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Happy Fourth of July from My Family to Yours

Sat, 04 Jul 2026 00:00:00 EST

Dear Fellow American,

As we celebrate our nation's 250th birthday today, I want to take a moment to express my sincere gratitude to you.

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Money Metals CEO Stefan Gleason

On behalf of everyone at Money Metals, thank you for your trust, your business, and your friendship.

It is a privilege we never take for granted.

This Fourth of July reminds us that our nation's greatest strength has always been its people—free men and women willing to work hard, think independently, and take responsibility for their own futures.

Those same values have guided Money Metals since my brother Mike, my brother-in-law Clint, and I founded the company sixteen years ago.

We didn't set out simply to build another precious metals business. We wanted to build a company worthy of your trust—one dedicated to honest pricing, exceptional service, customer education, and the timeless principles of sound money.

Every decision we've made has been guided by those ideals, and we're humbled that over one million Americans have chosen to make Money Metals part of their own financial journey.

Independence Day is also a fitting reminder that freedom extends beyond our political institutions. Financial independence matters too. The ability to save, invest, and protect your family's purchasing power has always been essential to preserving personal liberty.

Our Founding Fathers understood that truth well. They believed economic freedom and political freedom were deeply connected, and many of them viewed honest, reliable money as one of the cornerstones of a prosperous republic.

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While the challenges facing our nation today are different from those of 1776, the principles that made America exceptional remain remarkably relevant. I remain optimistic about our country's future because I continue to believe in the ingenuity, resilience, and determination of the American people.

All of us at Money Metals remain committed to earning your confidence every day. We'll continue working to provide outstanding products and service, advocate for sound money policies, and help more Americans protect what they've worked so hard to build.

From my family to yours, I wish you a joyful Fourth of July filled with family, friends, gratitude, and celebration.

Happy Independence Day—and happy 250th birthday, America!

With gratitude,

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Stefan Gleason
President & CEO
Money Metals Exchange

America's Founders Knew Something Huge About Gold... We've Forgotten It

Fri, 03 Jul 2026 00:00:00 EST

Happy 250th Anniversary to America, Happy Fourth of July and welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up don’t miss this week’s interview with Ralph Benko, gold standard advocate, author of The Ten Commandments of Capitalism, co-author of The Capitalist Manifesto and the editor of the 500th Anniversary Edition of Nicolaus Copernicus' book titled https://www.amazon.com/Minting-Money-Nicolaus-Copernicus/dp/0982075642"; target="_blank" rel="noopener">On the Minting of Money.

Mike Maharrey’s guest this week dives into the little-known backstory of Copernicus – most famous for his achievements as a scientist and astronomer – and how he was actually a monetary expert in his day, and proposed solutions to the problems of currency debasement and inflation, which of course are very relevant now some 500 years later.

So, be sure to stick around for that and much more during a wonderfully fascinating interview with Ralph Benko, coming up after this week’s market update. And if you enjoy this material, please do us a favor and like and subscribe to this podcast wherever you consume this content.

Although we've seen a bounce in gold and silver over the last couple of days, the biggest driver behind the recent weakness has been the market's sudden shift in expectations surrounding the Federal Reserve.

Just a few months ago, investors widely expected at least one more interest rate cut this year. Now, following a series of hawkish comments from new Fed Chairman Kevin Warsh, many traders are betting the next move could actually be a rate hike.

Speaking this week at the European Central Bank's annual forum, Warsh left little doubt about where he wants to take monetary policy. He declared that the Federal Reserve remains fully committed to restoring inflation to its 2% target, insisting that anyone expecting the Fed to tolerate higher inflation "will be disappointed."

That tough talk has strengthened the U.S. dollar, pushed bond yields higher, and added more pressure to precious metals, which generally struggle when real interest rates are rising.

The question, however, isn't whether Warsh wants to defeat inflation. It's whether he can.

The Federal Reserve doesn't operate in a vacuum. It must contend with a federal government carrying unprecedented debt, an economy built on years of artificially low interest rates, and financial markets that have grown increasingly dependent on easy money.

That's the dilemma.

If the Fed keeps rates high – or raises them further – it risks exposing the excesses created during nearly two decades of aggressive monetary stimulus. Higher borrowing costs threaten heavily indebted consumers, businesses, commercial real estate, and perhaps most importantly, Washington itself.

On the other hand, if economic growth slows sharply or financial markets stumble, history suggests the Fed will once again face enormous pressure to reverse course.

That's why many long-term precious metals investors remain focused on the bigger picture rather than today's headlines.

As veteran investor Brad Dunkley recently observed, policymakers have repeatedly shown they're unwilling to tolerate prolonged recessions or deep market declines. Instead, they eventually respond with lower interest rates, renewed liquidity, and additional monetary stimulus.

Whether it's the 2008 financial crisis, the pandemic response, or numerous market interventions in between, the pattern has been remarkably consistent.

For now, markets may continue reacting to Warsh's hawkish rhetoric. But the larger structural forces haven't changed. Massive debt burdens and persistent deficit spending continue to favor a long-term environment of monetary debasement and negative real interest rates.

Those are precisely the conditions that have historically supported gold and silver – and they're unlikely to disappear anytime soon.

As for the weekly market action, through Thursday’s close anyway, gold comes in up about 1.1% to check in at $4,135 and looks to end a 4-week losing streak.

Silver, through Thursday, was up nearly $2 an ounce and trades at $61.72.

As for platinum, it checked in at $1,633 as of the U.S. close on Thursday, essentially unchanged on the week. And finally, palladium got a nice bump this week, rising $64 to come in at $1,279.

The market is open until midday U.S. time on Friday with the market observing the 4th holiday a day early here in the States. Money Metals is open for business however until 3:30pm Mountain Time (5:30pm Eastern) on Friday – so give us a call and we’d be happy to assist.

Before we celebrate America's 250th birthday this Fourth of July, it's worth reflecting on one of the Founding Fathers' greatest – and perhaps most overlooked – legacies: their understanding of sound money.

Across the country this weekend, Americans will gather for parades, backyard barbecues, fireworks, and celebrations honoring the Declaration of Independence. We rightly take pride in our nation's remarkable history, its enduring commitment to liberty, and the generations of patriots who built and defended the United States.

But there's one aspect of our founding that deserves more attention today than it often receives.

The men who founded this nation had firsthand experience with the dangers of inflation and paper money.

During the Revolutionary War, the Continental Congress printed enormous quantities of paper currency – known as Continentals – to finance the fight for independence. At first, those notes helped sustain the war effort. But without sufficient backing in gold or silver, and with rampant overprinting and counterfeiting, they rapidly lost value. The collapse was so severe it gave rise to the expression "not worth a Continental."

In his excellent July 4th essay https://www.moneymetals.com/news/2026/07/01/patriotism-shouldnt-apply-to-the-debauched-dollar-005033";>posted at MoneyMetals.com, author Stuart Englert explains how that experience left a lasting impression on America's founders.

George Washington warned that paper money would "ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." Thomas Jefferson called paper currency "the ghost of money," arguing that only gold and silver could serve as honest and dependable money over the long term. James Madison likewise understood that governments inevitably abuse paper currencies and that excessive fiat money drives sound money out of circulation.

Those hard-earned lessons found their way into our nation's founding documents.

Article I, Section 10 of the Constitution, prohibits the states from making anything but gold and silver legal tender for the payment of debts. A few years later, the Coinage Act of 1792 established the U.S. Mint and defined the dollar in terms of a fixed weight of silver and gold.

In other words, sound money wasn't an afterthought. It was woven into the very foundation of the American republic.

Of course, over the past two and a half centuries, America gradually moved away from that system. Today, our economy operates on a purely fiat currency issued by the Federal Reserve – one backed not by precious metals, but by confidence in the government's ability to manage its finances.

Meanwhile, the purchasing power of the dollar has steadily eroded. Inflation has become a permanent feature of modern life, quietly reducing the value of savings and increasing the cost of everything from groceries to housing.

That doesn't diminish America's extraordinary accomplishments or the freedoms we enjoy. Patriotism doesn't require pretending every government policy is wise. In fact, one of the defining characteristics of our republic is the freedom to debate, question, and improve our institutions while remaining deeply proud of our country.

As we celebrate this historic Independence Day, it's fitting to remember that many of the same leaders who secured America's political freedom also believed economic freedom depended upon honest money – money that couldn't simply be created at will.

Whether or not the United States ever returns to a precious-metals monetary standard, the principles that guided the Founding Fathers remain remarkably relevant. Gold and silver continue to serve the same purpose they have for thousands of years: preserving purchasing power through times of inflation, uncertainty, and monetary experimentation.

So, as fireworks light up the sky this Fourth of July and Americans commemorate 250 years of independence, it's worth remembering that the founders gave us more than a nation founded on liberty. They also left us timeless lessons about financial responsibility, sound money, and the importance of protecting the value of our hard-earned wealth.

Well now, without further delay, and for a little more history on this subject, and how the understanding of the importance of sound money predates even America’s founders, let’s get right to this week’s exclusive interview.

Mike Maharrey: Greetings, I'm Mike Maharrey and I'm joined today by Ralph Benko. He is the author of 10 Commandments of Capitalism and the editor of the 500th anniversary edition of Nicholas Copernicus' On Minting Money, which is what we're going to focus on today. How you doing, Ralph?

Ralph Benko: I'm doing fine, but just let me add one element. I'm also the lead co-author of The Capitalist Manifesto, which preceded the 10 Commandments of Capitalism, which was a companion book that went into greater depth of which Commandment Five was prescribing the gold standard.

Mike Maharrey: Gotcha. Sorry, I missed that. I neglected your bio. Bad host.

Ralph Benko: That's okay! If you're running out of things to read, you have wonderful shelves full of very fascinating books behind you and you'd like a copy of the Capitalist Manifesto, shoot me a surface address. I will send you a paper copy, or if you prefer them electronic, be more than happy to provide you with the electronic version.

Mike Maharrey: Awesome. I will do that for sure. Well, what I want to talk about today is the more recently released edited edition and translated of Copernicus's work. And of course, he's probably best known. I always think of him as the space guy. He's the guy that set us straight and taught us that the sun is the center of the solar system, not the earth. I didn't even know, honestly, until I came across your work that he had written anything on money, which is probably a bad show of ignorance on my part, but it is what it is.

Ralph Benko: It's very common. Let me just say, I myself, it was found very enlightening as I began to dig into Copernicus to learn that he wasn't just the guy who put the sun at the center of the solar system. Astronomy was his hobby. He was a senior civil servant. He handled the defense of his city. He handled the administration of his city, and he wrote this very powerful book, short tracked for the king of Prussia saying, "It's catastrophic to debase your currency,” which the King of Prussia totally ignored and in fact catastrophe followed.

Mike Maharrey: Imagine that a government person ignoring good wisdom. So, I'm curious as to what motivated you to take on this project. I'm sure editing a 500-year-old work is no easy task on top of the fact that it had to be translated as well. So I'm curious what motivated you to do this?

Ralph Benko: Well, I'm an original gangster, gold standard kind of guy. My mentor was Lewis E. Lehrman. May he rest in peace and may his memory always be for a blessing. He just passed on about a month or two ago. He was one of Reagan's gold commissioners. He and Ron Paul were the only two pro-gold gold commissioners. And Lewis appointed me as one of the 23 official witnesses before the Reagan Gold Commission based on a paper that I had written in law school about the constitutional history of the gold standard based upon a footnote that I discovered in my commercial paper class and I went to the library. You remember those?

Mike Maharrey: I do.

Ralph Benko: I went to the books, remember those?

Mike Maharrey: Yep.

Ralph Benko: And I discovered that there was an absolutely fascinating historical provenance that was almost forgotten about American monetary policy. And in fact, the flip where the federal government became supreme versus subordinate to the states was a gold standard case named Julliard versus Greenman. And it was the 1970s. We were in stagflation. Jimmy Carter was sitting in the White House and says, nobody knows where inflation comes from. I give him great credit for the craft beer renaissance because he was the one who deregulated beer. He was a great deregulator, the best deregulator ever. Boy was he Dunns when it came to monetary policy.

So I just said, "Hey, there's a rich history here." And I wrote up a memorandum and I sent it to Jack Kemp's economist, John Mueller. And he's told me to send it to several people and actually maybe Jude told me to send it to Mueller. He told me to send it to Lehrman. Lehrman called me up and said, "I've got to talk to you. This memo, Constitutional Gold is great." So I was going to be in New York the next week for US Open. So I swung by to talk to him and he told me he was going to be running for governor, but also he wanted me to be a witness before the Gold Commission. I was one of the two pro - gold witnesses out of the 23. The other one was Alan Reynolds, who was Jude Winisky's chief economist. And that kind of got me hooked and started and I stuck with it.

I published a number of articles in the New York Bar Association Banking Business Incorporation Law Journal and in the Dallas Morning News and whatever. And so I just got hooked on this fascinating and very relevant, if very out of fashion thing called the classical gold standard. And when I tripped across in my perusals, the fact that Copernicus had written this wonderful lucid tract only 17 pages long talking about how catastrophic it is, one of the four big sources of catastrophe, including up there was civil unrest and degradation of the soil. And I forget for the fourth, but he said the basement of the currency, which is not even noticed by most people, which is interesting because Keynes, who is well aware of Copernicus, said the exact same thing in his economic consequences of the piece where he was talking about how depreciating the currency was the surest way to overthrow capitalism.

So, I'm going to stop right there because I probably qualify as a safe and effective remedy for insomnia there, Michael, if the FDA hears about this, but if that gives you the context as to how I came about this, I just tripped across it on the internet and it was nowhere in print

And all of the translations of it were very old. I said, "Well, I have to change this. " And so I worked with my friend Chuck Cadillac about 13, 15 years ago to bring out a new edition, but that has gone out of print and it was only the electronic edition. And when I realized we were coming up on the 500th anniversary of Copernicus's magnificent book, I decided to bring it out in my own boutique edition.

Mike Maharrey: Yeah, it's fantastic work and I'm glad you did it. And it's interesting because we're talking about something that this goes back 500 years. These ideas aren't new and yet we go today and policy is actually 180 degrees different than what Copernicus recommended. I mean, currency debasement is a matter of policy in this day and age.

Ralph Benko: They think that they're being very responsible by only depreciating the value of the dollar by 2% a year when they are on target. I don't remember whether it was Einstein who said that the most powerful force in the universe is compound interest. 2% a year doesn't sound like much, but when you compound that over 20 years, you have reduced the value of your currency by 50%,

Which is in a generation, which is very dramatic. When Nixon under the malign influence of the to be future bankrupt secretary of the treasury, John Connolly, the other guy who Lee Harvey Oswald shot was his treasury secretary and he was an arrogant son of a gun. And he was the one who basically pushed us to close the gold window in August 15th, 1971. Now, everybody at the time, almost old enough to remember, expected us to adjust the value of the dollar from $35 an ounce to probably 42, $43 an ounce. But Nixon got swept up in the Watergate crisis and the impeachment and the resignation. And General Ford was not the brightest bulb at the chandelier. So we never ever got around to refixing the price of gold, the price of the dollar relative to gold because gold does not change in its purchasing power.

It's been incredibly well documented over 5,000 years. In ancient Rome, an ounce of gold would buy you a very fine toga and in 21st century America, an ounce of gold will buy you a very fine Seville grow suit.

Just as another sidebar, it didn't end with Copernicus. When Sir Isaac Newton, you may have heard of him, who saw the apple fall from his mother's apple tree, spent the last 30 years of his life as the master of the royal mint. And as master of the royal mint in 1717, he accidentally invented the international gold standard. He was trying to invent the international silver standard, the pounds sterling, but he missed the adjustment by just a few pence. And that evolved very, very shortly thereafter into becoming the official monetary policy of the world, except France. The same year that Sir Isaac invented the gold standard, a scoundrel named John Law put France on the paper standard and caused a massive inflation, a destruction of the French finances, a destruction of the fortunes of many people, including his own. So to me, it's just odd that we had a monetary system that led to 200 years of wonderful economic growth with zero inflation. :

It would go up by a few cents. It would go up by a percentage over a few years and it would go down by a percent or two. So there were these longitudinal waves, but inflation was unknown except in times of war,

Whereas the paper standard has always and forever led to great losses of public welfare. And why that is not taught in every high school and every college economics course, I'm just not sure I have a theory, but I don't know if you want to hear it.

Mike Maharrey: I have a theory. I'll tell you my theory that paper money empowers governments. It allows governments to expand and grow and do much more than they could under a sound money system. And so it's a benefit to the government, even though in the long term it's destructive. Politicians are short-term thinkers, their next horizon is the next election. And so it just kind of goes from there. That's how I see it anyway. What do you think?

Ralph Benko: There's a lot of merit to what you say, but don't sugarcoat it, Michael. As a matter of statistical fact, Uncle Sam now spends every three days what it spent cumulatively from 1789 when the federal government was founded until 1900.

Mike Maharrey: That's insane.

Ralph Benko: In other words, it took us 11 years or something like that for the federal government to spend cumulatively, not annually, what it now spends every two to three days. So just to give you some idea of the monstrosity of the scope, that's really a shocking fact and that they don't teach that in high school economics or college economics either.

Mike Maharrey: No, they don't. So I'm curious, we have the history, we've seen the results of the collapse of these fiat systems and yet here we are. And I'm curious as to from That's Copernicus’s point of view and from this essay, why does he think that the government is debasing currency? Does he address that at all or is it more just a warning to not do it?

Ralph Benko: It's more just a warning not to do it. He says it just does bad things to everybody in society, particularly working people across the board. And he was too politic, I think, as a senior civil servant to attack the motivations of the royalty, but he pulls no punches in this book in terms of just how catastrophic debasing your currency is. And back then it was gold and silver and what they did was they poured brass and copper. And so the intrinsic value, if you will, or the intrinsic value is a little problematic, but it's good enough for a podcast. It became functionally worthless and less and prices went up. And by the way, this was not by any means the first time this happened. The Roman Empire experienced catastrophic currency debasement and the attended wage and price controls under Diocletian and several of the other very prominent emperors.

So, the depreciating currency, you were absolutely right, provides certain unfair advantages to the ruling class while it destitutes or at least depreciates the welfare of us working stiffs.

Mike Maharrey: Yeah, absolutely. So, you mentioned that this was written in the context of Prussia. Can you give a little bit of historical background on what was going on? What exactly specifically was Copernicus addressing?

Ralph Benko: Yeah, he was asked to... He was a very respected polymath. Although just as an aside, he was buried in unmarked grave. We only found his remains about 10 years ago. They finally put up a marker to him. Well, he was a church warden and they buried them under the floor of the cathedral. They didn't bother to put up markers. And Copernicus was a humble fellow. He was not self-aggrandizing. I don't know whether he would've ever succeeded in getting Heliocentricity adopted if they had social media back then.

Mike Maharrey: No doubt.

Ralph Benko: He was asked to make an assessment by the court as to what their monetary policy should be and being a man of great integrity, he gave it to him straight. So, the answer was, as best as I can tell, that he was asked what the facts were and to make an analysis of the facts. He studied the facts very assiduously. He was very, very much a pragmatist, not a romantic. And he wrote up this report, which then essentially got ignored and got basically lost to the world for almost 500 years.

Mike Maharrey: Fascinating, fascinating. So, a skeptic would say to you, Ralph, this is great, but it's 500 years old. We're modern people and we have modern systems. Why does this even matter? We're beyond all of this. How would you respond to that kind of criticism?

Ralph Benko: Well, let me just say this about that. We are now following the monetary policy of William Jennings Bryan, who is well known for prosecuting John Scopes for teaching evolution in the public schools. That's how he's mostly remembered because of inherit the wind. Why we are following... And he's also remembered for his great line that shall not press down this crown of thorns upon laborers brow, you shall not crucify mankind upon a cross of gold. He was 35 years old, that gave him the presidential nomination. He lost to McKinley who re-implemented the gold standard in 1900 and the economy took off like a rocket. What happened, there's just been a grotesque misunderstanding. We went off the gold standard in the Revolutionary War and had enormous inflation. George Washington wrote some very poignant letters to, I think it was John J saying, "It takes me a wagon load of continental currency, paper currency to buy a wagon load of supplies from other troops." But then after we won the Revolutionary War and created the Constitution of the United States, Alexander Hamilton, who was a very rigorous, highly principled economist, put us on a bimetallic standard, which eventually evolved in practice into the gold standard because you just can't keep gold and silver adjusted.

One will be too high, and one will be too low and the one that's too high will get exported to France or whatever. So, in any case, until Andrew Jackson came along and created the panic of 1830, we had it really well. Now, Jackson was another soft money guy that's not usually talked much about, but it is historical truth.

Then when the Civil War came along, we went to the Greenbacks and that caused the relative price of everything to go up by 50%. And after we won the Civil War or the War of Northern Aggression, if you happen to be a Southerner, then we went into a long deflationary period, which was a mistake. It was very painful to farmers and to industrial workers. In fact, it's well documented now that The Wizard of Oz was a parable of populism, the Prairie Populist movement in the book, Dorothy was wearing silver slippers, not ruby slippers. And on the yellow brick road, Oz Ozie Ounce, she had a long and winding road. My gene at Amherst College was the one who discovered this, Henry Littlefield, he rest in peace and wrote it up. And so, you had the little man behind the curtain, which was the president who was projecting great images.

And then in any case, the post-Civil War deflation caused enormous suffering. That was the cross of gold that Brian was actually legitimately complaining about. If we had redefined the dollar according to the post-Civil War prevailing price level, we would not have had any of that. We could have just resumed. And by the way, as someone much smarter than me once said, the only thing we learned from history is that we never learned from history. So in 1925, I think it was, when Winston Churchill was the chancellor of the ex-chancellor; he put the pound sterling back on the gold standard at pre-war parody, which caused a massive depression through three quarters of a million people out of work and made him into a political pariah for 10 years. He followed the advice of his central banker, Montague Norman, who told him to repeg at pre-war parody and he ignored Maynard Kings' advice to repeg it at the prevailing level.

Then after World War I, there was a conference in Genoa which they decided to slightly not go to the classical gold standard, but go to the gold exchange standard in which the pound Sterling was treated as an official reserve asset because it was convertible into gold,

But it lacked the automatic adjustment mechanism of the classical gold standard. Under the classical gold standard, if the price of gold went up by a penny or two, the monetary authorities would stop printing money and went down by a penny or two, they would start printing money. It was a very elegant system, which Robert Mundell, the father of supply side economics, talks about it at length in his 1999 Nobel Prize acceptance speech called The Reconsideration of the 20th Century. If you haven't read it, there's a treat line in store for you there. But Rueff, Luis Lehrman's mentor, Lewis Lehrman was my mentor, said that the gold exchange standard was a grotesque caricature of the gold standard, but people missed the distinction. And so my parents, God rest their souls, when I asked what caused the Great Depression, they said, "The gold standard." The gold standard had been out of business for a good decade

This fake gold standard, the gold exchange standard was there in its place. So, there really is a very rich history, but there's on fatal flaw and that is the classical gold standard doesn't need PhD economists to work. And so the whole economics profession doesn't particularly like it because it renders them irrelevant, at least when it comes to monetary economics. And so the experts are very hostile to the gold standard because it... And so the people that the politicians go to to say, "What should we do? " Surprise, surprise, you should do what we tell you to do,

Not what the gold standard says. So, in part, I'm trying to resocialize the prestige and the reputation of the gold standard by pointing out Copernicus is great and very easy to read work, by the way, by pointing out Newton's contribution. And Joseph Priestley, who was the father of modern chemistry before he evented oxygen, before that we all had to brief Lagestan was also a big advocate of the gold standard. So it has a very, very profound dignified scientific provenance in ways that macroeconomics, which Hayek indicted as scientism in his Nobel Prize speech simply lacks. And so I'm doing my little bit to try to persuade people like your listeners to call up their congressmen or congresswoman or write letters and say, "Why aren't we restoring the gold standard?" That is the solution proven historically over and over and over again to the affordability crisis. It will get economic growth roaring again and it will stabilize the price of everything.

So, Michael, I'm counting on you to pester your listeners and your devoted followers to actually take action. If they want, they can go to Amazon.com and buy my copy of on the Minting of Money. It's not terribly expensive. They can get a kindle, they can get a paperback, they can get a hardcover if they want to bone up on this a little bit. And preferably buy two copies, my royalties are paltry. So this is not a mercantile sentiment on my part. One to send to their congressmen, one to keep and one to send to their congressmen. The only way that we can set matters to write is if we the people get out of the elect neglect and reject motivation, which is currently what we're doing and use our citizen power, which is enormously powerful. We're the stockholders of this corporation, but if we ignore them and we don't give guidance to our elected representatives, we've got nobody to blame but ourselves.

Mike Maharrey: I'm so glad you said that and I really appreciate the fact that you kind of wrapped up the discussion with a call to action because that is so very important. So consider this audience pestered and we will continue to do so. Okay.

Ralph Benko: Well, I'm pestering you. I'm expecting you to contact your congressperson and send them a copy of Minting of Money. If you're too broke to afford one, I'll send you a complimentary two copies, one for your library and one for your member of Congress.

Mike Maharrey: Well, I can handle the cost and I'm not sure that my Congresswoman has the mental capacity to grasp it, but I'll do my best. We'll try to educate her.

Ralph Benko: Let me tell you, don't denigrate these people, okay? They are where they are because they are really good at reading the room. If they're not hearing from their constituents, they don't care. If they're hearing little flare-ups from their constituents that then go away, or one of the very few hot button issues like gay marriage or abortion or whatever, then if you're not giving them... They're really bright people and if they're hearing responsible, emphatic, but respectful guidance from the folks back home, they will 80% of the time do exactly what you want them to do. So please, they're not morons. They're just heuristically structured to read the room and to do what their voters and their constituent groups want. So I've spent a lot of time on Capitol Hill. I've gotten legislation passed personally without a budget and without any campaign contributions through two Congresses. If you just treat them with respect, but treat them consistently and stop with the elect, neglect, and reject stick, your listeners can go a long way toward putting America back on the right track.

Mike Maharrey: Well, I really appreciate that. I really appreciate that perspective and thank you for the work that you're doing and we will do our best to magnify and extend that. Is there any place else you'd like to send folks... The book is available on Amazon. Is there any place else you'd like to send folks that can follow your work more closely?

Ralph Benko: Well, I was a weekly columnist for Forbes for about eight years and then a weekly columnist for Newsmax for about three years. And I still do occasional freelance stuff, but I'm very preoccupied with my neuromorphic concurrent computer software platform, which is in the process of revolutionizing AI and a bunch of other things. So, I only write occasional columns. So, there's nowhere that they can go that they can reliably find me. But if they want to know more about me, they can go to claude.ai or ChatGPT or Gemini and probably Perplexity and stuff like that. Who is Ralph Benko? It's kind of like, “Who is John Galt,” but advanced into the 21st century and learn more about me. And I'm probably going to regret this, but if they want a free electronic copy of the Copernicus book and they are willing to say, I will call my Congressman, I will follow up.

I will consistently advocate to people in power that they do the right thing, which is restoring the classical gold standard. If they write to me at ralphbenko@gmail.com. If they're willing to make a moral commitment that they will follow through and not just throw their Sabbaths at the TV screen out of frustration, but they will actually contact their congressman and say, "Why aren't we going to the gold standard?" I will send them a free copy, a free electronic copy. I'm very, very busy, if I don't respond immediately, be patient, but I will follow through. Anybody who emails me and asks for a free copy about the minting of money, free electronic copy, I will be sending that to them with They link to Amazon with a request that they give a five star review and maybe even buy an on paper copy.

How's that?

Mike Maharrey: That sounds like a heck of a good deal. Folks should take you up on that. I really do appreciate you taking a little time out of your busy day to talk with me today. It's a great discussion as we head into Independence Day and consider the fact that we have been greatly blessed in this country with a lot of opportunities and a lot more liberty than a lot of people enjoy. We do in fact still have the ability to make a difference within that system. I appreciate that you've given us that reminder today and thank you for the work. So appreciate it. Thank you so much.

Ralph Benko: If I haven't already board you into a stupor, shoot me an email. You've got my email address now. I laid out a complete complex about how 100,000 people, 300,000 would be better, but 100,000 people to activate themselves into local nonpartisan civic leagues to communicate to our members of Congress. Senators are the goalies in the game of politics. I don't care about them. Representatives are the live wires. I will send you a link to my transpartisan review article and you will have the blueprint and maybe you will be the person who saves us from the impending doom.

Very interesting conversation there and I’m so glad we had Mr. Benko on to share his wonderful insights with us about the importance of sound money, a truth – as we’ve discussed quite a bit here today – that has known by many key figures throughout history.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And to check out any of our audio programs, including our second podcast, the Money Metals Midweek Memo, just visit https://www.moneymetals.com/podcasts";>MoneyMetals.com/podcasts or find them wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.

Until next time, this has been Mike Gleason, thanks for listening. And from all of us here at https://www.moneymetals.com/";>Money Metals, we wish you and your family a safe, joyful, and patriotic Independence Day. Happy 250th birthday, America!

July 4, 1776: 13 Free and Independent States

Fri, 03 Jul 2026 00:00:00 EST

On July 4, people all across these United States of America shoot off fireworks, grill meat, and march in patriotic parades to celebrate America's 250th birthday.

July 4, 1776, was "the birth of a nation," or so we are told. But that’s not exactly what happened.

A "nation" implies a single, unified political society. However, when the founding fathers inked their names on the Declaration of Independence, they didn't birth a "nation." In fact, the colonies became 13 sovereign nations in their own right.

What Does the Declaration of Independence Say?

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Most Americans are familiar with the Declaration of Independence – or at least the first few paragraphs. Students learn many of the opening lines in school.

“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

In the first several paragraphs of the Declaration, Thomas Jefferson laid out important foundational principles. After establishing the source of our rights, he asserted that governments derive their “just powers from the consent of the governed.”

He also declared that “whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

Indeed, the Declaration of Independence is a secession document.

Sadly, most people don’t read past these fundamental principles. They set the document aside once they get to the list of grievances against England. But by failing to read to the end, they miss the key truth.

Because while the principles Jefferson articulated create a philosophical foundation for Independence, they didn’t actually do anything. You don’t get to the operative and binding section of the declaration until the final paragraph.

It is here that we find the colonists had no intention of birthing “a nation.” The Declaration birthed "13 free and independent states."

“We, therefore, the Representatives of the United States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do.” [Emphasis added]

Note that it doesn’t read, "free and independent state" – singular. Jefferson wrote “states” – plural.

The colonies declared their independence from Great Britain as individual sovereign political societies, each with the power to do all things “which independent States may of right do.” In principle, each state existed as a separate nation – think France, Great Britain, Virginia, New York. Great Britain affirmed this at the end of the war, recognizing the 13 sovereign states in the Treaty of Paris and naming them each individually.

A United Confederated Republic

Yes, the colonies were united. They ceded some of their authority (specifically relating to war, trade, and foreign policy) to the federal Congress. However, they never gave up their sovereignty, and they weren't formally united for five years.

You may think I'm nitpicking, but this is a crucial distinction.

Black’s Law Dictionary, a primary legal source in the founding era, described the difference between a nation and a federal republic.

“A national government is a government of the people of a single state or nation, united as a community by what is termed the ‘social compact,’ and possessing complete and perfect supremacy over persons and things, so far as they can be made the lawful objects of civil government. A federal government is distinguished from a national government by its being the government of a community of independent and sovereign states, united by compact.”

Although Alexander Hamilton held strong nationalist convictions, even he conceded the United States were not “one nation” in Federalist #32.

“An entire consolidation of the States into one complete national sovereignty would imply an entire subordination of the parts; and whatever powers might remain in them, would be altogether dependent on the general will. But the plan of the convention aims only at a partial union or consolidation, the State governments would clearly retain all rights of sovereignty which they before had, and which were not, by that act, exclusively delegated to the United States.”

And while the states were united in their act of declaring independence, they never relinquished their sovereign individuality. It wasn’t until the states ratified the Articles of Confederation in 1781 that they were formally united, and even then, the Articles specifically affirmed the sovereignty of the states.

“Each state retains its sovereignty, freedom, and independence, and every power, jurisdiction, and right, which is not by this Confederation expressly delegated to the United States, in Congress assembled.”

So, the "one nation" narrative is a myth. The colonies declared independence as sovereign states. They ratified the Articles of Confederation as sovereign states. And they ratified the Constitution as sovereign states. They never ceded their sovereignty. To this day, the United States are a union of sovereign political societies.

The document we celebrate this week testifies to this truth.

The One Nation Myth: The Root of Centralized Power

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But why does it matter?

Because the "one nation" system is contrary to the founders' vision. Most governance was intended to happen at the local and state levels. James Madison articulated this brilliantly in https://avalon.law.yale.edu/18th_century/fed45.asp"; target="_blank" rel="noopener">Federalist #45.

"The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite. The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected. The powers reserved to the several States will extend to all the objects which, in the ordinary course of affairs, concern the lives, liberties, and properties of the people, and the internal order, improvement, and prosperity of the State. The operations of the federal government will be most extensive and important in times of war and danger; those of the State governments, in times of peace and security."

Today, this system is flipped on its head. Washington, D.C., controls virtually everything, all of the time, and states have been relegated to administrative jurisdictions. Power has been centralized in the "nation's capital," to the extent that the federal government decides what kind of light bulbs you can screw into your fixtures and how much water can flow through your toilet. That is the exact opposite of "powers few and defined."

While the U.S. still isn't technically a nation, it functions as one in practice -- much to our detriment.

When the U.S. was still small compared to today, Thomas Jefferson warned that this kind of centralized power would prove disastrous.

“Our country is too large to have all its affairs directed by a single government. Public servants at such a distance, and from under the eye of their constituents, must, from the circumstance of distance, be unable to administer and overlook all the details necessary for the good government of the citizens; and the same circumstance, by rendering detection impossible to their constituents, will invite public agents to corruption, plunder and waste.”

When you couple a massive centralized government with https://www.moneymetals.com/news/2026/05/26/sound-money-the-enemy-of-big-government-and-a-friend-to-liberty-004939";>a central bank that can create money at will, you end up with the bloated, overbearing, overreaching, liberty-destroying government we have today.

Some food for thought as you enjoy those burgers and hot dogs. Perhaps as we celebrate, we should consider restoring the vision of the founders through decentralization.

What Mercury Dimes Are Worth Money - Rare Key Dates, Mint Errors, and Full Bands - Valuable Silver Dimes and Collector Guide - Money Metals

Thu, 02 Jul 2026 00:00:00 EST

What mercury dimes are worth money? The answer depends on a few crucial factors: silver content, rare dates, mint marks, condition, and valuable mint errors.

Every Mercury dime is worth far more than its face value due to its 90% silver content. That qualifies all of them as junk silver, which can be a valuable investment. However, some Mercury dimes can sell for hundreds or even thousands of dollars.

That makes it a good idea to look closely before you toss old dimes into a junk silver pile or sell them for their melt value. Certain rare Mercury dimes, like the 1916-D or 1921-D, are highly sought by collectors. Full Bands examples command enormous premiums in higher grades, making them valuable Mercury dimes.

In this guide, we’ll break down which Mercury dimes are the most valuable, how to identify rare examples, and what separates ordinary silver dimes from truly collectible coins.

Quick Takeaways

1916-D Mercury dime
1921 Mercury dime
1921-D Mercury dime
1942/41 overdate
Full Bands Mercury dimes
High-grade uncirculated examples

Even common Mercury dimes are worth keeping for their 90% silver content.

Are Mercury Dimes Worth Money?

Every Mercury dime minted between 1916 and 1945 contains 90% silver. Even their most worn iterations have intrinsic bullion value that rises and falls with the silver spot price. That silver content sets them apart from modern clad dimes.

Each Mercury dime contains approximately 0.07234 troy ounces of pure silver. As silver prices climb, the melt value of common-date Mercury dimes increases as well. Many junk silver investors buy these dimes in bulk to gain more exposure to the silver spot price at a low premium.

Silver Spot Price	Approximate Melt Value Per Mercury Dime
$25 per ounce	About $1.80
$30 per ounce	About $2.15
$35 per ounce	About $2.55

However, silver value is not the only appeal to Mercury dimes. Some Mercury dimes are worth substantially more because of certain characteristics, such as:

Low mintages
Scarce mint marks
Minting errors
Exceptional condition

Rare dates like the 1916-D and 1921-D can command hundreds or thousands of dollars depending on grade.

Even common Mercury dimes remain popular among coin collectors. They combine historic appeal and tangible precious metal value. Many collectors enjoy building complete date-and-mint sets, while silver stackers often buy Mercury dimes as “junk silver” for their recognizable silver content and divisibility.

There’s a clear takeaway for investors and collectors. Before you sell any Mercury dimes, check the date, mint mark, and condition. An ordinary-looking coin could turn out to be a tremendously valuable collectible.

What Mercury Dimes Are Worth Money? The Most Valuable to Look For

Even though all Mercury dimes are worth more than their face value, certain iterations can be especially valuable. If you’re sorting through an old collection, these are the Mercury dimes to keep an eye out for:

Date	Mint Mark	Why Valuable	Typical Value Range
1916	D	Lowest mintage in series	$800 to $20,000+
1921	None	Low Philadelphia mintage	$50 to $5,000+
1921	D	Scarce Denver issue	$75 to $7,500+
1926	S	Tough in higher grades	$15 to $3,000+
1931	D	Low mintage semi-key	$10 to $1,500+
1942/41	None or D	Rare overdate error	$500 to $10,000+

1916-D Mercury Dime

This is by far the most valuable Mercury dime. In 1916, the Denver Mint only produced 264,000 of these coins. That makes this issue the lowest-mintage Mercury dime ever produced. Most examples entered circulation immediately, and relatively few survive in collectible condition.

Because demand is so high, even heavily worn Mercuries can sell for hundreds or thousands of dollars. Uncirculated specimens routinely command five-figure prices. That is especially true for coins with strong strike detail and well-preserved surfaces.

Collectors should also be cautious of counterfeits. The 1916-D is one of the most commonly faked Mercury dimes. Counterfeiters typically make these by adding a “D” mink mark to a more common 1916 Philadelphia issue.

The mint mark placement and shape are critical diagnostics for real Mercury 1916-D dimes. These diagnostics can be tricky to evaluate without expertise. For that reason, any potentially valuable example should be authenticated by reliablegrading services like PCGSor NGC.

1921 and 1921-D Mercury Dimes

The 1921 and 1921-D Mercury dimes are also highly valued coins because of their low mintage. Due to the economic slowdown that followed World War I, there was less demand for circulating coinage. As a result, 1921 dimes were minted in much smaller supply.

The Philadelphia issue had a mintage of slightly over 1.2 million coins. In contrast, the Denver version came in with roughly 1 million issues. In context, common Mercury dime issues entered circulation by the tens of millions, making these figures very small by comparison.

Another factor that contributes to these coins’ value is their condition. Most surviving examples of these coins are heavily worn, so sharply detailed dimes are much harder to find. That makes these lustrous examples much more valuable in the numismatic market.

Other Valuable Semi-Key Dates

Several additional Mercury dimes deserve attention even if they are not considered major key dates.

The 1926-S is particularly scarce in higher grades because many examples entered circulation and stayed there for decades. Worn pieces tend to stay relatively affordable. However, sharply struck, uncirculated examples can sell for incredible premiums.

The 1931-D and 1931-S are also important semi-key dates. These coins had lower mintages because of the Great Depression. Many collectors at the time lacked the means to save rolls or bags of these coins. As a result, the number of high-grade survivors in the market today are quite limited.

Another area collectors watch closely is Full Bands Mercury dimes. The coin’s reverse includes horizontal bands in the fasces design. If those bands remain fully separated and keenly detailed, the coin might achieve a Full Bandsdesignation from grading services.

Full Bands examples often command much higher prices because they indicate an exceptionally strong strike. Some otherwise common dates become surprisingly valuable when certified with Full Bands.

Mercury Dime Errors Worth Money

Error Mercury dimes can also carry impressive premiums, especially among advanced collectors.

The most famous is the 1942/41 overdate error, which exists in both Philadelphia and Denver issues. This error occurred when a die meant for 1941 coins got repunched with a 1942 date. That left remnants of the earlier digits visible beneath the final date. Authentic examples remain scarce, but highly collectible.

Collectors also watch closely for doubled die varieties. These coins show noticeable doubling in portions of the design or lettering because of errors during die creation. Strong doubled dies can sell for meaningful premiums, especially on better dates.

The following errors can also be valuable depending on their severity and the eye appeal:

Off-center strikes
Clipped planchets
Broadstrikes

It is worth noting that these minor errors typically get smaller premiums unless they are paired with a scarce date.

Because counterfeit and altered error coins exist, collectors should be careful before purchasing expensive examples raw. Professional authentication is often worth the cost for any Mercury dime that appears unusually valuable.

How to Tell If a Mercury Dime is Valuable

At first glance, most Mercury dimes look nearly identical. This is especially true if some of their finer details have been worn away with circulation. However, small details can mean the difference between a junk silver coin and a rare collectible. Here are some tips to help you tell the difference.

Check the Date and Mint Mark

The first thing to examine is the date and mint mark. Certain combinations of years and mint are much scarcer than others. Key examples include the 1916-D, 1921, and 1921-D Mercury dimes.

On Mercury dimes, the mint mark appears on the reverse side near the bottom left of the fasces design. Coins struck in Denver carry a “D” mint mark. San Francisco issues carry an “S.” Philadelphia coins from this era typically have no mint mark at all.

Collectors should pay close attention to those low-mintage dates and semi-key issues. Here’s a list of some of the key issues to look out for:

1916-D
1921
1921-D
1926-S
1931-D
1931-S

Even worn examples of these coins might carry substantial premiums. Sometimes, collectors even prefer worn out looks, as it shows more of the coin’s tangible history.

Look for Full Bands and Errors

Some Mercury dimes are valuable because of strike quality or minting errors rather than rarity alone.

One of the most important designations in the series is “Full Bands.” On the reverse of the coin, the fasces include horizontal bands tied around the center. If those bands remain fully separated and sharply detailed, grading services may award the coin a Full Bands designation.

Collectors should also inspect coins for errors such as:

Doubled dies
Overdates
Off-center strikes
Clipped planchets

One of the most famous examples is the 1942/41 overdate is one of the most valuable Mercury dime errors ever produced.

Using a magnifying glass or jeweler’s loupe can help reveal details that are difficult to spot with the naked eye.

Examine the Coin’s Condition

Condition plays a major role in Mercury dime values. Coins with sharp detail, minimal wear, and original luster almost always command stronger prices.

Look closely at:

Liberty’s hair details
The winged cap
Facial features
The fasces on the reverse

Heavy wear that smooths these areas usually lowers value significantly. On the other hand, coins with crisp details and little circulation damage are more desirable to collectors. Even common dates can become surprisingly valuable in high Mint State grades.

Never Clean a Mercury Dime

One of the biggest mistakes inexperienced collectors make is cleaning old coins. That probably seems counterintuitive. Cleaning a Mercury dime should improve the appearance, which seems like it would improve the value. In reality, cleaning almost always reduces collector value.

Harsh cleaning has several negative effects for coins. It leaves hairline scratches, dulls the original surfaces, and destroys the natural toning collectors prefer. Professional grades can usually spot a cleaned coin at a glance.

So, counterintuitive though it may seem, do not clean a Mercury dime that you suspect to be valuable. Leave it exactly as you found it and find a professional, reputable coin grading service that can evaluate it properly.

Common Mercury Dimes That Are Still Worth Keeping

Not every valuable Mercury dime is a rare key date. In fact, several common Mercury dimes are worth keeping for their silver content. Beyond that, even common dates can be highly popular with collectors.

Most Mercury dimes found today are heavily circulated examples from the 1930s and 1940s. They were minted in large numbers, often several million for each year. As such, they do not tend to command high premiums unless they are in exceptionally good condition. Still, their 90% silver content gives them intrinsic value regardless of their condition.

That silver content has made Mercury dimes a staple of the “junk silver” market for decades. Investors often buy bags of circulated Mercury dimes that add up to at least one troy ounce of silver. In times of economic uncertainty, having small, divisible silver coins with silver spot exposure can be a financial advantage.

Inherited Mercury dime collections are also worth examining carefully before selling. Old collections tend to contain a mixture of ordinary silver dimes along with higher-grade or rare issues. Too often, valuable coins remain unnoticed just because they look worn or tarnished.

Even heavily circulated Mercury dimes still hold appeal because of their historical significance and classic design. The series was minted through both World Wars and the Great Depression, giving these small silver coins a strong connection to American history.

It makes sense to keep common Mercury dimes. They offer silver exposure, there is always collector demand, and the coins are unlikely to ever fall back to their original face value. So, while it may not be the case that every Mercury dime is a hidden gem, very few are actually worthless.

Should You Sell or Hold Mercury Dimes?

Whether you should sell or hold Mercury dimes depends largely on your goals. Some owners prefer to cash in during periods of strong silver prices. Others keep Mercury dimes as long-term collectible assets or tangible stores of wealth.

For investors focused on precious metals, Mercury dimes offer an accessible form of fractional silver. Because each coin contains a small amount of silver, they are easy to trade, recognizable to buyers, and widely trusted in the bullion market.

Collectors often choose to hold Mercury dimes because demand for the series has remained remarkably consistent over time. Key dates, Full Bands example, and attractive uncirculated coins have historically performed well as collector pieces. Truly scarce Mercury dimes are unlikely to become easier to find in the future.

However, sometimes it does make sense to sell your Mercury dimes. Common-date Mercury dimes in heavily worn condition may be worth little more than their silver value, especially if silver prices are elevated. Duplicate coins, damaged examples, or lower-grade pieces may be good candidates for liquidation.

Before you sell, it’s wise to sort your collection carefully. It’s best to evaluate potentially valuable coins separately from more ordinary issues.

To get your coins evaluated, it’s best to send them to:

Coin dealers
Bullion shops
Auctions
Online marketplaces

The best approach is often a balanced one: hold the better pieces and consider selling your more common coins when the market is best situated.

What Mercury Dimes Are Worth Money? Mercury Dime Value Chart

Learning what Mercury dimes are worth money can be tricky on its face. The following value chart shows what some of the most valuable iterations are and how much they can potentially be worth.

Mercury Dime	Category	Why It Is Worth Keeping	Typical Value Range	Highest Reported Auction Value
1916-D	Key Date	Lowest regular-issue mintage in the series	$800 to $20,000+	$204,000 for a PCGS MS-67 FB CAC example
1921	Key Date	Low Philadelphia mintage and strong collector demand	$50 to $5,000+	High-grade Full Bands examples can reach five figures
1921-D	Key Date	Scarce Denver issue, especially in higher grades	$75 to $7,500+	About $50,400 reported for a top Full Bands example
1926-S	Semi-Key Date	Commonly worn, tough in sharp high grades	$15 to $3,000+	$5,906.25 reported by GreatCollections
1931-D	Semi-Key Date	Lower Depression-era mintage	$10 to $1,500+	Top certified Full Bands coins bring the strongest premiums
1931-S	Semi-Key Date	Better date with scarce Full Bands examples	$10 to $1,500+	High-grade Full Bands examples are especially desirable
1942/41	Error / Overdate	Famous overdate variety with strong collector demand	$500 to $10,000+	$120,000 reported for a top PCGS MS66FB example
1945-S Micro S	Variety	Recognized mint mark variety	$10 to $1,000+	Specialist varieties can sell for significant premiums
Common 1930s–1940s Dates	Common Silver Dates	Worth keeping for 90% silver content	Usually melt value to modest collector premium	Exceptional Full Bands registry coins can far exceed common-date values

Use this chart as a sorting guide, not a guaranteed price sheet. The actual value of your coin depends on the silver spot price, the coin’s grade, its attractiveness, Full Bands detail, and whether the coin has been cleaned or damaged.

Frequently Asked Questions About Valuable Mercury Dimes

Yes. Every Mercury dime contains 90% silver, giving it worth above its face value. These coins grant exposure to the silver spot price, and when bought in large quantities, can help you gain a troy ounce of silver for low premiums.

The rarest Mercury dime is generally considered to be the 1916-D Mercury dime. Only 264,000 coins were minted by the Denver Mint that year, making it the lowest produced Mercury dime to enter circulation.

Worn Mercury dimes certainly can be valuable. Wear does not remove the silver content in a coin, so it can still hold value as a junk silver commodity. However, even in the numismatic market, worn Mercury dimes can be valuable depending on the severity of the wear and other features like its year and mint mark.

A Mercury dime contains 0.07234 troy ounces of silver. Fourteen of these dimes is equivalent to roughly one troy ounce of silver.

Many Mercury dime errors can be worth money, especially if they have minimal wear. However, the most valuable error is the 1942/41 die, created when a 1941 die was repunched with a 1942 date.

Final Thoughts on What Mercury Dimes Are Worth Money

Learning what Mercury dimes are worth money becomes easier when you know the most valuable issues. Certain dates, mint marks, errors, and Full Bands examples can be incredibly valuable in the numismatic market and earn you a substantial profit.

However, even common dates can be worth more than you’d expect. Their intrinsic value makes them authentic junk silver investment commodities. These dates can also fetch a premium in the collector market if you find the right buyer.

Key dates are the best thing to look for, but high-grade or error coins can also be very valuable. Condition also plays a major role, especially for collectors who want sharply detailed coins.

Regardless of whether you are a collector, investor, or someone sorting through an inherited coin collection, Mercury dimes are more than they appear. Take the time to discover what these coins might be worth. It’s a little work, but it could have a big payoff.

Central Bank Gold Buying Ramped Up Again in May

Thu, 02 Jul 2026 00:00:00 EST

In the latest https://www.moneymetals.com/news/2026/06/25/survey-central-bankers-plan-to-keep-stacking-gold-005007";>World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves to continue growing in the next 12 months. They seem to be putting their money where their mouths are. After flipping back positive in April, central bank gold buying accelerated in May.

According to the latest data compiled by the World Gold Council, central banks globally added a net 41 tonnes of gold to their reserves in May.

The Gold Buyers

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As has been the case for the last several months, Poland was the biggest gold buyer in May, adding another 18 tonnes of metal to its holdings. So far this year, the Polish central bank has accumulated an additional 64 tonnes of gold.

The National Bank of Poland now holds 614 tonnes of gold, making up about 30 percent of its reserves.

Poland led central bank gold buying in 2025, adding 102 tonnes of gold to its holdings.

Late last year, the https://www.moneymetals.com/news/2026/01/23/poland-announces-plans-for-another-expansion-in-gold-reserves-004631";>National Bank of Poland issued a statement saying it plans to purchase up to 150 more tonnes of gold, raising its holdings to a maximum of 700 tonnes.

NBP Governor Adam Glapiński said the increase in gold reserves would elevate Poland to an “elite” status.

“This will place Poland among the elite 10 countries with the largest gold reserves in the world.”

https://www.moneymetals.com/news/2025/05/19/poland-has-more-gold-than-the-european-central-bank-004053";>The Polish central bank already holds more gold than the European Central Bank. To put the country's gold reserves in context, the NBP only held 14 tonnes of gold in 1996.

China has reported increases to its official gold reserves for 20 straight months, and it has ramped up the pace of accumulation. In May, China reported a 10-tonne increase to its official gold reserves. That follows an 8-tonne purchase in April.

Year-to-date, the Chinese Central Bank has officially increased its gold holdings by 25 tonnes. China now officially holds 2,331 tonnes of the yellow metal, accounting for about 9 percent of its total reserves.

Notice the emphasis on "official."

China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>data parsed by the renowned Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.

Last fall, mainstream reporting https://financialpost.com/financial-times/chinas-secretive-gold-purchases-fuel-rally"; target="_blank" rel="noopener">finally picked up on this.

Uzbekistan sold gold in April, but flipped back to buying in May, adding 9 tonnes of gold to its reserves. The Uzbek central bank has primarily been in a buying mood this year. Despite April’s 1-tonne sale, Uzbekistan has increased its gold holdings by 32 tonnes. The country holds about 87 percent of its reserves in gold.

It is not unusual for central banks that buy from domestic sources, such as Uzbekistan and Kazakhstan, to pivot back and forth between buying and selling.

Speaking of Kazakhstan, its central bank increased its gold holdings by 7 tonnes in May. The Kazakhs have increased their gold reserves by 20 tonnes net this year. Its 361 tonnes of gold account for about 78 percent of its reserves.

The Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in May with another 2-tonne purchase.

The Czechs have adopted a slow, steady approach, buying gold for 39 straight months. The country added 20 tonnes to its holdings last year. It now holds 81 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.

The Monetary Authority of Singapore bought 4 tonnes of gold in May. It was the country’s first purchase since September 2025.

Jordan rounded out the buyers with a 2-tonne increase to its gold reserves.

The World Gold Council noted an uptick in South and Central American gold buying, with several central banks reporting an increase in reserves in 2026.

Chile – 8 tonnes
Guatemala – 2 tonnes
Bolivia – 1 tonne
Uruguay – 1 tonne

The Gold Sellers

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https://www.moneymetals.com/news/2026/04/30/russia-selling-gold-to-fill-budget-hole-004882";>Russia has become a consistent seller as it copes with the impacts of economic sanctions and a wartime economy. The Russian central bank unloaded 6 tonnes of gold in May. So far this year, the Russian central bank has sold 34 tonnes of gold, lowering its reserves to 2,292 tonnes.

After holding reserves steady in April, the Central Bank of Turkey sold 1 tonne of gold in May.

The Big Picture

Looking at the trends, central bank gold buying moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.

However, while central bank gold purchases declined last year, they were still well above the 2010-2021 annual average of 473 tonnes.

Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The surging gold price was likely a factor in slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”

“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”

With prices moderating, it appears that several central banks are taking advantage of the recent correction to accumulate gold more quickly.

Fed Chair Warsh's Will vs. Economic Reality

Thu, 02 Jul 2026 00:00:00 EST

I’ll give this to new Federal Reserve Chairman Kevin Warsh. He talks tough. The question is will he be willing and able to back it up.

During the ECB Forum on Central Banking on Wednesday, Warsh emphatically insisted he was committed to getting inflation back to the 2 percent target.

Period.

End of story.

“If there were people in household or the business sector, in the financial markets, who thought that this central bank was going to be comfortable with an inflation objective above 2 percent, well, I guess they’d be disappointed,” he said. “We’re going to deliver price stability in the U.S.”

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Warsh refused to hint at what the FOMC will do at the July meeting, but he kept hammering on his central message – price inflation is too high.

The hawkish talk has put a significant drag on the gold and silver markets. Just a few months ago, virtually everybody expected another rate cut this year. Sentiment has now flipped, with most people expecting a rate hike before the end of the year.

Since gold is a non-yielding asset, a higher interest rate environment is considered a bearish setup.

Warsh's Will vs. Economic Reality

Warsh seems to have the will to tackle price inflation, but what happens when his will clashes with reality?

You see, no matter how much Warsh wants to tackle inflation, the path isn’t as easy as he makes it seem. A central bank doesn’t raise interest rates in a vacuum. Warsh & Company must contend with https://www.moneymetals.com/news/2025/11/15/debt-black-hole-putting-increasing-stress-on-american-consumers-004483";>a Debt Black Hole and an economy dominated by bubbles and malinvestments incentivized by decades of easy money.

Simply put, the economy is addicted to artificially low interest rates and money creation. Sure, Warsh can take the drug away, but that would send the addict into withdrawals, a painful prospect.

This is https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>the Catch-22 facing the Fed that I’ve been talking about for well over a year. It must choose. It can tackle inflation and risk popping the debt bubble and toppling the economy, or it can try to keep the economy limping along by looser monetary policy.

It can’t do both.

Economic Pain Is a Political No-Go

One could argue Warsh is right to draw a line in the sand when it comes to price inflation, and that the pain is necessary to unwind the last 20 years of monetary malfeasance. But would the pain be acceptable?

Probably not.

Voters get unhappy with economic pain very quickly. Politicians don't like unhappy voters. You can see the problem here.

So yes. Kudos to Warsh for his apparent commitment to “price stability,” but he seems to be ignoring the political realities.

Waratah Capital Advisors cofounder and CIO Brad Dunkley gets it. In an interview with Kitco News, he said the long-term gold bull market remains firmly intact because policymakers have “abandoned the idea” of allowing recessions or prolonged economic downturns.

Recessions are painful but necessary. They clean out malinvestments and resource misallocations resulting from monetary miscalculations. But recessions upset people, and politicians don’t like upset people. So instead of letting recessions play out, they turn to stimulus in an effort to reinflate the bubbles and ease the economic pain. This effectively kicks the can down the road and sets the stage for a bigger bust in the future.

This creates a vicious cycle. Each monetary intervention increases the size of the bubbles and malinvestments. That means they have to implement bigger interventions to keep the bubbles inflated when the economy starts turning sour.

The pandemic was a perfect example of this phenomenon. The economy was already shaky, and in late 2018, the stock market crashed. By the end of 2019, the Fed had cut rates three times and relaunched https://youtu.be/ipaQAgOCJBk?si=VfiKs6G-i9mSRsXp";>quantitative easing. The pandemic gave them the excuse they needed to double down on the monetary stimulus, cutting rates back to zero and launching a nearly $5 trillion QE program. In effect, the pandemic pushed the economic reckoning into the future.

And the future is quickly approaching.

We still haven’t reckoned with the economic fallout from the COVID era. In fact, we never reckoned with the impact of nearly a decade of easy money following the 2008 Financial Crisis.

This is the environment Warsh has to navigate.

Dunkley said he thinks that despite all the tough talk, a Warsh-led Fed will ultimately follow the lead of previous regimes.

“The debt's too high, so they can't let interest rates go up. They're just going to run it hot. They're going to print money."

Dunkley went on to argue that people buying Warsh’s rhetoric and expecting restrictive monetary policy to dominate underestimate how quickly the central bankers will reverse course if the economy cracks and the stock market goes into a free fall.

"They've shown us time and time again no pain is allowed. No recessions are allowed to happen. Unemployment's not allowed to happen. Bad things happen? We'll just send you money. Go spend it, everybody."

While this might not be an economically wise strategy, it is the only choice politically. People turn on politicians quickly during economic downturns. Since politicians are driven by short-term incentives (getting re-elected), allowing pain to continue is not an option.

And don’t think for a minute central bankers aren’t political creatures. Warsh can tout “Fed independence” as loudly as he pleases. His words don’t make it true.

Economic Reality Supports Gold

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Looking at the bigger picture, Dunkley said that short-term price pressure due to the oil shock isn’t the Fed’s real problem. It’s structural monetary debasement. He said governments have become dependent on maintaining negative https://www.moneymetals.com/news/2025/02/17/why-inflation-and-real-interest-rates-are-bullish-for-gold-003841";>real interest rates to support growing debt burdens driven by relentless borrowing and spending. This, Dunkley said, has become the dominant driver behind the gold bull market.

Dunkley went on to argue that while perception of a hawkish Fed has driven a sharp correction in the gold market, the long-term bullish trend remains fully in place, with the current environment creating a “powerful tailwind” for the metal. He said that no matter what they’re saying today, policymakers will ultimately suppress real rates rather than allow a tight monetary environment to spark a debt crisis.

The Tradeoff Warsh Seems to Be Ignoring

Every economic policy decision requires tradeoffs. Warsh’s commitment to slaying inflation would create significant pain. Is he really willing to face the fallout from that tradeoff?

No doubt, the new Fed chair talks the talk, but can he walk the walk when push comes to shove?

Previous Fed chairs could not. https://www.moneymetals.com/news/2026/06/26/alan-greenspans-great-bailout-machine-005013";>Even Alan Greenspan, a vocal gold bug, turned into a money printer when faced with a tanking economy.

History casts doubt on this notion.

Patriotism Shouldn’t Apply to the Debauched Dollar

Wed, 01 Jul 2026 00:00:00 EST

As the United States prepares to commemorate its 250th anniversary, Americans will celebrate the nation’s founding with pageantry, parades, pomp and patriotism.

Loving one’s country of birth and taking pride in its independence-inspired origins, praiseworthy accomplishments, and laudable legacy is a natural inclination and respectable trait.

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Similar celebration and reverence shouldn’t apply to the nation’s debased and dishonest fiat currency. Even though Federal Reserve Notes feature portraits of prominent American patriots and https://medium.com/@JoshuaDGlawson/u-s-presidents-on-sound-money-a-historical-perspective-8230c5c5974c"; target="_blank" rel="noopener">U.S. presidents, including George Washington and Thomas Jefferson, the Founding Fathers weren’t fond of unbacked paper promises and currency not https://medium.com/@JoshuaDGlawson/u-s-founders-and-their-legacy-on-sound-money-a-look-at-currency-and-modern-coinage-7b81bc4e11f6"; target="_blank" rel="noopener">redeemable for silver or gold.

A decade after the https://www.archives.gov/founding-docs/declaration-transcript"; target="_blank" rel="noopener">Declaration of Independence was signed on July 4, 1776, Washington expressed his concerns about paper currency to Jefferson. In a https://www.loc.gov/resource/mgw2.013/?sp=142&;amp;st=image" target="_blank" rel="noopener">letter penned Aug. 1, 1786, the president-to-be noted that some of the original 13 states were “falling into very foolish and wicked plans of emitting paper money.”

Six months later, Washington expounded on the economic degradation and moral degeneracy that arise from corrupt and debauched fiat currency.

“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice,” Washington wrote in a Jan. 9, 1787, https://founders.archives.gov/GEWN-04-04-02-0428"; target="_blank" rel="noopener">letter to Jabez Bowen, then chancellor of Brown University in Providence, R.I.

Jefferson, chief author of the Declaration of Independence, condemned paper currency as well. He considered gold and silver stable, superior, and trustworthy money. Unlike paper notes, the monetary metals couldn’t be printed in unlimited quantities by banks and governments.

“Paper is poverty, that is only the ghost of money, and not money itself,” Jefferson wrote in a https://founders.archives.gov/documents/Jefferson/01-13-02-0120"; target="_blank" rel="noopener">1788 letter to Edward Carrington, a fellow Virginia lawyer, planter, patriot and politician.

After his retirement as the nation’s third president, Jefferson reiterated his support of gold and silver over unbacked paper bills.

“The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals . . .,” he wrote in a https://tile.loc.gov/storage-services/service/mss/mtj/mtj1/046/046_0906_0912.pdf"; target="_blank" rel="noopener">letter to his son-in-law John Wayles Eppes on June, 24, 1813. “[Paper currency] is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.”

Based on the historical record of unredeemable, government-decreed paper currencies, Jefferson’s words were accurate and profound.

Fiat Lessons Learned

As military and political leaders, Washington and Jefferson witnessed, experienced, and endured the perils and pitfalls of the nation’s original paper money.

Authorized by the Continental Congress in 1775, the https://www.history.com/this-day-in-history/june-22/congress-issues-continental-currency"; target="_blank" rel="noopener">Continental currency, which ironically helped the fledgling nation secure independence from Great Britain, was printed to finance the Revolutionary War and specified redemption in silver or gold at a prescribed rate.

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Called “bills of credit,” the paper notes were used to outfit and pay the Continental Army, to purchase military equipment and supplies, and to fund operations of the provisional American government.

Problems arose when copious quantities of the paper currency were printed and counterfeited. Because the newly formed government didn’t have taxing authority or sufficient silver and gold to back the bills, they rapidly lost value, which later inspired the phrase “not worth a Continental.”

“A wagonload of currency will hardly purchase a wagonload of provisions,” https://www.history.com/this-day-in-history/june-22/congress-issues-continental-currency"; target="_blank" rel="noopener">Washington reportedly remarked about the hyperinflated promissory notes while he commanded the Continental Army.

Faced with massive domestic and https://history.state.gov/milestones/1784-1800/loans"; target="_blank" rel="noopener">foreign war debts, irate citizens and https://www.nps.gov/fost/blogs/troops-not-paid.htm"; target="_blank" rel="noopener">resentful soldiers, and prospects of an economic collapse, the nation’s early leaders learned painful and valuable lessons about fiat currencies.

In particular, they discovered precious metals were desired as money and unbacked paper currency was despised, both during the war and for decades after the nascent nation won its independence. The upshot explained why gold and silver are the only money mentioned in the U.S. Constitution.

Support for Metallic Money

Lessons learned by the Founding Fathers led to a constitutional provision and foundational currency law that established a monetary standard for the entire country and authorized silver and gold as the nation’s statutory money.

As the principal architect of the https://www.archives.gov/founding-docs/constitution-transcript";>Constitution, James Madison criticized state-issued paper currency and unbacked bills of credit because their value inevitably eroded, usually through official legislative actions that created excessive paper promises that couldn’t be fulfilled.

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The Virginia delegate and lawmaker considered depreciating paper notes unjust to creditors when mandated as legal tender and unfair to debtors if they weren’t legal tender. As such, he believed fiat currency was a threat to personal property and public prosperity.

Madison, who went on to become the nation’s fourth president, also understood https://www.investopedia.com/terms/g/greshams-law.asp"; target="_blank" rel="noopener">Gresham’s law: “Bad money drives out good.” He noted the difficulty of getting specie, or silver and gold coinage, when excessive fiat currency is in circulation. People tend to hold onto their “hard money,” which retains value, while spending their “soft” or paper currency, whose value fluctuates and declines over time.

While drafting the highest law of the land in 1787, Madison advocated a bimetallic money standard and championed precious metals as the basis of the nation’s currency system. His efforts succeeded, resulting in https://constitution.congress.gov/browse/essay/artI-S10-C1-3/ALDE_00001099/"; target="_blank" rel="noopener">Article I, Section 10, Clause 1, which prohibits the states from making anything but gold and silver tender for payment of debts.

After ratification and implementation of the Constitution in 1788 and 1789, respectively, the nation’s founders undertook the task of defining the U.S. dollar as a specific purity and weight of silver and gold. That was accomplished with the passage of the https://www.moneymetals.com/news/2025/04/01/the-coinage-act-of-1792-then-and-now-003952";>Coinage Act of 1792, which authorized the creation of the U.S. Mint in Philadelphia and the issuance of gold, silver, and copper coins.

As Secretary of State, Jefferson proposed the decimal-based dollar system in the law, while Treasury Secretary Alexander Hamilton formulated the legal and fixed silver-to-gold exchange rate of 15 to 1. Washington, the nation’s first president, signed the measure into law during his first term.

Fiat Currency Comes Full Circle

Much has changed—and stayed the same—with the nation’s money during the last two and a half centuries.

Contrary to the cautionary advice and concerns expressed by the founding fathers, their warnings and wisdom about the dangers and drawbacks of fiat currency eventually were forgotten and unheeded.

Through a long, complicated series of new laws, legislative revisions and executive actions, Congress and the U.S. government gradually abandoned the nation’s bimetallic standard and returned to fiat currency by making unbacked Federal Reserve Notes legal tender.

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Over the last 250 years, the nation has come full circle. Born by emitting excessive and virtually worthless Continentals, the United States today relies on an increasingly virtual and worthless supply of unbacked currency conjured into existence by the Federal Reserve, the nation’s central bank, and its affiliates.

Blind Faith in Unsound Money

While Federal Reserve Notes are used in millions of transactions daily and the fiat currency has been government-mandated legal tender since the passage of the https://www.federalreservehistory.org/essays/emergency-banking-act-of-1933"; target="_blank" rel="noopener">Emergency Banking Act of 1933, American patriotism doesn’t—and shouldn’t—require absolute devotion to the ever-depreciating dollar. https://www.moneymetals.com/uploads/content/SoundMoneyReview-2026.pdf";>Blind faith in unsound money is misguided and financially foolish.

Though U.S. greenbacks and coinage bear the likenesses of some of the nation’s foremost forefathers, the physical monetary units and their progressively more common and prevalent electronic equivalent lose purchasing power with each passing year. The same item bought for $1 in 1933 would cost $25 today, a cumulative inflation rate of nearly 2,500 percent, according to the https://www.usinflationcalculator.com/"; target="_blank" rel="noopener">US Inflation Calculator.

Driven by excessive currency creation, persistent inflation acts like a perpetual tax, undermining personal savings and liberty.

That’s something to bear in mind as we—freedom-loving Americans and flag-waving patriots—commemorate the nation’s founding, celebrate 250 years of independence, and watch barrages of glittering golden fireworks and shimmering silver salutes explode in the night sky on the Fourth of July.

Seated Liberty Half Dime - Value by Date, Mintmark, and Grade - Rare Varieties, Silver Content, and Collector Guide - Money Metals

Wed, 01 Jul 2026 00:00:00 EST

Most Seated Liberty Half Dimes are worth between $20 and $500, but rare dates and high-grade examples can sell for thousands of dollars. Some of the most desirable coins in the series have brought more than $30,000 at auction. Since values can vary so widely, collectors must look at several factors before determining what a coin is worth.

The Seated Liberty Half Dime was struck by the United States Mint from 1837 to 1873. It is one of the nation's earliest silver coins and remains a popular choice among collectors today. Coins from this series were produced at multiple mints and feature several design changes that can affect their rarity and value.

To determine Seated Liberty Half Dime value, collectors should examine the coin's date, mintmark, condition, and variety. Understanding these factors can help you identify scarce examples and estimate how much your coin may be worth in today's market.

What Is a Seated Liberty Half Dime Worth?

The value of a Seated Liberty Half Dime depends on its condition, rarity, date, and mintmark. The table below provides a general value range for common and key-date examples.

Seated Liberty Half Dime Value by Grade

Grade	Common Dates	Key Dates
Good	$20-$50	$150-$500
Fine	$50-$100	$300-$1,000
Very Fine (VF)	$75-$150	$500-$2,000
Mint State (MS)	$150-$500+	$1,000-$5,000+

Most Valuable Seated Liberty Half Dime Dates

As noted previously, some Seated Liberty Half Dimes are vastly more valuable than others. You can see the most valuable iterations of this coin in the table below.

Key Seated Liberty Half Dime Dates and Varieties

Date	Key Variety	Why Valuable
1837	No Stars	First-year issue
1838-O	No Stars	First New Orleans issue
1853-O	Arrows	Low surviving population
1873 Closed 3	Legend Obverse	Final-year rarity

While many Seated Liberty Half Dimes are affordable collector coins, the dates above are among the most sought-after examples in the series because of their rarity, historical significance, or low surviving populations.

Historical Significance

The Seated Liberty Half Dime reflects the evolution of the U.S. Mint during a period of industrialization, westward expansion, and economic change. Designed by Christian Gobrecht, the coin underwent several design and compositional adjustments over its production span, each variety marking a unique chapter in U.S. history.

The reverse of the coin often featured distinct elements that highlighted these historical shifts, while its face value of half a dime underscored its practical use in everyday transactions.

What Mints Produced These Coins?

Mintmarks (or lack thereof) are key to identifying the origin of each coin and often play a significant role in determining its value. The market demand for certain mint locations can affect their collectability and worth.

The Seated Liberty Half Dime was minted at various locations, each contributing to the coin's historic worth and diversity within the collector's market:

Philadelphia Mint (no mintmark): Produced throughout the entire series, including all four varieties.
New Orleans Mint (O): Minted intermittently from 1838 to 1860, producing rarer and highly collectible examples.
San Francisco Mint (S): Produced only during the final variety (1860–1873), making these coins more sought after.

What Makes a Seated Liberty Half Dime Valuable?

Several factors can affect a coin's value at auction. The chief factors to look for are the coin's:

Condition
Date
Rarity
Design
Silver content

We'll explore each of these factors in greater detail below.

Condition (Grading)

The condition of a coin plays a critical role in determining its value. Coins are graded on a scale from Poor (P-1) to Mint State (MS-70). Seated Liberty Half Dimes in higher grades command significantly higher prices. Key aspects to evaluate include the coin's wear and preservation over the years it was in circulation.

Wear on Lady Liberty's figure.
Detail on the wreath or stars.
Clarity of the date and mintmark.

Grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) are trusted for authenticating and grading these coins, further solidifying their face value and numismatic worth.

Key Dates and Rarity

Certain years and varieties of the Seated Liberty Half Dime are rarer than others, making them highly sought after by collectors. Rare dates and mintmarks significantly increase value, impacting their market demand and overall worth.

Key Dates:

1837: First year of production, "No Stars" variety, minted in Philadelphia.
1853–1855: "Arrows at Date" design, marking a weight reduction, with examples from both Philadelphia and New Orleans.
1873: Last year of production; the "Closed 3" variety is particularly scarce and was minted in Philadelphia and San Francisco.

Rare Mintmarks:

New Orleans ("O"): Produced intermittently and often in smaller quantities.
San Francisco ("S"): Minted only during the final variety (1860–1873), making these especially desirable.

Design Varieties

The Seated Liberty Half Dime features four main varieties, each with unique elements that reflect its era and design evolution:

No Stars on the Obverse (1837–1838): The earliest design, without stars around Lady Liberty, minted in Philadelphia and New Orleans.
Stars on the Obverse (1838–1853, 1856–1859): Stars added to symbolize the states in the Union, minted in Philadelphia and New Orleans.
Arrows at the Date (1853–1855): Weight reduction indicated by arrows flanking the date, minted in Philadelphia and New Orleans.
Legend on the Obverse (1860–1873): Stars replaced by "United States of America," minted in Philadelphia, New Orleans, and San Francisco.

Each variety appeals to different collector preferences, with rarer varieties commanding premium prices due to their historical demand and numismatic significance.

Silver Content

The Seated Liberty Half Dime contains https://www.moneymetals.com/buy/silver";>90% silver and 10% copper, with a total weight of approximately 1.34 grams (reduced to 1.24 grams after 1853). While the melt value provides a baseline, the coin's numismatic value far exceeds its silver content in most cases, making it worth significantly more to collectors.

Notable Auction Sales of Seated Liberty Half Dimes

The Seated Liberty Half Dime has seen several remarkable examples achieve high prices at auction. These coins often represent exceptional quality, rarity, or a combination of both. Here are some of the most valuable Seated Liberty Half Dimes sold at auction, reflecting their immense worth in the collector's market:

Notable Auction Sales of Seated Liberty Half Dimes

Coin Type	Auction Price	Auction Date
1838 H10C Large Stars, No Drapery MS68	$37,600	May 2016
1854-O H10C Arrows MS67	$32,200	November 2004
1853-O H10C Arrows MS67	$29,900	November 2004
1838-O H10C No Stars MS65	$28,750	January 2004

Tips for Authenticating Your Seated Liberty Half Dime Value

Unfortunately, many people attempt to counterfeit valuable historical coins. The last thing you want is to spend exorbitant amounts of money on a coin that is worth nothing. According to PCGS, there are a few strategies that you can use to verify your coin's value:

Examine dates and mint marks
ensure the mint marks are appropriate for the coin that the date is legible
make sure they appear in the right places as well
Check its weight, size, and edge
coins have standardized diameters, weight, and edges; make sure your coin fits these dimensions
Look for specific design elements
look for arrows, stars, and other featured designs in their appropriate places on the coin

Conclusion

Whether you collect for history, rarity, or investment potential, the Seated Liberty Half Dime remains one of the most fascinating silver coins produced by the United States Mint.

Whether you're evaluating an inherited coin or searching for a key date to add to your collection, understanding the factors that drive Seated Liberty Half Dime value can help you identify desirable examples and make informed collecting decisions.

Frequently Asked Questions

Yes, they contain 90% silver and 10% copper.

Values range from $20 for low-grade common dates to over $30,000 for rare varieties in mint condition.

It refers to design changes indicating a reduction in the coin's weight, marked by arrows beside the date.

Some of the most valuable Seated Liberty Half Dimes include the 1838-O No Stars variety, the 1837 No Stars issue, and the 1873 Closed 3 variety. High-grade examples of these rare coins have sold for tens of thousands at major auctions.

Start by checking the coin's date, mintmark, and condition. Rare dates, low-mintage issues, and well-preserved examples are often worth more than common coins. A professional grading service such as PCGS or NGC can help confirm rarity and authenticity.

Collectors often consider 1837, 1838-O, 1853-O, and 1873 Closed 3 among the most important dates in the series. These coins are popular because of their rarity, historical significance, or unique design features.

Silver Accumulation Time as the Correction Comes to an End...

Wed, 01 Jul 2026 00:00:00 EST

Today, we take a fresh look at silver because, after its latest drop, it is getting very close to our target zone, where it becomes a strong buy. It should be emphasized here that we do not have a fixed and rigid downside target, but rather a buy zone where the further it drops into that zone, the more of a buy it becomes.

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The intelligent strategy here is to “average down” -- which means buying as silver enters the target zone… and buying more the further it drops into it. If https://www.moneymetals.com/silver-price";>silver dips below $50, serious buying will be in order for reasons that will become apparent as we examine the charts.

The 5-year chart for silver provides an overall perspective. Here we see that after the parabolic blowoff late in January, the price broke down below the shorter-term parabolic uptrend that had become impossibly steep. It then broke below the 200-day moving average, which had also been rising steeply, as expected.

This price action damaged sentiment and caused silver to tumble further towards the strong support level. We have been expecting a halt to the correction and https://www.moneymetals.com/news/2026/05/04/clive-maund-major-precious-metals-rally-imminent-004889";>the birth of the next major uptrend.

This chart clearly shows that silver is still in a major bull market, evidenced by its position well above its longer-term parabolic uptrend. It is no coincidence that this parabolic uptrend is rising steadily into the zone of massive support. This zone marks the upper boundary of https://www.moneymetals.com/news/2025/11/30/epic-silver-break-out-from-45-year-holding-pattern-heres-whats-next-004513";>the gigantic 45-year Cup & Handle pattern we have examined on numerous occasions on the chart, dating back to 1980, which, of course, reinforces its importance as a major buy zone.

Having breached the support of the 200-day moving average, silver is wandering around in a sort of “no-man's land” just above the strong support.

The more it dips into it, the more of a buy it is, and the position of the parabolic uptrend position suggests it could trade sideways in this area for some time, allowing sentiment to recover before it regains upside traction. This should afford time for us to accumulate silver investments at favorable prices on dips.

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Zooming in via the 1-year chart enables us to examine the correction in much more detail. This chart reveals that silver is trending gently lower within the parallel downtrend channel shown and that right now it is short-term oversold at the lower rail of the channel and is therefore entitled to bounce.

However, that said, it just breached a narrow but fairly https://www.moneymetals.com/silver-price";>important support level at about $62 - $63, which means that this support has now become resistance to any near-term advance.

https://www.moneymetals.com/uploads/content/silver1year290626--1-.jpg"; width="800" height="845" class="mx-auto p-3" alt="" />

Looking at recent action in much more detail, still on a short-term 3-month chart, enables us to see that the sharp break below the fairly important support at $62 has been followed by a tight little trading range suspected to be a bear Flag.

If this is the case, it will be followed by another sharp downleg into the massive support that should mark the end of the correction from the January peak.

This interpretation is supported by the gap down on heavier volume on the break lower by silver proxy iShares Silver Trust SLV (not shown), which has been followed by light volume on the subsequent frail attempt to rally.

https://www.moneymetals.com/uploads/content/silver3month290626--1-.jpg"; width="800" height="842" class="mx-auto p-3" alt="" />
So, to sum up, silver’s correction is coming to an end, and it’s time to start scaling into silver investments, aware that it could drop a bit more, in which case buying can be stepped up.

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If it should start to advance without delay, we will adjust our strategy accordingly. Finally, our very long-term chart for silver that goes all the way back to 1980, which has been wheeled out on several occasions over the past year, makes it very clear why silver is now in a new – and very bullish – paradigm.

On this chart, we see that the parabolic runup into late January involved a powerful breakout from a gigantic 45-year Cup & Handle holding pattern. This breakout included a “momentum punch”—the huge, unprecedented spike in the MACD indicator shown at the bottom of the chart—which demonstrates its powerful significance.

Most traders agonizing over whether silver drops another $5 or $10 from its current price "can't see the forest for the trees.”

What does it matter if the price goes up into the several hundreds of dollars, which it will due to continually accelerating money creation, as Egon Von Greyerz keeps repeating, and he’s right, and an important message like that is worth repeating.

What this means is that the current normal post-breakout reaction by silver back to the strong support at the breakout point is presenting an incredible opportunity to buy the sector. So it really isn’t worth splitting hairs about whether it drops a few dollars more before it starts higher again.

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In the light of these observations, we will be looking very soon at a wide range of quality silver investments on the site, as has been planned for some time.

Seated Liberty Dime - Value by Date, Mint Mark, and Grade - Key Dates, Carson City Rarities, and Collector Guide - Money Metals

Wed, 01 Jul 2026 00:00:00 EST

A Seated Liberty dime can be worth anywhere from $20 to more than $3 million, depending on its date, mint mark, rarity, and condition. Many iterations of this coin remain affordable for collectors, but certain key dates and Carson City issues are incredibly valuable.

The Seated Liberty dime ran from 1837-1891, which links it to an epoch-making period in American history. It was in use during the Civil War, Reconstruction, and the eventual national growth that came in the decades following the war. For all these reasons and more, collectors prize this coin.

If you’re wondering about your Seated Liberty dime value, the first step is to identify the coin’s date, mint mark, and overall condition. Even small differences can have a major impact on price. In this guide, you’ll learn what makes some Seated Liberty dimes more valuable than others, discover key dates to watch for, and find out how to estimate the value of your coin.

What is the Value of a Seated Liberty Dime?

The value of a Seated Liberty Dime can range from $20 for common, well-worn examples to thousands of dollars for rare varieties in excellent condition.

Below is a general price guide that reflects its composition and historical allure to help you assess your coin values:

Seated Liberty Dime Value Chart

Seated Liberty dime values vary widely by date, mint mark, variety, and condition. Use this chart as a general collector guide, then confirm current values with recent auction records or PCGS/NGC pricing before buying or selling.

Seated Liberty Dime Values by Type and Rarity

Coin Type or Variety	Typical Dates	Good to Fine	Very Fine to Extremely Fine	Mint State / High Grade	Why It Matters
Common Seated Liberty Dimes	Mixed Philadelphia dates	$20 to $50	$75 to $200	$500+	Common circulated examples are affordable, but sharp, original coins still carry collector premiums.
No Stars Obverse	1837, 1838-O	$125 to $350+	$475 to $925+	$3,000 to $10,000+	The first Seated Liberty dime type is popular with type collectors and scarcer in high grades.
Arrows at Date	1853-1855, 1873-1874	$25 to $150+	$150 to $1,000+	$1,000 to $10,000+	Arrows marked weight changes and created distinct collectible varieties.
Carson City Mint Dimes	1871-1878 CC	$100 to $1,000+	$1,000 to $10,000+	$10,000 to $100,000+	CC mint marks are among the most desirable in the series due to low mintages and strong Western history.
1873-CC No Arrows	1873-CC	Not typically available	Not typically available	$3 million+	Only one example is confirmed, making it one of the great U.S. coin rarities.
Key Date Seated Liberty Dimes	1844, 1846, 1859-S, 1871-CC, 1872-CC, 1874-CC	$100 to $1,000+	$1,000 to $25,000+	$10,000 to $100,000+	Low mintages, survival rates, and collector demand make these dates far more valuable than common issues.

Factors That Affect Seated Liberty Dime Value

The value of a Seated Liberty Dime depends on several key factors, and understanding these can significantly enhance your appraisal skills:

Date and Mint Mark: Dimes minted at the Carson City Mint (CC) are highly sought after by collectors due to their rarity.

Condition: Coins in uncirculated or mint state condition are worth more.
The Sheldon Grading Scale is often used to assess the condition of a coin, with higher grades indicating better preservation.

Varieties: Over the years, several design modifications were made, including:
addition of stars around Liberty
changes to the wreath
use of arrows to signify weight changes.
These varieties, such as the Arrows at Date from 1853-1855, can significantly affect a coin’s value.

Rarity: Seated Liberty Dimes from years with lower production numbers are rarer and more valuable. Look for mint marks from the following mints:
New Orleans (O)
San Francisco (S)
Carson City (CC)

Key Date Seated Liberty Dimes

Many Seated Liberty dimes remain affordable for collectors. However, some dates stand out due to low mintages, limited surviving populations, or strong collector demand. These key dates often come with significant premiums. They are among the most desired coins in the series.

The 1844 and 1846 Seated Liberty dimes are notably early issues that can be difficult to locate in higher grades. Their rarity makes them popular with collectors building complete date-and-mint collections.

The 1859-S, struck at the San Francisco Mint, is another important key date. Its low mintage and limited availability have made it one of the tougher Seated Liberty dimes to acquire. Even heavily circulated examples can sell for significant premiums.

Collectors also pursue Carson City issues due to their connection to the American West and their comparatively small mintage numbers. The 1871-CC and 1872-CC are among the most desirable Carson City dimes. Coins with the “CC” mint mark often attract strong demand, especially in original condition.

One of the greatest rarities in all of American numismatics is the 1873-CC No Arrows Seated Liberty dime. After the Coinage Act of 1873 changed the weight of the dime, most examples without arrows beside the date were melted. Today, only one confirmed specimen is known to exist. In 2023, this coin sold for more than $3.6 million at auction, making it one of the most valuable dimes ever sold.

The 1874-CC is another highly prized Carson City issue. Although more available than the famous 1873-CC No Arrows variety, it remains a key date that often commands strong prices in all grades.

When evaluating a Seated Liberty dime value, always pay close attention to the date and mint mark. A small detail beneath the wreath can mean the difference between a common coin worth a few dollars and a rare collectible worth thousands.

Seated Liberty Dime Mint Marks

Mint marks are another key factor that plays into the value of a Seated Liberty dime. Certain mints produced significantly fewer quantities of these coins, which can indicate scarcity and rarity when you see their mint marks. This table shows the mint marks and their demand.

Seated Liberty Dime Mint Marks by U.S. Mint

Mint	Mint Mark	Where to Look	Collector Notes
Philadelphia	None	No mint mark appears on the coin.	Often the most common, depending on the date and condition.
New Orleans	O	On the reverse, below the wreath.	Scarcer than many Philadelphia issues and popular with collectors.
San Francisco	S	On the reverse, below the wreath.	Important branch mint issues, with some scarce dates.
Carson City	CC	On the reverse, below the wreath.	Among the most desirable Seated Liberty dimes due to low mintages and strong demand.

How to Determine Your Seated Liberty Dime Value

According to PCGS, if you own a Seated Liberty Dime and want to determine its value, follow these steps:

Check the date and mint mark: Identify the year and mint location, which may significantly impact the coin's rarity and value, particularly in the numismatics market.
Examine the condition: Coins in better condition with minimal wear are more valuable. Use a magnifying glass to look for any details on the coin that might affect its grade, including its silver content.
Research current values: Consult a professional coin grader or check recent auction prices to get an accurate estimate of your coin’s worth. Understanding the market dynamics can aid significantly in making a well-informed appraisal.

Record-Breaking Sale: 1873-CC Seated Liberty Dime

One of the most valuable Seated Liberty Dimes is the 1873-CC No Arrows at Date variety, which sold for an impressive $3.6 million in January 2023 at Heritage Auctions.

These Carson City-minted Liberty Seated Dimes are extremely rare. Only a few are known to exist, due to the government melting these coins after the Coinage Act of 1873 was passed (some have called this the Crime of '73).

The sale of this coin highlights how certain rare dates and mint marks can dramatically increase a coin’s value, thus confirming its status as a desirable investment.

Seated Liberty Dime Varieties

Several notable varieties exist within the Seated Liberty Dime series:

Variety 1: No Stars on Obverse (1837-1838)

Variety 2: Stars on Obverse (1838-1853)

Variety 3: Arrows at Date (1853-1855)

Variety 4: Legend on Obverse (1860-1873)

Variety 5: Arrows at Date (1873-1874)

These varieties represent changes made over the years, such as:

the addition of stars to commemorate the original 13 colonies,
weight changes indicated by arrows at the date,
the shift to placing “United States of America” on the obverse in 1860.

The Inspiration Behind the Seated Liberty Design

The Seated Liberty Dime design, like other Seated Liberty coinage, was inspired by Neoclassicism. Neoclassicism was a movement that drew upon classical themes from Ancient Greece and Rome. Artists employed these themes to express the American ideal and identity, captured in the ideas of liberty, democracy, and freedom.

In 1835, Mint Director R. M. Patterson sought to modernize U.S. coinage by shifting away from traditional bust-style designs, but still depicting Lady Liberty. Artists Thomas Sully and Titian Peale contributed to the initial sketches, while Chief Engraver Christian Gobrecht completed the engraving.

The Seated Liberty Design

Obverse:

Depicts Lady Liberty sitting on a rock, holding a liberty pole topped with a Phrygian cap, a symbol of freedom. The liberty pole is often associated with the freeing of slaves from a tyrannical government or monarch.
Liberty’s right hand rests on a shield inscribed with “LIBERTY,” representing the defense of freedom.

Reverse:

The reverse design varies by denomination.
On dimes, a wreath surrounds the words “ONE DIME”
Earlier versions feature laurel leaves
Later designs incorporate agricultural symbols like wheat and corn.

The difference in design offers a fascinating insight into the era's aesthetic preferences and societal values.

Frequently Asked Questions

The Seated Liberty Dime is a denomination of currency minted from 1837-1891. It depicted Lady Liberty seated on a rock, holding a liberty pole topped with a Phrygian cap, symbolizing freedom and independence.

Some of the most valuable Seated Liberty dimes include the 1844, 1846, 1859-S, 1871-CC, 1872-CC, 1873-CC No Arrows, and 1874-CC. Carson City issues are especially popular because of their low mintages and strong collector demand.

Factors that affect your coin’s value include its condition, mint mark, and age.

A Seated Liberty dime can be worth anywhere from about $20 for a common circulated example to more than $3 million for an extremely rare variety. The value depends on the coin’s date, mint mark, rarity, and condition. Coins from Carson City and other low-mintage issues often command the highest prices.

Yes. Seated Liberty dimes were struck from 90% silver and 10% copper. Because of their silver content and historical significance, they remain popular with both coin collectors and precious metals investors.

The rarest Seated Liberty dime is the 1873-CC No Arrows variety. Following changes made under the Coinage Act of 1873, most examples were melted. Today, only one confirmed specimen is known to exist, making it one of the rarest and most valuable U.S. coins.

On Seated Liberty dimes, the mint mark appears on the reverse below the wreath. Coins struck in New Orleans carry an “O” mint mark, San Francisco coins display an “S,” and Carson City issues show a “CC.” Philadelphia coins typically have no mint mark.

Start by checking the coin’s date, mint mark, and condition. Rare dates, Carson City issues, and coins with minimal wear are often worth more than common examples. Comparing your coin to current price guides or having it evaluated by a professional grading service can help determine its value.

Conclusion

The Seated Liberty Dime is more than just a piece of U.S. history; it is a valuable and highly collectible coin. Collectors and numismatists are particularly interested in rare varieties, branch mint coins, and those in excellent condition.

Whether you're a seasoned collector or just starting, understanding the key factors that affect Seated Liberty Dime value can help you make informed decisions about your collection and ensure successful investment strategies.

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What Mercury Dimes Are Worth Money - Rare Key Dates, Mint Errors, and Full Bands - Valuable Silver Dimes and Collector Guide - Money Metals

Quick Takeaways

Are Mercury Dimes Worth Money?

What Mercury Dimes Are Worth Money? The Most Valuable to Look For

1916-D Mercury Dime

1921 and 1921-D Mercury Dimes

Other Valuable Semi-Key Dates

Mercury Dime Errors Worth Money

How to Tell If a Mercury Dime is Valuable

Check the Date and Mint Mark

Look for Full Bands and Errors

Examine the Coin’s Condition

Never Clean a Mercury Dime

Common Mercury Dimes That Are Still Worth Keeping

Should You Sell or Hold Mercury Dimes?

What Mercury Dimes Are Worth Money? Mercury Dime Value Chart

Frequently Asked Questions About Valuable Mercury Dimes

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Final Thoughts on What Mercury Dimes Are Worth Money

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Seated Liberty Half Dime - Value by Date, Mintmark, and Grade - Rare Varieties, Silver Content, and Collector Guide - Money Metals

What Is a Seated Liberty Half Dime Worth?

Most Valuable Seated Liberty Half Dime Dates

Historical Significance

What Mints Produced These Coins?

What Makes a Seated Liberty Half Dime Valuable?

Condition (Grading)

Key Dates and Rarity

Key Dates:

Rare Mintmarks:

Design Varieties

Silver Content

Notable Auction Sales of Seated Liberty Half Dimes

Tips for Authenticating Your Seated Liberty Half Dime Value

Conclusion

Frequently Asked Questions

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Seated Liberty Dime - Value by Date, Mint Mark, and Grade - Key Dates, Carson City Rarities, and Collector Guide - Money Metals

What is the Value of a Seated Liberty Dime?

Seated Liberty Dime Value Chart

Factors That Affect Seated Liberty Dime Value

Key Date Seated Liberty Dimes

Seated Liberty Dime Mint Marks

How to Determine Your Seated Liberty Dime Value

Record-Breaking Sale: 1873-CC Seated Liberty Dime

Seated Liberty Dime Varieties

The Inspiration Behind the Seated Liberty Design

The Seated Liberty Design

Frequently Asked Questions

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