I have two inputs on my interface and I want to record using a dynamic mic and a condenser mic at the same time. If I turn on the phantom power will it damage my dynamic mic?

I dont believe it will.

I run a mess of mics off both of my mixers at the same time and each board uses one switch for power.

Hasnt affected the operation of any yet

I think mics are wired to where it wont affect them but I have seen a few with warnings about that.

Phantom power will not damage dynamic mics with the exception of older passive ribbon mics.  Never use phantom power with a ribbon mic unless you are sure it is an active ribbon or has a phantom power blocking circuit built in. 

alright, well I guess I could try it then. If there is is a hazard in doing this please post away.

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Make sure your mics are plugged in before applying Phantom Power, and switch off PP before disconnecting

Dynamic mics do not care about phantom power..... on or off... it doesn't matter.

But it's a good habit to get into, especially if you're using a combo of dynamics & condensers

I can confirm that a dynamic mic will be perfectly okay with phantom on. My live rig only has a global on/off switch rather than per channel and I've been using that for years with phantom on, to power a DI box, and dynamic mics in several inputs.

I'd agree turn it off before connecting/disconnecting. It won't damage them (or hasn't mine) when done by mistake but as Colin says it's a good habit to get in to.

What can happen if you have Phantom power switched on when connecting or disconnecting microphones won't damage them but they can make a loud

Bang Especially if you are monitoring quite loudly the incoming signal.
Now we don't want that do we.