The 1938-D Walking Liberty Half Dollar is considered one of the key dates of the series. Amidst the surrounding issues which have mintages well into the millions, the 1938-D had a mintage of only 491,600. This represents the third lowest for the series behind the 1921 and 1921-D.

Around the time of release, collectors and dealers had become more astute at saving low mintage coins from circulation. However, because of the higher denomination, fewer of the coins were saved than might be expected.

This issue is one of only a few for the series which commands a price above $100 for well circulated pieces. Premiums for gem graded examples are lower than the other key dates of the series, as more examples managed to survive in higher uncirculated grades. The major grading services PCGS and NGC report more than three dozen pieces graded MS67.

The history of the Walking Liberty Half Dollar began with the announcement of a public competition to select a new design for the denomination. This was the direct result of Presidents Roosevelt’s discontent with circulating coin designs, which he had expressed a decade earlier. By 1916, all gold denominations had been replaced with more modernistic designs, and the cent and nickel had seen new designs introduced as well. The three silver denominations were the last of the 19th century designs to be replaced in the early 20th century.

The prize winner for both the dime and half dollar was Adolph A. Weinman, a sculptor born in the south-German city of Karlsruhe in 1870. In the early 1880s, he and his mother immigrated to the United States, after which Weinman became a prominent sculptor in his new country. Before designing the two new coins, he had established a steady reputation, building on his experience as student of famous Augustus St. Gaudens.

Before the first Walking Liberty Half Dollars were struck in late 1916, a number of different prototypes, or patterns, were struck on regular planchets. These are all extremely rare, although a number of them are described in the Judd and Pollock pattern texts. The main differences are the placement, size and font of the lettering, and minor modifications in the devices. No more than a few are known for each variety, with the majority residing within the Smithsonian collection.

The finalized design, which was altered in various years to strengthen some design elements, is considered to be one of the most artistic of all United States coinage. On the obverse, a female figure representing Liberty is walking confidently forward. Her right hand is held open, as if in invitation, and her left hand holds a bouquet of olive branches. The word “LIBERTY” is widely spaced is above, “IN GOD WE TRUST” is in the right field, and the date is below.

The reverse features a stylistic eagle standing on a rock with the impression that it is ready to take flight. A mountain pine sapling is seen springing from the rock, symbolzing America. The denomination, “HALF DOLLAR” is below, with “UNITED STATES OF AMERICA” above the eagle, and the motto “E PLURIBUS UNUM” in the right field. Weinman’s initials, “AAW” are seen under the eagle’s right wing.

Over the years, the mintages, strike, and overall quality fluctuated widely. Chief Engraver Morgan strengthened the skirt lines in 1918, moderately improving the quality of striking but many examples struck afterward still exhibit weakly struck in areas. This is especially the case the centers on both sides and Liberty’s left hand. Luster ranges from satiny to frosty. Overall, most Philadelphia issues are much better produced than the branch mint coins, although there are a few exceptions.

The 1936 Proof Walking Liberty Half Dollar was the first regular proof coin issued for the series. The Mint had resumed the production of proof coins for collectors this year, selling each denomination individually or as part of a full 1936 Proof Set. The mintage for the proof half dollar was the second lowest of the 1936 proof coins with only 3,901 pieces produced.

Many of the surviving 1936 proof half dollars exhibit signs of having been mishandled, and pieces in higher grades are extremely scarce. Because of the large demand, prices are high, although pieces are offered with some regularity. No examples exist which have been graded with the Cameo designation, although a select number of pieces are close to being so.

The finest known is a single PR68 by PCGS. This piece last sold in February 2005 for $80,500.

All three of the 1921 Walking Liberty Half Dollars have low mintages with 246,000 coins struck at the Philadelphia Mint, 208,000 coins struck at the Denver Mint, and 548,000 coins struck at the San Francisco Mint.

The 1921-D Walking Liberty Half Dollar has the lowest mintage for the overall series and carries the highest premium in circulated grades. Well worn pieces graded G6 sell for prices in the $250 to $300 range.

Despite the higher mintage, the 1921-S emerges as a greater rarity in higher circulated grades and uncirculated grades. Most examples of the San Francisco issue are weakly struck, making better strikes in great demand by specialists. A few dozen gem examples exist, a number which most likely includes several resubmissions as auction appearances are scarce. PCGS and NGC have both graded just a single MS-66 piece, with none finer.

The 1919-D Walking Liberty Half Dollar does not have a particularly low mintage, however gem graded examples represent a great rarity for the series.

There were a total of 1,165,000 half dollars struck at the Denver Mint in 1919. The coins subsequently saw heavy circulation, narrowing the survival rate for pristine examples. Furthermore, consistently weak strikes and subsequent melting have contributed to the low availability of uncirculated examples.

On a combined basis, the coin grading firms PCGS and NGC show fewer than 400 pieces graded MS60 or higher. The number of coins graded MS65 or higher drops to only 15 examples. There is only a single MS-66 graded example known. This coin has sold for more than $250,000 on two separate occasions.