None Worse For The Wear: Those Elusive Semi-Key Barber Dimes Anthony F. Bevilacqua Walter Breen had this to say of the barber dime series by Charles Barber: “…Barber must have been feeling exceptionally lazy [when designing the coin]…The series is most notable for stereotypy… “ in his book The Complete Encyclopedia of U.S. and Colonial Coins. He was not particularly inspired by the coins, but since he was by no means the only authority on beauty and barber dimes as a whole have been on the upward trends of value gains, I feel it is time to revisit the series. Besides that, I've made barber dimes my pet project being as how I really love them the most of all dimes. I don't know why I love them most, but there is just something about them, not to mention the thrill of the hunt when trying to build a nice set in F or above; we’ll look at barber dimes and to try and pick the best semi-key coins for a collection. As my pocket book, like most collectors, is limited I will dispatch with discussing various hard to find MS-65 coins that run into the thousands of dollars, instead focusing on what one can reasonably purchase for less than $200 in most cases. When looking at barber dimes, as a series, which ran from 1892 to 1916 and encompasses 75 pieces, many people tend to go straight for the gusto, right for that 1894-S. I mean, who wouldn’t with there being a few great stories behind it, a low, low official mintage of 24 pieces, and a price tag extraordinaire. But with that, they’re overlooking the series as a whole. A series that, in my opinion, has a lot to offer once you look past the one unobtainable piece in the series and the one key date coin, the 1895-O. What we need to focus on are low mintage semi-key dates. Once you’ve excluded the above mentioned coins, one can compile a list 73 coins long; wanting to pare that down a bit we’ll narrow it down to coins with a mintage of less than 2 million. Going in that direction we’ve gotten 20 coins, still too many, so we’ll go with coins with a mintage of less than 1 million. Now we’re at 12 coins, but I want to add the 1895-S dime to the mix even, because even though it has a mintage of 1.12 million, it still qualifies as a semi-key based on how it’s priced in most markets. So, with that addition our list now contains the following coins: 1901-S, 1896-S, 1896-O, 1895, 1903-S, 1894-O, 1897-O, 1892-S, 1904-S 1895-S, 1913-S, 1909-D, and 1915-S. I’ve arranged them in this way because this is generally the way in which you would like to purchase them, as the price tends to be higher at the beginning of the list in most grades. Now that we’ve got the list put together, I’d like to take a look at the coins on a coin-by-coin basis, but before I do that I want to make one additional point. Most coins have a place where between certain grades the price really jumps, not in an increment of $10, or $20, but where the price of the coins increases by almost 100% or more. When looking at most of the semi-key barber dimes on this list you’ll find that the price jump occurs between VG and F, which is a very dangerous place for a price jump (which I call the price break) to occur depending on how loose or strict your grading is. Some dealers and collectors won’t give a grade of F unless all letters can be seen clearly. This is not proficiently correct grading. Full VG coins have at least three full letters in LIBERTY, usually the LI Y or L TY combinations, however many dealers grade coins with four full letters and several bits of letters as VG, in my estimation coins with four full letters and bits of others are a VG-10 and should command higher prices accordingly, but coins with a full LI and TY and at least a half BER showing are worthy of a F-12 grade. With this in mind once can cherry pick barbers that should be graded F that are in fact graded VG, which could really enhance the value of a collection both monetarily and aesthetically. In this analysis I will use the rarity scale listing provided by Barber Coin Collectors’ Society’s [www.barbercoins.org] 2008 barber dime survey, R1: Common date and grade R2: Better date and grade R3: Tough date – available, but may require some looking R4: Scarce – may or may not find at larger shows/auctions R5: Very scarce – only a few offered for sale each year R6: Almost never seen – only one or two may be offered for sale in a year’s time R7: Rare – a single specimen might, on average, be offered for sale once every few years R8: Unique, or nearly so and I will list the average price jump from VG to F using an average established from several online and publication value listings. The 1901-S has a mintage of 593,022, making it the 4th lowest mintage in the entire series, but the 2nd most expensive coin after the 1895-O. This coin is listed as a R3 in G through F, a R4 in VF, a R5 in XF, but then falls back to a R4 in AU and MS. I have found that for this coin is actually pretty easy to find in G as it is 20th century and for some reason pretty easy to stock. Be prepared to shell out $80 to $90 for a G4 but only around $150 for a VG. The price break on this coin is enormous averaging $205. I purchased mine, a VG-10, in 2006 for $200 and counted myself lucky to have such a nice example. Finding anything above fine will be a challenge. The 1896-S has a mintage of 575,056, making it the 3rd lowest mintage in the series, but just as expensive in G as the 1901-S. The coin is a R3 in G and VG and a R4 in F-XF before going to a R5 in AU then strangely dropping to R4 again for MS. This coin runs a hearty $160 in VG, but has an average price break of $135. I purchased this coin at the same time as a G-6 showing about 25% of an L and most of a Y in LIBERTY along with a better than usual defined eye. A quick note about in between grades, more often than not the in between grade is ignored the G-6, VG-10, F-15, etc. Coins that fall in these grades sometimes make excellent buys as they have more detail than the standard coin grade, but because they aren’t listed in most of the major publications usually sell for a small percentage above the average grade. The 1896-O is next on our list, but always remember, the New Orleans mint is famous for producing weakly or softly struck coins throughout most of its minting career, so watch for that weak strike and don’t confuse it with wear, especially in respect to the BER. The mintage on this coin is 610,000, but again it still costs about the same in G as the previous two coins. A R3 in G and VG going to R4 in F and VF but is a R5 in all other grades. The price break on this coin is $130. This coin will take a bit more searching to find for some reason, but should not take too long. I bought mine, unbeknownst to me at the time for $2 as an AG-3 common 1896 from a bargain bin around 2003/4, it was around a year later I saw the O on it. The 1895 with a mintage of 690,880 is the only Philadelphia minted coin to make my list of semi-keys. It is about the same price, $80, as the coins listed above it, but as a R3 in G goes to a R4 in VG through VF rising to R5 in XF and AU before plunging to a R3 in MS. But even as a R3 who can really afford $750 to $850 for even a MS-60. This coin has a price break of $190 making it one of the more desirable coins to try and find in a half grade or an undergraded F. I bought mine just in 2007 as a full G for $65. The 1903-S with a mintage of 613,300 is a paradox of sorts. It still runs around $80 is G but it is harder than usual to find problem free specimens for your collection. Apparently there was a rash of coin gouging and graffiti artists around 1905 in San Francisco. This coin a R3 in G/VG, R4 in F/VF and R5 in XF/AU, then R4 in MS again only rises in price to around $130 for a VG, but the price break averages a whopping $225, the most of any of the coins on the list. Be prepared to tough out a search on this one as it may take a while for you to find just the right coin. I managed to pick my G4 specimen up for $55 as it has a weak rim. Moving on to the 1894-O we start moving down in price slightly. The coin has a mintage of 720,000 and run you about $70 in G. The coin roller coasters in between R3 and R4. This is one where looking for a VG is paramount because it only makes a $30 jump from G but again the price break averages $102. This coin seems readily available but look for original surfaces when shopping for this coin as old cleanings abound. Mine is a VG that I found in 2007 for a reasonable price. The 1897-O, mintage 666,000 is one coin that will throw you for a loop. It is a $70 coin in G, and runs from R3 in G/VG to R4 in F/VF to R5 in XF/AU dropping again to R3 in MS. But that is not the entire story. This coin is exceedingly hard to find in outside of AG-3 and G-4 while overgraded and problem coins litter the bourses. I have yet to find one that will fit in my collection and have been searching for 2 years now. Well-graded problem free specimens are likely to command a premium even with a price break of $165. Coming down the backstretch we find the 1892-S with a mintage of 990,710. This coin is a R3 in G/VG and a R4 in ALL other grades. This is probably due to the fact that as a first year issue it was saved in higher percentages than later coins. This is also reflected in the prices. A G-4 specimen will run $60-65 and a price break from VG to F is around $87, but running from F to VF only adds another $35. This is a coin you might consider spending more on to find a nice VF. The 1904-S, mintage 800,000 is a great coin that is always in high demand. Once again this coin yoyos between R3 and R4 starts low at around $45. This coin is much easier to find than one would expect in most grades, due to the fact that this is a 20th century issue. The price break on this coin is a much more reasonable $90 and since this issue is easier to come by one can occasionally find them at a discount. However, it has been noted that above XF this coin becomes exceedingly difficult to locate. My VG-8 was purchased at much, much less than the booked $75. The last 19th century issue on the list is the 1895-S it is also the one on the list with the highest mintage at 1.12 million, which is 13th on the list. With such a high mintage the coin makes a very small jump from G to VG and only $70 price break. The coin is listed as R2 in G, R3 in VG-VF, R4 in the rest. This coin is much easier to find than one would expect but unlike the 1904-S, don’t expect any price breaks on this one. I got mine just this year in VF on a trade for a few bucks and some grading work for a friend. Of the last three coins the 1913-S is the most fun. With a mintage of 510,000 it marks the 2nd lowest mintage of the series, but as it is late issue and 20th century it has a very high survival rate. This coin is a R2 in G and MS but a R3 in VG-VF and R4 in XF, R5 in AU. But who cares about the AU if it is so much easier to find in MS. This coin can be purchased for around $35-40 in VG but more than doubles in price running to fine, making the price break about $50. Easy to find, easy to hoard. I recommend purchasing more than one. I currently have 2 nice problem free ones, but am always looking for another. The 1909-D and 1915-S make the list because they have a mintage less than one million, the 09-D with 954,000 and the 15-S with 960,000. They both start as R2 coins in G and never get higher than a R4, which neither of them hit until XF. Additionally both coins are bargains, being readily available, under $10 in G, and neither have a major price break. In fact, the 09-D can currently be had in VF for under $100 and the 15-S in XF for under $75. Great bargains these coins are. As for the rest of the series, each person has his favorites, and I know that there are people out there saying, what about this date or that date. Now I admit, there are other coins out there that are minor keys, but with mintages over 1 mil and low starting prices they are not really suited for this list. There is also the issue of condition rarities, but I’ll save those for another day. On a final note, there are many great early issues in the series I didn’t put on my list, but if you can find a pre 1901 barber dime that is problem free and in fine or above, snap it up because they are getting more and more scarce. But for those with patience, building a set of semi-key barber dimes can be a rewarding experience that can greatly enhance a collection if done carefully.
BQ: Excellent article, thanks. I would note that (strangely) currently the 1903 S is trending for $100 v the 1901 S's $85 (both in Good-4). Having collected these pieces for some time, these prices seem illogical to my eye, and I would, therefore consider the 1901 S underpriced, compared to the 1903 S. Also, currently the 1904 S in G-4 is trended at $50, v the 1913 S at $35.00. Again, this is silly and shows that the 1904 S cain't get no respect. Good luck with the set, it has been a challenge for me for years. :thumb:
To be honest I agree with Breen's assesment... the androngenous man or woman in the smurf hat with the scrawny eagle on the back doesn't strike me as very inspiring, and the fact that he just reused the exact design on the quarter and half does strike me as pretty lazy. I could almost forgive the design as just old-fashioned... but the Morgan dollar is a beautiful design that came out earlier than this, so can't use that excuse. Feed that eagle something! I'm also bigger on collecting by type rather than series most of the time. Just get one each of the best example of each type you can reasonably afford I say... what's the fun of getting several of the same coin where the only difference is the date printed on it? To each their own I suppose. I got my one Barber dime and that'll do it for me.
Well it's a tradition I'm glad they changed! There's no inherent value in tradition for its own sake(not saying it's a bad thing, just not automatically a good thing. Just because it's been done a certain way for a long time does not automatically justify continuing to do it that way.). Speaking of tradition, reminds me of a story one of my professors told me... appropriately enough, he tought a critical thinking class. He was at his wife's family's house for Thanksgiving. His wife was preparing the ham. For some reason, she cut the ends off the ham before putting it in the pan. He asked why, and she just answered "I don't know why... I've always done it that way, it's how my mother taught me to do it. Ask her why." So he asked his mother-in-law why she taught her daughter to cut the ends off the ham. She answered pretty much the same way... "My mother taught me to do that. I don't really know why. Ask her." So he asked his wife's grandmother, she was finally able to shed light on the subject: "When we first came to this country, we didn't have much money yet, so we couldn't afford too much fancy cookware. The only pan we could afford was pretty small... a ham just wouldn't fit in it, so to make it fit, I cut the ends off. Myt husband got a good job, and eventually we got a new house and cookware and such, but I was just in such a habit of cutting the ends off the ham that I just kept doing it... and my daughter picked that up from me, I guess." So there you go, that's how tradition works lol... it starts with a perfectly logical and practical reason, becomes habit, and gets passed on... until people forget why they originally did it in the first place and the original reason no longer applies, but they keep up the practice in the name of tradition!
and the image on the mercury dime appears distinctly female??? Or any of the gold indians, or the indian head cent??? just because the image is classical doesn't make it androgynous. As for the "smurf" cap it is a phrygian cap: a soft, conical cap represented in ancient Greek art as part of Phrygian or oriental dress and associated, since the late 18th and early 19th centuries, with the liberty cap. In addition, no eagle on the back of the dime, a wreath, yes reused from the seated series, but only from 1860 as the wreath prior to 1860 was quite different, also the wreath as it was designed in 1860 was quite nice, so why not reuse it. As for the Morgan dollar...it has had its detractors as well, although I find it just as beautiful as the barber dime
Um, yes they do, at least alot more so than the "female" on the Barber dime, they do. As for the smurf hat, I'm well aware of what it is and what it signfies; I still don't like it. The Morgan dollar works the word "Liberty" into the design and is just as symbolic of Liberty while simutaneaously being more attractive. I'll admit to being mistaken about the dime (the scrawny eagle, Barber only put on the quarter and half dollar, and that is still a seriously ugly eagle). Nothing wrong with the wreath on the dime per se, but it isn't very original... I thought the whole point of a new design is to do something different, so I'm still sticking to Breen's assesment of it being a lazy design. This is all just my subjective opinion of course... I'm not saying anyone is wrong for disagreeing with me, just that they clearly have different tastes than I do. Some love this coin, some hate it, some feel indifferent. I personally think this coin is uninspired and not even up to the abilities Barber demonstrated on other coins... you're free to disagree, and if so, we'll just have to agree to disagree.
Very thorough and thought-provoking post, it gets my post of the day award! Thanks for taking the time...MIke
