What Was the Last Year for Silver Half Dollars?

The half dollar, first minted in 1794, has a rich history in U.S. coinage. It has undergone various transformations in design and metallic composition. For much of its existence, the half dollar played a consistent role in American commerce, with its silver content contributing to its historical and monetary value.

The Key Year and Transition

The year 1964 marks a pivotal point for the U.S. half dollar, as it was the last year these coins were produced for general circulation with a 90% silver composition. The Kennedy Half Dollar, first issued in 1964, contained 0.3617 troy ounces of pure silver. This initial composition reflected a long-standing tradition of including significant precious metal in coinage. However, economic pressures soon led to changes in coin production.

Following 1964, a significant shift occurred due to rising silver prices. From 1965 through 1970, the silver content in half dollars was reduced to 40%. These coins were composed of an outer layer of 80% silver and 20% copper bonded to an inner core of 21% silver and 79% copper. This mid-range silver composition was a temporary measure, as the U.S. government continued to grapple with the escalating cost of silver.

By 1971, silver was entirely removed from circulating half dollars, which transitioned to a copper-nickel clad composition. Half dollars minted from 1971 onward, intended for general circulation, contained no silver. While circulating half dollars ceased to contain silver, special collector’s editions and silver proof versions continued to be minted, sometimes with 90% or 40% silver, but these were not intended for everyday use.

Identifying Silver Half Dollars

Identifying whether a half dollar contains silver primarily involves checking its mint year. Any U.S. half dollar dated 1964 or earlier is composed of 90% silver. For half dollars minted between 1965 and 1970, they contain 40% silver. Coins from 1971 and later, with the exception of specific collector’s issues, do not contain silver.

Another practical method to identify silver half dollars is by examining the coin’s edge. Silver coins, particularly those with 90% silver, will display a solid silver stripe along their edge. In contrast, copper-nickel clad coins will exhibit a visible copper stripe. For 40% silver half dollars from 1965-1970, their edge may appear with a grayish stripe. While weighing the coin can also indicate silver content, visual inspection of the date and edge are generally the most accessible and common identification techniques.

Understanding Silver Content

The silver content in half dollars holds significance because it directly impacts the coin’s intrinsic value, which is the value derived from the metal it contains. For coins with precious metal content, their intrinsic value often surpasses their face value, meaning the monetary worth printed on the coin itself. This distinction is particularly relevant for 90% and 40% silver half dollars, as their value is linked to the fluctuating market price of silver. Therefore, these coins are often worth more than 50 cents.

The removal of silver from circulating coinage was largely a response to the rising price of silver in the 1960s. As the market value of silver within coins began to exceed their face value, people started hoarding them, leading to coin shortages. Congress passed the Coinage Act of 1965, which reduced or eliminated silver from most U.S. coins, to ensure that coins remained in circulation and to curb hoarding. For collectors and investors, pre-1971 silver half dollars represent historical artifacts and tangible assets whose value can appreciate with the price of silver.