Dime (United States coin)


The dime, in United States usage, is a ten-cent coin, one tenth of a United States dollar, labeled formally as "one dime". The denomination was first authorized by the Coinage Act of 1792.
The dime is the smallest in diameter and is the thinnest of all U.S. coins currently minted for circulation, being in diameter and in thickness. The obverse of the current dime depicts the profile of President Franklin D. Roosevelt and the reverse has an olive branch, a torch, and an oak branch, from left to right respectively.
The word dime comes from the Old French disme, meaning "tithe" or "tenth part", from the Latin decima . The dime is currently the only United States coin in general circulation that is not denominated in terms of dollars or cents., the dime cost 5.76 cents to produce.

History

The Coinage Act of 1792 established the dime, cent, and mill as subdivisions of the dollar equal to, and dollar respectively.
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".
From 1796 to 1837, dimes were composed of 89.24% silver and 10.76% copper, the value of which required the coins to be physically very small to prevent their commodity value from being worth more than face value. Thus dimes are made small and thin. The silver percentage was increased to 90.0% with the introduction of the Seated Liberty dime; the use of a richer alloy was offset by reducing the diameter from 18.8 millimeters to its current figure of 17.9 millimeters.
With the passage of the Coinage Act of 1965, the dime's silver content was removed. Dimes from 1965 to the present are struck from a clad metal composed of outer layers of 75% copper and 25% nickel alloy, bonded to a pure copper core. Pre-1965 dimes followed Gresham's law and vanished from ordinary currency circulation at face value. Most now trade as informal bullion coins known as junk silver, priced at some multiple of face value, which price follows the spot price of silver on commodity markets.
Starting in 1992, the U.S. Mint began issuing Silver Proof Sets annually, which contain dimes composed of the pre-1965 standard of 90% silver and 10% copper, then switched to.999 fine silver from 2019 onward. These sets are intended solely for collectors and are not meant for general circulation.

Design history

Since its introduction in 1796, the dime has been issued in six different major types, excluding the 1792 "disme". The name for each type indicates the design on the coin's obverse.
  • Draped Bust 1796–1807
  • Capped Bust 1809–1837
  • Seated Liberty 1837–1891
  • Barber 1892–1916
  • Winged Liberty Head 1916–1945
  • Roosevelt 1946–present

    "Disme" (1792)

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% silver and 10.76% 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.

Draped Bust (1796–1807)

The first dime to be circulated was the Draped Bust dime, in 1796. It featured the same obverse and reverse as all other circulating coins of the time, the so-called Draped Bust/Small Eagle design. This design was the work of then-Chief Engraver Robert Scot. The portrait of Liberty on the obverse was based on a Gilbert Stuart drawing of prominent Philadelphia socialite Ann Willing Bingham, wife of noted American statesman William Bingham. The reverse design is of a small bald eagle surrounded by palm and olive branches, and perched on a cloud. Since the Coinage Act of 1792 required only that the cent and half cent display their denomination, Draped Bust dimes were minted with no indication of their value.
All 1796 dimes have 15 stars on the obverse, representing the number of U.S. states then in the Union. The first 1797 dimes were minted with 16 stars, reflecting Tennessee's admission as the 16th state. Realizing that the practice of adding one star per state could quickly clutter the coin's design, U.S. Mint Director Elias Boudinot ordered a design alteration, to feature just 13 stars. Therefore, 1797 dimes can be found with either 13 or 16 stars.
Also designed by Robert Scot, the Heraldic Eagle reverse design made its debut in 1798. The obverse continued from the previous series, but the eagle on the reverse was changed from the widely criticized "scrawny" hatchling to a scaled-down version of the Great Seal of the United States. The Draped Bust/Heraldic Eagles series continued through 1807. Both Draped Bust designs were composed of 89.24% silver and 10.76% copper.

Capped Bust (1809–1837)

The Draped Bust design was succeeded by the Capped Bust, designed by Mint Assistant Engraver John Reich. Both the obverse and reverse were changed extensively. The new reverse featured a bald eagle grasping three arrows and an olive branch. Covering the eagle's breast is a U.S. shield with six horizontal lines and 13 vertical stripes. Also on the reverse is the lettering "10C," making it the only dime minted with the value given in cents. The lack of numeric value markings on subsequent dime coins causes some confusion amongst foreign visitors, who may be unaware of the value of the coin. Also, the Capped Bust dime was the first dime to have its value written on the coin. Previous designs of the dime had no indication of its value, the way people determined its value was by its size
Capped Bust dimes minted through 1828 are known as the Large type. This is partially because they were struck without a restraining collar, which gave them a broader appearance. In 1828, Chief Engraver William Kneass introduced the close collar method of coining. In addition to standardizing the diameter of coins, the new method allowed the Mint to produce thicker coins. To maintain a standard weight and alloy, the diameter of most coins was reduced. In particular, the dime was reduced in diameter from 18.8 to 18.5 millimeters. This new Capped Bust dime, which began production in 1828, is known as the Small type. There are 123 varieties known of Capped Bust Dimes.

Seated Liberty (1837–1891)

completed the design of the Seated Liberty dime, whose obverse was used with every circulating silver U.S. coin of the period. Mint Director Robert Maskell Patterson requested a new coin design, to be reminiscent of the Britannia image found on coinage of the United Kingdom. Chief Engraver William Kneass drew the original sketches, but suffered a stroke and was too ill to finish them or to oversee preparation of the dies. The task then fell to Gobrecht, who was promoted to Second Engraver.
The obverse features an image of Liberty sitting on a rock, wearing a dress and holding a staff with a liberty cap on top. Her right hand is balancing a shield with the inscription "LIBERTY." The reverse featured the inscription "ONE DIME," surrounded by a wreath. All Seated Liberty dimes contain 90% silver and 10% copper, and are 17.9 millimeters in diameter. This size and metal composition would continue until 1965, when silver was permanently removed from circulating dimes.
There were several minor varieties during the Seated Liberty's run. The initial design had no stars on the obverse and, further, the dates were minted in a Large Date and Small Date variety. These two types can be distinguished by noting the "3" and the "7" in the date. In the Large Date variety, the "3" has a pointed serif at top, and the horizontal element of the "7" is straight. In the Small Date variety, the "3" has a rounded serif, and there is a small knob, or bulge, in the "7" horizontal element. Only the Philadelphia Mint made both varieties. The Small Date is slightly rarer. The New Orleans Mint also made the Seated Liberty Dime in this year, but only in the Small Date variety.
Thirteen stars were added to the perimeter of the obverse in 1838. These were replaced with the legend "United States of America," which was moved from the reverse in mid-1860. At the same time, the laurel wreath on the reverse was changed to a wreath of corn, wheat, maple, and oak leaves and expanded nearly to the rim of the coin. This reverse design continued through the end of the series in 1891 and was changed only slightly in 1892, when the Barber dime debuted. Another variety is the 1838–40 dime minted with no drapery underneath the left elbow of Liberty.
Image:Seateddime.jpg|thumb|upright=0.8|left|1874 cc Seated Liberty dime, with arrows
Arrows at the date in 1853 and 1873 indicated changes made in the coin's mass. The first change was made in response to rising silver prices, while the latter alteration was brought about by the Mint Act of 1873 which, in an attempt to make U.S. coinage the currency of the world, added a small amount of mass to the dime, quarter, and half-dollar to bring their weights in line with fractions of the French 5-franc piece. The change also ensured the quarter dollar weighed 2.5 times the dime, and the half dollar weighed twice what the quarter dollar weighed. In this way, a specific weight of these coins, no matter the mixture of denominations, would always be worth the same. This relation in weight and value continued in the cupronickel coins from 1965 on.
This produced the greatest rarities in the Seated Dime Series, the 1873 and 1874 Carson City Dimes, with arrows and the unique 1873 Carson City Dime without arrows.