Half Dollar History & Collecting Guide

Overview

The half dollar, representing 50 cents, was among the first coins struck by the United States Mint in 1794. As the largest silver denomination intended for general circulation, half dollars were substantial coins that saw extensive use in commerce throughout the 19th and early 20th centuries. Today, they're primarily produced for collectors.

Specifications:

• Denomination: 50 cents
• Years Minted: 1794-present
• Composition (1794-1964): 90% silver, 10% copper
• Composition (1965-1970): 40% silver, 60% copper (outer clad layers)
• Composition (1971-present): Copper-nickel clad
• Weight: 13.48 grams (1794-1836), 13.36 grams (1836-1853), 12.44 grams (1853-1873), 12.5 grams (1873-present for clad; silver versions heavier)
• Diameter: Approximately 32.5mm (1794-1836), 30.6mm (1836-present)

Design Types

Flowing Hair Half Dollar (1794-1795)

The first half dollars featured Robert Scot's Flowing Hair design, matching the other silver denominations. These historic coins represent the birth of American silver coinage. The obverse shows Liberty with flowing hair, while the reverse displays a small eagle within a wreath.

Only two years of production and consistently strong demand make these coins valuable in any condition. The 1794 is especially prized as part of the first year of U.S. Mint operations. High-grade examples are extremely rare and valuable.

Draped Bust Half Dollar, Small Eagle (1796-1797)

The Draped Bust design with Small Eagle reverse appeared briefly from 1796 to 1797. The 1797 comes in several varieties including the 15 Stars and 16 Stars obverse (commemorating Tennessee's admission to the Union). These are significant rarities in American numismatics.

Draped Bust Half Dollar, Heraldic Eagle (1801-1807)

From 1801 to 1807, the reverse featured the Heraldic Eagle design. No half dollars were struck in 1798-1800, creating a gap in the series. These coins are more available than the Small Eagle type but still represent substantial investments. The variety of die combinations and overdates make this an interesting series for specialists.

Capped Bust Half Dollar, Lettered Edge (1807-1836)

John Reich's Capped Bust design appeared on half dollars for three decades. The Lettered Edge variety (1807-1836) featured "FIFTY CENTS OR HALF A DOLLAR" on the edge. Two subtypes exist based on denomination:

• "50 C." (1807-1836): Denomination shown as "50 C." on reverse
• Various modifications: Size and positioning changes through the years

Notable rarities include the 1815/2 overdate, 1817/3 and 1817/4 overdates, and the 1836 Reeded Edge transitional issue. The series offers many die varieties for specialists.

Capped Bust Half Dollar, Reeded Edge (1836-1839)

From 1836 to 1839, half dollars transitioned to a reeded edge and reduced diameter (30.6mm). The reverse denomination changed to "HALF DOL." These transitional coins bridge the gap between the early Capped Bust issues and the Seated Liberty design.

Seated Liberty Half Dollar (1839-1891)

Christian Gobrecht's Seated Liberty design graced half dollars for over 50 years through multiple variations:

• No Drapery (1839): First year only, without drapery from Liberty's elbow
• Drapery, No Motto (1839-1866): Drapery added, eagle on reverse without motto
• Motto Added (1866-1891): "IN GOD WE TRUST" added above eagle
• Arrows and Rays (1853): Single-year design indicating weight reduction
• Arrows at Date (1854-1855, 1873-1874): Arrows without rays

Seated Half Dollars were struck at multiple mints: Philadelphia, New Orleans (O), San Francisco (S), and Carson City (CC). Carson City issues are highly desirable, particularly the 1870-CC, 1871-CC, 1872-CC, and 1873-CC No Arrows (a major rarity).

Barber Half Dollar (1892-1915)

Charles E. Barber's conservative but dignified design appeared on half dollars from 1892 to 1915. Liberty wears a laurel wreath and Phrygian cap, with a heraldic eagle on the reverse.

Key dates and collecting notes:

• 1892-O Micro O: Scarce variety with small "O" mint mark
• 1896-S and 1897-S: Low mintage dates
• 1904-S: Key date of the series
• 1914: Lowest mintage Philadelphia issue

Barber Half Dollars in high grade are quite scarce due to heavy circulation. Finding examples with full Liberty head detail is challenging.

Walking Liberty Half Dollar (1916-1947)

Adolph A. Weinman's Walking Liberty Half Dollar is universally regarded as one of the most beautiful American coins ever produced. Liberty walks toward the sunrise carrying laurel and oak branches, symbolizing peace and strength. The reverse features a majestic eagle.

This design is so beloved that it was revived for the American Silver Eagle bullion coin in 1986, introducing it to new generations of collectors and investors.

Key dates and varieties:

• 1916, 1916-D, 1916-S: First-year issues, all somewhat scarce
• 1917-D Obverse and Reverse mintmarks: Two varieties based on mint mark location
• 1919-D, 1919-S: Low mintage dates
• 1921 and 1921-D: Key dates, among the scarcest in the series
• 1938-D: Lowest mintage of the later dates

Full Lines designation: Walking Liberty Half Dollars with complete skirt lines across Liberty's leg earn a premium. This feature is often weak due to die wear or strike.

Due to their beauty and value, Walking Liberty Half Dollars are heavily counterfeited. Learn how to identify counterfeit Walking Liberty Half Dollars.

Franklin Half Dollar (1948-1963)

John R. Sinnock designed the Franklin Half Dollar honoring Benjamin Franklin, one of the few non-presidents to appear on regular-issue U.S. coinage. The reverse features the Liberty Bell with a small eagle to the right (required by law mandating an eagle on half dollars).

Franklin Half Dollars were struck in 90% silver throughout their run. While most dates are common, the series offers collecting challenges:

• Full Bell Lines (FBL): Coins with complete horizontal lines on the Liberty Bell command significant premiums, especially on earlier dates
• 1949-S: Lower mintage makes it scarcer
• Proof issues: Cameo and Deep Cameo proofs are highly sought

Kennedy Half Dollar (1964-present)

Following President John F. Kennedy's assassination in November 1963, the half dollar was quickly redesigned to honor him. Gilroy Roberts designed the obverse portrait, while Frank Gasparro created the presidential seal reverse.

Silver Kennedy Half Dollars (1964)

The 1964 Kennedy Half Dollar was struck in 90% silver. Released in January 1964 amid national mourning, these coins were widely hoarded by the public. The Mint produced over 429 million pieces, yet they largely disappeared from circulation immediately.

40% Silver Kennedy Half Dollars (1965-1970)

From 1965 to 1970, Kennedy Half Dollars were struck in 40% silver clad composition—outer layers of 80% silver, 20% copper bonded to a pure copper core. These were the last silver coins struck for general circulation in the United States.

Clad Kennedy Half Dollars (1971-present)

Since 1971, circulation-strike Kennedy Half Dollars have been copper-nickel clad. Despite continued production, half dollars rarely circulate today, with most production going to collectors.

Modern collectible versions:

• Proof sets: Annual proof versions for collectors
• Silver Proofs: Special 90% silver versions struck for collectors
• Special finishes: Enhanced uncirculated, reverse proof, and other special editions
• Bicentennial (1976): Special reverse designed by Seth G. Huntington showing Independence Hall, dual-dated 1776-1976

Historical Significance

Decline in Circulation

Half dollars gradually disappeared from everyday commerce. Several factors contributed:

• Hoarding of silver coins in the 1960s as silver prices rose
• Kennedy Half Dollars extensively saved as memorials
• Vending machines and retailers didn't adapt to accommodate half dollars
• Dollar coins and paper money filled the need for larger transactions

Today, half dollars are essentially collectibles, with limited production primarily for numismatic purposes.

Cultural Impact

Half dollars hold special places in American culture:

• Kennedy Half Dollars as memorial keepsakes
• Walking Liberty design revived on Silver Eagles, one of the world's most popular bullion coins
• Ben Franklin's non-presidential appearance broke tradition
• Earlier half dollars as substantial "pocket change" before credit cards

Collecting Half Dollars

Type Set Collecting

A comprehensive half dollar type set includes:

1. Flowing Hair (1794-1795) - Very rare and expensive
2. Draped Bust, Small Eagle (1796-1797) - Major rarity
3. Draped Bust, Heraldic Eagle (1801-1807) - Scarce early type
4. Capped Bust, Lettered Edge (1807-1836) - Challenging
5. Capped Bust, Reeded Edge (1836-1839) - More available
6. Seated Liberty (various subtypes) - Multiple options
7. Barber (1892-1915) - Affordable in lower grades
8. Walking Liberty (1916-1947) - Very popular and beautiful
9. Franklin (1948-1963) - Highly collectible
10. Kennedy, 90% Silver (1964) - Historic and collectible
11. Kennedy, 40% Silver (1965-1970) - Transitional era
12. Kennedy, Clad (1971-present) - Modern issues

Date and Mint Mark Sets

Popular collecting approaches include:

• Early half dollars (1794-1839): Extremely challenging and expensive
• Seated Liberty: Difficult but achievable; Carson City coins very scarce
• Barber: Moderate difficulty with several key dates
• Walking Liberty: Very popular; short sets (1941-1947) more affordable
• Franklin: Highly collectible; FBL examples command premiums
• Kennedy: Widely collected; silver issues most popular

Specialty Collecting

• Full designations: Full Bell Lines (Franklin), Full Lines (Walking Liberty)
• Proof coins: Mirror-like surfaces, particularly cameo and deep cameo
• Varieties: Overdates, die varieties, mint mark variations
• Silver content: Collecting for precious metal value
• Registry sets: Competition for highest-graded complete sets