1942/1 10C MS66 Full Bands PCGS....

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Phenomenal 1942/1 Mercury Dime Overdate
MS66 Full Bands, Tied for Finest Certified

1942/1 10C MS66 Full Bands PCGS. FS-101. At an earlier time, many numismatists understood little about the mechanism that produces such startling overdate errors as the 1918/7-D Buffalo nickel, the 1918/7-S Standing Liberty quarter, the 1943/2-P Jefferson nickel, and the 1942/1-P and D Mercury dimes. Lacking a detailed knowledge of the process of hub, die, and coin production and the procedures involved in moving from one calendar year's coinage to the next, it was a simplistic but understandable assumption that many numismatists made, that the errors were produced simply by reengraving a digit for the later year over that of the earlier. Today there is little excuse, with the wealth of information available both online and in print to researchers, to make such a leap.
When the 1942/1-P and D errors were produced, the P-mint version, being much more bold and obvious, was recognized outside the Mint within a short time. The D-mint, a subtler overdate, went unrecognized for nearly 20 years; according to Lange, it was first mentioned in Numismatic Scrapbook in November 1960. When news of the 1942/1-P issue earlier surfaced in that same publication, in March 1943, among the more preposterous theories propounded--by no less a luminary than Chief Engraver John R. Sinnock--was that the error was produced when a 1941 dime was overstruck with a 1942 die! According to Lange, "Perhaps realizing the incredible nature of this explanation, he [Sinnock] then presented readers of [Numismatic Scrapbook editor Lee] Hewitt's publication with a streamlined rendition of what is now known to have been the actual cause--the use of two differently dated working hubs in the sinking of a single working die."
Lange continues with a direct quote from Sinnock, more credibly disputing the theory that a 1941 die might have been reengraved to read 1942:

In September of each year we start engraving the numeral in the new master die for the following year. We have no punches for these numerals since they were sculptured in the first place we follow the individual style of each sculptor. From this master die a working "hub" is drawn. This is re-touched if necessary, then hardened. This hub is used to fabricate all the working dies for that year. About one thousand dies with new date must be ready by January 1st of each year.

Because the error was published so soon after its creation, hobbyists began examining all 1942 dimes they encountered, leading to the many AU examples known today. Lange points out, however, that true Mint State coins are rare. The certified population data bear that out: While NGC and PCGS have each certified a few dozen Uncirculated examples, that is a far smaller number than those who desire an example of this popular variety.
Of course, Full Bands examples are rarer yet, and in MS66 Full Bands, this splendid example is one of only a half-dozen so certified at PCGS, and there are none finer (8/08). NGC has graded two coins MS66 Full Bands.
For starters, the overdate is incredibly bold on this piece, a naked-eye variety nearly as obvious as the 1955 Doubled Die cent. Not only the central horizontal bands on the reverse are split and rounded, but also the top and bottom bands. The top diagonal is full and, as often seen, the lower diagonal shows slight weakness where it joins the nearby olive leaf. The silver-white surfaces exhibit just a hint of golden-gray toning; radiant luster washes from both sides in copious quantities. The surfaces are almost entirely frosty, although under a loupe small patches in the left obverse field and behind Liberty's head display the shiny prooflike attributes that Lange calls "die burn," the result of die overpolishing.
This piece is simply the finest quality either obtainable or imaginable, a prize for the Registry Set collector or 20th century series enthusiast.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 23K4, PCGS# 5037, Greysheet# 4608)

Weight: 2.49 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS