by Gerald Boerner
Today we examine the evolution of the dime since the founding of this country. It has undergone changes, but has remained as the smallest coin in the U.S. monetary system. It is worth 1/10th of a dollar, which made it one of the most used coins; it has changed its composition and image, but continues to reflect the general themes of peace (olive branches) and freedom (Lady Liberty or other figures associated with national independence, like FDR). GLB
“A nickel ain’t worth a dime anymore.”
— Yogi Berra
“I think I coulda landed on a dime. I really do.”
— Evel Knievel
“Good ideas are a dime a dozen, bad ones are free.”
— Douglas Horton
“I don’t have a dime left. I am dependent on my friends for food and a small old-age pension.”
— Bela Lugosi
“I don’t take a dime of their [lobbyist] money, and when I am president, they won’t find a job in my White House.”
— Barack Obama
“Coaches who can outline plays on a black board are a dime a dozen. The ones who win get inside their player and motivate.”
— Vince Lombardi
“Good actors are a dime a dozen, but I want actors that are gonna be part of my team and collaborative.”
— Joe Pantoliano
“I am supposed to owe the government something like $100 million. I couldn’t squeeze out a dime.”
— Dennis Kozlowski
“I don’t believe what the papers are saying They’re just out to capture my dime, Exaggerating this, exaggerating that.”
— Paul Simon
“From Kelsey, I have learned among many other things the value of turning on a dime and how you can have an extremely funny and extremely poignant moment with absolutely no separation in between… and sometimes in the same moment.”
— David Hyde Pierce
The Roosevelt Dime
The dime is a coin worth ten cents or one tenth of a United States dollar. The dime is the smallest in diameter and the thinnest of all U.S. coins currently minted for circulation. The 32nd President, Franklin D. Roosevelt, is featured on the obverse of the current design, while a torch, oak branch, and olive branch covering the motto E pluribus unum are featured on the reverse. The dime’s value is labeled as “one dime”, since the term ‘dime’ also applies to a unit of currency worth 10 cents or 1/10 of a dollar.
The dime was commissioned by the Coinage Act of 1792, and production began in 1796. A feminine head representing Liberty was used on the front of the coin, and an eagle was used on the back. The front and back of the dime used these motifs for three different designs through 1837. The composition and diameter of the dime have changed throughout its mintage. Initially the dime was 0.75 inch (19 millimeters) wide, but it was changed to its present size of 0.705 inch (17.91 millimeters) in 1828. The composition (initially 89.24 percent silver and 10.76 percent copper) remained constant until 1837, when it was altered to 90 percent silver and 10 percent copper. Dimes with this composition were minted until 1966, although those minted in 1965 and 1966 bear the date 1964. Beginning in 1965, dimes also began to be minted with a clad composition of cupronickel; this composition is still in use today. The U.S. Mint began producing silver dimes again in 1992 for inclusion in the annual Silver Proof set.
The term dime comes from old French “di(s)me”, meaning “tithe” or “tenth part”, from the Latin decima [pars]. This term appeared on early pattern coins, but was not used on any dimes until 1837.
General history
The first known proposal for a decimal-based coinage system in the United States was made in 1783 by Thomas Jefferson, Benjamin Franklin, Alexander Hamilton, and David Rittenhouse. Hamilton, the nation’s first Secretary of the Treasury, recommended the issuance of six such coins in 1791, in a report to Congress. Among the six was a silver coin, “which shall be, in weight and value, one tenth part of a silver unit or dollar.” His suggested name for the new coin was a “tenth”.
The Coinage Act of 1792, passed on April 2, 1792, authorized the mintage of a “disme”, one-tenth the silver weight and value of a dollar. The composition of the disme was set at 89.24 percent silver and 10.76 percent copper. In 1792, a limited number of dismes were minted but never circulated. Some of these were struck in copper, indicating that the 1792 dismes were in fact pattern coins. The first dimes minted for circulation did not appear until 1796, due to a lack of demand for the coin and production problems at the United States Mint.
The original dime, now referred to as the Draped Bust dime, contained no markings to indicate the coin’s value. This continued until the issuance of the Capped Bust dime in 1809. The Capped Bust dime bore a “10 C.” mark on its reverse. The mintage of the dime during the Draped Bust/Capped Bust period was not regular—the Draped Bust was not minted in 1799 or 1806, while in the period from 1809 to 1820, the Capped Bust was minted only in 1809, 1811, 1814, and 1820. The dime has been minted nearly every year since 1827, although some years have seen extremely limited mintage figures.
In 1837, the dime was altered to incorporate the Seated Liberty design, which had debuted the previous year with the dollar coin. In addition, changes to the dime’s diameter and silver content were made. The Seated Liberty dime was minted for 54 years, the longest stretch for any design until the Roosevelt dime reached its 55th year in 2001.
In 1892 the Barber dime debuted, and it lasted until 1916. Of the Barber dime series, the 1894-S is particularly notable; only 24 examples are known to have been struck, of which only nine are known to still exist. One such example sold for US$1.3 million at an auction on March 7, 2005, the most ever paid for a dime in auction.
The Barber dime design was replaced in 1916 by the Winged Liberty Head design, more commonly referred to as the Mercury dime. The figure on the coin’s obverse is often thought to be the Roman god Mercury, but is in fact a depiction of Liberty (all other dimes except the Roosevelt dime feature an image of Liberty as well). The Mercury dime is considered to be one of the most visually appealing of all U.S. coins, and is highly sought after by collectors.
The Mercury dime was replaced in 1946 by the Roosevelt dime, designed in honor of President Franklin D. Roosevelt, who died in April 1945. Although other coins were eligible for an updated design (the design of any coin may be changed without Congressional approval after 25 years), the dime was chosen due to Roosevelt’s work in founding the National Foundation for Infantile Paralysis, even then unofficially known as the March of Dimes, a name it later officially adopted. Although the dime has not undergone any major design changes since its introduction, its composition changed significantly in 1965. The Coinage Act of 1965 removed the silver content from the dime (as well as the quarter and, in 1971, the half dollar), and replaced it with a clad composition of 75 percent copper and 25 percent nickel. Dimes with the silver composition were minted in 1965 and 1966 but bore the date 1964 to increase mintage figures and prevent hoarding of it. The clad Roosevelt dime is currently in circulation, and no major design changes are planned. An attempt was made by Congressional Republicans in 2003 to replace Roosevelt’s image with that of President Ronald Reagan, but this was short-lived.
The reeded edge on the modern dime is a holdover from earlier designs. The reeding was placed on gold and silver coins to discourage counterfeiting and fraudulent use, such as filing down the edges to collect the dust for profit. Currently, none of the coins produced for circulation contain precious metals. However, the continued use of reeded edges on current circulating coinage of larger denominations is useful to the visually impaired. The edge of a modern dime has 118 ridges.
Roosevelt (1946–present)
The plaque of Roosevelt at the
Recorder of Deeds Building in
Washington D.C.
Soon after the death of President Franklin D. Roosevelt in 1945, legislation was introduced by Virginia Congressman Ralph H. Daughton that called for the replacement of the Mercury dime with one bearing Roosevelt’s image. The dime was chosen to honor Roosevelt partly due to his efforts in the founding of the National Foundation for Infantile Paralysis (later renamed the March of Dimes), which originally raised money for polio research and to aid victims of the disease and their families. The public had been urged to send in a dime to the Foundation, and by Roosevelt’s death, the Foundation was already popularly known as the “March of Dimes.”
Due to the limited amount of time available to design the new coin, the Roosevelt dime was the first regular-issue U.S. coin designed by a Mint employee in more than 40 years. Chief Engraver John R. Sinnock was chosen, as he had already designed a Mint presidential medal of Roosevelt. Sinnock’s first design, submitted on October 12, 1945, was rejected, but a subsequent one was accepted on January 6, 1946.
The dime was released to the public on January 30, 1946, which would have been Roosevelt’s 64th birthday. Sinnock’s design placed his initials (“JS”) at the base of Roosevelt’s neck, on the coin’s obverse. His reverse design elements of a torch, olive branch, and oak branch symbolized, respectively, liberty, peace, and victory.
Controversy immediately ensued, as strong anti-Communist sentiment in the United States led to the circulation of rumors that the “JS” engraved on the coin was the initials of Joseph Stalin, placed there by a Soviet agent in the mint. The Mint quickly issued a statement refuting this, confirming that the initials were indeed Sinnock’s.
Another controversy surrounding Sinnock’s design involves his image of Roosevelt. Soon after the coin’s release, it was claimed that Sinnock borrowed his design of Roosevelt from a bas relief created by African American sculptor Selma Burke, unveiled at the Recorder of Deeds Building in Washington D.C. in September 1945. Sinnock denied this, claiming that he simply utilized his earlier design on the Roosevelt medal.
With the passage of the Coinage Act of 1965, the composition of the dime changed from 90 percent silver and 10 percent copper to a clad “sandwich” of copper between two layers of an alloy of 91.67 percent copper and 8.33 percent nickel. This composition was selected because it gave similar mass (now 2.27 grams instead of 2.5 grams) and electrical properties (important in vending machines)—and most importantly, because it contained no precious metal.
Soon after the change of composition, silver dimes (as well as silver quarters and half dollars) began to disappear from circulation, as people receiving them in change hoarded them (see Gresham’s law). Although now rare in circulation, silver dimes may occasionally turn up in customers’ change.
Starting in 1992, the US Mint re-introduced silver coins in its annual collectors sets. This included a 90 percent silver proof Roosevelt Dime, Washington Quarter(s) and Kennedy Half Dollar, a series that continues today.
Since 1946 the Roosevelt dime has been minted every year. Through 1955, all three mints, Philadelphia, Denver, and San Francisco produced circulating coinage; production at San Francisco ended in 1955, resuming in 1968 with proof coinage only. Through 1964 “D” and “S” mintmarks can be found to the left of the torch. From 1968, the mintmarks have appeared above the date. None were used in 1965–67, and Philadelphia did not show a mintmark until 1980 (in 1982, an error left the “P” off a small number of dimes, which are now valuable). To commemorate the 50th anniversary of the design, the 1996 mint sets included a “W” mintmarked dime made at the West Point Mint. A total of 1,457,000 dimes were issued in the sets.
In 2003, a group of conservative Republicans in Congress proposed removing Roosevelt’s image from the dime, and replacing it with that of President Ronald Reagan, although he was still alive. Legislation to this effect was introduced in November 2003 by Indiana Representative Mark Souder. Amongst the more notable opponents of the legislation was Nancy Reagan, who in December 2003 stated that, “When our country chooses to honor a great president such as Franklin Roosevelt by placing his likeness on our currency, it would be wrong to remove him.” After President Reagan’s death in June 2004, the proposed legislation gained additional support. Souder, however, stated that he was not going to pursue the legislation any further.
Other Events on this Day
- In 1950…
President Truman announces he has ordered development of the hydrogen bomb. - In 1958…
The United States enters the Space Age with the launch of its first satellite, Explorer I. - In 1961…
Ham the Chimp becomes the first chimpanzee in outer space when he blasts off from Cape Canaveral, Florida, aboard a Project Mercury rocket. - In 1990…
McDonald’s opens its first fast-food restaurant in Moscow, symbolizing a triumph of capitalism over Communism following the end of the Cold War.
References:
Dates and events based on:
William J. Bennett and John Cribb, (2008) The American Patriot’s Almanac Daily Readings on America. (Kindle Edition)
Background information is from Wikipedia articles on:
Wikipedia: Dime (United States coin)…
http://en.wikipedia.org/wiki/Dime_%28United_States_coin%29
Web Sites and Blogs:
BrainyQuote.com: The Dime…
http://www.brainyquote.com/quotes/keywords/dime.html
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