Walking Liberty Half Dollar Values: The Guide
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Short on time? The essentials
- The Walking Liberty half dollar was struck by the United States Mint from 1916 to 1947. Every business strike in the series is 90 percent silver and 10 percent copper.
- The coin was designed by sculptor Adolph A. Weinman. Obverse: Liberty striding toward the sun with a flag draped over the shoulder. Reverse: a bald eagle rising from a mountain crag.
- Each coin weighs 12.50 grams with a diameter of 30.63 mm and a reeded edge. Silver content is 0.36169 troy ounces per coin.
- Mint marks: D for Denver, S for San Francisco, none for Philadelphia. On 1916 and some 1917 coins the mint mark sits on the obverse below "In God We Trust". From 1917 onward it sits on the reverse at lower left, under the pine sapling.
- Wikipedia and standard numismatic references cite the 1921 and 1921-D as especially scarce in mint state. The 1921-S rounds out the low-mintage 1921 production year.
- The 1916-S with the obverse mint mark is a first-year issue actively pursued by collectors.
- Total series production was 485,320,340 pieces across 32 years, per the Wikipedia summary of Mint records.
- The Weinman obverse has been used on the American Silver Eagle bullion coin since 1986, which keeps the design in constant public view.
On this page
- The Walking Liberty half at a glance
- The Weinman design and why collectors love it
- Mint marks and where they moved
- Verified physical specifications
- How to identify a Walking Liberty half in 60 seconds
- Live melt-value calculator
- Melt-floor math on a common-date Walker
- The early keys: 1916-S and the 1921 issues
- Proof coins in 1916 to 1917 and 1936 to 1942
- The short set: a friendly way to collect the series
- What drives collectible value above melt
- Counterfeits, altered mint marks, and cleaning
- What your Walking Liberty half is probably not
- Walking Liberty half dollar FAQ
The Walking Liberty half at a glance
The Walking Liberty half dollar is a 50 cent United States coin issued by the Mint from 1916 to 1947. Every business strike in the series is 90 percent silver. The coin replaced the Barber half dollar and was itself replaced by the Franklin half dollar starting in 1948, per the Wikipedia entry on the series.
The design is the work of American sculptor Adolph A. Weinman, who also designed the Mercury dime issued the same year. Sculptor and coin were selected in a competition run by the Commission of Fine Arts in 1915, and production began at all three mints in late 1916.
Total production across the series ran to 485,320,340 pieces, per the same source. That number is why worn common-date Walkers turn up regularly in estate lots, coin jars, and inherited safe-deposit boxes across the country.
The Weinman design and why collectors love it
The obverse shows Liberty striding toward the sun on the eastern horizon. She holds branches of laurel and oak and drapes a United States flag across her shoulder. The reverse shows a bald eagle rising from a mountain crag with a pine sapling to the lower left.
The design is widely regarded as one of the most beautiful ever placed on a United States coin. Art historian Cornelius Vermeule reached that conclusion in his study of American coinage, cited in the Wikipedia article. The reception is not universal, but among circulating US silver coinage the Walker sits near the top of every serious collector list.
The design also has a modern afterlife. Since 1986 the United States Mint has used a modification of Weinman's obverse on the American Silver Eagle, the country's official silver bullion coin. That reuse keeps the image in continuous public view and helps sustain long-term collector interest in the original half dollar.
Mint marks and where they moved
Three United States Mint facilities struck Walking Liberty halves. Philadelphia strikes carry no mint mark. Denver strikes carry a D. San Francisco strikes carry an S.
The mint mark position changed early in the series, and that fact drives one of the most famous collectible varieties. For the 1916 issue and part of the 1917 issue the mint mark sits on the obverse, below the motto "In God We Trust" and to the right of Liberty. Starting later in 1917 the Mint moved the mark to the reverse, at lower left, under the pine sapling and above the sculptor's monogram.
Because of the change, both 1917-D and 1917-S exist with the mint mark in either location. The obverse-mint-mark varieties from 1916 and 1917 carry particular interest for date-and-variety collectors, and the 1916-S with the obverse mint mark is one of the celebrated first-year pieces of the series.
Verified physical specifications
The table below sets out the specifications of the Walking Liberty half dollar as recorded in the Wikipedia summary of United States Mint data. Any coin sold as a Walker that fails these numbers is a counterfeit, a novelty, a damaged planchet, or a coin from a different series.
| Attribute | Value |
|---|---|
| Composition | 90 percent silver, 10 percent copper |
| Mass | 12.50 grams |
| Diameter | 30.63 mm (about 1.206 inches) |
| Thickness | 1.8 mm |
| Edge | Reeded |
| Silver content per coin | 0.36169 troy ounces |
| Years struck | 1916 to 1947 (32 dated years) |
| Mints | Philadelphia (no mark), Denver (D), San Francisco (S) |
| Total series mintage | 485,320,340 pieces |
| Designer | Adolph A. Weinman |
Source: Wikipedia entry Walking Liberty half dollar, drawing on United States Mint composition and mintage figures. Checked August 2026.
How to identify a Walking Liberty half in 60 seconds
The Walker is one of the easier US silver coins to identify because the design is unmistakable and the specifications are tight. The five checks below will get most readers from an unfamiliar coin to a confident yes or no.
- Read the obverse. A Walker shows Liberty striding forward toward the sun, with a flag draped across the shoulder and branches held in one hand. The word LIBERTY runs across the top of the coin.
- Read the reverse. The reverse shows a bald eagle rising from a mountain crag with a pine sapling to the lower left. The mint mark, if present, sits below the sapling from 1917 onward.
- Check the date. A genuine Walker is dated between 1916 and 1947. Any other date is not a business-strike Walking Liberty half from the original series.
- Check the weight and diameter. A jewelry scale accurate to 0.01 g and a caliper give a fast confirmation. A genuine coin weighs 12.50 grams and measures about 30.63 mm across, with a reeded edge.
- Locate the mint mark. For 1916 and a portion of 1917 look on the obverse below "In God We Trust". For all later dates look on the reverse at lower left under the pine sapling. A missing mint mark points to Philadelphia.
Live melt-value calculator
Enter today's silver spot price and the number of coins you have. The tool uses the verified 0.36169 troy ounces of silver per coin. The output is a floor: the raw metal value at spot before any dealer buy spread or collector premium.
Melt-floor math on a common-date Walker
The early keys: 1916-S and the 1921 issues
Every long silver series has a handful of dates that command real premiums, and the Walker is no exception. The two clusters that come up most often in serious collector conversation are the first-year 1916-S and the entire 1921 production year.
The 1916-S was struck at San Francisco with the mint mark on the obverse. That obverse position lasted only through part of 1917, so 1916-S obverse-mark examples are recognizable at a glance to anyone who knows where to look. Sharp examples in higher grades trade well above the raw melt floor.
The 1921 production year covers three coins: 1921 from Philadelphia, 1921-D from Denver, and 1921-S from San Francisco. The Wikipedia summary of the series specifically calls out the 1921 and 1921-D as scarce in mint state, and the 1921-S is treated similarly in standard numismatic references. All three carry meaningful premiums over melt even in worn grades.
There is no specific auction number we will quote for these coins on this page because a fair price depends on the grade, the third-party grading service that certified it, and the day of the sale. Readers who need a live comparable should check the completed-listing filter on a major auction platform or ask a coin dealer to pull current wholesale sheets.
Proof coins in 1916 to 1917 and 1936 to 1942
The Mint struck proof coins in the Walking Liberty series in two separate windows. All proofs were struck at Philadelphia. The first window, 1916 to 1917, produced very small numbers of pieces intended for internal use and for VIPs.
According to the Wikipedia summary of Walter Breen's research, only about four 1916 proof halves are known, and three 1917 proof coins are confirmed. The second window ran from 1936 to 1942 and produced modern-style proofs sold to the public in proof sets.
A number of later proofs lack Weinman's monogram near the rim at the lower right of the obverse. The Wikipedia entry attributes this to overpolishing of the dies, most common on 1941 proofs. That absence of the monogram is a documented characteristic, not a defect that lowers the value of a genuine proof.
The short set: a friendly way to collect the series
Assembling a complete date-and-mint-mark set of Walking Liberty halves is a long, expensive project because it requires the 1916-S and the 1921 issues. A shorter and much more approachable path is the popular "short set".
The short set runs from 1941 through 1947, covering the final seven years of production across the three mints. That gives a compact tray of about 20 coins in the standard configuration, all of them 90 percent silver, most of them well struck.
Short sets appeal to new collectors because none of the dates are severe rarities and each coin is available in circulated grades at approachable prices. Some collectors extend the run backward to 1934 or 1937 for a fuller display, but the seven-year short set remains the entry point most dealers and clubs recommend.
What drives collectible value above melt
A worn common-date Walking Liberty half typically trades at or near its melt floor. A handful of factors move a specific coin above that floor. The list below explains what a serious buyer or an established grading service is actually looking at.
Condition is the largest lever. A common-date circulated coin trades near melt regardless of mint. A sharp, original, uncirculated coin certified by an independent grader trades for multiples of melt. Superb gem-grade certified examples at MS-66 or higher can carry very strong premiums even for a common date.
Date and mint mark scarcity carry weight. The 1916-S with the obverse mint mark, the 1921, 1921-D, and 1921-S from the low-mintage 1921 production year, and a handful of other semi-key dates from the 1920s and 1930s attract steady collector demand.
Strike quality matters for the Walker in particular. The design was famously hard for the Mint to bring up in full detail. Full Head, full skirt lines on Liberty, and clean separation on the eagle's feathers lift a coin above a mushy example of the same date and grade.
Originality and eye appeal are the final gate. A cleaned, dipped, or wiped coin will be assigned a details grade by an independent third-party grader, which typically cuts value against an original coin at the same technical grade. Attractive natural toning can raise value; harsh cleaning almost always lowers it.
Counterfeits, altered mint marks, and cleaning
The Walking Liberty half is faked less often than a Morgan silver dollar, but a few problem patterns exist and every reader should know them before buying.
Cast counterfeits of the 1916-S and the 1921 issues have appeared. These pieces often show soft details, incorrect weight, a seam along the reeded edge, or a wrong count of reeds. A jewelry scale is the fastest first check: any Walker that does not weigh 12.50 grams is not a genuine business strike.
Altered mint marks are the second pattern. A common alteration attempts to turn a Philadelphia 1921 into a 1921-D or 1921-S by tooling a mint mark onto the reverse. Any 1921-D or 1921-S sold raw should carry certification from an established independent third-party grading service before a serious purchase.
Cleaned coins are the most common condition problem across the whole series. A wiped, dipped, or polished half will be graded as details by an independent grader. That typically cuts value by half or more against an original piece at the same numeric grade. A high-luster coin with fine hairline scratches under a loupe is a warning sign.
What your Walking Liberty half is probably not
Most Walking Liberty halves that reach a dealer counter or a resale listing are honest, common-date silver coins in circulated grades. It helps to know the usual patterns before shopping the coin.
A common-date circulated Walker from the 1940s. This is by far the most common outcome. A worn Walking Liberty half from 1941 through 1947 is real 90 percent silver and trades near its melt floor at whatever silver spot price applies that day.
A common-date circulated Walker from the 1930s. Many 1934 to 1939 dates are also readily available in worn grades and price close to melt, with a small collectible bump for the more scarce mint marks in a given year.
A raw uncertified 1916-S or 1921 issue. These dates command real premiums, which unfortunately attracts altered coins. An unslabbed example should be authenticated by an established third-party grading service before it is priced at key-date levels.
A cleaned or polished silver Walker. Someone tried to make the coin brighter. Independent graders will assign a details grade instead of a numeric grade, which typically cuts value by half or more against an original coin.
An "AU" coin with hairline scratches. A high-luster look with fine parallel lines under a loupe usually means a light cleaning. It does not disqualify the coin for personal enjoyment, but it does lower the price a serious buyer will pay.
A modern American Silver Eagle mistaken for an old Walker. The Silver Eagle uses a modification of Weinman's obverse, so the front looks familiar. Turn it over: an eagle-and-shield reverse with the words ONE DOLLAR and 1 OZ. FINE SILVER is a modern one-ounce Silver Eagle, not a Walking Liberty half dollar.
Walking Liberty half dollar FAQ
Are all Walking Liberty half dollars silver?
Yes. Every business-strike Walking Liberty half dollar issued from 1916 to 1947 is 90 percent silver and 10 percent copper. Each coin weighs 12.50 grams and holds 0.36169 troy ounces of silver. The mint mark and the date do not change the composition rule for the series.
How much is a Walking Liberty half dollar worth?
A worn common-date coin trades at or near its silver melt floor, which is 0.36169 troy ounces of silver at the current spot price minus a dealer buy spread. Sharp uncirculated examples certified by an established independent grader trade for multiples of melt. Early keys like the 1916-S and the 1921, 1921-D, and 1921-S command meaningful premiums in any grade.
What are the key dates in the Walking Liberty half series?
The 1916-S with the obverse mint mark is a first-year key. The 1921 production year, covering the 1921, 1921-D, and 1921-S coins, is the most famous cluster of low-mintage dates in the series. The Wikipedia entry specifically identifies the 1921 and 1921-D as especially scarce in mint state, and the 1921-S is treated similarly in standard numismatic references. Several other dates from the 1920s and 1930s carry semi-key status.
Where is the mint mark on a Walking Liberty half dollar?
For coins dated 1916 and a portion of 1917 the mint mark sits on the obverse, below the motto "In God We Trust" and to the right of Liberty. From 1917 onward the mint mark moved to the reverse, at the lower left, under the pine sapling. Coins struck at Philadelphia carry no mint mark. Denver strikes carry a D, and San Francisco strikes carry an S.
How much silver is in one Walking Liberty half dollar?
Each coin holds 0.36169 troy ounces of silver, computed from a mass of 12.50 grams at a composition of 90 percent silver. That works out to 11.25 grams of pure silver per coin. At a silver spot price of 30 dollars per troy ounce that content is worth about 10.85 dollars in raw metal, before any dealer buy spread or collector premium.
Is it legal to melt Walking Liberty half dollars?
Yes. The Treasury melt-prohibition regulation at 31 CFR Part 82 covers only one-cent and five-cent coins. Half dollars are not on that list, so private melting of silver Walking Liberty halves is not restricted by that regulation. Whether melting is economically rational is a separate question, since refiners pay a discount to spot and every early-key or sharp uncirculated coin destroyed at melt is a collectible lost for good.
What is a "short set" of Walking Liberty halves?
The short set is the 1941 to 1947 run of Walking Liberty halves across the three mints. It contains about 20 coins in the standard configuration, all of them 90 percent silver, most well struck. The set is popular with new collectors because none of the dates are severe rarities and every coin is available in circulated grades at approachable prices.
How can I tell a Walking Liberty half from an American Silver Eagle?
The obverse looks similar because the modern American Silver Eagle bullion coin uses a modification of Weinman's Walking Liberty design. The reverse tells the two coins apart. A Walking Liberty half shows a bald eagle rising from a mountain crag with a pine sapling. A Silver Eagle shows an eagle-and-shield motif or a modern flying eagle reverse with the inscription ONE DOLLAR and 1 OZ. FINE SILVER.
Should I get my Walking Liberty halves professionally graded?
Not always. Grading has a fee that often exceeds the retail value of a common-date circulated coin. Certification makes sense for a candidate 1916-S, any of the 1921 issues, a high-grade uncirculated common-date coin you plan to sell to a serious buyer, or any coin with a suspected variety or alteration. A certified grade from an established independent service sets the coin's market value in a way a verbal appraisal cannot.
Sources
- Wikipedia, Walking Liberty half dollar. Composition, mass, diameter, thickness, edge, silver content, designers, mint mark placement change of 1917, key-date notes on the 1921 and 1921-D in mint state, proof windows of 1916 to 1917 and 1936 to 1942, total series mintage of 485,320,340, replacement by the Franklin half dollar in 1948, and use of the Weinman obverse on the American Silver Eagle since 1986. en.wikipedia.org/wiki/Walking_Liberty_half_dollar. Checked August 2026.
- United States Mint, Half Dollar. Reference for the half dollar denomination, historical composition, and design history including the Walking Liberty and Franklin issues. usmint.gov/learn/history-and-artistry/half-dollar-coin. Checked August 2026.
- United States Mint, American Eagle Silver Coin. Confirms the American Silver Eagle uses a modification of Weinman's Walking Liberty obverse design since 1986. usmint.gov/learn/coin-and-medal-programs/american-eagle. Checked August 2026.
- Electronic Code of Federal Regulations. 31 CFR Part 82: Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins. Confirms that the federal melt-prohibition rule covers only one-cent and five-cent coins. Half dollars are not covered by the regulation. ecfr.gov/current/title-31/subtitle-B/chapter-I/part-82. Checked August 2026.
- Legal Information Institute, Cornell Law School. 18 U.S. Code section 331: Mutilation, diminution, and falsification of coins. Federal statute cited by the United States Mint for the enforcement framework on defacing or fraudulently altering US coins. law.cornell.edu/uscode/text/18/331. Checked August 2026.
- Internal Revenue Code section 408(m) and section 1(h)(4). Governs the collectibles rule for retirement accounts and the collectibles tax rate on gains from coin sales outside a retirement account. Office of the Law Revision Counsel. uscode.house.gov. Checked August 2026.