A rare dime that was hidden away for decades is expected to fetch half a million dollars at auction, but Americans are unlikely to find a similar one in their wallets.
The coin, which was minted by the United States Mint in San Francisco in 1975, is one of only two known coins in existence that are missing the city’s “S” mark.
The other sold at auction in 2019 for a whopping $456,000, and then again days later to a private collector for $516,000. AP News reported.
Ian Russell, President of GreatCollections, the specialist that handles the auctionbelieves the coin could be worth $500,000 or more.
“The coin market is strong and there has been a lot of interest in this coin since we listed it a few days ago,” he said. Fox Business.
The coin, which was minted by the United States Mint in San Francisco in 1975, is one of only two known coins in existence that are missing the San Francisco “S” mark.
While coin collectors knew of the existence of these two rare dimes, their whereabouts had remained a mystery since the late 1970s.
In 1975, the San Francisco Mint produced over 2.8 million uncirculated “proof” sets that included six coins and sold for $7.
It wasn’t until a few years later that collectors noticed that two dimes in the set were missing the “S” mark.
Three Ohio sisters inherited one of the rare dimes after their brother’s recent death, Russell told AP News, after it had been hidden in a bank vault for more than 40 years.
The sisters, who preferred to remain anonymous, said their brother and mother bought the coin in 1978 for $18,200, equivalent to about $90,000 today.
His parents, who ran a dairy farm, saw the coin as a financial safety net, they told Russell.
The coin is now on display at a coin show in Tampa, Florida, before the California-based online auction closes at the end of October.
Three sisters from Ohio inherited the rare dime after the recent death of their brother, which is now expected to fetch at least $500,000 at auction.
While there is a chance there are more examples of this rare dime, they would only be found among the 1975 “proof” sets, and not in your loose change, experts say.
While there is a possibility that more examples of this rare dime exist, they would only be found among the 1975 “proof” sets, said Ian Russell, president of GreatCollections.
Bidding on the dime is up to $280,000 as of Thursday, September 12, with 45 days remaining in the auction.
But for those hoping to find a rare coin in their pocket, Russell has some bad news.
While there is a possibility that more examples of this rare dime exist, they would only be found among the 1975 “proof” sets.
“If you have old test sets at home, maybe your grandfather or father ordered them and forgot about them. If you have the one from 1975, check the dime,” Russell said.
Last year, Russell revealed to DailyMail.com the most valuable pieces he has ever sold at auction, including a $12 million silver dollar and a set of Lincoln pennies that fetched $7.7 million.
He developed an interest in rare coins in his teens and now routinely sells up to 5,000 coins a week.