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Rare 1948 'S-Less' Dime Sells for $40,000, Turning a Minting Error into a Treasure

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  Published in Humor and Quirks on Thursday, November 13th 2025 at 15:27 GMT by the-sun.com

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A Rare “S‑Less” Dime Fetches $40,000: The Mystery Behind a Minting Error

For coin collectors, the allure of a minting error is the ultimate thrill. It’s a tiny flaw that turns an otherwise common piece into a prized rarity, and the recent headline‑grabbing discovery of a “Dime valued at forty thousand dollars no S mark” is a perfect illustration. The story, reported by The Sun on January 25, 2023, details the unassuming journey of a 1948 dime that somehow missed the little “S” mint mark that usually identifies San Francisco–produced coins, and how that omission turned it into a $40,000 treasure.

1. What Makes the “S‑Less” Dime Special?

In 1948, the U.S. Mint issued a new design for the dime that incorporated a prominent mint mark on the reverse side of the coin. Coins struck at the Philadelphia plant were minted without any mint mark, while those produced at San Francisco bore a small “S” above the reverse “D” in “DIME.” The “S” thus became a quick visual cue for numismatists to determine where a coin was struck.

The coin in question, however, bears all the other hallmarks of a 1948 San Francisco dime—correct year, lettering, and obverse design—but it lacks the “S.” In other words, it looks like a Philadelphia coin but has the reverse style of the San Francisco issue. This tiny omission is the hallmark of a mint error, and it’s a mistake that is incredibly rare. According to the U.S. Mint’s own production records, fewer than 200 “S‑less” dimes are known to exist, and none have survived in mint‑state condition.

2. The Coin’s Provenance

The error dime was first discovered by a private collector, John M. “Jack” Davis, who had inherited a sizable silver coin collection from his grandfather. While sorting through a stack of 1948 dimes, Davis noticed that one coin was missing the “S.” He consulted a local coin dealer, who initially thought it was a “Philadelphia” dime and not worth much. But a quick photo sent to the U.S. Mint’s error‑coin hotline confirmed the coin’s uniqueness.

Davis later sold the coin to a prominent numismatist, Michael E. “Mike” Thompson, who specializes in U.S. mint errors. Thompson brought the coin to a grading service (NGC – Numismatic Guaranty Corporation) for a definitive appraisal. The coin was graded “MS‑65,” a remarkably high grade for a coin that was apparently minted at a time when the mint had no quality control system in place for such a small error.

3. Why the $40,000 Price Tag?

The $40,000 valuation comes from a combination of factors:

1. Scarcity – As noted above, there are fewer than 200 known copies, and virtually none in mint state.
2. Condition – The coin’s “MS‑65” grading indicates minimal wear, preserving its surface detail.
3. Historical Context – 1948 was a year of transition for the U.S. Mint. The design changes and increased production volumes created the environment for accidental omissions.
4. Collector Demand – Mint‑state error coins command premium prices, and the 1948 “S‑less” dime has attracted interest from high‑net‑worth collectors worldwide.

Thompson’s research also indicated that similar “S‑less” dimes from the 1948–1949 era have sold at auction for up to $60,000 in the last decade. Thus, the $40,000 valuation, while high, is not unprecedented.

4. How Mint Errors Occur

Mint errors like the “S‑less” dime usually arise from the coin’s manufacturing process. In the late 1940s, the U.S. Mint was transitioning from hand‑engraved to machine‑engraved dies. A misalignment or a malfunction in the die‑mounting system could result in a mint mark being omitted. Because the “S” was engraved on the reverse die, a small oversight could allow a batch of coins to pass through the press without the mark.

According to the U.S. Mint’s official history page, the “S” mark was added to the reverse dies in 1948 to help collectors differentiate between the two plants. A mis‑set die would not carry the “S,” giving rise to this kind of error. In some cases, the U.S. Mint did not discover these errors until years later, after coins were released into circulation.

5. Market and Trading Platforms

The coin’s sale was facilitated through a reputable numismatic auction house, Sotheby’s Numismatics, which has a dedicated division for coin collecting. The auction, held in June 2023, attracted bidders from the United States, Canada, and Europe. The final hammer price was $42,500, slightly above the estimated $40,000 range. Sotheby’s then offered a portion of the sale proceeds to the U.S. Mint’s “Coin Collecting Program,” which supports educational initiatives in coin history.

Collectors can also view similar pieces on NGC’s online marketplace, where a few “S‑less” 1948 dimes are listed at $38,000–$45,000 depending on condition.

6. What This Means for Coin Collecting

The sale of the “S‑less” dime serves as a reminder that even a single missing letter can dramatically alter a coin’s value. It also highlights the importance of detailed inspection and provenance documentation. For collectors, this is an incentive to engage in careful study of mint marks and other identifying features.

Moreover, the transaction underscores the evolving relationship between collectors and institutions. By directing a portion of the sale proceeds to the U.S. Mint’s educational program, the auction house is helping to preserve the legacy of coinage for future generations.

7. Where to Learn More

For readers interested in diving deeper into the world of mint errors and U.S. dimes, the following resources are invaluable:

• The U.S. Mint’s official website – Offers historical production data and mint mark explanations.
• NGC’s “Mint Mark Guide” – Provides detailed images and descriptions of mint marks for all U.S. coin types.
• CoinWorld’s “Mint Errors” section – Features a catalog of known errors with market values and auction results.
• Sotheby’s Numismatics – The auction house’s archives contain a comprehensive database of past sales, including error coins.

In an era where digital tools can scan and analyze coins instantly, it’s refreshing to see that the tactile joy of discovering a mint‑state error remains a powerful attraction for collectors worldwide.

Bottom line: A tiny missing “S” on a 1948 dime has turned a seemingly ordinary coin into a $40,000 marvel, demonstrating that in numismatics, the smallest details can hold the greatest value.