Two 130-year-old coins worth millions could be in your wallet — its history is even more fascinating

Two of the rarest coins in the world may still be out there in someone's rainy-day fund. According to Coinweek and Blanchard & Co, two copies of a 130-year-old dime are still in circulation and estimated to be worth millions. The specific dime is known as the 1894-S Barber Dime, an extremely rare series that had only 24 coins minted. Today, only nine coins are known to exist with two unaccounted for, according to Heritage Auctions.

What makes the 1894-S Barber dime so special?

In a press release, Heritage stated that the 1894-S Barber dime is a "classic rarity in American coinage". It is one of the "Big Three numismatic rarities" alongside the 1804 dollar and the 1913 Liberty nickel. 

While the fact that only 24 such coins were minted, makes the dimes precious, its layered history further pushes them into the special category. Reports claim that the San Francisco mint made millions of such dimes, and it is estimated that nearly all of them were melted during the 1893 financial crisis. 

In a Coinappraiser report, numismatist and author Kevin Flynn suggests that about 24 such coins remained out of which only 15-16 went into circulation. Rumor has it that the Superintendent of the San Francisco mint at the time, John Dagget, gave some of the coins to his banker friends and staff. He also handed three coins to his daughter. However, the child reportedly spent one of the dimes to buy ice cream and kept the other two which were later sold to collectors.  

Today, only nine of them are known to exist, and several of these have been auctioned off to prominent collectors for millions of dollars. Heritage Auctions suggest that all of the nine coins but two are accounted for. Thus, the pair of multi-million dollar coins could still be floating around in American pockets, or lying in someone's rainy day fund. Heritage has also announced a $10,000 reward to anyone who provides information on the unaccounted 1834-S dimes.

History of auctions

The first recorded numismatic sale of the dime took place in 1933. According to Certified Coin Consultants, in the late 1990s, an 1894 S-Barber dime sold for $825,000. The report suggests that another such coin was sold for $1,035,000 in 2005 and two more went for  $1.3 million and $1.9 million in 2005 and 2007, respectively.

In 2016, CNN reported another auction of an 1834-S dime, where an anonymous buyer paid $1.99 million. The latest sale of the coins was reported by Fox News in 2019, when the coin sold for $1.32 million, including the buyer’s commission.

What to do if someone finds an 1834-S dime? 

In case someone comes across a rare set of dimes, they should take it to an expert or numismatist to verify their authenticity and value. 

In the next step, an appraiser should be consulted for the grading of the rare coin before heading into an auction. This may be the best way to ensure that the finder gets the right and the best value for the coin or coins, according to B98.5.