Are 1965 Half Dollars Silver and What Are They Worth?

The 1965 Kennedy half dollar often raises questions about its metallic composition and value. Introduced as a memorial coin, its initial production quickly led to changes in silver content, distinguishing it from earlier issues.

Silver Content of 1965 Half Dollars

The 1965 half dollar does contain silver, but its composition marked a significant departure from its predecessor. These coins are often referred to as “silver clad” or “junk silver” because they contain 40% silver. This means the coin’s total weight of 11.5 grams includes 0.1479 troy ounces of pure silver. The coin’s structure consists of an outer layer that is 80% silver and 20% copper, bonded to an inner core made of 21% silver and 79% copper, resulting in the overall 40% silver content. In contrast, the 1964 Kennedy half dollar, minted just one year prior, contained a higher 90% silver content.

Historical Context of Coin Composition Changes

The 1965 half dollar’s unique silver content stems from the Coinage Act of 1965, signed into law by President Lyndon B. Johnson on July 23, 1965. This legislation responded to a growing silver shortage and rising prices in the early 1960s, which led to widespread hoarding of silver coins. The market value of silver in coins began to exceed their face value, causing many to remove them from circulation.

To address this, the Coinage Act of 1965 eliminated silver entirely from dimes and quarters, replacing it with a copper-nickel clad composition. For the half dollar, a compromise reduced its silver content from 90% to 40% rather than removing it completely. This change conserved the nation’s silver reserves. The 40% silver composition for the Kennedy half dollar continued until 1970, after which circulating half dollars became entirely copper-nickel clad.

Identifying 1965 Half Dollars

To identify a 1965 half dollar with silver content, examine the date; all Kennedy half dollars dated 1965 through 1970 contain 40% silver. The coin’s edge is another indicator: 90% silver coins have a solid silver-colored edge, while 40% silver clad coins may show a faint, less pronounced copper line due to their layered construction, unlike the distinct copper stripe on fully clad, non-silver coins from 1971 onward.

A 1965 (40% silver) half dollar weighs approximately 11.5 grams. This is lighter than a 1964 (90% silver) half dollar (12.5 grams) but slightly heavier than later non-silver clad versions (11.34 grams). For 1965, 1966, and 1967 half dollars, it is also notable that mint marks were intentionally omitted to discourage hoarding by collectors.

Factors Influencing Value

The value of a 1965 half dollar goes beyond its silver content. Its base value is determined by the current market price of silver, making even circulated examples worth more than their 50-cent face value. Circulated 1965 half dollars typically trade for around $5.50 to $6.00, reflecting their silver melt value. Each coin contains 0.1479 ounces of silver.

The coin’s condition plays a significant role, with uncirculated specimens commanding higher prices. While a heavily worn coin might only be worth its silver melt value, pristine uncirculated examples can sell for much more, with some top-graded coins reaching up to $2,650 or more. Furthermore, special varieties, such as those from Special Mint Sets (SMS) or those exhibiting rare errors like a doubled die reverse, can significantly increase their collector appeal and market price.