Dime (United States coin)

The dime is a coin worth ten cents, or one tenth of a United States dollar. The dime is the smallest in diameter and the thinnest of all U.S. coins currently minted for circulation. The 32nd President Franklin D. Roosevelt is featured on the obverse of the current design, while a torch, oak branch, and olive branch covering the motto E pluribus unum are featured on the reverse. Nowhere on the dime is the actual value in cents or dollars stated; the coin is labeled only as "one dime."

Mintage of the dime was commissioned by the Coinage Act of 1792, and production began in 1796. A feminine head representing Liberty was used on the front of the coin, and an eagle was used on the back. The front and back of the dime used these motifs for three different designs through 1837. From 1837 to 1891, "Seated Liberty" dimes were issued, which featured Liberty seated next to a shield. In 1892, a feminine head of Liberty returned to the dime, and it was known as a "Barber dime" (named for coin designer Charles E. Barber). The backs of both of the latter two designs featured the words "ONE DIME" enclosed in various wreaths. In 1916, the head of a winged-capped Liberty was put on the dime and is commonly known by the misnomer of "Mercury dime"; the back featured a fasces. The most recent design change was in 1946.

The composition and diameter of the dime have changed throughout its mintage. Initially the dime was 0.75 inch (19 millimeters) wide, but it was changed to its present size of 0.705 inch (17.91 millimeters) in 1828. The composition (initially 89.24 percent silver and 10.76 percent copper) remained constant until 1837, when it was altered to 90 percent silver and 10 percent copper. Dimes with this composition were minted until 1966, although those minted in 1965 and 1966 bear the date 1964. Beginning in 1965, dimes also began to be minted with a clad composition of cupronickel; this composition is still in use today.

The term dime comes from the French word disme (modern French spelling dîme), meaning "tithe" or "tenth part," from the Latin decima [pars]. This term appeared on early pattern coins, but was not used on any dimes until 1837.

General history

The first known proposal for a decimal-based coinage system in the United States was made in 1783 by Thomas Jefferson, Benjamin Franklin, Alexander Hamilton, and David Rittenhouse. Hamilton, the nation's first Secretary of the Treasury, recommended the issuance of six such coins in 1791, in a report to Congress. Among the six was a silver coin, "which shall be, in weight and value, one tenth part of a silver unit or dollar." His suggested name for the new coin was a "tenth."

The Coinage Act of 1792, passed on April 2, 1792, authorized the mintage of a "disme," one-tenth the silver weight and value of a dollar. The composition of the disme was set at 89.24 percent silver and 10.76 percent copper. In 1792, a limited number of dismes were minted but never circulated. Some of these were struck in copper, indicating that the 1792 dismes were in fact pattern coins. The first dimes minted for circulation did not appear until 1796, due to a lack of demand for the coin and production problems at the United States Mint.

The original dime, now referred to as the Draped Bust dime, contained no markings to indicate the coin's value. This continued until the issuance of the Capped Bust dime in 1809. The Capped Bust dime bore a "10 C." mark on its reverse. The mintage of the dime during the Draped Bust/Capped Bust period was not regular—the Draped Bust was not minted in 1799 or 1806, while in the period from 1809 to 1820, the Capped Bust was minted only in 1809, 1811, 1814, and 1820. The dime has been minted nearly every year since 1827, although some years have seen extremely limited mintage figures.

In 1837, the dime was altered to incorporate the Seated Liberty design, which had debuted the previous year with the dollar coin. In addition, changes to the dime's diameter and silver content were made. The Seated Liberty dime was minted for 54 years, the longest stretch for any design until the Roosevelt dime reached its 55th year in 2001.

In 1892 the Barber dime debuted, and it lasted until 1916. Of the Barber dime series, the 1894-S is particularly notable; only 24 examples are known to have been struck, of which only nine are known to still exist. One such example sold for US$1.3 million at an auction on March 7, 2005, the most ever paid for a dime in auction.

The Barber dime design was replaced in 1916 by the Winged Liberty Head design, more commonly referred to as the Mercury dime. The figure on the coin's obverse is often thought to be the Roman god Mercury, but is in fact a depiction of Liberty (all other dimes except the Roosevelt dime feature an image of Liberty as well). The Mercury dime is considered to be one of the most visually appealing of all U.S. coins, and is highly sought after by collectors.

The Mercury dime was replaced in 1946 by the Roosevelt dime, designed in honor of President Franklin D. Roosevelt, who died in April 1945. Although other coins were eligible for an updated design (the design of any coin may be changed without Congressional approval after 25 years), the dime was chosen due to Roosevelt's work in founding the National Foundation for Infantile Paralysis, even then unofficially known as the March of Dimes, a name it later officially adopted. Although the dime has not undergone any major design changes since its introduction, its composition changed significantly in 1965. The Coinage Act of 1965 removed the silver content from the dime (as well as the quarter and, in 1971, the half dollar), and replaced it with a clad composition of 75 percent copper and 25 percent nickel. Dimes with the silver composition were minted in 1965 and 1966 but bore the date 1964 to increase mintage figures and prevent hoarding of it. The clad Roosevelt dime is currently in circulation, and no major design changes are planned. An attempt was made by Congressional Republicans in 2003 to replace Roosevelt's image with that of President Ronald Reagan, but this was short-lived.

The reeded edge on the modern dime is a holdover from earlier designs. The reeding was placed on gold and silver coins to discourage counterfeiting and fraudulent use, such as filing down the edges to collect the dust for profit. Currently, none of the coins produced for circulation contain precious metals. However, the continued use of reeded edges on current circulating coinage of larger denominations is useful to the visually impaired. The edge of a modern dime has 118 ridges.

Design history

Since its introduction in 1796, the dime has been issued in six different major types. The name for each type indicates the design on the coin's obverse, the Barber dime excepted.

    * Draped Bust 1796–1807
    * Capped Bust 1809–1837
    * Seated Liberty 1837–1891
    * Barber 1892–1916
    * Winged Liberty Head (Mercury) 1916–1945
    * Roosevelt 1946–present

From 1796 to 1837, dimes were composed of 89.24 percent silver and 10.76 percent copper, the value of which required the coins to be very small to prevent their intrinsic value being worth more than face value. The composition was altered slightly in 1837 with the introduction of the Seated Liberty dime; the silver content was increased to 90 percent, while the copper content was reduced to 10 percent. To maintain the intrinsic value of the new dime, its diameter was reduced from 18.8 millimeters (0.740 inch) to its current figure of 17.9 millimeters (0.705 inch).

With the passage of the Coinage Act of 1965, the dime's silver content was removed. Dimes from 1965 to the present are composed of 75 percent copper and 25 percent nickel. Starting in 1992, the U.S. Mint began issuing Silver Proof Sets annually, which contain dimes composed of the pre-1965 standard of 90 percent silver and 10 percent copper. These sets are intended solely for collectors, and are not meant for general circulation.