What Is the Value of a Silver Half Dollar?

Silver half dollars hold a unique position in the world of numismatics, appealing to both collectors and those interested in their intrinsic metal value. These coins, once common in circulation, can be worth significantly more than their 50-cent face value. Their worth is influenced by two primary aspects: the silver content itself and various numismatic factors that appeal to collectors. Understanding these elements is key to appreciating the true value of a silver half dollar.

Identifying Silver Half Dollars

Determining whether a half dollar contains silver, and how much, is the first step in assessing its value. U.S. half dollars minted before 1971 generally contain silver. The specific silver content varies by the coin’s type and year of mintage.

Several types of U.S. half dollars are known for their 90% silver composition, including:
Barber Half Dollar (1892-1915): Features Lady Liberty on the obverse and an eagle on the reverse.
Walking Liberty Half Dollar (1916-1947): Depicts Lady Liberty striding towards the sun on the obverse, with an eagle on the reverse.
Franklin Half Dollar (1948-1963): Displays Benjamin Franklin on the obverse and the Liberty Bell on the reverse.
1964 Kennedy Half Dollar: Also composed of 90% silver.

A transitional period followed for the Kennedy Half Dollar, with coins minted from 1965 to 1970 containing a reduced silver content of 40%. These coins have an outer layer bonded to an inner core, resulting in the overall 40% silver composition. Half dollars produced from 1971 onward are typically clad in copper-nickel and contain no silver. A quick visual check of a half dollar’s edge can indicate its silver content: a solid silver edge suggests a 90% silver coin, while a copper stripe visible on the edge points to a clad composition or a 40% silver coin.

Key Factors Influencing Value

Beyond intrinsic silver content, several numismatic factors influence a silver half dollar’s collector value. These factors can make certain pieces desirable.

Condition (Grade)

The condition of a coin, referred to as its grade, is a key determinant of its value. Professional grading assigns a grade on a scale of 1 to 70 based on wear, luster, and strike. Terms like “Good” (G), “Very Fine” (VF), “Extremely Fine” (EF), and “Uncirculated” (Unc or MS for Mint State) describe increasing levels of preservation. An “About Uncirculated” (AU) coin shows only slight wear on its highest points, while a “Mint State” (MS) coin shows no traces of wear. Even subtle differences in condition can lead to substantial variations in market price.

Rarity

Rarity, largely determined by mintage figures, also plays a role in a coin’s value. Mintage figure refers to the total number of coins produced for a specific year and mint. Coins with lower mintage numbers are generally rarer and tend to command higher prices. While mintage figures provide a baseline for rarity, the actual number of surviving coins in collectible condition, known as the “population,” is more important.

Mint Marks

Mint marks, small letters indicating the facility where a coin was produced, affect value. Common mint marks include “D” for Denver, “S” for San Francisco, and “P” for Philadelphia. Different mints often had varying production numbers, meaning a coin from a mint with a lower output for a particular year and type can be more valuable.

Errors and Varieties

Errors and varieties can increase a coin’s value. Errors are accidental manufacturing flaws, such as double dies or off-center strikes. Varieties are intentional changes to the coin’s design that occurred during the die-making process, like specific die modifications or overdates. The 1964 “Accented Hair” Kennedy Half Dollar is a well-known variety that commands a premium due to its distinct features.

Determining Current Market Value

Ascertaining the current market value of a silver half dollar involves combining its intrinsic metal value with its numismatic appeal.

Melt Value

The first step is to calculate the coin’s melt value, its intrinsic worth based on the current spot price of silver. The spot price of silver can be found on financial news websites or precious metals dealer sites; for example, current spot prices might hover around $37 per ounce. To determine the melt value, multiply the coin’s silver weight by its purity percentage, and then by the current spot price of silver. For a 90% silver half dollar, which contains approximately 0.3617 troy ounces of silver, the melt value would be around $13.30 if silver is at $37 per ounce. A 40% silver half dollar, containing about 0.1479 troy ounces of silver, would have a melt value of approximately $5.47 at the same spot price.

Numismatic Value

After determining the melt value, the next step is researching the coin’s numismatic value. This involves consulting various resources to understand what collectors are willing to pay for a coin based on its type, date, mint mark, and condition. Online numismatic websites and physical price guides, such as the “Red Book” (A Guide Book of United States Coins), provide pricing information across different grades. Compare your coin to recently sold examples in similar condition, as auction results offer a realistic view of market demand.

Professional Appraisal

For rare, high-grade, or valuable silver half dollars, seeking a professional appraisal is a good decision. Professional coin grading services, such as those affiliated with the American Numismatic Association (ANA), can assess a coin’s condition and authenticate it. While these services involve fees, their expert evaluation can confirm value and enhance buyer confidence. The final market value will be a combination of its melt value and its numismatic premium, influenced by current market conditions and collector demand.