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Composition
Silver comprises 90 percent of the coin, leading to much of its value. Mercury dimes also contain 10 percent copper.
Mint Locations
Mercury dimes were struck by U.S. Mints in Denver, Philadelphia and San Francisco, with the mint marks located on the reverse of the coin, to the bottom left of the fasces. Coins minted in Denver and San Francisco are noted by the letters "D" and "S," while coins minted in Philadelphia contain no mint mark. Many more of the dimes were minted in Philadelphia than the other two cities during most years, which means Mercury dimes minted in San Francisco and Denver often carry at least a slight premium in value, according to "Whitman's Red Book."
Conditions
Common grades for Mercury dimes range from gem uncirculated (MS-65) to good (G-4). A gem uncirculated coin is immaculate, with no flaws, and is extremely hard to find. These are usually worth a few hundred dollars. A choice uncirculated dime (MS-63) can contain slight blemishes and tends to be worth about one-half to one-third of the value of MS-65 grades. A Mercury dime that grades very fine (VF-20) can contain some wear on Liberty's wings, but the diagonal bands of the fasces must remain visible. These coins tend to be worth $5 to $10. If only half the sticks of the fasces are discernible, the coin will usually grade very good (VG-8) and be worth about $3 to $6. If the lines of the fasces are completely worn, the coin will tend to grade as good and be worth $1 to $3.
Rarities
The Holy Grail of Mercury dimes for numismatists is the 1916 Denver coin, of which only about 264,000 were minted. This coin can be worth more than $30,000 in MS-65 condition and $1,000 in G-4 shape. Another popular Mercury dime is the 1942 coin, which was was originally struck with the wrong year and contains the digit "2" over the digit "1" in the last number of the date. The mintage of this error is a mystery. MS-65 coins can fetch at least $15,000 while those in VF-20 grades can sell for more than $800.
Fun Fact
The coin is actually misnamed. People began calling it the Mercury dime because they thought the character depicted on the front represented the Roman god of war when in fact it was intended to be Liberty with a winged cap.