The Walking Liberty Half Dollars of 1919: An Analysis

While the first examples of the Walking Liberty half dollar were struck in and dated 1916, they did not enter circulation until mid-January 1917. Unlike the situation when the Mercury dime reached the channels of commerce in October 1916, the half dollar was not particularly newsworthy in early 1917. Papers and magazines were immersed in coverage of the World War, and in this year America would officially join the war. Production continued from 1916 through 1921 at all three mints. Collector interest was minimal, and apart from mentions that partway through 1917 the D and S mintmark positions were changed from the obverse to the reverse, the varieties drew little attention. The low mintages of 1921 were not newsworthy either. After 1921, mintages were sporadic. In 1923 the San Francisco Mint produced half dollars, after which none were struck until 1927, then in 1928 more were coined, followed by a gap to 1933. From 1933 to 1947 Walking Liberty half dollars were produced continuously, although not consistently at all three mints until 1941.

From a collecting point of view, early on Walkers were not widely collected due to the high contemporary face value and the effects of the Great Depression. However, starting in a large way in the early 1940s Walking Liberty half dollars became very popular, their beautiful design was appreciated more than ever, and many numismatists endeavored to build collections. It was realized that many of the varieties from 1916 to 1929 were rare in Mint State as few people had saved them. No hoards surfaced. Even a single bank-wrapped roll of any variety of these years would have been very unusual—in contrast with the dime and quarter dollar series. The survival of Mint State half dollars was strictly a matter of chance, rather than of deliberate preservation. In the modern era of coin collecting third-party graded has emphasized condition rarity, especially among the early dates. Especially sharp strikes at the top of the grade spectrum have generated truly stunning prices. Advanced collectors have begun to differentiate levels of sharpness of strike within a given certified grade, which has generated pricing disparities. These are based on the main pick up points of Liberty’s head, her left hand, the skirt lines, and on the reverse the feathers on the eagle’s left leg.

Although the three 1921 Walkers boast the lowest collective mintages in the series, the 1919 dated coins are not too far behind. The three 1919s present a challenge to collectors with mintages of 962,000 for the Philadelphia mint coins, 1,165,000 for Denver, and 1,552,000 for San Francisco.

The 1919 Philadelphia mint half dollars have the highest percentage of well-struck coins across the three mints. According to Q. David Bowers, the average strike will yield about 70% detail (with 100% being fully struck.) Flat strikes can surely be found, although not as commonly as Denver and San Francisco coins. 1919 Philadelphia Walkers usually come with good luster. The record price for a 1919 half dollar is $54,050 for a PCGS/CAC MS67 sold by Heritage in April 2015. One other example has gotten close to that price, with a similarly graded piece bringing $52,875 in August 2017. PCGS reports seven certifications in MS67 (including Plus graded coins), while CAC reports five stickered coins. At the MS66 grade level the record price is $22,800 for a PCGS/CAC coin sold in November 2020, and multiple coins have sold in the $18,000 to $20,000 range. On the other hand, there are multiple MS66 examples that have traded in the $9,000 to $12,000 range, emphasizing the importance of strike and eye appeal beyond the technical grade. There is a big price jump in the value of this coin from XF40 to AU50. An optimal collecting strategy would be to seek a high quality XF45 coin that is borderline About Uncirculated; however, it may look like at least one collector has figured this out, as a PCGS XF45 coin sold for a record $1,080 just last September.

The 1919-D Walker is among the most poorly struck dates in the series, with the average Mint State coin only bearing 50% or less detail. It takes significant patience and searching to find a coin struck with 70 to 80% detail. Liberty’s left hand and the feathers on the eagle’s left leg on the reverse are almost always flat. Unsurprisingly, there are no MS67 1919-D Walkers. PCGS has graded one MS66 coin, and the highest CAC-stickered 1919-D is a sole MS65. The PCGS MS66 coin has traded twice publicly: in November 2004 it sold for $270,250 and on its reappearance in May 2009 is brought $253,000. Now 16 years later there is no telling what its price would be if offered. In January 2018 the PCGS/CAC MS65 coin sold for $240,000, well above any other Gem 1919-D. The value of the 1919-D is quite consistent across the grade spectrum, but a jump does occur between VF20 and VF35. A collector building a circulated set of early Walkers would do well to seek a nice VF30 or VF35 coin.

The 1919-S Walking Liberty half is a famous date and falls somewhere between the 1919 and 1919-D as far as strike and availability. Overall luster is better compared to Denver mint coins, while the average strike yields 65 to 50% detail. Liberty’s left hand is often flat. NGC reports the sole MS67 coin, while PCGS has had 13 grading events at the MS66 level. CAC has stickered four MS66 coins and 16 MS65 coins. The current record rests with a PCGS/CAC MS66 sold in November 2020 by Stack’s Bowers for $48,000. Two other coins at the same grade level have also broken the $40,000 mark, back in 2015 and 2016. It has long been acknowledged that the 1919-S jumps significantly in value once the grade reaches strict Uncirculated. An ideal grade to seek would be an AU50 or AU53 coin; indeed a PCGS/CAC AU53 sold this January for a very strong $3,840.

Overall, the Walking Liberty half dollars of the year 1919 present a rewarding challenge to collectors and even a three-coin set is a worthwhile addition to a collection.