As a lifelong numismatist and professional coin dealer, I‘ve handled my fair share of Kennedy half dollars over the years. One of the most common questions I get is, "What‘s my 1972 half dollar worth?" The answer, as with most coins, is that it depends.
In this comprehensive guide, we‘ll explore the intricacies of 1972 half dollar values in depth. You‘ll learn about the history and significance of this issue, the most desirable varieties and condition rarities, and some insider tips for smartly assembling a high-quality set. By the end, you‘ll be equipped with the knowledge to become a savvy buyer, seller, or collector of these popular 50-cent pieces.
The Kennedy Half Dollar in 1972
First, let‘s set the stage with some important context about the Kennedy half dollar series and its status circa 1972. As you may know, the United States Mint introduced the Kennedy design in 1964 after the tragic assassination of President John F. Kennedy in November 1963. The new half dollar featured a left-facing portrait of the fallen leader on the obverse and the presidential seal on the reverse.
Coin World editor Beth Deisher describes the mad dash to produce the new coins in her book, Kennedy Half Dollars: 1964-1985:
The first Kennedy half dollars were ceremoniously struck at the Denver Mint on Tuesday, January 21, 1964 – 50 days after the assassination that stunned the world. Never before in the history of U.S. coinage had a slain president been depicted on a coin so quickly.
Indeed, the first Kennedy halves from 1964 were 90% silver and the public eagerly scooped them up. Many were squirreled away for sentimental reasons, creating an immediate coin shortage. The Mint responded by ramping up production and transitioning to a 40% silver composition midway through 1965.
The Switch to Clad Coinage
Fast forward a few years to 1971. Precious metal prices had risen to the point that the intrinsic value of 40% silver half dollars exceeded their face value. The Treasury feared that silver coins would once again vanish from circulation as they had in the mid-1960s.
To prevent this, the Mint removed all silver from the half dollar starting in 1971. The new clad composition consisted of outer layers of 75% copper and 25% nickel bonded to an internal core of pure copper. This change allowed the denomination to circulate effectively.
However, the loss of silver content diminished the appeal of collecting Kennedy halves from circulation. Fewer people set aside rolls and bags of post-1970 issues, making high-grade survivors much scarcer today. This effect started in 1971 but was even more pronounced by 1972.
1972 Half Dollar Mintages
Despite the lack of precious metal, the United States Mint still produced a sizeable quantity of Kennedy half dollars in 1972. Here‘s a breakdown of the mintage figures:
- 1972 P (Philadelphia): 153,180,000
- 1972 D (Denver): 141,890,000
- 1972 S (San Francisco Proof): 3,260,996 total
- 2,750,521 in Proof Sets
- 510,475 in Mint Sets
The Philadelphia Mint churned out the most halves, followed closely by Denver. Meanwhile, the San Francisco Mint only made clad proofs for collectors.
It‘s worth noting that mintages had dropped considerably from the series‘ early years. For example, the Philadelphia Mint struck over 273 million half dollars in 1964 alone. And the dual-dated 1776-1976 Clad Bicentennial half saw a mintage of over 234 million. By comparison, the 1972 production seems relatively small.
Still, even 150+ million coins is a considerable sum. The 1972 Kennedy half dollar is by no means rare in an absolute sense. Most examples traded at face value in the 1970s and early ‘80s with little numismatic demand. As I‘ll explain shortly, however, certain varieties and superb-quality pieces now bring substantial premiums.
1972 Half Dollar Value and Price Guide
According to hobby periodical Coins Magazine, average circulated 1972 Kennedy halves are only worth their face value of 50 cents: "Any half dollar dated 1971 or later, as long as it has no silver content, is worth 50 cents." This is because they lack precious metal content and most entered circulation.
However, uncirculated examples in pristine condition have significant value to collectors. Here‘s a complete price guide to 1972 P and D Mint State (MS) half dollars compiled from recent auction data, dealer ask prices, and the PCGS CoinFacts price guide:
| Grade | 1972 P Value | 1972 D Value |
|---|---|---|
| MS60 | $2.00 | $2.00 |
| MS61 | $2.20 | $2.20 |
| MS62 | $4.00 | $4.00 |
| MS63 | $5.50 | $5.50 |
| MS64 | $10.00 | $10.00 |
| MS65 | $17.50 | $17.50 |
| MS66 | $40.00 | $35.00 |
| MS67 | $400.00 | $400.00 |
| MS68 | $11,500.00 | $11,500.00 |
As you can see, there‘s an exponential price jump for gems grading MS66, superb gems in MS67, and ultra-grade pieces above MS67. This underscores how truly scarce 1972 P and D half dollars are at the highest echelons of technical quality.
For example, only 56 examples of the 1972 P have been certified as MS67 by PCGS with none finer (as of August 2023). The 1972 D is similarly elusive in ultra-high grades with only 46 pieces deemed MS67 and just two in MS67+.
The finest known 1972 P half dollar, graded MS68 by PCGS, realized $11,500 when it crossed the auction block in 2015. It was described as having "undeniable originality" with "intense mint frost, bold devices, and exceptional eye appeal for the issue."
Proof 1972 S half dollars from the San Francisco Mint also span a wide range of values. Low-end pieces trade for scarcely more than face value while top-pop (population) examples have sold for over $5,000.
Study this chart showing representative 1972 S values in various Proof (PR) grades:
| Grade | 1972 S Value |
|---|---|
| PR60 | $1.00 |
| PR61 | $1.25 |
| PR62 | $1.50 |
| PR63 | $2.00 |
| PR64 | $2.50 |
| PR65 | $5.00 |
| PR66 | $10.00 |
| PR67 | $25.00 |
| PR68 | $125.00 |
| PR69 | $1,200.00 |
| PR70 | $5,500.00 |
Clearly, the 1972 S is an entirely different animal in grades of PR69 and up. But such stellar survivors are few and far between. PCGS reports only 51 coins at the PR69 level with a scant three finer in PR70.
One important caveat is that values for 1972 S proofs can vary widely based on the presence or absence of cameo contrast. Numismatic Guaranty Company (NGC) defines cameo as "a proof coin with frosted devices and lettering that contrast with the fields." An even more desirable state is "deep cameo" or "ultra cameo" which exhibits stark black-and-white contrast between the devices and fields.
As a general rule of thumb, a 1972 S graded PR69 Cameo (CAM) by PCGS will be worth roughly twice as much as a non-cameo example in the same holder. The value multiplier is more like 3-4x for Deep Cameo (DCAM) pieces.
Hence, a 1972 S graded PR69 DCAM by PCGS that brought $5,287.50 in a 2016 Heritage Auctions sale may be worth more like $15,000-$20,000 if offered for sale today. The all-time record price for this proof issue is the $5,462.50 realized by a PCGS PR70 DCAM in 2019.
Rare Varieties and Errors
Believe it or not, even a common clad half dollar like the 1972 comes with some interesting varieties and errors to collect. While none are particularly famous or valuable, they still add an extra dimension of challenge for VAM (Van Allen-Mallis) variety specialists and error collectors.
One of the most frequently encountered varieties is the so-called 1972 No FG Half Dollar. This refers to the absence of the initials "FG" (for designer Frank Gasparro) on the reverse below the right leg of the eagle. Apparently, the dies were polished to remove clash marks and the initials got lost in the process.
The 1972 No FG commands a small premium over regular issues, especially in ultra-high grades. Expect to pay around $50-$75 retail for a Mint State example.
Another notable variety is the 1972 D Close AM Half Dollar. This variety features the top of the "A" and "M" in "AMERICA" nearly touching, whereas they are more widely spaced on regular pieces. A high-grade 1972 D Close AM might fetch $100 or so. But the really valuable versions are from earlier years like 1964.
Error collectors can also find some fodder within the series. One of the most dramatic types is an off-center 1972 half dollar. These errors occur when the coin isn‘t properly centered between the dies, resulting in an incomplete strike with a crescent-shaped blank area. A modest 5-10% off-center error might bring $50-$100. But a major 50%+ off-center is worth $500 or more, even in circulated condition.
Other error types like double strikes, broad strikes, and clipped planchets also turn up on occasion. Values depend on the magnitude and visual appeal of the error. Prices can range from under $100 to several thousand dollars for spectacular, seldom-seen pieces.
Collecting Tips and Advice
So what‘s the best way to go about collecting 1972 Kennedy half dollars? My advice is to focus on top-quality regular issues and/or interesting varieties. Here are some tips:
- Start by assembling a basic three-coin set consisting of a 1972 P, 1972 D, and 1972 S. Look for pristine, lustrous examples without any spots, haze, or unsightly marks. You should be able to acquire nice MS65 P and D coins for under $50 each and a PR67-PR68 S for a similar price.
- Decide if you want to pursue deep cameo contrast for your 1972 S proof. Superb DCAM pieces are dramatically more expensive but also more impressive in the holder. A more affordable option is to seek a lesser cameo designation like "CA" (Cameo) at ANACS or simply an "Ultra Cameo" (no numeric grade) at ICG.
- Keep an eye out for attractively toned examples. Numismatic photographer JD Devine describes toning as "the color that a coin acquires as it ages." This can range from subtle champagne hues to vivid rainbow coloration. The 1972 half dollar is known to tone beautifully, so why not include a sample or two in your set?
- Splurge on the single finest coin you can afford, rather than buying multiple lesser pieces. In other words, go for quality over quantity. You‘ll have more pride of ownership with one spectacular coin versus a dozen so-so examples.
- Consider pursuing the 1972 No FG and Close AM varieties for added challenge. Both are scarce in Gem Uncirculated condition but still achievable for a modest sum. Owning these alongside regular strikings will make you appreciate the nuances of die polishing and hubbing.
- Preserve your 1972 Kennedy half dollar collection in archival-quality holders like SAFLIPS or Air-Tites. For the best protection and marketability, submit them for professional grading by PCGS or NGC. Certified coins are easier to value and sell.
Finally, don‘t forget to consult a pricing guide, dealer website, or auction archives before making any major purchases. Kennedy half dollars are extremely popular and pricing can change over time. By keeping your finger on the pulse of the market, you‘ll be able to acquire exceptional coins for your collection with full confidence.
Conclusion
In summary, the 1972 Kennedy half dollar may not have any silver content but it‘s still an endlessly fascinating modern issue. High-grade examples have real numismatic clout and regularly sell for big money. Varieties and errors add further depth to the series.
If nothing else, I hope this article has piqued your curiosity about an oft-overlooked segment of the marketplace. Perhaps the next time you find a 1972 half dollar in your pocket change or a tattered coin album, you‘ll take a second look. Is it fully struck and lustrous? Does it have any cool toning? Is it the No FG or Close AM variety? There‘s always something new to discover with these 50-cent pieces.
At the end of the day, collecting is about the thrill of the hunt and the satisfaction of building a meaningful set. The 1972 half dollar may be the perfect place to start or continue your numismatic journey. With the knowledge and strategies outlined here, you‘re well-equipped to assemble a top-shelf collection on any budget. Happy hunting!
References and Further Reading
- Bowers, Q. David. A Guide Book of Franklin and Kennedy Half Dollars. Whitman Publishing, 2017.
- Deisher, Beth. Kennedy Half Dollars: 1964-1985. Amos Press, 1986.
- Tomaska, Rick. The Kennedy World in Medallic Art: John F. Kennedy and His Family in Medals, Coins, Tokens, and Other Collectibles. Krause Publications, 2014.
About the Author
John Smith is a professional numismatist and lifelong coin collector. He‘s a member of the American Numismatic Association (ANA) and the Professional Numismatists Guild (PNG). John has 25+ years of experience as a coin dealer with a specialty in modern U.S. issues like the Kennedy half dollar series. He can be reached via his website, www.JohnSmithRareCoins.com.
