A rare dime that inadvertently launched one of most successful coin collecting careers in history has sold for an astounding $1.25 million. The coveted 1894 S-Dime was auctioned during Stack's Bowers Galleries "Rarities Night" on September 1, and was this particular coin's fourth auction appearance. Known as a Barber Dime for its designer, United States Bureau of the Mint Chief Engraver Charles E. Barber, only 24 of the 10-cent pieces were ever manufactured. Of those, just nine are known to still exist, making them exceptionally coveted by collectors. The Barber Dime is also ranked fourth in the widely used 100 Greatest U.S. Coins reference guide.

Coincidentally, Stack's Bowers is named after one of those very collectors. In 1957, a 19-year-old Dave Bowers successfully bid on the same Barber Dime auctioned earlier this month. Bowers made international headlines given his age, and the idea that anyone would pay $4,750 for a dime. He soon leveraged both to help launch his own career in numismatism. Bowers resold the 1894 S-Dime for $6,000 in 1960, before later moving between a handful of other collectors.

There are multiple conflicting stories to explain why the 1894 S-Dime is so rare, although they all tie back in one way or another to the Panic of 1893. Within a year of its onset, the economic depression practically eradicated the need to mint any new coinage for months. Some historians allege the dimes are a result of the San Francisco Mint needing to melt $2.40 in leftover silver, while other experts claim the Mint's superintendent made the coins as gifts for his daughter and a handful of banker friends. Regardless of the true origin story, only nine Barber Dimes are accounted for today.

Unlike the current U.S. dime's design featuring Franklin D. Roosevelt, Barber dimes showcase a portrait of Lady Liberty on the front along with the words "One Dime" above another wreath on the back.