While many investors buy silver coins for the intrinsic worth, some half dollar coins carry significant numismatic value that can enhance a tangible asset portfolio.
In this article, we will explore the rich history of U.S. Mint half-dollar coins and highlight some of the most valuable examples from different eras.
The U.S. Mint Half-Dollar
Although they are used less often today, the half-dollar coin has been a cornerstone of American currency since its introduction in 1794. Over the centuries, it has undergone numerous changes. From the early Flowing Hair and Draped Bust designs to the more familiar Walking Liberty and Franklin halves.
1794 Flowing Hair
The 1794 Flowing Hair half dollar holds a notable place in American numismatic history as the first half dollar coin issued by the U.S. Mint.
The age and scarcity make 1794 Half Dollar valuable among collectors.
As an example of how the condition can effect the value, a specimen in VF35 condition sold for over $50,000 in a Heritage Auctions event, while a 1794 Half Dollar graded NGC AU55 sold for roughly $150,000 at a Stack’s Bowers auction.
Draped Bust (1796–1807)
The Draped Bust Half Dollar was one of the earliest half-dollar designs. It features a portrait of Liberty with flowing hair draped in cloth on the obverse and an eagle on the reverse.
There are two sub-types within the Draped Bust series. The “Small Eagle Reverse” was produced from 1796 until 1797 and shows a small eagle within a wreath on the back.
The “Heraldic Eagle Reverse” was minted from 1801 to 1807, featuring a more prominent, heraldic-style eagle with a shield.
The Draped Bust with 15 stars is a rare variant. A PCGS VF30 1797 Draped Bust 50 Cent Piece fetched around $100,000, while another in NGC XF40 condition sold for over $200,000.
Capped Bust (1807–1839)
Introduced in 1807, the Capped Bust half dollar depicts Liberty wearing a Phrygian cap on the obverse and an eagle with a shield on the reverse.
The Capped Bust Series also features two subtypes. The “Lettered Edge” type was issued from 1807 until 1836, featuring the face value inscribed around the edge with the phrase “FIFTY CENTS OR HALF A DOLLAR.”
The “Reeded Edge” type was introduced in 1836 and issued until 1839. This variety introduced the modern reeded edge and slight design modifications.
The 1838-O is significant as the first half dollar coins minted in New Orleans. With fewer than 20 known examples, one sold for $493,500 at a Stack’s Bowers auction in 2008, and another worth $632,500 at a Heritage Auctions event in 2015.
Seated Liberty (1839–1891)
The “Seated Liberty” features Liberty seated on a rock, holding a shield and a liberty pole with a cap. The reverse shows an eagle clutching arrows and an olive branch.
There are three distinct varieties in the Seated Liberty Series. The “No Motto” type was minted without the “IN GOD WE TRUST” motto until 1865.
Arrows were added to the date from 1853 to 1855 and again from 1873 to 1874 to indicate a change in the weight and composition. The motto “IN GOD WE TRUST” was added on a ribbon above the eagle after the Civil War. The “With Motto” type was minted from 1866 to 1891.
Barber Half Dollar (1892–1915)
Designed by Charles E. Barber, the Barber Half Dollar coins feature a classical depiction of Liberty wearing a Phrygian cap and laurel wreath on the obverse and an eagle clutching arrows and an olive branch on the reverse.
The heraldic eagle is similar to the Great Seal of the United States.
Key Date Barbers
Date | Notes | Value Range in Circulated Grades |
---|---|---|
1892-S | The first year of the Barber half dollar series from the San Francisco Mint. | $125 – $32,000 |
1893-S | Another lower mintage. | $100 – $2,500 |
1896-O | Low mintage from New Orleans Mint. | $50 – $115,200 |
1896-S | Low mintage from San Francisco Mint. | $300 – $1,500 |
1897-O | Most examples from New Orleans are heavily circulated and can be difficult to find in higher grades. | $120 – $700 |
1901-S | Scarce in all grades, with uncirculated coins commanding significant premiums. | $150 – $800 |
1904-S | Another low-mintage coin that is rare in higher grades. | $120 – $700 |
1913 | One of the lowest mintages in the series, making it valuable across all conditions. | $100 – $500 |
Walking Liberty (1916–1947)
Minted from 1916 until 1947, the Walking Liberty is considered to be one of the most beautiful U.S. coin designs. Designed by Adolph Weinman, the obverse depicts Lady Liberty striding toward the sunrise, draped in the American flag, holding laurel and oak branches symbolizing civil and military glory. The reverse features a majestic eagle perched on a mountain pine sapling.
The 1921-S Walking Liberty stands out as a key date due to its low mintage of just 548,000 coins. During recent auction events, a PCGS MS65 graded coin sold for $188,000. Another, graded NGC AU58, realized $12,000 in a recent sale.
Date | Notes | Value Range |
---|---|---|
1916-S | As an early issue, the 1916-S has a lower mintage compared to its Philadelphia counterpart | |
1917-D and 1917-S Obverse Mintmark | In 1917, the mintmark was moved from the obverse to the reverse. Coins with the mintmark on the obverse are scarcer and more sought after by collectors. | |
1919-D and 1919-S | These coins have low mintages and saw heavy circulation. | |
1921, 1921-D, 1921-S | The 1921 issues are key dates in the series with very low mintages. The 1921-D is particularly scarce in higher grades, making it one of the most valuable coins in the series. | |
1938-D | Although later in the series, the 1938-D has a low mintage and is considered a semi-key date. |
The 1938-D had a mintage of only 491,600, making it the lowest mintage among the late-date half dollar coins in the series. In auction sales, a PCGS MS68 graded coin sold for $14,100 in 2018. Another example, graded MS67, realized $4,935 at a Heritage Auctions event.
Franklin Half Dollar Coins (1948–1963)
John R. Sinnock designed this coin featuring Founding Father Benjamin Franklin on the obverse and the Liberty Bell on the reverse. The small eagle to the right of the Liberty Bell was included to fulfill the legal requirement of depicting an eagle on silver coins.
Value Ranges of Franklin Key Dates
Date | Notes | Value Range |
---|---|---|
Full Bell Lines (FBL) | Franklins are more valuable when they exhibit Full Bell Lines on the Liberty Bell’s image on the reverse. | |
1949-S | Known for weaker strikes, making FBL coins scarce and more valuable. | |
1950-D | Another issue where FBL coins are harder to find, increasing their desirability among collectors. | |
1951-S | Perhaps the most challenging date to find with Full Bell Lines. | |
1953-S | Notorious for weak strikes, making FBL coins extremely rare and valuable. | |
1955 “Bugs Bunny” Variety | A die clash error gives Franklin the appearance of buck teeth, resembling Bugs Bunny. | |
Proof Cameo Coins (1961 and 1962) | Proof coins with strong cameo contrasts are scarce. Cameo proofs from these years are more valuable than standard proofs. |
Early proof Franklin half dollar coins with deep cameo contrasts are scarce. In recent auctions, a PR68 Deep Cameo coin sold for $22,325 in 2017. While another, graded PR67 Deep Cameo, realized $7,050.
Kennedy (1964–Present)
Quickly introduced after President John F. Kennedy’s assassination in 1963, the obverse was designed by Gilroy Roberts and features a portrait of Kennedy. The reverse displays the Presidential Seal, which Frank Gasparro created.
Kennedy Half Dollar Key Dates and Values
Key Date | Notes | Value Range |
---|---|---|
1964 Accented Hair Proof | This variety features extra hair detail above President Kennedy’s ear. Only initial proof strikes before a design modification. | Proof: $200 MS67: over $1,500 |
1964-D Doubled Die Obverse (DDO) | Error coin with noticeable doubling on the obverse inscriptions around in “WE TRUST” and the date. | Circulated: $50 to $100. MS65 $500 to $1,000. |
1970-D | Lowest mintage circulation issue. Issued only in mint sets. | Uncirculated: $15 to $35 MS67: up to $150. |
1970-S Proof | Low mintage proof. | PR65: $15 Higher grades:up to $50 |
1974-D Doubled Die Obverse (DDO) | Features doubling on the obverse inscriptions around “IN GOD WE TRUST” and “LIBERTY.” | Circulated Grades: $15 to $30. MS65: up to $150 MS67: up to $500. |
1987-P and 1987-D | Only available in mint sets. | Circulated: $2 and $5. Uncirculated: $15 MS67: up to $50. |
1998-S Matte Finish | Part of the special Robert F. Kennedy commemorative set. | PR65: around $500 PR67: $800. |
2014-W 50th Anniversary Gold Proof | A special issue struck in 3/4 oz of .9999 fine gold to commemorate the 50th anniversary of the Kennedy half dollar. | $2,500 to $3,500 |
The “Accented Hair” variety of the 1964 Kennedy half dollar was part of the initial proof strikes. It is believed that Jacqueline Kennedy requested the mint soften the hair details leading to a design change after some coins were minted. In terms of auction sales, a PR70 Deep Cameo example sold for over $20,000, while a PR69 Deep Cameo coin realized $3,055 at a Heritage Auctions event.
Conclusion
Investing in numismatic silver half dollars offers the dual benefit of owning tangible assets with intrinsic silver value and the potential for appreciation. While most circulated coins like the 1964 Kennedy, Franklin, and Walking Liberty half dollars are popular for their silver content, those with rare dates, mint errors, and high-grade specimens are worth significantly more. As always, thorough research and consultation with reputable dealers are essential when venturing into numismatic investments.