What Is a Half Dollar? History, Value, and Collectibility
Uncover the U.S. half dollar's full story: its historical evolution, changing value, and enduring appeal as a collectible.
The half dollar coin, a denomination of United States currency with a face value of 50 cents, has been a significant component of the nation’s coinage since the late 18th century. Its journey reflects evolving economic conditions and public usage patterns. This article explores the half dollar’s physical characteristics, design evolution, and current status in circulation and the collector market.
Physical Attributes and Value
The half dollar is the largest circulating coin in the United States, measuring 30.61 millimeters in diameter. Its metallic composition and weight changed throughout its history due to fluctuations in precious metal prices. Early half dollars, including the 1964 Kennedy half dollar, contained 90% silver and weighed 12.50 grams.
From 1965 to 1970, the silver content was reduced to 40%, with these coins weighing 11.50 grams. This change occurred because the rising price of silver made the intrinsic metal value of older coins exceed their face value. Since 1971, half dollars have been composed of a copper-nickel clad, weighing 11.34 grams, eliminating silver content for general circulation issues. While the face value remains 50 cents, the intrinsic metal value of silver-era half dollars often surpasses this, making them appealing beyond their monetary denomination.
Evolution of Half Dollar Designs
The U.S. half dollar has featured diverse designs, each reflecting its era’s artistic and historical context. The first half dollar, the Flowing Hair design, was minted from 1794 to 1795, showcasing Lady Liberty with flowing hair. This was succeeded by the Draped Bust (1796-1807) and Capped Bust (1807-1839) designs, which depicted Liberty with a more refined appearance and a symbolic cap.
The Seated Liberty half dollar, minted from 1839 to 1891, presented Lady Liberty seated on a rock, holding a shield and staff. The Barber half dollar (1892-1915) featured a classical Liberty head, while the Walking Liberty half dollar (1916-1947) introduced a full-figure depiction of Liberty. The Franklin half dollar (1948-1963) honored Benjamin Franklin and the Liberty Bell, preceding the current design. The Kennedy half dollar, first issued in 1964, features President John F. Kennedy’s profile on the obverse and the Presidential Seal on the reverse, with a temporary Bicentennial design in 1975-1976.
Current Circulation and Collectibility
While half dollars are still minted by the U.S. Mint, they are not commonly encountered in daily transactions. From 2002 to 2020, half dollars were primarily produced for collectors, with limited quantities entering general circulation. Production for general circulation resumed in 2021, and they can often be obtained from banks upon request.
The collectible value of a half dollar, known as its numismatic value, extends beyond its face value or intrinsic metal content. Factors such as rarity, the coin’s condition (graded on a scale, with higher grades indicating better preservation), and the presence of specific mint marks influence this value. Error varieties, resulting from mistakes during the minting process, can also increase a coin’s desirability. Historical events, such as the melting of silver coins due to rising metal prices, contribute to the rarity and collectibility of certain half dollar issues.