1940 Dime Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1940 Mercury Dime value ranges from $0.10 face value to $35,250. That record price was achieved by a Grade 68 example sold through Legacy Numismatics in March 2019. If you’re wondering what yours might be worth, upload a photo of your coin below for a quick value range. You can also scroll down to check recent eBay sales and see what collectors are actually paying right now.

 

1940 Dime Value By Variety

If you know your coin’s grade, use the Value Guides section below to find exact pricing for your variety.

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

 

Top 10 Most Valuable 1940 Dime Worth Money

A Philadelphia Full Bands coin holds the top spot at $35,250 — nearly double the next closest proof result. That’s a circulation-strike coin beating proofs. Think about that for a second. The fasces bands on Mercury Dimes are brutally hard to strike fully, and Philadelphia’s high-speed production wore dies down fast. So an FB coin from that mint at MS68+ is genuinely rare, even though Philly made the most dimes that year.

San Francisco’s FB 68 hitting $9,775 backs this up. S-mint coins are usually easier to find, but the FB standard levels the playing field. Meanwhile, proof coins cluster tightly between $15,000–$16,800 at grade 68 — a mature market without much room to run. Below 68, values drop hard. You’re looking at $1,600–$4,300 territory. One Sheldon point at the top end can mean a tenfold price swing, which is why getting your coin slabbed matters so much with this date.

 

History of the 1940 Dime

In 1940, the country was climbing out of the Depression but hadn’t yet entered World War II. That makes this one of the last peacetime years for U.S. coinage before wartime demands reshaped everything at the mints.

Adolph Weinman’s design had been circulating since 1916 — 24 years by this point. Most people called it the “Mercury” dime, even though the figure is actually Liberty wearing a winged Phrygian cap meant to symbolize freedom of thought. The nickname stuck anyway. Here’s a fun detail: by 1940, these dimes had passed through bread lines, factory pay envelopes, and corner drugstore counters for over two decades. They were as familiar as pocket lint.

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

 

Is Your 1940 Dime Rare?

Most 1940 Mercury Dimes are common — but condition, mint mark, and the Full Bands designation can push yours into rare territory. Run your coin through the Coin Identifier and Value App to find out exactly where yours stands.

 

Key Features of the 1940 Dime

At 17.91 millimeters across, this little coin packs two completely different design programs — classical Liberty on one side, Roman civic symbolism on the other.

The Obverse of the 1940 Dime

You’re looking at Liberty in left-facing profile, wearing a winged Phrygian cap — the Roman symbol of a freed person. Weinman added the wings to push the meaning toward freedom of thought, but the public saw Mercury and never looked back.

Her hair flows naturally behind the cap. Weinman’s modeling gives the portrait a sculptural, almost three-dimensional quality that most coin designs of that era couldn’t touch.

The inscriptions LIBERTY arc across the top, IN GOD WE TRUST sits to the left, and the date anchors the lower right.

The Reverse of the 1940 Dime

Flip it over and the symbolism gets layered. The dominant element is a fasces — a Roman bundle of wooden rods bound around an axe head, representing civic authority and collective strength.

An olive branch flanks it on the left. War readiness paired with a desire for peace. By 1940, that tension felt especially pointed.

E PLURIBUS UNUM runs along the right, with UNITED STATES OF AMERICA and the denomination framing the full composition.

Other Features of the 1940 Dime

The coin measures 17.91 mm in diameter with a reeded edge of precisely 118 reeds, struck in 90% silver and 10% copper at a weight of 2.50 grams.

Weinman’s initials AW appear in small relief on the obverse, just below the neck truncation. Look for the mint mark on the reverse — it sits between the E in ONE and the base of the olive branch. Philadelphia issues carry no mint mark.

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

 

1940 Dime Mintage & Survival Data

Philadelphia made the most dimes, but raw mintage numbers only tell part of the story. Survival rate is what matters to you as a collector.

Across all three mints, circulation strikes show survival rates below 0.19%. That’s nearly nine decades of spending, melting, and losing coins between couch cushions. Out of every 1,000 dimes struck, fewer than two survive in collectible form today.

Proof coinage tells a different story. With a survival rate exceeding 84%, these were clearly set aside on purpose — nobody spent a proof dime at the corner store. Out of the same 11,827-coin proof run, only a single confirmed CAM survivor is documented — a survival rate of 0.0085%. Cameo contrast on 1940 proofs happened when dies were fresh, not by design. That’s why almost no proof survivors have it.

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

 

The Easy Way to Know Your 1940 Dime Value

Three things determine your coin’s value: grade, mint mark, and strike quality. Grab a loupe and check the horizontal bands on the fasces — if they’re fully separated, you might have a Full Bands coin, and that carries a serious premium. Then check the reverse for a mint mark between the olive branch and ONE.

Run your coin through the Coin Identifier and Value App for an instant grade estimate and value range. These variables interact in ways that aren’t always obvious, and a quick check can save you from undervaluing what you’ve got.

 

1940 Dime Value Guides

The 1940 Mercury Dime was struck at three mints in multiple formats. Here’s how they break down:

• 1940 No Mint Mark — Philadelphia issue, the most widely circulated variety and the baseline against which others are compared.
• 1940-D — Denver mint, identifiable by the D mint mark on the reverse; generally well-struck but less available in top grades.
• 1940-S — San Francisco issue, known for producing some of the series’ better-struck examples at higher grade levels.
• 1940 Proof — Struck exclusively at Philadelphia for collectors, with mirror-like fields and sharply defined details that circulation strikes cannot replicate.
• 1940 Proof CAM — The rarest format within the proof issue, exhibiting cameo contrast between frosted devices and reflective fields — a product of fresh dies rather than intentional production.

 

1940 No Mint Mark Dime Value

Here’s a fact that surprises most collectors: the highest-mintage coin of the year holds the auction record. Philadelphia cranked out so many dimes that die wear was relentless, making sharply struck Full Bands examples genuinely scarce relative to total output. The mint’s own productivity worked against strike quality.

So a Philadelphia FB coin routinely outvalues its lower-mintage Denver and San Francisco counterparts. The ceiling was set in March 2019 when a PCGS MS68+FB sold through Legend Rare Coin Auctions for $35,250.

Below that peak, the drop-off is steep. Non-FB examples at MS68 have sold for as little as $800 — that’s how much weight the FB designation carries on this date. Circulated examples trade near silver melt. Meaningful collector value starts at MS65 FB and compounds sharply above MS67.

The chart below tracks every major auction result for the 1940 Philadelphia Mercury Dime.

Here’s how the 1940 Philadelphia Mercury Dime has been trading over the past 12 months across active collector markets.

 

1940-D Dime Value

If you’re building a 1940 date set on a budget, start here. The Denver issue is the most affordable entry point — but “affordable” gets relative fast once you push above MS66. An MS68 example runs around $1,150, while Full Bands specimens at the same grade can exceed $2,500 at auction.

The PCGS auction record stands at $3,565 for an MS68 sold through Heritage Auctions in July 2003. Strike consistency on the Denver issue holds up well through MS65, but the certified population thins out hard above that. When an MS67 FB shows up at auction, expect competitive bidding.

For a complete 1940 date set by mint mark, the D-mint gives you the best value in mid-gem grades without the premium ceiling that Philadelphia FB examples command.

These auction results trace the 1940-D Mercury Dime’s price history, showing where Denver-mint examples have found their ceiling — and where the real value opportunities sit.

A look at recent 1940-D transaction activity, reflecting current collector demand across circulated and uncirculated grades.

 

1940-S Dime Value

San Francisco’s reputation for quality strikes? The 1940-S backs it up with real auction data.

The FB record stands at $9,775 for an MS68 sold through Heritage Auctions in August 2000. But here’s the more interesting number: a non-FB MS68+ realized $8,519 at Legend Rare Coin Auctions in April 2023. A non-FB coin nearly matching the FB record set over two decades earlier.

That compression between FB and non-FB values at the top grades tells you the market trusts S-mint strike quality across the board. Below MS67, the 1940-S is affordable and easy to find. It’s in gem and superb gem territory where San Francisco separates itself from Denver and draws sustained collector demand.

The auction record below documents how the 1940-S has performed at the top end of the market, where San Francisco’s strike reputation consistently commands a premium.

Current market activity for the 1940-S, where gem-grade examples continue to attract competitive attention from serious Mercury Dime collectors.

 

1940 Proof Dime Value

Ever held a 1940 proof Mercury Dime? It reads more like a struck medal than a coin. Deeply mirrored fields, wire-sharp rims, and device detail that no business strike can match.

Most survivors grade PR64–PR67. A relative handful reach PR68, and a few hit PR69. Mishandled pieces fall into the PR60–PR63 range. The date auction record sits at $15,295 for a PR69 sold at Heritage Auctions in 2005. In June 2013, a PCGS PR68+ example emerged and broke the finest-known tie among numerous PR68s.

At the accessible end, PR63–PR64 examples trade in the $100–$200 range — a certified pre-war proof without chasing condition rarity. It’s only above PR67, especially with cameo contrast, that pricing enters a completely different conversation.

This chart plots realized auction prices for the 1940 Proof, illustrating how sharply values diverge once grade crosses the PR67 threshold.

This chart shows the market activity trends for the 1940 Proof Dime over the past year.

 

1940 CAM Dime Value

The CAM designation on a 1940 Proof isn’t something the Mint did on purpose. It’s a die-state accident. Fresh dies, before polishing cycles smoothed their surfaces, occasionally struck coins with enough frosted contrast against mirrored fields to earn the cameo label.

Very few proof Mercury Dimes across the entire series show any real cameo effect. On the 1940 date, the certified CAM population is so thin that each auction appearance is basically its own price discovery event — there’s no traceable trend line. A PR67 CAM sold for $4,313 at Heritage Auctions in 2006, a huge premium over a standard PR67 that typically trades well below that.

I think the 1940 CAM is one of the toughest targets in the entire proof Mercury Dime series for registry set collectors. The price gap between CAM and non-CAM at the same grade tells you everything about how surface designation drives value independent of technical grade.

Given the scarcity of certified examples, every data point on this chart represents a meaningful market event — a record of one of the Mercury Dime series’ most elusive proof designations.

Trading volume for the 1940 Proof CAM has shown a quiet but persistent upward momentum heading into mid-2026 — a pattern worth watching given how rarely certified examples change hands.

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

 

Rare 1940 Dime Error List

Errors on the 1940 Mercury Dime are scarce enough to be genuinely collectible but not so obscure you can’t find them. That’s what makes cherrypicking this date worthwhile.

1. 1940-S DDO/DDR FS-901

This one’s unusual — you get doubling on both sides of the same coin. On the obverse, look for it on LIBERTY and IN GOD WE TRUST. Flip it over and check UNITED STATES OF AMERICA and E PLURIBUS UNUM. The doubling shows up as a spread or shadow effect on letter edges, easiest to spot under 10x magnification.

Both PCGS and NGC officially attribute this variety, which pulls it into the mainstream collector market. Circulated examples typically sell in the $10–$55 range, while mint-state specimens command $60–$500 depending on grade, with Full Bands versions pushing higher. The auction record for this variety stands at $660 for an MS65 example sold at Heritage Auctions in 2021.

2. 1940-S/S RPM FS-501

Back in this era, mint marks were punched into working dies by hand. Sometimes the punch landed twice. The 1940-S/S RPM FS-501 shows the S mint mark repunched, with the secondary impression most visible on the upper and lower curves of the letter.

You’ll need magnification to confirm it — wear can soften the secondary punch on circulated examples. A 1940-S/S RPM in MS65 sold at auction in June 2024 for $216. In Full Bands condition, premiums climb further — the Greysheet value range for the FS-501 FB extends up to $475. This is one of the more accessible 1940 varieties that still offers real upside if you take the time to properly attribute what you find.

3. Off-Center Strike

Off-center strikes happen when the planchet feeds into the collar crooked. You get an asymmetric design with a blank crescent of unstruck silver on one side and a compressed rim on the struck portion.

A 1940 MS62 off-center example sold for $90 in 2014, compared to a typical MS62 value of $8–$11 for a normal strike — a tenfold premium from the error alone. Value scales with the degree of off-centering and whether the date is visible. Strikes in the 10–20% range generally sell for $75–$200; dramatic examples at 50% or more off-center with Full Bands can exceed $300. No visible date? Your premium drops to a fraction of a dated example, no matter how dramatic the shift looks.

 

Where to Sell Your 1940 Dime?

Having established your 1940 dimes’ value, you might be asking where to easily sell them online. I’ve put together a detailed list of recommended platforms, featuring their overviews, benefits, and limitations.

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

 

1940 Dime Market Trend

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

 

FAQ about the 1940 Dime

1. What makes a 1940 Mercury Dime valuable beyond its silver content?

Silver melt sets the floor — currently around $5.00–$6.00 per coin depending on spot price. But the real value drivers are grade, mint mark, and strike quality. A Full Bands designation on the fasces can multiply value several times over a non-FB example at the same grade.

Above MS67, certified survivors get thin fast. One Sheldon point at the top of the scale can mean the difference between a $200 coin and a $2,000 one. Eye appeal, original luster, and the absence of cleaning or post-mint damage all factor into realized prices, especially when two coins share the same technical grade.

2. How do I know if my 1940 dime has Full Bands?

Grab a 10x loupe and look at the horizontal bands binding the fasces at the center of the reverse. Both sets of bands must be fully separated — no blending, merging, or weakness at the midpoint. If they blur together or show any flatness where they cross, it won’t qualify.

PCGS and NGC apply this standard strictly. The distinction isn’t always visible to the naked eye. FB status varies across examples from the same mint and year, since it depends on individual die condition and striking pressure.

3. Why does the Philadelphia issue hold the auction record despite being the most common?

High-volume production at Philadelphia wore dies down faster than at the branch mints. That means sharply struck FB examples are actually rarer from Philly than from Denver or San Francisco. The dies degraded under sustained production pressure, so coins with fully separated bands represent a smaller fraction of total output.

It’s counterintuitive. The highest-mintage issue produced the fewest top-quality strikes. The $35,250 auction record set in 2019 reflects exactly that reality.

4. Is a 1940 Proof Mercury Dime difficult to find?

Standard proofs in PR64–PR67 are fairly accessible at $100–$500 depending on grade. Above PR67 is where it gets tough — the certified population at PR68 is small, and PR69 survivors are extraordinarily rare. CAM-designated examples add another layer of scarcity entirely.

If you’re new to Mercury Dime proofs, a PR65 or PR66 gives you strong visual appeal at a reasonable price.

5. What is the difference between a 1940 Proof and a 1940 Proof CAM?

Both came from the same proof dies at Philadelphia with the same mirror-bright fields. The difference is timing. CAM examples were struck at the very beginning of a die’s life, when device surfaces still had their original frost. That frost against mirrored fields — Liberty’s portrait appearing white and sculptural against a deeply reflective background — earns the Cameo designation.

The frost wore off quickly as dies were used and re-polished. That’s why the vast majority of 1940 proof survivors show fully reflective devices with no cameo contrast. The premium for a genuine CAM on this date is substantial and backed by the certified population data.

6. Does the mint mark significantly affect value on circulated 1940 dimes?

In heavily worn grades — Good through Fine — all three mint marks trade at roughly the same level near silver melt. A dollar or two difference at most. The mint mark premium kicks in at gem uncirculated territory, especially above MS66, where strike quality and certified population differences start driving real price gaps.

San Francisco tends to outperform Denver at equivalent high grades due to better average strike quality. Philadelphia commands its own premium specifically in FB examples — for reasons that are the opposite of what you’d expect.

7. What should I look for when buying a 1940-S Mercury Dime for my collection?

The 1940-S is known for above-average strikes, so prioritize strong original luster, minimal bag marks on Liberty’s cheek and the open reverse fields, and sharp device detail throughout. In MS67 and above, FB certification adds meaningful value and narrows the field — San Francisco produces some of the series’ most competitive FB examples at that level.

Working with a tighter budget? A solid MS65 or MS66 with strong eye appeal and original surfaces represents excellent long-term value. Avoid coins with dull, hazy luster or any evidence of cleaning — those characteristics crush realized prices regardless of technical grade.

8. Are 1940 Mercury Dime errors worth getting professionally graded?

For attributed varieties like the DDO/DDR FS-901 or the S/S RPM FS-501, absolutely. Official attribution by PCGS or NGC expands your buyer pool, gets the coin into population reports, and makes auction results far more predictable than selling raw.

For off-center strikes, slabbing adds credibility and protects against disputes over cleaning or post-mint damage. The grading fee is generally recovered many times over on a well-attributed error, especially in uncirculated condition.

9. How has the 1940 Mercury Dime market trended over the past decade?

High-grade FB examples have shown sustained strength, particularly at MS67 and above where certified populations stay thin and registry set competition keeps bidding active. Proof coinage at PR67 and below has held relatively stable.

Top-tier PR68 and PR69 examples draw consistent interest whenever they surface. The CAM designation basically operates outside normal market trends — each auction is a standalone price discovery event. Silver price swings mostly affect circulated examples; gem and proof pricing is largely insulated from spot fluctuations.

10. Is a cleaned 1940 Mercury Dime still worth collecting?

Cleaned coins get details grades from PCGS and NGC instead of numeric grades. That limits resale value, registry set eligibility, and appeal to advanced collectors. A cleaned MS65-level example may trade at a fraction of a problem-free MS63.

We’d recommend holding out for a properly preserved example, especially on this date where meaningful value is concentrated in condition-sensitive grades and FB designation. That said, cleaned circulated examples still carry their silver melt value and work fine if you just want a representative example of the date without investing in a certified gem.