Although most commonly referred to as the Mercury Dime, the coin does not depict the Roman messenger god. The obverse figure is a depiction of the mythological goddess Liberty wearing a Phrygian cap, a classic symbol of liberty and freedom, with its wings intended to symbolize freedom of thought. Designed by noted sculptor Adolph A. Weinman, the Winged Liberty Head dime is considered by many to be one of the most beautiful U.S. coin designs ever produced. The composition (90 percent silver, 10 percent copper) and diameter (17.9 millimeters) of the Mercury Dime was unchanged from the Barber Dime.
Of particular interest to numismatists is the condition of the horizontal bands tying together the bundle on the fasces, on the coin's reverse. On well-struck examples, separation exists within the two sets of bands (known as Full Split Bands). Coins exhibiting this feature are typically valued higher than those without it.