“Of the deposits of silver bullion for coinage at the Mint, during the last year, it may not, perhaps, be deemed uninteresting to state that those from South America, with Mexico, amounted to $201,623.” — Mint Director Robert Patterson to President James Monroe, January 1, 1822 The ultimate example of this extremely rare die variety, the Pogue specimen surpasses all other examples from these dies as well as nearly all other examples of this date. Violet and blue toning tinted with hints of gold embraces the rims on both sides, surrounding centers of golden peach and brilliant silver gray. Thoroughly lustrous on both sides, the surfaces of this satiny dime hide few noteworthy marks, just a thin vertical scratch right of the 8 in the date, some trivial hairlines and a couple of microscopic contact points under Liberty’s chin. A raised speck is noted between stars 3 and 4. Stars 2 and 3 are usually weak on this die marriage, due to a die crack that connects all seven stars on the left, running roughly parallel to the rim. Despite the crack, stars 2 and 3 both still show good central detail on this specimen. The crack is noticeable outside of stars 1 through 3, but becomes nearly invisible above star 4. Another very faint die crack connects stars 11 through 13 on their left sides, though not at the innermost points, and a further thin crack curves in front of the bust truncation to join the bases of 182. A substantial bulge rises on the field inside stars 2 through 4. The reverse is new and fresh here, well struck and showing no cracks or defects. Though this is the second and final use of this obverse, the reverse would see more extensive use in the far more common JR-4 die marriage. The 1821 Mint Report indicates that the United States Mint benefited from the revolutionary upheaval pulsing throughout Latin America in 1821. Mexico finally became independent from Spain in 1821, after a decade-long struggle, and Peru declared its independence the same year. As Spain lost its grip on these and other regions, silver from the fertile mines of Central and South America found new markets, including the United States. Most of the silver deposited at the Mint in the 1820s became half dollars, but dimes and quarter dollars also saw increased mintage figures. This was the first dime issue whose mintage passed one million coins. It is unusual for the plotted curves of rarity and grade to meet at such a steep angle as this. When the JR book was published in 1984, this die marriage was considered Rarity-7, with fewer than a dozen specimens known in all grades. The finest was just VF-25. When Charles Horning published his Capped Bust Dime census in the John Reich Journal in March 2009, this was identified as one of the prime “condition sensitive marriages,” with just a single specimen recorded in Uncirculated grade. In Horning’s 2006 census, the best specimen was recorded as VF-30. In his 2009 census, he reported the sale of two specimens from these dies in the Jules Reiver Collection, a damaged EF Details coin and a problem free F-12 coin. The second of these sold for more than twice as much as the first, showing the premium value placed upon choice examples at any grade level. A VF-20 (PCGS) specimen, sold in the American Numismatic Rarities sale of March 2006, brought even more, selling for $6,500 a decade ago. According to the 2015 Bust Dime Variety Identification Guide, “most examples are known in grades of VG or lower,” but “as many as four are confirmed in grades of EF or better with the finest known in Gem MS.” This is the lone Mint State survivor, a gem that stands as not only the finest 1821 Large Date certified from any die marriage, but is tied with one other coin as the finest 1821 dime to have been graded by PCGS. PCGS# 38792. NGC ID: 236Y.
