Buried Treasure: Were Examples of Grade/Designation Check Raw 1962 Roosevelt Silver Dime Potential FB Found in Famous Hoards?

Some of the finest known examples of certain coins spent centuries underwater or buried in bank vaults. Let’s look at the hoard history.

As a treasure salvor who has spent decades recovering coins from the ocean floor and examining the world’s most famous hoards, I can tell you that the story of a coin is often just as important as its grade. When I see a collector asking about a raw 1962 Roosevelt silver dime and whether it might earn the coveted Full Bands designation, my mind immediately goes to the legendary hoards that have shaped the numismatic market. The S.S. Central America, the Redfield Hoard, and the Saddle Ridge Hoard — these are the treasure troves that have given us some of the finest known examples of coins that spent generations hidden from the world.

The S.S. Central America: A Time Capsule from the Deep

The S.S. Central America, often called the “Ship of Gold,” sank in September 1857 during a hurricane off the coast of the Carolinas. When the ship went down, it carried tons of gold coins, ingots, and assorted numismatic treasures from the San Francisco Mint. The vessel wasn’t recovered until 1988, when Tommy Thompson and his team located the wreck nearly 7,000 feet below the surface of the Atlantic Ocean.

What makes the S.S. Central America so significant to numismatists is the condition of the coins recovered. Because the ship settled in cold, deep water with minimal oxygen, many of the gold coins emerged in stunning mint state — some grading MS-65 or higher. These coins had been preserved in a near-perfect environment for over 130 years. The pressure, temperature, and lack of light created a natural time capsule.

For those of us who work in sea salvage, the S.S. Central America represents the gold standard — pun intended — of what a shipwreck recovery can yield. The coins from this wreck are highly sought after not just for their grade, but for their provenance. A coin from the Central America carries a story that no freshly minted piece ever could.

What Sea Salvage Coins Teach Us About Preservation

One of the most fascinating aspects of shipwreck coins is how the ocean environment affects their surfaces. Coins recovered from saltwater often exhibit what we call “shipwreck effect” — a term used by grading services like PCGS and NGC to describe the unique surface characteristics imparted by centuries underwater.

These effects can include:

• Smoothing of details: Gentle ocean currents can actually polish a coin’s high points over time, softening the sharpest design elements.
• Patina development: Saltwater creates distinctive toning and patina that can range from golden to deep brown, depending on the metal composition and the environment.
• Surface pitting: In less ideal conditions, coins may develop small pits or corrosion spots from prolonged exposure to salt and minerals.
• Preservation of luster: In the best cases, like the S.S. Central America, original mint luster can be remarkably well-preserved.

When I examine a coin that has been recovered from a shipwreck, I’m not just looking at the grade — I’m reading the story written on its surfaces. Every mark, every toning pattern, every subtle shift in luster tells me something about the journey that coin took.

The Redfield Hoard: A Mountain of Silver Dollars

While shipwrecks capture the imagination, some of the most important hoards in numismatic history were never near water. The Redfield Hoard is a perfect example. LaVere Redfield, a reclusive Nevada businessman, accumulated over 407,000 silver dollars — primarily Morgan and Peace dollars — over several decades. He stored them in his home, in bags and boxes, hidden away from the world.

When Redfield passed away in 1974, his massive collection was discovered and eventually sold through various dealers. The coins from the Redfield Hoard were remarkable not just for their quantity, but for their quality. Many had never been circulated, sitting in bags for decades in a dry Nevada climate that preserved their original mint luster.

The Redfield Hoard taught the numismatic community an important lesson: you don’t need an ocean to preserve coins. A stable, dry environment — even a bank vault or a basement — can keep coins in pristine condition for generations. This is directly relevant to our discussion of the 1962 Roosevelt dime, because many of the finest examples of mid-20th century coins come from similar hoards and bank releases.

How Hoard Coins Differ from Circulated Examples

In my experience grading coins from major hoards, there are several characteristics that set them apart:

1. Consistent luster: Hoard coins tend to have uniform, original mint luster because they were stored together in similar conditions.
2. Minimal bag marks: While no hoard coin is perfect, the contact marks tend to be lighter and more evenly distributed than coins that circulated freely.
3. Original toning: Many hoard coins develop attractive, original toning from decades of storage in paper rolls or cloth bags.
4. Sharp strikes: Because hoard coins were typically early strikes from fresh dies, they often exhibit sharper details than later-production pieces.

When I look at a raw 1962 Roosevelt dime and consider its potential for the Full Bands designation, I’m asking myself: does this coin have the characteristics of a hoard coin? Is the luster original? Are the contact marks minimal? Is the strike sharp enough to show full separation of the torch bands?

The Saddle Ridge Hoard: Modern Gold in a Tin Can

The Saddle Ridge Hoard, discovered in 2013 on a rural property in Northern California, is one of the most remarkable treasure finds in American history. A couple walking their dog on their land stumbled upon eight buried cans containing over 1,400 gold coins, dating from 1847 to 1894. The total face value was around $27,000, but the numismatic value was estimated at over $10 million.

What makes the Saddle Ridge Hoard so extraordinary is the condition of the coins. Many graded at the highest levels — MS-65 and above — with some even achieving MS-67 and MS-68. These coins had been buried in the ground for over a century, yet they emerged looking as though they had just been struck.

The Saddle Ridge discovery reinforces a principle I’ve observed throughout my career: the earth can be an excellent preservative. The soil conditions in Northern California — relatively dry, stable, and free from the corrosive elements found in other environments — created a natural vault that protected these coins from the ravages of time.

Lessons from the Saddle Ridge Hoard for Modern Collectors

The Saddle Ridge Hoard offers several important lessons for collectors evaluating raw coins today:

• Condition is king: The difference between an MS-65 and an MS-67 can be worth thousands of dollars. Every mark matters.
• Provenance adds value: Coins with documented hoard history often command premiums over similar coins without such history.
• Don’t overlook the ordinary: The Saddle Ridge couple found their treasure on land they had walked over for years. Sometimes the most valuable coins are hiding in plain sight.
• Storage conditions matter: The tin cans used to bury the Saddle Ridge coins provided excellent protection. Similarly, coins stored in proper holders or rolls tend to maintain their condition better than those left exposed.

Shipwreck Effects and Their Impact on Grading

When it comes to grading coins recovered from shipwrecks, the process is both an art and a science. Grading services like PCGS and NGC have developed specific designations for shipwreck coins, recognizing that these pieces have unique surface characteristics that don’t fit neatly into standard grading criteria.

The “shipwreck effect” designation is applied to coins that show evidence of having been submerged in saltwater for an extended period. This designation doesn’t necessarily lower the grade — in fact, many shipwreck coins grade quite high — but it does provide important context for buyers and sellers.

In my experience, the key factors in grading shipwreck coins are:

1. Surface preservation: How well have the original surfaces been preserved despite the underwater environment?
2. Strike quality: Is the original strike sharp and well-defined, or has it been softened by the ocean?
3. Luster retention: Does the coin retain any of its original mint luster, or has it been completely replaced by a shipwreck patina?
4. Detail completeness: Are all the design elements fully visible, or have some been lost to corrosion?

For coins like the 1962 Roosevelt dime, which would never have been in a shipwreck (given its modern date), the grading considerations are different. But the principles are the same: we’re looking for sharp strikes, minimal contact marks, and original luster. The question of whether a 1962 dime earns the Full Bands designation comes down to the sharpness of the torch bands on the reverse — specifically, whether the upper and lower bands show complete separation with no weakness or merging.

The Full Bands Designation: What It Takes

The Full Bands (FB) designation on Roosevelt dimes is one of the most important — and most debated — designations in modern numismatics. To earn FB status, a dime must show complete separation of the three horizontal bands on the torch on the reverse. The bands are located on the shaft of the torch, and they must be fully split with no merging or weakness.

In my experience grading Roosevelt dimes, here’s what I look for when evaluating Full Bands potential:

• Upper band: The band closest to the flame must be fully separated from the band below it. Any merging or weakness here will disqualify the coin.
• Middle band: This band must be distinct and separate from both the upper and lower bands.
• Lower band: The band closest to the base of the torch must be fully separated from the middle band. Marks or weakness in this area are common disqualifiers.
• Overall strike: The coin must have a sharp, well-centered strike. Weak strikes often fail to show full band separation, even on otherwise high-grade coins.

For the 1962 Roosevelt dime specifically, the Full Bands designation is particularly challenging because the Philadelphia Mint’s dies in 1962 were showing signs of wear. Many 1962 dimes exhibit weak strikes, making full band separation rare. This is why a 1962 FB dime in high grade — say, MS-67 — can command a significant premium.

Market Realities: Is Submission Worth It?

This brings us to the practical question that every collector faces: is it worth submitting a raw coin for professional grading? The answer depends on several factors, including the coin’s potential grade, the cost of submission, and the market value of the graded coin.

Based on the forum discussion, we can see that a raw 1962 Roosevelt dime with potential Full Bands status faces some tough market realities:

• MS-66FB examples are available for around $20 — less than the cost of PCGS grading fees.
• MS-67FB examples can sell for $275 or more, making submission potentially worthwhile.
• The gap between 66 and 67 is significant, both in terms of grade and value.

In my experience, the decision to submit should be based on a careful, honest assessment of the coin’s condition. Compare your coin to known examples at the grade you’re targeting. Look at the number and severity of contact marks, the quality of the luster, and the sharpness of the strike. If your coin doesn’t measure up to a certified MS-67FB, it may not be worth the submission cost.

Actionable Takeaways for Buyers and Sellers

Whether you’re buying, selling, or submitting, here are my recommendations based on years of experience in the treasure and hoard market:

1. Always compare to certified examples: Before submitting a raw coin, find certified examples at your target grade and compare them side by side.
2. Consider the cost-benefit ratio: If the graded coin won’t sell for significantly more than the submission cost, it may not be worth it.
3. Look for hoard coins: Coins from known hoards often have superior surfaces and strikes, making them better candidates for high grades and designations.
4. Understand the designation criteria: Know exactly what the grading services are looking for — whether it’s Full Bands, Full Bell Lines, or another designation.
5. Don’t let camera tricks fool you: As one forum member noted, camera and lighting setups can accentuate flaws. Always examine coins in person under proper lighting before making submission decisions.

Conclusion: The Enduring Allure of Hoards and Hidden Treasure

The story of numismatics is, in many ways, the story of hidden treasure. From the depths of the Atlantic Ocean to the basements of reclusive collectors, some of the finest coins ever found were hidden away for generations before being discovered. The S.S. Central America gave us gold coins in miraculous condition. The Redfield Hoard showed us that silver dollars could survive decades in storage with their beauty intact. The Saddle Ridge Hoard reminded us that treasure can be found in the most unexpected places.

When we examine a raw 1962 Roosevelt dime and wonder whether it might earn the Full Bands designation, we’re participating in this same tradition. We’re looking for that hidden gem — the coin that, despite its ordinary appearance, possesses the sharp strike, clean surfaces, and original luster that set it apart from the millions of its siblings.

The collectibility of any coin — whether it’s a shipwreck gold piece or a modern Roosevelt dime — ultimately comes down to three things: condition, rarity, and story. A coin in superb condition with a compelling backstory will always command a premium. And while a 1962 dime may not have the romantic provenance of a shipwreck recovery, it can still be a treasure in its own right — especially if it earns that elusive MS-67FB grade.

So the next time you’re sorting through a roll of Roosevelt dimes or examining a raw coin under magnification, remember: you might be holding a piece of hidden treasure. The question is whether you have the eye — and the patience — to recognize it.

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