1938-D

Denver produced 5,537,000 Mercury Dimes in 1938, making this the lowest-mintage business strike of the late series and a date that collectors single out when building higher-grade sets. The branch mint was running smaller production runs in the late 1930s, and this dime is a direct reflection of that reduced output. Many of these coins saw heavy service through World War II and the postwar years, so well-worn examples are common but high-grade survivors are scarcer than the raw mintage might suggest. Roll hoards from the 1950s and 1960s preserved enough Mint State pieces that the date is collectible, but quality varies widely from coin to coin.

The Weinman design carries Liberty in her winged cap on the obverse and the fasces with olive branch on the reverse, with the D mintmark placed to the left of the fasces base on the reverse, a Mercury Dime convention. The coin weighs 2.5 grams of 90% silver and 10% copper alloy and measures 17.9 mm across with a reeded edge. Strike quality on 1938-D is notoriously inconsistent, and Full Bands examples are genuinely tough to locate. Authenticators inspect the D punch shape, looking for the proper serifed D used in this era, and check the central bands on the fasces for the complete separation needed for the FB designation from PCGS and NGC. Surface preservation around Liberty's cheek and the wing tip should also be evaluated, since bag marks are common.

Prices on 1938-D climb sharply at MS-66 Full Bands, with auction records at Stack's Bowers showing strong results for top-pop coins. Most date collectors settle for a non-FB example and target a Full Bands piece only when budget allows. Buyers should match expected prices against current Heritage Auctions and Stack's Bowers Galleries records before committing to a purchase. The Mercury Dime series history covers the broader context.