The 1894-S Barber Dime is one of the great rarities of American coinage. Besides having an original mintage believed to be just 24 pieces, this issue is surrounded by mystery, with the precise circumstances of its creation still unknown. No other Barber type coins can boast such absolute rarity and intrigue. The value of the coin is similarly impressive, with finest known examples changing hands for more than $1 million.

As with some other major rarities in American numismatics, the full story of the 1894-S dime is not known. The coins were listed in the account book of the San Francisco Mint of 1894, like other coins struck that year and for many years afterward. All known examples are believed to have been struck as proofs, or at least as specimen strikings. The special production process involved was not typically employed at the San Francisco Mint, but usually limited to a small number of coins struck in Philadelphia. The production of proof coins at branch mints, usually only happened to mark extraordinary events. To the best of our knowledge, there were no extraordinary events in San Francisco in 1894, and there was not much reason for a minuscule mintage of Barber Dimes in proof format.

The first 1894-S Barber Dimes came out of the woodwork in 1900 when the Numismatist published an article about them. Since then, only a very limited number of the original mintage has turned up, and it seems unlikely that 116 years after their minting many more will be found. There are various theories about how the coins came on the market.

First of all, there is the theory that the superintendent of the San Francisco Mint in 1894, John Daggett, gave a small group of the 1894-S dimes to seven high ranking individuals (presumably bankers). He gave three pieces to each individual and kept three for himself, which he later gave to his daughter. Another theory is that the coins were struck to balance the books, although this would not explain why the coins appear to have been specially produced and were given special care during and after production.