1938-S

San Francisco struck 8,090,000 Mercury Dimes in 1938, a mid-tier figure for the series that sits between the scarcer Denver issue and the larger Philadelphia output. The branch mint produced these coins for West Coast circulation, where they paid for everything from coffee to bus tickets during a period of cautious economic recovery. Surviving populations skew toward circulated grades because the late-1930s economy kept silver dimes in active commerce for many years. Original rolls did survive, however, and enough Mint State pieces reached collector hands during the silver speculation era of the 1960s and 1970s to make the date approachable for most series builders.

Liberty appears on the obverse wearing her winged Phrygian cap, with the date below and IN GOD WE TRUST to the left. The reverse carries the fasces with an olive branch and the S mintmark to the left of the fasces base. Specifications match the rest of the series at 2.5 grams in 90% silver, 17.9 mm in diameter, and a reeded edge. Strikes on 1938-S are generally better than 1938-D, with Full Bands pieces appearing more regularly. Authenticators verify the S punch style, which on coins of this era is the sans-serif knob-end S used at San Francisco in the late 1930s, and check the central bands on the fasces for the full separation required for the PCGS or NGC Full Bands designation.

Collectors find this date affordable through MS-65 Full Bands, with prices stepping up at MS-66 and above. Heritage Auctions records show consistent demand for premium Gem examples. The 1938-S is a comfortable slot in any Mercury Dime set. Population reports updated regularly by Professional Coin Grading Service and Numismatic Guaranty Company give the best read on conditional scarcity by grade. Roll-quantity finds from estate consignments occasionally bring fresh material to the market, though such groups are increasingly uncommon. For deeper background, see the Mercury Dime series history.