By CoinWeek Notes…
We continue our guide to the Ultimate 20th-Century Type Set by focusing on the century’s often forgotten denomination, the half dollar.
For many Americans, the fact that the United States still produces half-dollars would come as a surprise. The coin hasn’t been a practical denomination for daily use since the early 1960s, and personally, neither of us has received one in change in what feels like years.
That doesn’t mean they’re not out there, of course. Banks still hold small quantities, likely due to perceived demand from people buying boxes of coins in search of the few remaining silver coins in circulation.
For our Ultimate Set of 20th-century coins, the half dollar offers tremendous challenge and some of the century’s most captivating coins.
Be sure to check out our guide selections. They may surprise you.
- Part One on Cents,
- Part Two on Nickels and Dimes,
- Part Three on Quarters, and
- Part Four on Half Dollars.
Barber Half Dollar (1901-1916)
The Scenario: Rounding out the trio of Barber coins from the 20th century is the Barber half dollar, which debuted at the end of the 19th century, in 1892.
The redesigned half dollar announced itself in a big way, but curiously, when it comes to the half dollar denomination, it isn’t Barber’s that most people think of when they hear the date 1892. Instead, many people might recall a commemorative half dollar struck to honor the 400th anniversary of Christopher Columbus’ voyage to the “New World.” That coin was sold for a premium over face and saved in massive numbers. The workmanlike Barber Half, unremarkable save for the fact that it was the first issue of a new design, was largely spent, leaving only a tiny fraction of the original mintage in various degrees of Mint State.
Ultimately, those playing the mintage game to figure out which issues stand out as key dates will find out they’re looking at the series from the wrong perspective. The 1892-S, which is supposed to be the most common coin of the series’ inaugural year, turns out to be the scarcest in Mint State. Such is the risk of relying on the total number of coins that rolled off the presses and not looking into surviving populations for coin valuations.
While the Barber half dollar is usually considered a 19th-century coin, it isn’t until you get to 20th-century issues that the series gets truly difficult. Eight issues in today’s market command prices exceeding $2,500 in MS-63. In a series known for its paucity of surviving gems, it’s the 1904-S that has become known as the key to the Barber half dollar series. It’s not the mintage that makes this issue so scarce; it’s that nearly all 1904-S Barber halves struck were spent and then lost to time.
Guidance: In MS-63, the 1904-S typically brings upwards of $18,000 to $22,000 in today’s market. At MS-65, the price is approximately $27,000 to $35,000, with auction results for premium pieces exceeding that range. Prices climb sharply for MS-66 and virtually double again at MS-67 (pop 3 total), where a coin can easily fetch well over $90,000.
When money is no object, we’d look for a beautifully-toned or fully-brilliant high-end 1904-S in the Barber half slot. The coin is highly sought after, especially in grades AU and above, and is one of the top five or six most-sought-after half dollar varieties in all of American numismatic history.
For you contrarians who want a quality coin that may one day be every bit as coveted as the 1904-S, the 1901-S offers an interesting proposition, as by our calculations the coin is highly underrated and undervalued. The 1901-S boasts a mintage of 847,044, but don’t let that number fool you; in terms of the marketplace, the 1901-S is almost as scarce as the 1904-S. The market, apparently, hasn’t caught on. An MS-65 is currently priced around $12,000 to $16,000 (PCGS has certified only seven coins in that grade and three finer, with a listed value of $85,000 for the grade), offering tremendous upside potential.
Walking Liberty Half Dollar (1916-1947)
The Scenario: Adolph Weinman’s iconic Walking Liberty half dollar design owes some measure of its timelessness to the Americanization of motifs borrowed from turn-of-the-century French Art. Weinman’s Walking Liberty, along with Herman A. MacNeil’s Standing Liberty quarter design of the same year, are but two examples of American Coin Art at its zenith.
That Weinman’s high-concept art did not translate into a well-struck coin reveals the devil in the details. The truth of the matter is that most Walking Liberty halves, even those with high numerical grades, are struck incompletely. Even proof strikes are often missing details in the highest points of the coin’s relief. Metal flow was the main problem, and no amount of incremental change was able to solve it. Because of this, key design details often fail to strike up completely. That’s why many Mint State examples look lightly circulated to the untrained eye—especially issues struck in the 1920s and branch mint releases from the 1930s and ‘40s.
Due to the popularity of Whitman Coin Boards in the 1950s and ‘60s, the Walking Liberty series is sometimes broken up into a Long Set (1916-1947) and a Short Set (1941-1947). The latter remains popular due to how expensive the complete set is, especially in Mint State.
Guidance: As to which Walking Liberty Half Dollar belongs in the Ultimate 20th-Century Type Set, we’re undecided. To us, there are two obvious choices, each with its own unique set of circumstances.
Option 1: The Key Date – 1921-S
The logical decision for those looking for what is frequently considered the “key issue” of the series is the 1921-S. Mintage-wise, the ’21-S has the fourth lowest of the entire series. The Philadelphia and Denver strikes of 1921 had fewer than a quarter million examples struck—less than half of San Francisco’s output—but both remain twice as common in Mint State. Don’t get us wrong; all three coins bring strong money in the marketplace. But in terms of “key datedness,” Philly and Denver don’t hold a candle to the 1921-S.
In MS-63, the coin trades for approximately $35,000 to $45,000. This value has remained strong over the past decade. The price jumps sharply for an MS-64 example, which now trades for $50,000 to $70,000+.
At the MS-65 level, the price soars. An MS-65 has recently traded for $140,000 to $160,000+. Only two coins total have been graded MS-66 by the major services. The PCGS example is lustrous, well-struck, and boasts attractive toning. CoinFacts claims its value is around $250,000.
Option 2: The Conditional Rarity – 1919-D
The second issue to consider is the 1919-D. The ’19-D has a mintage of 1,165,000. Do you remember what we said about the estimated surviving population of the Barber half dollar key date issues? Well, the 1919-D Walking Liberty easily has five times as many survivors in Mint State but is much more valuable due to the enduring popularity of the Walking Liberty series.
In lower Mint State grades (MS-61 and 62), the coin trades for about $7,000 to $10,000. Weak strikes, poor surface preservation, and weak luster are hallmarks of the 1919-D in this grade. In MS-63, the coin more than doubles in price, with recent trends showing the coin holding at about $12,000 to $16,000.
The coin’s price nearly quadruples at MS-64, where values range from $45,000 to $60,000+. A slightly better than average example in MS-64+ sold for $52,875 at the 2013 Chicago ANA World’s Fair of Money. PCGS has certified only 11 coins at MS-65; NGC has certified four. A quality MS-65 should bring strong bidding in the $150,000 to $200,000 range at this level. The single finest-known 1919-D at MS-66 (PCGS Cert: 21736883) brought $253,000 at the 2009 Central States Show.
Bottom Line: Both are excellent choices. The important factor from an “investor” standpoint is how long the current lull in the Walker market will last. If the situation doesn’t improve, then all but the choicest examples at this level will continue to stagnate. We believe that while the 1919-D has more upside in grades MS-63 and above, it will never dethrone the 1921-S as the series “key.” The 1921-S is the traditional rarity.
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