Franklin half dollars are one of the most popular and collectible 20th century U.S. coin series, struck in 90% silver from 1948 through 1963. Featuring a bold portrait of Founding Father Benjamin Franklin on the obverse and the Liberty Bell on the reverse, these coins are admired for their classic mid-century design and cherished by everyone from bullion stackers to registry set builders.
Whether you‘re just starting to collect Franklin halves or are already an experienced numismatist, this in-depth guide will tell you everything you need to know about these fascinating silver coins. We‘ll cover the history of the series, how to grade them, survival estimates, and what the most valuable dates and varieties are worth today. By the end, you‘ll be equipped with the knowledge you need to build a top-notch collection of your own!
History of the Franklin Half Dollar
The Franklin half dollar was born out of the post-World War II era when Americans craved a return to normalcy and coins that celebrated national icons. In 1947, Mint Director Nellie Taylore Ross instructed Chief Engraver John R. Sinnock to prepare designs for a new half dollar to replace the long-running Walking Liberty series [1].
Sinnock‘s obverse design featured a bust of Benjamin Franklin facing right, with the motto "LIBERTY" above and "IN GOD WE TRUST" below. The reverse depicted the Liberty Bell with "UNITED STATES OF AMERICA" above and "HALF DOLLAR" below. "E PLURIBUS UNUM" was added to the right of the bell on coins struck starting in 1956. Coins minted in Philadelphia bore no mint mark, while those struck in Denver displayed a "D" and San Francisco an "S" [2].
First coined in 1948, Franklin halves were minted for 16 years until being replaced by the Kennedy half dollar shortly after the assassination of President John F. Kennedy in 1963. Over 465 million coins were struck across 35 date and mintmark combinations.
While conceived as a circulating coin, the Franklin series also included pristine proof issues made for collectors in most years from 1950 onwards. Mintages for these special coins were much lower, ranging from around 50,000 to 3.2 million pieces per year [3].
Grading Franklin Half Dollars
As with all collectible coins, condition is king when it comes to value. Franklin half dollars are typically graded on the Sheldon 1-70 point scale, with higher numbers representing a more pristine coin:
- 1-59 represent circulated coins, ranging from heavily worn to almost uncirculated
- 60-70 indicate uncirculated or mint state (MS) coins, from bag-tossed to pristine
- PF/PR60-70 are proof issues made for collectors using polished dies
In general, you should always purchase certified Franklin halves graded by PCGS or NGC, the leading third-party grading services. These professional coin doctors have the expertise to accurately assess condition and can help you avoid problematic or counterfeit pieces. Look for coins labeled "Genuine" if authenticity is your main concern.
One of the most important strike characteristics for uncirculated Franklin halves is "Full Bell Lines" or FBL. This refers to coins showing complete horizontal lines in the Liberty Bell on the reverse, indicating a fully-struck piece made with fresh, unworn dies. FBL examples often command significant premiums over coins with weaker strikes [4].
When examining potential purchases, also look out for signs of cleaning, artificial toning, or other enhancements that can negatively impact value. Inspect the coin under good lighting and magnification if possible. Buy from reputable dealers who offer a return policy in case of a dispute.
Franklin Half Dollar Survival Estimates
While over 465 million Franklin half dollars were minted in total, only a small fraction have survived to the present day in collectible condition. Many were heavily circulated and eventually melted, particularly following the increase in silver prices during the 1970s.
According to the PCGS Population Report as of April 2023, here are the approximate total number of Franklin halves graded by PCGS and NGC in each tier of condition [5][6]:
| Grade | PCGS | NGC | Total |
|---|---|---|---|
| AG3-VG10 | 3,000 | 500 | 3,500 |
| F12-VF35 | 19,000 | 1,000 | 20,000 |
| EF40-AU58 | 44,000 | 1,700 | 45,700 |
| MS60-MS63 | 17,000 | 3,300 | 20,300 |
| MS64 | 52,000 | 70,000 | 122,000 |
| MS65 | 84,000 | 86,000 | 170,000 |
| MS66 | 28,000 | 31,000 | 59,000 |
| MS67+ | 2,200 | 2,500 | 4,700 |
| PR60-PR65 | 13,000 | 12,000 | 25,000 |
| PR66-PR69 | 78,000 | 92,000 | 170,000 |
As you can see, gem uncirculated examples in MS65 and higher are significantly rarer than circulated coins. This is even more true for top-pop pieces in MS67 or finer, which often represent the finest known for a particular date and can be worth tens of thousands of dollars.
Proof issues are also much rarer than business strikes as a whole, with most surviving in PR66 or PR67 condition. Truly superb proofs grading PR68 or PR69 are extremely difficult to obtain and deservedly command strong premiums.
Top Franklin Half Dollar Rarities
With that grading and population context in mind, let‘s look at some of the most valuable Franklin half dollars. These represent the key dates, finest known examples, and elite rarities that serious collectors compete for.
1949-S MS67+ FBL PCGS
The undisputed king of business strike Franklin halves is a sole 1949-S graded MS67+ FBL by PCGS. Considered the finest known example, it sold for a staggering $109,250 in a 2007 auction [7]. PCGS estimates the value of a PCGS MS67 FBL at $100,000, with only 4 known in that grade.
1953-S MS67+ FBL PCGS
Another top rarity in the series is the 1953-S in superb gem condition. A single PCGS MS67+ FBL coin commanded $97,750 in a 2009 sale [8]. PCGS estimates the value of a PCGS MS67 FBL at $75,000, with only a half dozen known to exist.
1955 MS67 FBL PCGS
While more available than the 1949-S and 1953-S, gem 1955 Franklin halves are still rare and valuable. Only about 20 coins have been graded MS67 FBL by PCGS, with an estimated value of $27,500 [9]. The finest known 1955 graded PCGS MS67+ FBL sold for an impressive $43,475 in 2015.
1956 Type 2 PR69 DCAM PCGS
Moving to proof issues, the 1956 Type 2 is a rare and desirable variety with the designer‘s initials "JRS" boldly visible on the reverse. Only a few thousand were minted, with superb DCAM examples representing the pinnacle for registry set collectors. In 2011, a PCGS PR69 DCAM specimen realized $26,450 [10].
1961 PR69 DCAM PCGS CAC
With a mintage of just 3,028,244 pieces, 1961 proof Franklin halves are scarce to begin with [3]. In ultra-grade DCAM condition, they are exceedingly rare. A 1961 PR69 DCAM PCGS CAC sold for $47,000 in 2014, setting a record price for the date [11].
Tips for Collecting Franklin Half Dollars
Now that you‘re familiar with Franklin half dollar values and rarities, here are some tips for enjoying the series as a collector:
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Decide on a collecting goal and budget. Do you want to assemble a complete 35-coin set in uncirculated condition? Hunt for FBL examples? Focus on just a few rare key dates? Let your interests and finances guide your path.
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Always buy certified coins from reputable dealers. PCGS and NGC-graded coins offer peace of mind and easier resale. Stick with established sellers who offer a return policy in case you‘re unsatisfied.
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Consider starting a registry set. Both PCGS and NGC offer competitive online registry programs that let you display your collection and compete for awards. This can add an extra challenge and interaction to your collecting.
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Take the time to learn about the series. Read books, talk to other collectors, and study coins in hand. The more you know about Franklin halves, the smarter decisions you‘ll make as a buyer.
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Have fun! Collecting Franklin half dollars should be an enjoyable pursuit above all else. Take pride in the coins you own and the memories you make. The thrill of the hunt and acquisition is what keeps numismatists going.
Frequently Asked Questions
Q: Are all Franklin half dollars 90% silver?
A: Yes, all Franklin halves were struck in a 90% silver, 10% copper alloy from 1948 to 1963. Each coin contained 0.3617 troy oz of pure silver [2].
Q: Why is FBL important for Franklin half dollars?
A: "Full Bell Lines" indicates a completely struck-up coin with no weakness in the horizontal lines of the Liberty Bell. FBL pieces are rarer and more desirable to collectors than coins with mushy details [4].
Q: What does DCAM mean on a proof Franklin half dollar?
A: DCAM stands for "deep cameo", meaning the coin has deeply mirrored fields and heavily frosted devices for strong visual contrast. DCAM is the highest proof designator and commands the strongest premiums.
Q: How much is a 1963 Franklin half dollar worth?
A: In circulated condition, about $10-15. In MS65, around $80. In PR67, upwards of $800 or more. A 1963 proof Franklin half dollar is the most common and affordable proof in the series [12].
Q: What is the most valuable Franklin half dollar?
A: The most valuable business strike Franklin half is the 1949-S MS67+ FBL PCGS, which sold for $109,250 in 2007 [7]. Proof-wise, a 1956 Type 2 PR69 DCAM PCGS brought $26,450 in 2011 [10].
Q: Is the Franklin half dollar coming back?
A: While a revival of the Franklin half dollar was proposed in Congress in 2023, it remains unlikely to pass into law [13]. The future of circulating half dollars in general is uncertain due to their lack of day-to-day usage.
Conclusion
Franklin half dollars are a fascinating and rewarding series to collect, offering everything from affordable entry points to mega-rarities worth six figures. By understanding their history, grading standards, population data, and top dates, you can confidently make smart additions to your collection.
Remember, building a solid Franklin half dollar set takes time, patience, and knowledge. Enjoy the journey, study your coins carefully, and buy the best examples you can afford from reputable sources. Over time, you‘ll develop a deeper appreciation for these classic 90% silver pieces and the thrill of the numismatic chase!
Happy collecting!
References
[1] https://www.pcgs.com/coinfacts/category/franklin-half-dollars/688[2] https://en.wikipedia.org/wiki/Franklin_half_dollar
[3] https://www.usacoinbook.com/coins/half-dollars/franklin/
[4] https://www.ngccoin.com/coin-explorer/franklin-half-dollars-1948-1963-pscid-41
[5] https://www.pcgs.com/pop/half-dollars/franklin
[6] https://www.ngccoin.com/census/franklin-half-dollars-1948-1963/
[7] https://auctions.stacksbowers.com/lots/view/3-2CGJ5/1949-s-franklin-half-dollar-ms-67-pcgs-cac
[8] https://www.ha.com/heritage-auctions-press-releases-and-news/1953-s-franklin-half-dollar-sells-for-97-750-at-heritage-s-central-states-auction.s?releaseId=1389
[9] https://www.pcgs.com/coinfacts/coin/1955-50c/6675
[10] https://auctions.stacksbowers.com/lots/view/3-5WXLG/1956-50c-type-ii-proof-69-deep-cameo-pcgs
[11] https://coins.ha.com/itm/proof-franklin-half-dollars/half-dollars/1961-50c-pr69-dcam-pcgs-pcgs-population-3-0-pr69-dcam-ngc-census-1-0-pr69-this-is-a-stunning-superb-gem-proof-frankl/a/1218-5580.s
[12] https://www.usacoinbook.com/coins/5563/half-dollars/franklin/1963-P/
[13] https://coinweek.com/coins/us-coins/silver-franklin-half-dollars-could-return-under-new-house-bill/
