Grading Mercury Dimes is a process in which technical distinctions on an already small 17.9 mm diameter coin can exert considerable market impact. Collectors aiming for registry eligibility should understand the designations used by leading grading services, such as PCGS and NGC, and consult price guides if a deal seems too good to be true.
The Mercury Dime’s Design Features
The Mercury dime, officially named the Winged Liberty Head dime, was minted from 1916 to 1945. Its obverse depicts Liberty in a winged cap, symbolizing free thought. The reverse displays a fasces (bundle of rods) signifying strength, flanked by olive branches for peace. The most important features for grading include:
- Hair above Liberty’s ear: Separation and detail here are important at every grade.
- Wing tips: Should remain sharp and well-defined in high grades.
- Central horizontal bands on the fasces: Their complete, uninterrupted split is required for Full Bands designation.
- Vertical fasces lines: Their clarity helps confirm strike quality and grade.
The Grading Scale and Major Services
PCGS and NGC are two of the most well-known U.S. grading services, and both organizations utilize the Sheldon scale to evaluate technical condition. They assign grades in tamper-evident holders, and while both issue numeric grades, each has distinctive criteria for strike and surface designations that can affect value and set registry use.
Mercury Dime Diagnostic Checklists by Grade
Very Fine (VF)
- Hair above ear: Some strands show, slight merging.
- Wing tips: Present but flattened.
- Central bands: Faintly outlined at best.
- Vertical fasces lines: Present, slight blending.
Extra Fine (XF)
- Hair above ear: Major strands separated.
- Wing tips: Distinct, light wear.
- Central bands: Outlined but rarely fully split.
- Vertical fasces lines: Still sharp, less blending.
About Uncirculated (AU)
- Hair above ear: Fully visible, strong.
- Wing tips: Sharp.
- Central bands: Visible, minor high-point friction.
- Vertical fasces lines: Crisp, full.
Mint State (MS)
- All details are sharp and lustrous.
- Central bands and fasces lines: Must be uninterrupted and well-defined for “Full Bands” consideration.
Full Bands (FB) Criteria: PCGS vs. NGC
PCGS recognizes Full Bands (FB) when the central horizontal bands on the fasces are completely separated, with no breaks, bridges, or interruptions. This award is generally given only for coins graded MS-60 and above, with AU-50 allowed for 1916-D, 1942/1, and 1942/1-D issues due to their rarity. Even a minor connection or abrasion in the bands can prevent this designation.
NGC requires fully split and raised central bands. NGC’s standards for FB can be slightly stricter in geometry, although NGC does not publish AU exceptions for FB.
Eye Appeal and Other Designations
- Plus (+): Both PCGS and NGC may add a “+” to a grade for coins in the upper end of their grade band.
- Star (★): Only NGC applies the “★” symbol, indicating exceptional eye appeal at the assigned grade.
Strike Versus Wear
Mercury dimes, especially from San Francisco and several mid-1920s years, often show weak transitions in the central bands from a poor strike, not wear. Surface luster and color uniformity typically indicate strike weakness; wear is identified by dullness and flattening of high points like the hair and wings.
Varieties and Attributions
Major collectible varieties, including the 1916-D, 1918/7-D, 1942/1 P & D, and the Micro S are recognized by both PCGS and NGC. NGC’s VarietyPlus program attributes more minor repunched mintmarks and die specialties, while PCGS restricts minor attributions unless specifically requested.
Registries, Population Reports, and Holder Effects
PCGS Registry competitions allow only PCGS coins, while NGC Registry sets generally accept both PCGS and NGC holders. PCGS FB coins, especially on scarcer issues, often achieve higher market prices, but resubmissions and double counting mean population and rarity statistics should be interpreted carefully.
Understanding how Mercury dimes are graded demands an understanding of design diagnostics, strike quality, and subtle differences among grading services’ standards. Success in collecting and maximizing value is built on observing both the minute features of the coin and the particular criteria employed by each grading company.
