Ohio Family Stumbles Upon Rare Coin, Set for Massive Payout After Decades in Hiding

Ohio Family Stumbles Upon Rare Coin, Set for Massive Payout After Decades in Hiding
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The dime that three Ohio sisters acquired, which had been stored in a bank vault for more than 40 years, was known to have some worth. But until a few years ago, they were completely unaware of how much.

Ian Russell, president of GreatCollections, a currency-specializing company, said that the incredibly rare coin, which was minted by the U.S. Mint in San Francisco in 1975, may fetch more than $500,000. The online auction will conclude in October.

The fact that the Franklin D. Roosevelt dime from San Francisco is one of just two known to exist without the mint mark—a missing “S”—makes it extremely precious.

The other one went for $456,000 at an auction in 2019 and was later purchased by a private collector.

Although these two extremely rare dimes have long been known to experienced coin collectors, their whereabouts had been unknown since the late 1970s.

“They were hidden for decades.” Russell stated. “Most major collectors and dealers have never seen one.”

In 1975, the San Francisco mint produced over 2.8 million unique uncirculated “proof” sets, which retailed for $7 and included six pieces. A few years later, collectors found that two of the set’s dimes were lacking their mint marks.

Given their unexpected wealth, the Ohio sisters who received one of those two dimes upon their brother’s recent death wish to remain unknown, according to Russell.

Russell was informed by them that their mother and brother had paid $18,200 (about $90,000 in today’s money) for the first mistake coin found in 1978. The coin served as a safety net for their parents’ finances; they ran a dairy farm.

According to one of the sisters, her brother would frequently discuss the unusual coin. However, she didn’t witness it directly until last year.

Russell’s business is located in Irvine, California. He added that approximately seven years ago, their brother contacted him and eventually informed him about the coin. He also maintained the secrecy.

Russell claims that when he revealed the coin’s likely value to one of the sisters a few years ago, she asked, “Is that really possible?”

Read Also: Million-Dollar Coin Mystery: Dime and Bicentennial Quarter Valued at $2.5 Billion Still in Circulation

The coin, dubbed the “1975 ‘no S’ proof dime,” will now be on exhibit at a coin show in Tampa, Florida, starting on Wednesday, until the auction ends in late October, according to Russell.

Russell stated that although there is a possibility that other rare dime instances exist, they would only be discovered in the 1975 “proof” sets and not in anyone’s pocket change.

However, he anticipates a great deal of searching following this most recent discovery.

Reference

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With more than two years of expertise in news and analysis, Eileen Stewart is a seasoned reporter. Eileen is a respected voice in this field, well-known for her sharp reporting and insightful analysis. Her writing covers a wide range of subjects, from politics to culture and more.