Walking Liberty Half Dollar Value Guide
Called "the most beautiful American coin ever minted," the Walking Liberty half dollar (1916-1947) is beloved by collectors and silver stackers alike. The design was so iconic that the US Mint revived it for the American Silver Eagle in 1986.
The Story Behind the Design
In 1916, Treasury Secretary William McAdoo launched a competition to redesign American coinage. Sculptor Adolph A. Weinman created the Walking Liberty design, showing Liberty striding confidently toward the dawn with the American flag draped over her shoulders. The design symbolizes freedom advancing toward a brighter future - a message that resonates even more today as paper currencies continue to lose purchasing power.
Key Dates to Look For
1916-S
$100-6,500+First year San Francisco, low mintage
1921
$100-14,000+Lowest mintage Philadelphia
1921-D
$180-25,000+Lowest mintage Denver
1921-S
$40-55,000+Rare in high grades
1919-D
$18-18,000+Low mintage, rarely found in MS
1919-S
$15-20,000+Rare above XF condition
1917-S Obverse
$25-12,000+Obverse mintmark variety
1938-D
$80-700+Last Denver, lowest late-date mintage
Walking Liberty Half Dollar Values by Year
Values in USD. Most circulated common dates trade at 10-30% above melt value. Key dates command significant premiums in all grades.
| Year | Mint | Mintage | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1916 | P | 608,000 | $50 | $60 | $80 | $140 | $220 | $350 | $500 | $2,200 | First year |
| 1916-D | D | 1,014,400 | $50 | $60 | $80 | $120 | $180 | $280 | $400 | $1,800 | First year Denver |
| 1916-S | S | 508,000 | $100 | $130 | $180 | $350 | $600 | $900 | $1300 | $6,500 | Key date |
| 1917 | P | 12,292,000 | $12 | $14 | $18 | $30 | $55 | $90 | $140 | $650 | Common |
| 1917-D Obv | D | 765,400 | $25 | $35 | $55 | $120 | $280 | $500 | $900 | $5,000 | Obverse mintmark |
| 1917-D Rev | D | 1,940,000 | $12 | $16 | $25 | $55 | $130 | $280 | $480 | $3,000 | Reverse mintmark |
| 1917-S Obv | S | 952,000 | $25 | $40 | $70 | $180 | $450 | $850 | $1400 | $12,000 | Semi-key |
| 1917-S Rev | S | 5,554,000 | $12 | $14 | $18 | $40 | $100 | $220 | $450 | $4,500 | Common |
| 1918 | P | 6,634,000 | $12 | $14 | $20 | $50 | $130 | $300 | $500 | $3,200 | Common |
| 1918-D | D | 3,853,040 | $12 | $16 | $28 | $80 | $200 | $420 | $800 | $6,500 | Scarce in MS |
| 1918-S | S | 10,282,000 | $12 | $14 | $20 | $55 | $150 | $350 | $650 | $5,000 | Common |
| 1919 | P | 962,000 | $15 | $22 | $45 | $150 | $400 | $750 | $1100 | $5,000 | Low mintage |
| 1919-D | D | 1,165,000 | $18 | $30 | $65 | $250 | $700 | $1400 | $2500 | $18,000 | Semi-key |
| 1919-S | S | 1,552,000 | $15 | $25 | $55 | $200 | $650 | $1300 | $2200 | $20,000 | Semi-key |
| 1920 | P | 6,372,000 | $12 | $14 | $18 | $40 | $100 | $220 | $380 | $2,400 | Common |
| 1920-D | D | 1,551,000 | $12 | $18 | $35 | $120 | $350 | $700 | $1200 | $9,000 | Scarce |
| 1920-S | S | 4,624,000 | $12 | $14 | $22 | $65 | $220 | $550 | $1100 | $11,000 | Common |
| 1921 | P | 246,000 | $100 | $150 | $280 | $600 | $1100 | $1800 | $2600 | $14,000 | Key date |
| 1921-D | D | 208,000 | $180 | $260 | $450 | $900 | $1600 | $2400 | $3500 | $25,000 | Key date |
| 1921-S | S | 548,000 | $40 | $65 | $150 | $700 | $2200 | $4500 | $7000 | $55,000 | Key date |
| 1927-S | S | 2,392,000 | $12 | $14 | $22 | $70 | $280 | $750 | $2000 | $18,000 | Scarce MS |
| 1928-S | S | 1,940,000 | $12 | $14 | $22 | $70 | $280 | $750 | $1800 | $12,000 | Scarce MS |
| 1929-D | D | 1,001,200 | $12 | $16 | $28 | $70 | $180 | $350 | $600 | $4,500 | Scarce |
| 1929-S | S | 1,902,000 | $12 | $14 | $22 | $55 | $140 | $320 | $550 | $4,000 | Common |
| 1933-S | S | 1,786,000 | $12 | $14 | $18 | $45 | $110 | $220 | $400 | $2,800 | Depression era |
| 1934 | P | 6,964,000 | $10 | $12 | $14 | $22 | $45 | $80 | $140 | $500 | Common |
| 1934-D | D | 2,361,400 | $10 | $12 | $16 | $35 | $80 | $160 | $280 | $1,200 | Common |
| 1934-S | S | 3,652,000 | $10 | $12 | $16 | $35 | $90 | $180 | $350 | $2,200 | Common |
| 1935 | P | 9,162,000 | $10 | $11 | $13 | $20 | $40 | $65 | $100 | $400 | Common |
| 1936 | P | 12,617,901 | $10 | $11 | $13 | $18 | $35 | $55 | $85 | $320 | Common |
| 1937 | P | 9,527,728 | $10 | $11 | $13 | $18 | $35 | $55 | $85 | $320 | Common |
| 1938 | P | 4,118,152 | $10 | $12 | $16 | $30 | $55 | $90 | $140 | $500 | Lower mintage |
| 1938-D | D | 491,600 | $80 | $90 | $100 | $120 | $150 | $180 | $240 | $700 | Semi-key, last D |
| 1939 | P | 6,820,808 | $10 | $11 | $13 | $18 | $30 | $50 | $75 | $280 | Common |
| 1940 | P | 9,167,279 | $10 | $11 | $13 | $16 | $28 | $45 | $65 | $250 | Common |
| 1941 | P | 24,207,412 | $10 | $11 | $12 | $15 | $25 | $40 | $55 | $180 | Very common |
| 1942 | P | 47,839,120 | $10 | $11 | $12 | $14 | $22 | $35 | $50 | $160 | Very common |
| 1943 | P | 53,190,000 | $10 | $11 | $12 | $14 | $22 | $35 | $50 | $160 | Very common |
| 1944 | P | 28,206,000 | $10 | $11 | $12 | $14 | $22 | $35 | $50 | $160 | Very common |
| 1945 | P | 31,502,000 | $10 | $11 | $12 | $14 | $22 | $35 | $50 | $160 | Very common |
| 1946 | P | 12,118,000 | $10 | $11 | $12 | $15 | $25 | $40 | $55 | $180 | Common |
| 1947 | P | 4,094,000 | $10 | $11 | $13 | $18 | $35 | $55 | $80 | $300 | Last year |
| 1947-D | D | 3,900,600 | $10 | $11 | $13 | $18 | $35 | $55 | $80 | $300 | Last year |
Values are approximate. S and D mintmarks for common years typically add 10-50% premium. Professional grading recommended for key dates.
How to Grade Walking Liberty Halves
Key Grading Points - Obverse
- Liberty's Hand: First area to show wear. Should have clear fingers in XF+.
- Head and Cap: Liberty's head and cap lose detail quickly with wear.
- Center Skirt Lines: Vertical lines should be visible in VF and higher.
- Breast and Arm: High points that show early wear. Check for flatness.
Key Grading Points - Reverse
- Eagle's Breast: Feather detail is first to wear on reverse.
- Wing Tips: Should show feather separation in XF and higher.
- Leg Feathers: Thigh feathers should be distinct in VF+.
- Strike Quality: Early dates often weakly struck, especially on centers.
Strike Weakness Note: Many Walking Liberty halves, especially San Francisco issues, have weak strikes on Liberty's hand and head. This is a strike issue, not wear, but can affect value. Learn to distinguish strike weakness from circulation wear.
Mintmark Locations
1916-1917: Obverse Mintmark
On early issues, the mintmark (D or S) appears on the obverse, below "IN GOD WE TRUST" near the lower rim.
1917 coins exist with both obverse and reverse mintmarks - the obverse variety is scarcer.
1917-1947: Reverse Mintmark
From mid-1917 onward, the mintmark moved to the reverse, below the pine branch near "HALF DOLLAR".
Philadelphia coins have no mintmark. D = Denver, S = San Francisco.
Frequently Asked Questions
What is a Walking Liberty half dollar worth?
Walking Liberty half dollar values range from $9-12 for common dates in circulated condition (based on silver melt value of ~$9) to $50,000+ for key dates in mint state. Most circulated specimens sell for 10-30% above melt value. The 1916-S, 1917-S obverse, 1919-D, 1921-S, and 1938-D are the key dates commanding significant premiums.
Which Walking Liberty halves are most valuable?
The most valuable Walking Liberty halves include: 1916 (first year, $50-500+), 1916-D ($50-300+), 1916-S ($100-1,000+), 1917-S Obverse mintmark ($30-500+), 1919-D ($30-2,000+), 1919-S ($20-1,500+), 1921 ($100-2,000+), 1921-D ($200-5,000+), 1921-S ($30-10,000+), and 1938-D ($80-250+, last year with lowest mintage).
Why are Walking Liberty halves called 'the most beautiful American coin'?
Designed by Adolph A. Weinman in 1916, the Walking Liberty half features Liberty striding toward the rising sun with an American flag draped over her shoulders, symbolizing the nation's march toward progress. The design is so revered that the US Mint revived it in 1986 for the American Silver Eagle bullion coin, which remains in production today.
How much silver is in a Walking Liberty half dollar?
Walking Liberty half dollars contain 0.36169 troy ounces of pure silver. They weigh 12.5 grams total with a composition of 90% silver and 10% copper. At $25/oz silver, the melt value is approximately $9.04. This silver content is the same as all US half dollars minted from 1892-1964.
Should I buy graded or raw Walking Liberty halves?
For common dates, raw (ungraded) coins offer better value - you pay less premium and can stack more silver. For key dates (1916-S, 1921-S, 1938-D, etc.) or coins in AU/MS condition, PCGS or NGC grading is essential. Grading authenticates the coin and guarantees the grade, which is crucial for coins worth hundreds or thousands of dollars.
From Beautiful Coins to Secure Retirement
Walking Liberty halves showcase why silver has been treasured for centuries. While these 90% silver coins aren't IRA-eligible, Augusta Precious Metals can help you add .999 fine silver to a tax-advantaged retirement account. Protect your future with real assets.