Rare US coin from 130 years ago worth millions, expert confirms only 9 could be out there
The 1894-S Barber dime, coveted by collectors, is worth millions, but a coin expert in Louisiana says it's because of its history and rarity with only 24 being made.
Rare United States coins share a glimpse into American history and can hold generational wealth.
One coin in particular, the 1894-S Barber dime, has been coveted by collectors far and wide.
Barber dimes were minted between 1892 through 1916 at four different mints, but in 1894, only 24 were issued in San Francisco, with nine known to survive.
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The dimes "have become one of the most sought-after, mysterious and prized rarities in U.S. history," according to Blanchard & Company, a rare coin and precious metal firm headquartered in New Orleans, Louisiana.
David Zanca, Blanchard's senior portfolio manager, told Fox News Digital that this coin is so valuable because it is very rare.
"However, rarity needs a story to create value. This coin has tremendous rarity and a great story. A rare coin that has a history tied to a little girl named Hallie [Daggett] and ice cream cones. That is as good as it gets," said Zanca via email.
Hallie Daggett picked up brand-new dimes after leaving the San Francisco Mint, where her father, John Daggett, was a supervisor, and she immediately went to purchase ice cream. She spent one dime and saved the other two until eventually selling them in the 1950s.
"As the most popular story goes, San Francisco Mint Superintendent John Daggett chose to strike a few dimes of the current date for banker friends who heard there would be no dimes struck that year," Blanchard & Company's website says.
"Then, after Mr. Daggett struck the dimes, he gave 3 them to his daughter Hallie telling her to save them until she was as old as he was as they would become quite valuable someday."
"Sadly, children sometimes fail to heed the advice of their parents," the site continues, referring to the theory that Hallie Daggett purchased ice cream with one of the three Barber dimes.
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The coin's namesake comes from Charles E. Barber, the chief engraver, known as the "King of the Mint."
Barber became the Mint's sixth chief engraver and served in the post until his death in 1917.
He also designed about thirty medals, including presidential inaugural medals and American Indian peace medals, according to the Smithsonian American Art Museum.
Barber’s designs were influenced by English styles and classical antiquity, with his portraiture praised by contemporaries and collectors.
The coin features "Miss Liberty" facing towards the right, donning a wreath with the word "liberty" written above her forehead made of 90% silver and 10% copper.
It is unknown why the San Francisco Mint only produced 24 coins, but according to Blanchard & Company, "whenever one surfaces for sale, wealthy collectors leap at the opportunity."
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Zanca said, "U.S. rare coins tell the entire history of the United States. They give an individual a true connection to U.S. history back to the founding of our country to present times."
Blanchard & Company has handled the sale of this coin on three occasions, pricing the currency at $1,550,000, $1,900,000 and $2,200,000.
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Zanca said he has seen an uptick in Americans purchasing rare coins.
"Many feel that we are now seeing a fundamental change taking place in regards to using the dollar as a long term storage of wealth. This is not just a change in the thinking of the U.S. investor, but this change is happening around the world."
As for where in the U.S. the coins might be, Zanca said it's "part of a mystery."
"If the mint director had all 24 and gave 3 to his daughter he might have thought nothing of just putting the others in circulation. They could be privately stashed away. They could be in someone’s loose change," Zanca said.
If you think you may have a Barber dime, first make sure its date reads 1894, Zanca said.
"The date of the coin is on the lower obverse (front). Second, look for the mintmark on the coin that specifies where the coin was minted," he added.
"On a Barber dime the mintmark is located on the reverse of the coin just below the wreath. No mintmark is a Philadelphia minted coin. An O mintmark is a New Orleans minted coin. An S means they have hit the jackpot – maybe."
Zanca said more counterfeits do exist than the original dimes.
