liberty beat out over fifty other submissions and stayed on the dime from 1916 through 1945.

The Obverse of the 1938 Dime

Look at the front of your coin. You’ll see a youthful Liberty wearing a winged cap, with “LIBERTY” arching around the upper rim, “IN GOD WE TRUST” to the left of her neck, the date at the lower right, and Weinman’s monogram “AW” tucked into the right side of the neck.

That winged cap symbolizes freedom of thought. Despite the nickname, this isn’t the Roman god Mercury — it’s the goddess Liberty wearing a Phrygian cap with wings added for symbolism.

The Reverse of the 1938 Dime

Flip it over. You’ll see a fasces — a bundle of wood tied together with three bands — with an axe blade sticking out the top. An olive branch wraps alongside it, framed by “UNITED STATES OF AMERICA” and “ONE DIME.”

The fasces paired with the olive branch represents war readiness and a desire for peace. Those three horizontal bands binding the fasces? That’s what you need to examine closely for the Full Bands designation.

Other Features of the 1938 Dime

The 1938 Dime measures 17.90mm in diameter, weighs 2.5 grams, and is composed of 90% silver and 10% copper — containing 0.07234 troy ounces of silver. The edge carries 118 reeds, giving it that familiar ridged feel.

To find the mint mark, look on the reverse in the lower left corner, just to the right of the “E” in “ONE” and below the olive branch. No letter means Philadelphia. A “D” means Denver. An “S” means San Francisco.

Also Read: Top 100 Rarest Dimes Worth Money (Most Expensive)

 

1938 Dime Mintage & Survival Data

The mintage numbers aren’t the real story here — survival rates are. Across all three business strikes, fewer than 0.5% of the coins originally minted still exist. The rest were spent into oblivion.

Consider the 1938-S: roughly 8 million struck, but only about 20,000 survivors, a 0.2472% survival rate. That’s about 1 in every 400 coins. In higher grades, that scarcity is exactly why the 1938-S FB commands such strong auction prices.

Proofs are a completely different situation. Over 83% of the original 8,728 mintage is still accounted for. With that kind of survival, condition — not rarity — determines what your Proof 1938 Dime is worth.

Also Read: Top 100 Most Valuable Roosevelt Dimes Worth Money List (Year Chart)

 

The Easy Way to Know Your 1938 Dime Value

Figuring out your 1938 Dime value is simpler than you think. Grade — how much wear your coin shows — is the biggest price driver, and a Full Bands designation can push that value even higher.

Condition is scored on the Sheldon scale from 1 to 70, running from Poor up to perfect Mint State — and the Coin Identifier and Value App handles that for you instantly from a photo.

 

1938 Dime Value Guides

The mint mark on your coin is the first thing to check. Each variety carries a different value range and collector demand:

• 1938 No Mint Mark Dime (Philadelphia) — the most common variety, with over 22 million struck
• 1938-D Dime (Denver) — the lowest mintage of the three regular strikes at just 5.5 million
• 1938-S Dime (San Francisco) — mid-range mintage, but home to the series’ record-breaking auction result
• 1938 Proof Dime — the rarest of all, with only 8,728 struck exclusively for collectors

 

1938 No Mint Mark Dime Value

Most 1938 Philadelphia dimes you’ll run across are well-worn. People spent these, not saved them — the Depression was still fresh. That’s exactly why a sharp, high-grade survivor gets collectors excited.

Anything graded MS67 or above takes real cherrypicking to find. The auction record for a Philadelphia Full Bands example sits at $14,375 for an MS68-graded coin, sold through Bowers & Merena in November 2006. That price tells you how tough a fully struck Philly coin is at that level.

If you’re hunting raw coins at shows, pay close attention to the bands. A lot of Philadelphia strikes came off the press soft in the center, so a genuine FB example is a real find.

Check the grade-by-grade breakdown below to see how auction prices have shifted for the Philadelphia issue over time.

The table below reflects how consistently collectors continue to trade this variety across all grade levels.

Market activity score: 51/100 as of Oct 2026 — unchanged since Jul 2026. 12-month peak: 70 (Dec 2025).

 

1938-D Dime Value

Did you know the Denver mint only produced about 14% of all 1938 dimes? That makes the 1938-D the scarcest business strike of the year by original output.

Here’s what’s interesting, though: despite the low mintage, Full Bands specimens are surprisingly available. Denver struck these well. That’s a nice contrast to some other Mercury Dime dates where you can search for years without finding a sharp strike.

In circulated grades, the 1938-D stays affordable — around $6 in Fine and $15 in AU. At MS60 you’re looking at about $25, climbing to roughly $60 at MS65. A solid set-builder coin that won’t break the bank.

Every data point below tells you what a 1938-D actually sold for — useful context before you assess your own coin.

Scroll down to see how buyer demand for this lower-mintage Denver issue has held up in recent market activity.

Market activity score: 37/100 as of Oct 2026 — up 2 points from Jul 2026. 12-month peak: 44 (Aug 2026).

 

1938-S Dime Value

$364,250. That’s what a rainbow-toned 1938-S graded PCGS/CAC MS68+ FB brought in June 2019 — the all-time auction record for the entire Mercury Dime series. No other 1938 variety can touch that.

But here’s the thing: in circulated grades, this is a common coin. Thousands of uncirculated Full Bands examples exist through MS66, and entry-level pieces trade in the $7 to $27 range. Nothing exotic about it at those levels.

The 1938-S gets interesting when you look at the population cliff above MS66. Coins grow dramatically scarcer through MS67 and MS68, and that’s where prices jump hard. A Full Bands example in the MS67–MS68 range typically runs $4,500 to $6,000. We think this variety offers one of the most dramatic price spreads in the whole Mercury series.

The price history below tracks how the 1938-S has performed at auction, from common circulated examples to its record-setting top-grade sales.

The market activity data below gives a clear picture of just how actively collectors are pursuing this San Francisco variety today.

Market activity score: 70/100 as of Oct 2026 — up 15 points from Jul 2026. 12-month peak: 72 (Sep 2026).

 

1938 Proof Dime Value

If you have a slabbed 1938 Proof, you’re holding a completely different kind of coin. These were never meant for pocket change — struck with polished dies on carefully prepared planchets, producing mirror-like fields you won’t find on any business strike.

Most proof Mercurys show up in the PR64–PR67 range. Getting above PR66 is tough, and PR68 or higher is genuinely rare. The current auction record for this date is a 1938 Proof graded PR69 that sold for $32,200 at Heritage Auctions in February 2005.

In the PR64–PR67 range, you’re looking at $210 to $920. Surface quality drives the biggest price splits here. Very few proof Mercury dimes show any real cameo effect, and those that do command serious premiums over standard mirror-field proofs.

Browse the auction records below to see how 1938 Proof Dimes have been graded and priced across different surface quality levels over the years.

The market activity section that follows shows the current demand picture for this collector.

Market activity score: 67/100 as of Oct 2026 — up 9 points from Jul 2026. 12-month peak: 70 (Dec 2025).

Also Read: 16 Rare Dime Errors List with Pictures (By Year)

 

Rare 1938 Dime Error List

The 1938 isn’t the most error-heavy year in the Mercury series, but a few documented varieties exist — and spotting one on your coin can add real value.

1. 1938 Dime Doubled Die Obverse (DDO)

This is one of the more eye-catching errors you can find on a 1938 Dime. During the hubbing process, the die shifted slightly between impressions, leaving a doubling effect on parts of the design.

On the 1938, look at the date numerals first. Then check the letters in “LIBERTY” — splitting or notching on “LI” and “TY” is the giveaway. You’ll need at least a 10x loupe to confirm it.

Moderate examples typically sell for $50 to $150 in circulated condition. Strong, well-defined doubling can bring $300 to $800 in higher grades.

2. 1938 Dime Repunched Mint Mark (RPM)

This one only applies to the 1938-D and 1938-S. Back then, mint marks were punched into each working die by hand. If the first punch landed slightly off, the worker would strike again — leaving overlapping impressions that show as doubling or shadowing around the mint mark.

Some varieties show the letter punched at a different angle or position, creating patterns that cherrypickers actively hunt for. Philadelphia coins don’t have mint marks, so this error doesn’t apply to them.

Common RPM varieties add $15 to $50 in average circulated condition. Strong, obvious examples bring $75 to $200 in higher grades, and dramatic misalignments have sold for $300 to $600.

3. 1938 Dime Off-Center Strike

You’ll know this one when you see it. The planchet wasn’t seated properly under the die, so the design shifted off-center. Misalignment can range from a subtle 1% to a dramatic 99%, cutting off portions of Liberty’s portrait or the fasces.

The key for value: the date must still be visible. No date, no premium. Most off-center strikes slipped past quality control, making genuine examples scarce.

Coins struck 5–10% off-center typically sell for $50 to $150. At 15–30% off-center with the date intact, you’re looking at $200 to $500 depending on eye appeal.

 

Where to Sell Your 1938 Dime?

Not every 1938 Dime belongs on the same platform — a worn, circulated coin and a graded MS-68 FB example have very different buyers.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1938 Dime Market Trend

Market interest: 4,430 collectors tracking this coin as of Oct 2026 — up 1,000 from Mar 2026. Currently at its 12-month peak.

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1938 Dime

1. Where is the mint mark on a 1938 Dime?

Flip it over and look toward the lower left, just to the right of the “E” in “ONE” and below the olive branch. “D” means Denver, “S” means San Francisco, and no letter means Philadelphia.

2. What does “Full Bands” mean on a 1938 Dime?

Full Bands means the horizontal bands on the fasces are fully split and clearly separated. If they look merged or flat, the coin doesn’t qualify — and that distinction can mean a big jump in value.

3. Why are Full Bands 1938 Dimes worth so much more?

Mint workers sometimes widened the die spacing to extend die life. That meant the center bands often didn’t strike up fully. A sharp Full Bands coin is the exception, not the rule, and collectors pay accordingly.

4. Is the 1938 Dime made of silver?

Yes. Every Mercury Dime contains 0.0723 troy oz of 90% silver, giving your 1938 Dime a base melt value tied to the current silver spot price regardless of grade.

5. Which 1938 Dime is the most valuable?

The 1938-S FB in top mint state grades. The record belongs to a 1938-S graded MS68+ FB that sold for $364,250 at auction in 2019.

6. What grades command the highest value for a 1938 Dime?

MS67 and above. The jump from MS67 to MS68 with Full Bands can translate into thousands of dollars in added value.

7. Should I clean my 1938 Dime before selling it?

Never. Cleaning strips the original surfaces and tanks the value. Natural toning or honest wear is always preferred. Even a gentle cleaning can make a coin ungradeable.

8. How do I check if my 1938 Dime has errors?

Grab a 10x loupe at minimum. Focus on the date, mint mark, and the bands on the fasces — those are the spots where the most collectible errors show up.

9. Is the 1938 Dime considered rare?

In circulated grades, no — it’s a common date. But top-end mint state coins with Full Bands are a completely different kind of rare. Rarity on this coin comes down to grade and strike quality, not the date.

10. Should I get my 1938 Dime professionally graded?

If your coin looks uncirculated or shows Full Bands, it’s worth considering. Slabbed Mercury Dimes from PCGS or NGC often bring three to five times what raw examples sell for — making the grading fee a solid investment on higher-quality coins.