By [Author Name], Professional Numismatist
Introduction
In the realm of modern U.S. coinage, few series are as widely pursued as the Kennedy half dollar. Struck from 1964 to the present, these 50-cent pieces are cherished for their historical significance, aesthetic appeal, and collector value. With numerous key dates, varieties, and compositional changes, the series offers a rich diversity for numismatists to explore.
As a professional coin dealer and lifelong collector, I‘ve handled my fair share of Kennedy halves over the years. In this in-depth guide, I‘ll share my expertise on evaluating these coins and determining how much they‘re worth. Whether you‘re a seasoned collector or just stumbled upon some old half dollars, this article will help you understand the nuances of the series and identify any hidden gems in your holdings.
History and Background
The assassination of President John F. Kennedy on November 22, 1963 shocked the nation. Just a month later, Congress authorized a new half dollar coin bearing the late president‘s likeness. U.S. Mint Chief Engraver Gilroy Roberts adapted an earlier portrait sculpture of Kennedy for the obverse design. Assistant Engraver Frank Gasparro created the heraldic eagle reverse.
Anticipating record demand from a grieving public, the U.S. Mint struck the first Kennedy half dollars in early 1964 on an emergency basis. The initial coins were minted in the traditional 90% silver composition used since 1794. However, rising silver prices soon threatened the new half dollar‘s viability for circulation.
In response, the Mint transitioned to a copper-nickel clad composition with an inner layer of 40% silver starting midway through 1965. This so-called "silver-clad" alloy was used through 1970 as a cost-saving measure. From 1971 onward, the coin has been minted in a copper-nickel clad composition with no silver content, with the exception of special collector issues.
Initially, the Kennedy half dollar saw widespread usage in circulation. But as time wore on and production numbers dwindled, the coin began to disappear from day-to-day commerce. The last year of regular production for circulation was 2001. Since then, the coins have been struck purely for collectors in limited quantities.
Mintage Figures
To understand the relative scarcity and value of each date, it‘s helpful to examine the mintage figures across the series. The following chart shows the annual production totals for Kennedy halves from 1964-2020:
| Year | Philadelphia | Denver | San Francisco | Silver Pct |
|---|---|---|---|---|
| 1964 | 277,254,766 | 156,205,446 | 90% | |
| 1965 | 65,879,366 | 40% | ||
| 1966 | 108,984,932 | 2,261,583* | 40% | |
| 1967 | 295,046,978 | 1,863,344* | 40% | |
| 1968 | 220,731,950 | 246,951,930 | 3,041,506 | 40% |
| 1969 | 129,881,800 | 2,934,631 | 40% | |
| 1970 | 2,150,000 | 2,632,810 | 40% | |
| 1971 | 155,640,000 | 302,097,424 | 3,244,183 | 0% |
| … |
*special mint set coins
As you can see, mintage figures vary widely by date and mint. Generally speaking, coins from the 90% silver years of 1964-1970 are scarcer than later copper-nickel issues. The 1970-D stands out as a key date with just 2.1 million struck. In the clad era, the 1987 Philadelphia issue has the lowest mintage at 2.8 million.
Compositional Varieties
One major factor in determining a Kennedy half dollar‘s value is its composition. Here‘s a summary of the different metal varieties over the years:
- 1964: 90% silver, 10% copper (0.36169 troy oz pure silver)
- 1965-1970: 40% silver clad (0.1479 troy oz pure silver)
- 1971-present: copper-nickel clad
- special issues: 40% silver, 90% silver, .9999 gold
The 1964 and 1965-1970 silver coins are always worth more than face value based on their bullion content alone. Even in lower circulated grades, these command a premium. The melt value can be calculated by multiplying the pure silver weight by the current spot price. For example, at $25/oz silver, a 1964 coin is worth about $9 in silver, while a 40% silver half is worth around $3.70.
Condition and Grade
As with all collectible coins, condition plays a major role in value for the Kennedy series. Coins are graded on the Sheldon scale from 1-70 based on their amount of wear, luster, damage, and overall eye appeal. Uncirculated examples showing no wear are graded from 60-70, with 70 being flawless perfection.
Because of their relatively young age and high mintages, Kennedy halves are most commonly found in circulated condition. These may grade anywhere from About Good (AG-3) up to Almost Uncirculated (AU-58). Uncirculated coins are scarcer but still widely available for many dates, especially in grades from MS-60 to MS-66.
Professionally certified examples in high Mint State grades of MS-67 and above are quite rare and valuable. These superb quality coins represent the pinnacle of the series in terms of preservation.
Image: PCGS CoinFacts grading guide for Kennedy halves
When purchasing uncertified raw coins, be sure to examine them closely for signs of cleaning, doctoring, or other enhancements that may negatively impact value. Stick to reputable dealers with a proven track record of accurately grading their inventory.
Key Dates and Varieties
For collectors pursuing the series by date and mintmark, there are a number of key issues that stand out for their low mintages and relative scarcity. Here are some of the most notable regular issues:
- 1964 – first 90% silver year
- 1964-D – only Denver Mint issue of 1964
- 1970-D – lowest mintage of silver-clad era at 2.1 million
- 1987 – lowest clad business strike mintage at 2.8 million
- 1981-S Type 2 Proof – clear S mintmark variety
- 1998-S Silver Matte Proof – special collector issue
- 2014-P 50th Anniversary – 90% silver with higher relief
In addition to these regular issues, there are numerous rare varieties that command substantial premiums. The most famous is the 1964 Special Mint Set (SMS) coin, which displays distinctly textured surfaces from special dies. Only a handful of these are known to exist, with prices reaching into the tens of thousands.
Other desirable varieties include the 1964 Accented Hair proof doubling, the 1974-D doubled die obverse, and the 1982 No FG initials. Error coins like off-centers, double strikes, and wrong planchet strikings are also highly sought after by specialists.
Recent Auction Results
To gauge the trajectory of the market, it‘s instructive to look at recent sales of high-end Kennedy halves. Here are a few notable auction results:
- 1964 Accented Hair Proof PR68 Deep Cameo PCGS – $19,200 (April 2021, Heritage Auctions)
- 1964 SMS SP68 PCGS – $47,000 (August 2019, Stack‘s Bowers)
- 1974-D Doubled Die Obverse MS64 PCGS – $4,080 (March 2020, Heritage Auctions)
- 1982-P No FG MS67 PCGS – $1,440 (January 2020, Heritage Auctions)
- 2014-W Gold High Relief PR70 PCGS – $5,280 (April 2021, Heritage Auctions)
These results reflect the enduring popularity of rare and high-grade Kennedy varieties. With such a widely collected series, there is always demand for condition rarities and notable errors.
Collecting Strategies and Recommendations
The sheer size and scope of the Kennedy half dollar series can make it intimidating for new collectors to dive in. Here are a few strategies I recommend based on your goals and budget:
-
Basic date/mintmark set in circulated condition – For an accessible start, try building a complete set of regular issues from 1964-2001 in lightly circulated grades like VF to AU. Many dates are very affordable.
-
Silver-focused set – Concentrate on just the silver years of 1964-1970 in uncirculated condition. This is a good play for those interested in the coins‘ bullion content.
-
Mint set collection – Acquire the special mint set coins from 1965-1967 along with major varieties like the 1964 SMS, 1974-D DDO, and 1982 No FG. This allows you to focus on rarer issues.
-
Top pop registry set – For the ultimate challenge, try to build the highest graded set in the PCGS or NGC registry. This will mean chasing after superb gem examples in MS/PR 68 and higher.
No matter which route you take, be patient and selective in your purchases. Work with specialists who can help you navigate the marketplace. Consider joining the Kennedy Half Dollar Collectors Society or other clubs for networking and education.
The Future of Kennedy Half Collecting
As the Kennedy half dollar series enters its sixth decade, it shows no signs of fading in popularity. While the coins may no longer circulate regularly, they remain a fixture in the numismatic world. New collectors are drawn to the series for its historical significance, artistic merit, and investment potential.
In recent years, special collector issues like the 2014 gold half dollar and 2019 enhanced reverse proof have helped generate fresh interest. The U.S. Mint‘s ongoing experimentation with finishes and compositions bodes well for the future of the series.
Of course, no one can predict exactly where the market for Kennedy halves is headed. But with a robust base of dedicated collectors and a finite supply of key dates, the odds seem favorable for long-term value appreciation. As always, buy the best quality you can afford and hold for the long haul.
Frequently Asked Questions
To wrap up, let‘s address some common questions I hear about Kennedy half dollar values:
Q: What is the most valuable Kennedy half dollar?
A: The 1964 Special Mint Set (SMS) variety is considered the "king" of the series, with examples selling for $50,000+. Other rare and valuable issues include the 1964 Accented Hair proof, 1974-D doubled die obverse, and 1982 No FG.
Q: How much are silver Kennedy half dollars worth?
A: 1964 coins contain 0.36169 troy oz of pure silver, while 1965-1970 coins have 0.1479 troy oz. Melt value depends on the current spot price. At $25/oz, a 1964 coin is worth about $9 in silver content, and a 40% silver half is worth around $3.70. Numismatic value may be significantly higher based on condition.
Q: What are the rarest dates of Kennedy half dollars?
A: In the regular series, the 1970-D (2.1 million mintage) and 1987 (2.8 million) are the keys. The 1964 SMS, 1974-D doubled die, and 1982 No FG are the rarest major varieties.
Q: How can I tell if my Kennedy half dollar is silver?
A: All 1964 coins are 90% silver. Coins from 1965-1970 have a copper-silver edge, while 1971 and later are copper-nickel clad. You can also check the edge lettering – 1964 says "FIFTY CENTS," while 1965-1970 says "HALF DOLLAR" and 1971 on says "UNITED STATES OF AMERICA."
Q: Are any Kennedy half dollars still in circulation?
A: Kennedy halves were last struck for circulation in 2001. Since 2002, the U.S. Mint has only produced the coins for collectors. While still legal tender, you‘re unlikely to find any in day-to-day commerce.
Conclusion
I hope this guide has given you a solid foundation for understanding the value and appeal of Kennedy half dollars. Armed with this information, you‘re well on your way to becoming an astute collector or investor in the series.
Remember, knowledge is power in numismatics. Stay curious, ask questions, and never stop learning. The most successful collectors are passionate students of the hobby. If you apply the strategies and insights in this article, I‘m confident you‘ll find great enjoyment and fulfillment in your pursuit of these fascinating coins.
As always, if you need personalized guidance on your collecting journey, my fellow dealers and I are here to help. Until next time, happy hunting!
