Walking Liberty Half Dollars: History, Value, & Key Dates

The walking liberty half dollar is an American 50-cent coin issued for circulation from 1916 to 1947. Designed by Adolph Weinman, the coin’s elegant depiction of Lady Liberty striding toward the sunrise has been praised by numismatists for decades.

These half dollars came out alongside the Mercury dime and standing liberty quarter, all three replacing the Barber coinage of 1892 to 1916. Weinman designed both the Mercury dime and the walking liberty half dollar, both of which have become legendary among collectors and commemorated as recently as 2016.

Beyond a one-year commemorative, the walking liberty obverse was beloved enough to be chosen for the annual American Silver Eagle bullion coin issued since 1986.

We here at Coins Auctioned join our fellow numismatic enthusiasts in adoring the elegance and historical significance of this coin. That’s why we’ve crafted this complete guide to the history, design, key dates, and value of walking liberty half dollars.

Pictured above: Obverse & reverse of 1916-S walking liberty half dollar | Image credit: Heritage Auctions Lot 30580, Public domain

Historical Background

The walking liberty half dollar was first issued in 1916. The designer was a medallist and sculptor with a fascinating journey to designing for the US Mint.

Adolph Alexander Weinman was a German immigrant who moved to America at 10 years old in 1880. His talent for sketching and modeling with clay led to various apprenticeships under prominent sculptors and medallists, starting at only 15 years old.

After studying at Cooper Union in New York City, Weinman worked under sculptors like Frederick Kaldenberg, Philip Martiny, and Olin H. Warner. Around 1896, Weinman studied under Augustus Saint-Gaudens, whose teachings can be seen in much of Weinman’s work.

Weinman would open his own studio in 1904 but collaborate with Saint-Gaudens again in 1905 on the Presidential Medal for Theodore Roosevelt’s inauguration.

Other notable works of Weinman’s include the Committee of Five sculpture on the Jefferson Memorial pediment, two sculptures of Abraham Lincoln in 1909 and 1911, Descending Night featured at the Panama–Pacific International Expo in 1915, and the 1913 J. Sanford Saltus Medal Award (which the American Numismatic Association awarded to Weinman in 1914).

With Weinman’s journey clear, let’s take a look at the walking liberty half dollar’s journey, which began in 1915.

Pictured above: Photo of Adolph Weinman in his studio with Descending Night statue in the background; | Image credit: De W.C. Ward. Adolph A. Weinman papers, 1890-1959. Archives of American Art, Smithsonian Institution

Replacing Barber Half Dollar

Barber coinage — dimes, quarters, and half dollars with similar designs by Chief Engraver Charles E. Barber — had been around since 1892. According to legislation from 1890, coin designs could be replaced every 25 years without the hassle of Congressional approval. That meant Barber coinage was up for replacement in 1916.

Many were eager to replace the coin designs. The public didn’t like them, Woodrow Wilson wanted snazzy new coins to boost his image during his reelection campaign, and many members of the mint thought they had to replace the designs by law.

Plus, almost all other coin designs had been replaced recently thanks to the “Renaissance of American Coinage” spearheaded by President Theodore Roosevelt since 1907.

Treasury Secretary William G. McAdoo wanted to start internally, so the new Mint Director Robert Woolley asked Barber to make new designs in April 1915. Woolley and Barber met with the Commission of Fine Arts (CFA) in December 1915 to present the designs. Unsatisfied with Barber’s sketches, the CFA recommended commissioning design submissions from three outside sculptors: Adolph Weinman, Hermon MacNeil and Albin Polasek.

Pictured above: Glass negative of Elsie Stevens from 1910 | Image credit: Bain News Service (publisher) via Library of Congress, Bain Collection, Public domain

Designing Walking Liberty

In February 1916, the sculptors submitted their design sketches and met with Woolley for discussion. Woolley, McAdoo, and the CFA decided that MacNeil would design the quarter while Weinman would design the dime and half dollar.

The Treasury announced the new designs in a press release on March 3, 1916 as Woolley gave Barber the bad news: his new sketches were rejected and he’d need to help the outside sculptors create the dies that would replace his designs.

Barber didn’t hide his resentment, throwing tantrums and hurdles at the artists. Plus, the outsider sculptors had trouble adapting their sketches to strikable dies, as they didn’t have as much experience coining, and Weinman had a bad case of tonsillitis that led to more postponements.

Finally, Woolley told Weinman his dime and half dollar designs were officially accepted on May 29, 1916 — a month after Woolley’s original deadline of May 1.

Already behind schedule and trying to satisfy a coin shortage, the mint engravers worked hastily to finish the dies for the pattern coins throughout June. Unfortunately, the pattern coins weren’t great. Woolley reluctantly gave Weinman permission to alter the obverse inscriptions and enlarge Lady Liberty.

Pictured above: Obverse & reverse of 1916 walking liberty pattern proof coin | Image credit: PCGS CoinFacts, Free use

Pre-Production Design Alterations

Woolley resigned on July 15 to run Wilson’s reelection campaign, and McAdoo approved Weinman’s obverse changes on July 26. However, Weinman went a step further and altered the reverse inscriptions too (without permission).

Friedrich Johannes Hugo von Engelken became the new Mint Director on September 1. The half dollars were ready but issues with the Mercury dimes delayed both coins’ production. The main issue? The dime had too much metal at the edge, a “fin,” that could break off or affect its use in vending machines.

McAdoo and Von Engelken had Weinman try to modify the design, but it didn’t fix the problem. So, they let Barber make modifications — namely shrinking Lady Liberty and adding a beaded border — but Philadelphia Mint Superintendent Adam M. Joyce took Weinman’s side that Barber’s changes diminished the design’s beauty.

Instead, Joyce let Weinman simply lower the relief of his original design (before Weinman’s inscription changes from July). The change worked, and the new dies were ready for the branch mints to start production in late November 1916, a month after the Mercury dime debuted on October 30.

Release & Reception

The three new coins had been highly anticipated, even more so with the delays. The Mercury dime was released first to public acclaim. By the time the standing liberty quarter and walking liberty half dollar came around in January 1917, they didn’t get as much widespread attention. (After all, the US was distracted getting ready to join World War I.)

Still, demand for the new coins was high and numismatists were largely pleased with the new designs. A quote from the January 17 issue of The Numismatist reads:

“In our opinion the new designs form the most attractive set of silver coins ever issued by this or any other Government. ... At least we have on our coins the great American eagle in a natural, lifelike form ... his size and proportions are in keeping with the greatness and power of the country.”

Another issue of The Numismatist referenced Weinman’s apprenticeship under Augustus Saint-Gaudens, who had designed the beloved double eagle a decade before:

“Like his teacher, Weinman created the illusion of movement and transformed the most ordinary item of commerce—the coin—into a work of art; a lump of silver was given life.”

Pictured above: Combined image of obverse & reverse of 1963-D Franklin half dollar coin | Image credit: John Baumgart, Public domain

End of Walking Liberty Half Dollar

The walking liberty half dollar and Mercury dime were first eligible for redesign after 25 years in 1940. Mint Director Nellie Tayloe Ross, who’d taken office in 1933, wanted to put Founding Father Benjamin Franklin on a widely accessible currency, but World War II led to delays.

After President Franklin Delano Roosevelt died in 1945, the mint replaced the Mercury dime with the Roosevelt dime — released on January 30, 1946 — to honor FDR.

The new dime, along with members of Congress thinking Weinman’s walking liberty design was outdated, spurred the redesign of the half dollar. After designing the Roosevelt dime, Chief Engraver John R. Sinnock also designed the Franklin half dollar. The new half dollar was released in 1948, officially ending the walking liberty series.

Though circulated walking liberty coin production was done, the mint would revive the design in later years.

Before we get into modern versions, let’s go over the historical walking liberty half dollar’s specs.

Specifications & Types

First, let’s do a quick rundown of the walking liberty half dollar specifications:

• Weight: 12.5 g (0.44 oz)

• Diameter: 30.61 mm (1.20 in)

• Thickness: 1.80 mm (0.07 in)

• Composition: 90% silver, 10% copper

• Edge: Reeded

With a 90 percent silver composition and 12.5-gram weight, the walking liberty half dollar silver content is about 0.36169 troy oz (11.25 grams) of pure silver.

Types of Walking Liberty Half Dollars

Both circulated and proof walking liberty half dollars were minted, though proofs were only minted from 1936 to 1942 by the Philadelphia Mint, part of the first official annual proof sets.

Among circulated issues, the main non-error subtype is seen in branch mint issues from 1917:

1. 1917-D or 1917-S Obverse: The mint mark (“D” or “S” respectively) appears on the obverse at the bottom right (4 o’clock position)

2. 1917-D or 1917-S Reverse: The mint mark appears on the reverse at the lower left (between 7 to 8 o’clock position)

The mint mark being on the obverse was unusual, as there hadn’t been a half dollar with an obverse mint mark since 1839. Mint Director Von Engelken decided to move it to the reverse on February 14, 1917 because it looked like a die defect. The new Mint Director Raymond T. Baker officially ordered the new mint mark placement on April 14, 1917.

The reverse mint mark placement remained on walking liberty half dollars through the series’ entire run, but the shift happened mid-year in 1917.

Pictured above: Project for the Ministry of Agriculture, 265 mm cast iron medal made by Oscar Roty around 1887. This medal will serve as a model in 1897 to make the Semeuse de la Monnaie. It is kept at the Oscar Roty museum in Jargeau. (translated from French) | Image credit: Roi.dagobert, CC-BY-SA-3.0

Design and Symbolism

The walking liberty half dollar’s stunning design by Adolph Weinman held an overall symbolism of freedom and strength. But numerous American values, particularly those of the time, were represented in the coin’s details:

• Sunrise: New beginnings & hope for the future

• Lady Liberty: Symbol of freedom present on most early American coins, borrowed from ancient Greece during the Revolutionary War, with outstretched arm spreading the gift of liberation

• American Flag: Flowing in national pride; Thirteen stripes for 13 original colonies, 48 stars for the 48 states at the time

• Laurel & Oak Branches: Victory & glory (laurel); Fortitude & independence (oak)

• Pine Tree Sapling: Growing out of a crack in the rock, representing America’s journey to independence & thriving

• Eagle: National bird, symbolizing strength & liberty with wing stance symbolic of courage and readiness

• E Pluribus Unum: Traditional national motto of US, Latin for “Out of many, one”

• In God We Trust: Official national motto, used on US coins since 1864 after being popularized during the Civil War

Artistic inspirations for the walking liberty design likely included “The Sower” (La Semeuse), a figure designed by acclaimed medallist Louis Oscar Roty present on many French coins since 1897 (pictured above). Roty’s “Sower” is Marianne, the personification of France — AKA France’s Lady Liberty — sowing seeds to represent the dissemination of democratic ideas across the French Republic.

The walking liberty design also has elements seen in Weinman’s other works. The Union Soldiers and Sailors Monument features a figure of Bellona (the Roman goddess of war) that resembles the walking Liberty. More notably, Weinman likely drew upon his 1913 bust of Elsie Stevens, Weinman’s former tenant and wife of poet Wallace Stevens, for the face of Liberty on the half dollar and Mercury dime.

Lastly, many motifs in Weinman’s half dollar echo the Saint-Gaudens gold double eagle design — not surprising considering Weinman studied under Saint-Gaudens.

Pictured above: Obverse changes on walking liberty half dollar, combined from multiple images | Image credit: David Lawrence blog (archived)

Obverse Design

The obverse (heads side) of the Walking Liberty half dollar features a full figure of Liberty draped in an American flag billowing in the wind. She faces her right (viewer’s left) mid-stride with her right arm outstretched.

She holds a bundle of laurel and oak branches in her left arm. Instead of flowing hair, she wears a Liberty cap (similar to Weinman’s Mercury dime but not a winged cap). Behind Liberty is a sun rising behind hills at the lower left.

The inscription “LIBERTY” is along the upper rim, “IN GOD WE TRUST” at the lower right, and the mintage year (e.g. “1918”) at the bottom. If present, the mint mark on all 1916 issues and some 1917 issues (e.g. “1917-D Obverse”) is below the “IN GOD WE TRUST” motto.

You’ll also see minor obverse changes to the walking liberty issues from:

• 1918-1936: More details on the collar of Liberty’s gown added by Assistant Engraver George T. Morgan to make striking better, though strikes remained problematic

• 1937: Thinner sun rays with only one vertical ray touching flag, adjusted by Chief Engraver John R. Sinnock to keep trying to fix the striking issues (unsuccessfully)

• 1938-1947: Acorn & leaves (at top right) of slightly different shape, more detail in hair under Liberty cap, more detail on flag under Liberty’s outstretched arm, and two vertical sun rays touching flag

Pictured above: Reverse of walking liberty half dollar with Denver ("D") mint mark on lower left and artist initial ("AW") on lower right, graded MS67 by PCGS | Image credit: PCGS Photograde, Free use

Reverse Design

The reverse (tails side) of the walking liberty half dollar features a bald eagle perched on a rock. He faces his right (viewer’s left) with wings unfurled, ready to take off. A mountain pine branch grows out of a crack in the rock.

Above the pine branch is the inscription “E PLURIBUS UNUM” while “UNITED • STATES • OF • AMERICA •” is inscribed along the upper rim. The denomination “HALF • DOLLAR” is inscribed along the bottom rim. From mid-1917 on, branch mint marks (e.g. “D” or “S”) appear at the lower left 7:30 position below the rock edge.

At the bottom right corner, the small “W” on the walking liberty half dollar reverse is actually “AW,” the designer Adolph Weinman’s stylized initials. Some newspapers in 1917 mistakenly reported that the “W” was a mint mark.

However, you might see a “W” mint mark at the lower left on the reverse of silver eagle bullion coins issued from West Point Mint, which share the walking liberty obverse but a different reverse, or the lower right on the obverse of the 2016-W gold walking liberty commemorative coins.

Speaking of mint marks, the branch mint marks on walking liberty half dollars from mid-1917 to the end of the series in 1947 appear on the reverse at the 7:30 o’clock position below the pine branch.

Pictured above: Obverse & reverse of 1917-S Obverse walking liberty half dollar (with "S" mint mark on lower right of obverse), graded MS65+ by PCGS | Image credit: PCGS CoinFacts, Free use

Minting and Production

Across all issues from 1916 to 1947, the walking liberty dollar mintage totals to over 485 million — to be exact, 485,320,640 issued for circulation and 74,400 issued as proofs.

Three mints produced walking liberty half dollars, denoted by their mint mark:

• None — Philadelphia Mint

• “D” — Denver Mint

• “S” — San Francisco Mint

The walking liberty half dollar mint mark on issues from 1916 and part of 1917 were on the obverse, while issues from mid-1917 to 1947 had mint marks on the reverse.

Minting walking liberty half dollars wasn’t strictly annual, though. There were none minted in 1922, 1924-1926, and 1930-1932, largely due to low demand and the Great Depression.

Certain mints also took other years off from minting walking liberty half dollars.

The Philadelphia Mint also didn’t mint half dollars from 1927 to 1929. The Denver Mint also didn’t mint the coins in 1940. The only half dollars issued in 1923, 1927, 1928, and 1933 came from the San Francisco Mint, but there weren’t any 1938 or 1947 San Francisco issues.

Across all circulated issues, there are 65 mint and date combinations. The highest mintage issue was 1942 (1942-P) at 47,818,000. The lowest mintage walking liberty half dollar circulation issue was 1921-D at 208,000.

Among collector issues, the lowest proof mintage issue was 1936 at 3,901. The highest proof mintage was 1947 at 21,120.

Pictured above: Three walking liberty half dollars of different grades, from left to right: 1917-S graded About Good (AG), 1942-P graded Fine (F), and 1943-P graded About Uncirculated (AU) | Image credit: BrayLockBoy, CC-BY-SA-4.0

Collecting and Grading

As a historical collectible, walking liberty half dollars will always fetch more than their 50-cent face value. But the exact value of a walking liberty half dollar depends on:

• Current Silver Spot Price: These coins contain a high amount of silver, but the spot price (market value) of silver fluctuates. You can check the current spot price of silver here.

• Rarity: Issues with low mintages (fewer were struck) or low survival (fewer are still around today) are more valuable. Rarity can also mean an issue that’s rarely found in high grades.

• Mint Errors: Unintentional errors, especially if rare or dramatic, can be particularly valuable.

• Demand: As the popularity of walking liberty half dollars (or particular issues) changes, so does their market value.

• Condition: A more well-preserved walking liberty half dollar will fetch higher prices, especially if it’s from an issue with low survival in higher grades.

Condition is given as a grade by a professional third-party service like Numismatic Guaranty Company (NGC) or Professional Coin Grading Services (PCGS).

Pictured above: Obverse & reverse of 1938 walking liberty half dollar proof graded PR66CAM (Cameo) | Image credit: PCGS CoinFacts, Free use

Grades

Different coin grading systems exist, but the general grades are:

1. Uncirculated: Never circulated & properly stored; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Specimen (SP): Definition varies among grading agencies, but generally between a Mint State and Proof grade

4. Proof (PR or PF): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State; Three subtypes:

   1. Standard Proof: Background (field) isn’t highly reflective

   2. Cameo (CAM): Rarer; Background highly reflective plus a) light to moderate frosting on obverse & reverse, b) not frosted, or c) frosted on only one side; Only known on proofs from 1938, 1939, and 1942

5. Prooflike (PL): Coins struck & handled for circulation but with a similar brilliant shine to proof coins; Only known on 1941-S & 1943-S issues

6. About Uncirculated (AU): Very minor wear on high points of design from brief circulation, well-preserved surfaces, near-complete mint luster; Sub-grades from 50 to 58

7. Extremely Fine (EF or XF): Complete details, light wear on high points; Sub-grades 40 & 45

8. Very Fine (VF): Moderate to complete details, wear on high points; Sub-grades 20 to 35

9. Fine (F): 50 percent or less of detail flat, visible to sharp letters & digits; Sub-grades 12 & 15

10. Very Good (VG): Wear throughout, letters & digits soft but readable; Sub-grades 8 & 10

11. Good (G): Outer letters & digits full to slightly worn, slightly worn to sharp rims; Sub-grades 4 & 6

12. About Good (AG-3): Mostly readable letters & digits, worn rims

13. Fair (FR-2): Some visible details, traces of outer letters, flat

14. Poor (PO-1): Only date, mint mark, and year identifiable

Overall, the value of most walking liberty half dollars in Good to Very Fine condition is $20 to $70, though early issues from 1916 to 1933 fetch prices of $40 to $300 in those conditions.

It’s rare for early issues (particularly from 1916 to 1928) to ever be graded over MS-66, and only 23 of the 65 mint and date combinations have any specimens graded MS-68 by PCGS. Among these, the only San Francisco Mint specimen is from the 1939-S issue.

Pictured above: Obverse & reverse of 1938 proof (key date) walking liberty half dollar, graded PR67+ by PCGS | Image credit: PCGS CoinFacts, Free use

Key Dates and Varieties

Collectors often look for “key dates,” which are issues that are harder to find either because there weren’t many minted, weren’t many preserved, or aren’t many known today.

So, what are the key dates for the walking liberty half dollars?

Key Dates

The primary walking liberty half dollar key date is 1921-S. Though not the lowest mintage or rarest walking liberty half dollar overall, 1921-S issues are rarely well-preserved. Any specimen above VF20 is extremely rare and often the priciest walking liberty half dollar out there, currently valued up to $275,000 in MS 66 grades.

Other key dates include:

• 1921-D: Lowest circulation mintage; Worth $300 to $175,000

• 1921: Second lowest mintage; Worth $150 to $165,000

• 1919-D: Low survival, especially in high grades; Worth $50 to $350,000

• 1936 Proof: First proof issue in series & lowest proof mintage; Worth $1,100 to $150,000

• 1917-S Obverse: Short run & relatively low mintage of 952,000; Worth $60 to $175,000

Pictured above: Close-up of doubled-die reverse detail on 1946 walking liberty half dollar error coin | Image credit: PCGS CoinFacts, Free use

Error Coins

The major walking liberty half dollar error coin is the 1946 Doubled Die Reverse (DDR). Though not incredibly rare, the doubled die error is prominent. PCGS values this error coin at $20,000 when graded MS 67.

• 1944-D Hand Engraved Initials: Worth $30 to $7,000

• 1942 Doubled Die Reverse (DDR): Worth $45 to $12,500

• 1945 Missing Initials: Worth $85 to $6,000

• 1941-S Missing Wing Feathers: Worth $200 to $4,100

The most common errors are Doubled Die Obverse (DDO) — identified on at least four issues but most valuable on 1936-D DDO at up to $7,500 — and Repunched Mint Mark (RPM) — identified on at least five issues but most valuable on 1916-D RPM at up to $5,000.

Pictured above: Obverse of 2016-W 1/2-oz gold walking liberty half dollar commemorative coin | Image credit: US Mint, Public domain

Walking Liberty in Modern Coinage

The circulated walking liberty coin series may have ended in 1947, but the design wasn’t gone forever. In 1986, the US established the nation’s first official silver bullion coin: the American Silver Eagle. The coin featured the walking liberty obverse, enhanced with modern technology to be even more beautiful, with a heraldic eagle reverse by John Mercanti from 1986 to 2021 and a new eagle reverse by Emily Damstra from 2021 on.

Additionally, the US Mint celebrated the 100th anniversary of the three coins’ debut with the 2016 Centennial Gold Coin Program. Struck at the West Point Mint, the commemorative 2016-W half dollar was a 1/2-oz of 99.99% pure gold featuring an enhanced version of Weinman’s original iconic design.

Pictured above: Obverse of worn 1942 walking liberty half dollar

Stride into the Future with a Walking Liberty Half Dollar of Your Own!

At its debut, the walking liberty half dollar represented a new era. Both the obverse Liberty and reverse eagle looked forward to the future with hope and pride, respectively spreading or defending the American ideals of freedom and democracy.

Rich in history and captivating in appearance, the walking liberty half dollar is a true coin for the ages that belongs in any collection, big or small.

Buy walking liberty half dollar coins today!