The 1928-S Mercury Dime is worth anywhere from $3 in heavily circulated condition to over $1,200 in high-grade mint state. Finding this “S” mint mark coin in your change or an old collection is an exciting discovery for any casual collector or curious homeowner.

Condition Grade	Estimated Value (USD)
Good (G-4)	$3.00 – $5.00
Fine (F-12)	$8.00 – $12.00
Extremely Fine (XF-40)	$35.00 – $55.00
Uncirculated (MS-60)	$110.00 – $160.00
Gem Mint (MS-65 FB)	$1,250.00+

Identifying Your 1928-S Silver Winged Liberty Head Dime

If you have just discovered a silver dime dated 1928, the first thing you need to check is the mint mark. To be a 1928-S, you must find a small “S” on the reverse side. This mark is located near the bottom edge, just to the left of the base of the fasces (the bundle of rods).

Identifying the specific details of your coin is the first step toward understanding its worth. Many people use a top coin identifier app to quickly confirm the mint year and origin. The 1928-S was struck at the San Francisco Mint, which famously produced fewer coins than the main Philadelphia facility that year.

The design itself is iconic. Known officially as the Winged Liberty Head, it is often called the “Mercury Dime” because many people mistook Liberty for the Roman god Mercury. The presence of the “S” mint mark makes it a key target for collectors filling out their Mercury Dime albums. If the coin looks shiny and lacks scratches, you might be looking at a significant payday. Using the CoinKnow app can help you scan the image to see if the luster is original or if it has been cleaned, which affects price.

Historical Context and Mintage of the 1928 San Francisco Dime

The San Francisco Mint produced a total of 6,450,000 Mercury Dimes in 1928. While six million sounds like a lot, it is actually a relatively low mintage compared to later years in the series. During the late 1920s, the United States was flourishing economically just before the Great Depression, but the San Francisco Mint was notoriously inconsistent with its strike quality.

Because of this inconsistency, finding a 1928-S Mercury Dime with sharp, crisp details is quite difficult. Most coins from this batch were released into general circulation and stayed there for decades. By the time collectors started pulling them out of change in the 1940s and 50s, most were heavily worn with smooth surfaces.

Today, the scarcity of well-preserved examples drives the current 1928-S Mercury Dime valuation significantly higher than its silver melt value. While a common silver dime is worth about $2 in raw metal, the 1928-S premium starts showing immediately even in lower grades.

How Grading Affects the 1928-S Mercury Dime Price

Condition is everything in the world of numismatics. Coins are graded on a scale from 1 to 70. A coin graded “Good 4” will show heavy wear, with only the outlines of Liberty’s head and the fasces visible. In contrast, a “Mint State” coin (MS) looks like it just came off the press, with no signs of wear from handling.

For the 1928-S, there is a massive jump in price once you reach the “Extremely Fine” or “About Uncirculated” levels. Many collectors look for the “Full Bands” (FB) designation. This refers to the horizontal bands on the fasces on the reverse. If the bands are fully separated and sharp, the coin’s value can triple or quadruple instantly.

Grade Designation	Approximate Market Value
Very Good (VG-8)	$5.50
Very Fine (VF-20)	$15.00
About Uncirculated (AU-50)	$75.00
MS-63	$185.00
MS-65 Full Bands	$1,600.00+

Determining whether your coin is an MS-63 or an AU-58 can be tough for the naked eye. This is where CoinKnow helps by providing high-resolution references to compare your coin against. Professional grading by services like PCGS or NGC is usually recommended only for coins that appear to be in Mint State.

The “Full Bands” Rarity in 1928-S Dimes

In the Mercury Dime series, those who hunt for the highest quality look for “Full Bands.” This refers to the horizontal ties that bind the bundle of sticks on the reverse of the coin. On most 1928-S dimes, these bands are flat or “mushy” due to poor striking pressure at the San Francisco Mint.

A 1928-S with Full Bands (FB) is considered a major find. The market for these is very competitive. For example, a standard MS-64 1928-S might sell for around $250, but the 1928-S MS64 Full Bands auction record can reach much higher figures.

If you look at the middle of the reverse and see two distinct, rounded lines across the center of the bundle with a clear gap between them, you likely have a Full Bands specimen. These are the “holy grail” for 1928 silver dime collectors.

Value Factors: Key Dates and Mint Marks

When researching your 1928-S dime, it is important to compare it to the other mints of that year. In 1928, dimes were produced in Philadelphia (no mint mark) and Denver (“D”). The 1928-S is generally more valuable than the Philadelphia version but comparable to the Denver mint in circulated grades.

However, the San Francisco mint is often the favorite of collectors due to its history of producing coins with beautiful toning (natural coloration). If your 1928-S has developed a rainbow-like sheen of blue or gold over the years, do not clean it! Collectors will pay a massive premium for original, “un-cleaned” toning.

Mint Mark	Mintage Quantity	Scarcity Rank
1928 (P)	19,480,000	Common
1928-D	4,122,000	Scarce
1928-S	6,450,000	Scarce/Key

Before selling, use CoinKnow to check the most recent auction sales for all three mint marks. Market trends can change, and sometimes a specific mint becomes “hot” among collectors, raising the price temporarily.

Summary: What to Do With Your 1928-S Dime

If you have found a 1928-S Mercury Dime, the first rule is: Do not clean it. Cleaning a vintage coin with polish or even soap and water can strip away the original surface and destroy up to 90% of its numismatic value. Even a scratched or dirty coin is worth more in its original state.

Next, determine if the coin is worth sending in for professional grading. If your coin has all its details (feathers in the hair are sharp, the “S” is clear, and the luster is bright), it could be worth several hundred dollars. If it is flat and worn, it is still a great piece of history worth a few dollars—much better than the 10 cents its face value suggests!

Always consult a price guide or an app to get a baseline price before visiting a local coin shop. Most shops will offer you a “wholesale” price, so knowing the “retail” market value helps you negotiate a fair deal for your silver treasure.

FAQ

Q: Where exactly is the “S” mint mark on the 1928 dime?

A: Flip the coin over to the reverse (back) side. Look at the bottom of the coin. To the left of the base of the bundle of sticks (the fasces), you will see a tiny “S”. If there is no letter, it was made in Philadelphia.

Q: Is the 1928-S Mercury Dime made of real silver?

A: Yes, all Mercury Dimes minted from 1916 to 1945 are composed of 90% silver and 10% copper. This gives them an inherent “melt value” regardless of their condition.

Q: What is the most a 1928-S Mercury Dime has ever sold for?

A: High-grade specimens in MS-67 with Full Bands have sold at auction for over $15,000. However, these are extremely rare and typically were never used in circulation.

Q: Can I find a 1928-S dime in my pocket change today?

A: While it is extremely rare, it is possible. Most silver was removed from circulation in the 1960s, but occasionally old collections are spent by people who don’t know their value, or “Coin Roll Hunters” find them in bank rolls.