ByCharles MorganandHubert WalkerforCoinWeek Notes…..
- The Kennedy Half Dollar is the longest-serving half dollar design in United States history
- Debut issue released months after national tragedy
- Only issue in the series to be struck in 90% silver
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A Half Dollar Struck to Honor a Slain President
The Franklin Half Dollar entered into production in early 1948, replacing the revered but difficult to strike Walking Liberty design. Statutorily, the Franklin design would have served the nation until at least 1973, but the assassination of President John Fitzgerald Kennedy on November 22, 1963, in Dallas, Texas, hastened the end of its run.
Within days of the assassination, Treasury Secretary C. Douglas Dillon informed United States Mint Director Eva Adams that he wanted to honor Kennedy by placing his likeness on the half-dollar coin. Congress had bestowed a similar honor on President Franklin Delano Roosevelt when it placed his portrait on the dime in 1946.
On November 27, Eva Adams instructed Mint Chief Engraver Gilroy Roberts to get to work on the Kennedy Half Dollar as Congress drew up legislation to authorize the new design. Given the short time frame, Roberts adapted the Kennedy portrait he designed for the President’s inaugural medal. For the reverse, Roberts tasked Assistant Engraver Frank Gasparro with creating a design based on the Presidential Seal.
Production of the Kennedy Half Dollar got underway in January 1964, and the Treasury released the memorial coinage on March 24 to significant public interest. Lines formed around the Treasury Department’s cash window in Washington, D.C., and the Mint’s allocation of 70,000 pieces sold out quickly.
Similar scenarios played out nationwide as banks and department stores tried to keep up with demand. By the end of its 1964 production run, the Philadelphia Mint had struck 273,304,004 business strike Kennedy Half Dollars, while the Denver Mint had produced 156,205,446.
How Much Is the 1964 Kennedy Half Dollar Worth?
Even with a mintage of more than a quarter of a billion coins, very few 1964 Kennedy Half Dollars circulated. Besides the public hoarding of the coins for sentimental and patriotic reasons, the era of circulating 90% silver coins was ending.
The Coinage Act of 1965, signed into law by President Lyndon B. Johnson on July 23, 1965, eliminated silver from the dime and the quarter and lowered the silver composition of the half dollar to 40%. This debasem*nt of the half dollar pushed the 90% coins out of circulation following the economic principle known as “Gresham’s Law”.
These circ*mstances directly impact the value of the 1964 Kennedy Half Dollar today.
As a baseline, every 1964 Kennedy half is worth considerably more than its stated 50 cents face value due to its silver composition. At the current silver spot price (as of January 2024), each 1964 Kennedy half is worth $8.63 at a minimum. Uncirculated coins sell for a premium over spot price, with the typical Choice Uncirculated example retailing for between $12 and $15.
CAC, NGC, and PCGS report a combined population of 36,800 certified business strike 1964 Kennedy Half Dollars. As CAC is a relatively new grading service, most ’64 halves in certified holders will have been graded by NGC and PCGS.
The typical grade of these coins is MS64 or MS65, and one would expect that most of them were submitted through the bulk or modern tier grading lines. The firms’ most experienced graders likely reviewed the coins found in the highest grades.
MS66 and MS67 coins remain affordable to most collectors, but superb gem examples at MS67+ or higher (NGC top pop, pop 1 is MS68 as of January 2024) command premiums starting at about $3,000.
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Market Data and Noteworthy Specimens
Top Population: PCGS MS67+ (18, 5/2024), NGC MS68 (2, 5/2024), and CACG MS66 (20, 5/2024).
- NGC MS68* #8207706-010: Heritage Auctions, May 9, 2024, Lot 4362 – $57,600.
- PCGS MS67+ #43773834: Heritage auctions, December 16, 2021, Lot 3108 – $3,840. Rainbow toning on the obverse.
- PCGS MS67+ #38446398: Heritage Auctions, January 9, 2020, Lot 3945 – $3,360. Wispy brown and ice blue toning along the left of the obverse. Brown, gold, green, and violet toning on the reverse.
- NGC MS67+ #3974649-001: Heritage Auctions, December 9, 2019, Lot 3955 – $4,320. Kennedy 50th Anniversary insert.
- PCGS MS67+ #83660512: GreatCollections, February 18, 2018, Lot 550633 – View. Vivid rainbow toning is on the right side of the obverse, and ice blue and purple toning covers the rest of the obverse.
- PCGS MS67+ #25206696: Heritage Auctions, April 23, 2015, Lot 4722 – $5,640; Heritage Auctions, April 25, 2019, Lot 3660 – $3,840.
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Design
Obverse:
Gilroy Roberts adapted the Kennedy half-dollar obverse from his work on Kennedy’s Inaugural medal. Kennedy’s left-facing portrait is the design’s central motif. Wrapping around the upper portion of the rim is the inscription LIBERTY. The national motto IN GOD WE TRUST is inscribed in a straight line that extends from the left edge to the right edge of the coin, with “GOD” and “WE” separated by the truncation of Kennedy’s neck. The date 1964 wraps around the bottom of the design. Roberts’ initials appear on the truncation of Kennedy’s neck above the word “WE”.
Reverse:
Frank Gasparro adapted the Kennedy Half Dollar reverse design from the Seal of the President of the United States. A heraldic eagle is splayed, its chest protected by the Union shield. Clutched in its beak is a ribbon emblazoned with the motto E PLURIBUS UNUM. A glory of rays, clouds, and stars fans out from behind the eagle. The 13 stars represent the original British American colonies, while the rays and clouds signify heaven and the divine providence the founders believed inspired the formation of the United States. The eagle’s talons grip an olive branch in its dexter and a spray of arrows in its sinister. Fifty stars surround this central motif.
The legend UNITED STATES OF AMERICA wraps around the top of the design. The denomination HALF DOLLAR wraps around the bottom. Frank Gasparro’s initials FG appear between the eagle’s left leg and tail feathers.
Edge:
The edge of the 1964 Kennedy Half Dollar is reeded.
Coin Specifications
| Kennedy Half Dollar | 90% Silver Type |
| Year of Issue: | 1964 |
| Denomination: | Half Dollar (50 Cents USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 273,304,004 |
| Alloy: | 90% Silver, 10% Copper |
| Weight: | 12.5 g |
| Diameter: | 30.6 mm |
| Edge: | Reeded |
| OBV Designer: | Gilroy Roberts |
| REV Designer: | Frank Gasparro |
| Quality: | Business Strike |
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Additional References
Bowers, Q. David. The Experts Guide to Collecting & Investing in Rare Coins. Whitman Publishing.
–. A Guide Book of United States Type Coins. Whitman Publishing.
Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.
Guth, Ron and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.
Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.
Yeoman, R.S. and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.
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Discover more about the 1964-D Kennedy Half Dollar by reading our collector profile of the Denver Mint version.
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