A 1928-S Mercury dime in MS67+ Full Bands sold for $49,937 at auction — while a worn Philadelphia example sits near silver melt at around $4–$8. The difference is mint mark, condition, and whether those horizontal fasces bands are fully separated. This guide shows you exactly how to tell.
Select your mint mark, condition, and any errors to estimate your coin's current market value.
If you're not yet sure of the mint mark or condition on your coin, there's a free 1928 Mercury Dime Coin Value Checker online tool that lets you upload photos and get an AI-assisted estimate without needing to know any numismatic terminology first.
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The Full Bands (FB) designation is the single biggest value multiplier on a 1928 Mercury dime. A coin that qualifies can be worth 3–10× more than one without it in the same numerical grade. Here's how to check.
The table below covers all three mint varieties in both standard and Full Bands strikes across key grades. For a more detailed step-by-step 1928 Mercury dime identification breakdown with additional photo references, check that resource separately. Values reflect current retail estimates based on PCGS and NGC price guides.
| Variety | Worn (G–F) | Circulated (VF–AU) | Uncirculated (MS60–63) | Gem (MS64–67) |
|---|---|---|---|---|
| 1928-P (No Mark) | $4 – $8 | $10 – $40 | $35 – $120 | $200 – $550+ |
| 1928-P Full Bands | — | — | $45 – $180 | $350 – $2,000+ |
| 1928-D (Denver) | $8 – $65 | $65 – $175 | $250 – $600 | $1,000 – $4,250+ |
| ⭐ 1928-D Full Bands | — | — | $450 – $900 | $2,500 – $36,000+ |
| 1928-S (San Francisco) | $4 – $30 | $30 – $100 | $200 – $500 | $525 – $2,100+ |
| 🔥 1928-S Full Bands | — | — | $215 – $600 | $2,750 – $49,937+ |
| 1928-S Large S (FS-501) | $24 – $50 | $50 – $200 | $250 – $600 | $600 – $2,500+ |
⭐ Gold = Signature variety (1928-D Full Bands). 🔥 Red = Record holder (1928-S Full Bands). All values are approximate retail; actual prices depend on eye appeal, toning, and grading service.
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The 1928 Mercury dime was struck during an era of less automated quality control. Several mint-produced varieties and errors survived into collector hands — ranging from a significant named die variety to dramatic striking mistakes. The variety cards below cover each one in detail, ranked by collector impact.
The 1928-S Large S (FS-501) is the most significant named die variety in the entire 1928 Mercury dime series. It is identified by a distinctly oversized "S" mint mark punched into the reverse die — noticeably larger than the standard Small S seen on the vast majority of 1928-S coins. The variety is cataloged in the Fivaz-Stanton system as FS-501 and recognized by both PCGS and NGC.
This variation arose because the Mint used different mint mark punches across production runs. The Large S punch was left over from an earlier era and applied to a subset of 1928-S dies. Visually, the distinction is clear when comparing the two side-by-side: the Large S has broader curves and more substantial serifs, making it readily identifiable under a 10× loupe even on circulated examples.
Collectors who specialize in Mercury dimes actively seek this variety, and it commands a premium at every grade level from Good through superb gem. The Greysheet lists it separately from the standard 1928-S in both standard strikes and Full Bands, with gem-quality Large S Full Bands examples reaching $7,750 or more — a meaningful premium over the standard Small S issue in the same grade.
An off-center strike occurs when the planchet is not properly centered under the dies at the moment of striking, causing part of the design to be missing from the finished coin. The result is a crescent-shaped blank area on one side where metal was not impressed by the die. These errors occurred despite quality control efforts and represent genuine production mistakes that escaped inspection.
The desirability and value of an off-center 1928 dime scales directly with the degree of misalignment. A minor shift of 5–10% adds a modest premium, but the most sought-after examples are those showing 20% or more off-center displacement — especially when the full date remains clearly readable despite the dramatic misalignment. Coins displaced 50% or more with a visible date represent the pinnacle of the type.
Because the Mercury dime is a small coin (17.9mm), even a relatively modest off-center strike is visually dramatic. Collectors prize these as bold examples of die-press error production. Comparables from the Mercury dime series have shown that extreme examples (90%+) with readable dates can reach $5,000 or more at major auctions — the 1928 issue would command similar interest given its silver content and series desirability.
A clipped planchet error arises during the blanking process, when the metal strip that feeds the blanking press fails to advance far enough between punches. The next blank overlaps a previously punched hole, resulting in a coin blank (planchet) with a curved or straight section of metal missing from its edge. This error happens before the coin ever reaches the striking press.
The most diagnostic feature of a genuine curved clip is the Blakesley Effect: the rim on the exact opposite side of the coin from the clip shows unusual weakness or missing detail, because metal flow during striking is disrupted by the missing section. A true Blakesley Effect confirms the clip happened at the blanking stage rather than post-mint damage. On a 1928 Mercury dime, examine the rim detail directly opposite the clipped area with a 10× loupe.
Small clips of 5–10% of the coin's diameter add modest premiums of $50–$125 in circulated grades. Larger, more dramatic curved clips — particularly those covering 20% or more of the rim with a strong Blakesley Effect — attract serious collector interest and command $150–$300 or more. A pristine, uncirculated example with a dramatic clip and a confirmed Blakesley Effect would be an exceptional find worthy of third-party certification.
Lamination errors originate within the planchet itself, before the coin ever reaches the striking press. The 90% silver alloy used for Mercury dimes could develop internal weaknesses from gas bubbles, foreign material inclusions, or improper alloy mixing during the refining process. These internal stresses create weak spots in the metal's crystalline structure, causing layers to separate, flake, or peel — either before striking, during the strike, or sometimes years later.
On a 1928 Mercury dime, lamination defects typically appear as raised bubbles, peeling patches, rough discolored surface areas, or missing chunks where metal has flaked away. The key diagnostic for a genuine lamination — as opposed to post-mint damage from corrosion or environmental exposure — is the appearance of the flaw: genuine laminations show clean, manufacturing-style edges with a consistent metallic appearance, while post-mint damage is irregular and often shows surface oxidation or tool marks.
Minor lamination flaws on Mercury dimes typically add a premium of $15–$40 over base value, while severe examples showing dramatic peeling or large missing surface sections in higher grades can reach $150–$200 or more. The premium is driven by visual impact: a lamination that clearly disrupts a major design element — such as peeling across Liberty's face or the fasces — is more desirable than one tucked in the field. Certification by PCGS or NGC as a "lamination" variety is strongly recommended for high-value examples.
Die breaks occur when a striking die develops stress fractures from the repeated impact of thousands of coin strikes. Metal fatigue causes fragments of the die surface to crack and eventually detach entirely. When a die fragment breaks away, it leaves a void in the die face — and during subsequent strikes, planchet metal flows into that void, creating a raised, featureless area on the finished coin. The most dramatic form is the "cud," where a chunk of die near the rim breaks away completely, leaving a raised blob at the coin's edge.
Interior die cracks are the more common form: raised lines of varying thickness running across the coin's field or design elements. These form as hairline fractures propagate across the die face before pieces break away. On a small coin like the 17.9mm Mercury dime, even a modest interior die crack is easy to spot — a thin raised line that bisects Liberty's face or crosses the fasces is unmistakable under magnification.
Value for die break errors on 1928 Mercury dimes scales directly with the size and placement of the break. Minor interior cracks add minimal premiums of $25–$75. A well-defined rim cud — especially one that covers a significant portion of the rim and is clearly visible to the naked eye — is far more desirable, with premium examples reaching $150–$200 or more depending on the cud's size, location, and the coin's overall grade. Rim cuds are the type of die break error that draws genuine collector attention in specialist communities.
Run it through the calculator — select the error type you found and see how it affects your estimate.
Calculate Error Value →Three U.S. Mint facilities struck the 1928 Mercury dime. Philadelphia dominated production, while Denver and San Francisco contributed far smaller totals — a disparity that directly shapes the relative scarcity and collector premiums seen today.
| Mint | Mint Mark | Mintage | Est. Survivors (Uncirculated) | Survival Rate |
|---|---|---|---|---|
| Philadelphia | None | 19,480,000 | ~5,000 | 0.026% |
| Denver | D | 4,161,000 | ~4,000 | 0.096% |
| San Francisco | S | 7,400,000 | ~7,000 | 0.095% |
| Total | — | 31,041,000 | ~16,000 | 0.052% avg |
Note: Despite Philadelphia's overwhelming mintage lead, its estimated uncirculated survivor count yields the lowest survival rate of the three mints — Philadelphia coins circulated heavily and were melted in large numbers. Denver's higher survival rate reflects more careful handling by early collectors who recognized its lower original production.
Grading a Mercury dime requires careful examination of Liberty's hair detail on the obverse and the fasces bands on the reverse. Condition determines whether your coin is worth $4 or $4,000.
Liberty's hair detail is largely gone and the wing shows no internal feather lines. The fasces on the reverse is a flat outline with horizontal bands fully merged. Rim may touch letter tops. Worth primarily for silver content — $4 to $65 depending on mint. The 1928-D commands a solid premium even in this grade.
VF shows most hair strands, wing feathers visible in rows, and vertical fasces lines visible. AU shows trace wear only on Liberty's cheek, wing midpoint, and the central bands. Some mint luster may remain in protected areas. Values range from $10 (Philadelphia VF) to $175 (Denver AU).
No wear present — full mint luster covers all surfaces. Moderate bag marks or contact marks visible without magnification on fields and devices. The central bands are intact but may not be fully separated. Values start at $35 (Philadelphia MS60) and reach $600 (Denver MS63).
Near-perfect luster with minimal contact marks. Above-average to exceptional eye appeal. MS64–MS65 coins are highly collectible; MS66–MS67 are genuinely rare for branch-mint 1928 issues. Full Bands at this tier adds a major premium. A Denver MS67 can exceed $4,000; a San Francisco MS67+FB is the series auction record holder.
For 1928 branch-mint dimes especially, always evaluate the central horizontal bands before quoting a value for an uncirculated coin. The 1928-D and 1928-S were struck with notoriously weak pressure, making true Full Bands specimens extremely hard to find at gem grades. A 1928-S MS65 without FB is worth around $525; the same coin with the FB designation jumps to $2,750 or more. Use a quality 10× loupe and strong raking light to assess band separation accurately.
🔬 CoinHix can cross-check your condition assessment against similar graded examples in its database — a coin identifier and value app.
The right venue depends on your coin's grade, whether it's certified, and how quickly you want to sell. Here's an honest breakdown of your four best options.
The top venue for certified, high-grade 1928 Mercury dimes — especially those with Full Bands designations or the Large S variety. Heritage reaches the deepest pool of specialist collectors willing to pay full retail. Seller's fees apply (typically 10–15% of hammer price). Best for coins worth $500 or more where maximizing the realized price justifies the auction timeline and fees.
The largest marketplace for all grades and mint marks. Review recently sold 1928 Mercury dime prices and completed listings before setting your asking price — sold comps are far more informative than active listings. eBay works well for circulated examples, raw uncirculated coins, and certified coins in grades where Heritage would charge disproportionate fees. Use auction format for error coins to let competitive bidding determine fair market value.
Quick, convenient, and cash-in-hand. Local dealers will typically offer 40–60% of retail value, which is appropriate for their business model. Best for lower-grade circulated examples where the spread between wholesale and retail is manageable. Bring comparable eBay sold listings to your appointment so you can negotiate from a position of knowledge rather than accepting the first offer.
A surprisingly effective marketplace for mid-grade coins where dealer overhead makes traditional channels less economical. Transactions are peer-to-peer, fees are minimal, and the collector community is genuinely knowledgeable. Certified coins sell well here. Best for coins in the $20–$300 range where eBay fees (12–15% combined) would significantly cut into the proceeds. Seller reputation matters — build it before listing high-value pieces.
For any 1928-D or 1928-S that appears uncirculated, professional grading from PCGS or NGC is strongly recommended. A raw (ungraded) MS65 1928-D might sell for $700–$900; the same coin in a PCGS MS65 holder commands $1,000+. The grading fee ($30–$80 for most services) is easily recouped on coins worth several hundred dollars or more. The Full Bands designation, in particular, must be awarded by a grading service — you cannot sell an "FB" coin without a graded holder and expect buyers to accept your self-attribution.
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