The 1917 Walking Liberty Half Dollar is a coin that captivates collectors with its stunning design and historical significance. This comprehensive guide explores the coin's value, varieties, and importance in American numismatics.
Historical Context and Design
The Walking Liberty Design
Designed by Adolph A. Weinman in 1916, the Walking Liberty Half Dollar is often considered one of the most beautiful American coins ever minted. Its obverse features Lady Liberty striding confidently towards a rising sun, embodying hope and progress. The reverse displays a majestic eagle perched on a mountain crag, symbolizing strength and freedom.
1917: A Year of Change
1917 was a pivotal year for both the United States and this coin series:
- America entered World War I
- The mint mark location on the Walking Liberty Half Dollar changed mid-year
- This change created unique varieties highly prized by collectors today
Varieties of the 1917 Half Dollar
The 1917 Walking Liberty Half Dollar comes in five distinct varieties:
- 1917 (Philadelphia, no mint mark)
- 1917-D Obverse Mint Mark
- 1917-D Reverse Mint Mark
- 1917-S Obverse Mint Mark
- 1917-S Reverse Mint Mark
This variety stems from the U.S. Mint's decision to move the mint mark from the obverse to the reverse of the coin partway through the year.
Detailed Valuation by Mint and Variety
1917 (Philadelphia)
- Mintage: 12,292,000
- Value Range:
- Good-4: $20-$25
- Fine-12: $25-$30
- Extremely Fine-40: $50-$60
- MS-60: $175-$200
- MS-65: $800-$900
Notable Sale: In 2019, a PCGS MS-67+ example sold for $38,400 at auction.
1917-D Obverse Mint Mark
- Mintage: 765,400
- Value Range:
- Good-4: $55-$65
- Fine-12: $100-$120
- Extremely Fine-40: $300-$350
- MS-60: $1,000-$1,200
- MS-65: $15,000-$17,000
Key Point: Only 12 examples graded MS-66 or higher by PCGS as of 2021.
1917-D Reverse Mint Mark
- Mintage: 1,940,000
- Value Range:
- Good-4: $30-$35
- Fine-12: $60-$70
- Extremely Fine-40: $200-$225
- MS-60: $800-$900
- MS-65: $10,000-$11,000
Interesting Fact: Despite higher mintage, it's rarer in high grades than the D Obverse.
1917-S Obverse Mint Mark
- Mintage: 952,000
- Value Range:
- Good-4: $60-$70
- Fine-12: $150-$175
- Extremely Fine-40: $600-$700
- MS-60: $2,500-$3,000
- MS-65: $40,000-$45,000
Rarity Note: The scarcest variety in mint state, with only 3 examples graded MS-66 or better by PCGS.
1917-S Reverse Mint Mark
- Mintage: 5,554,000
- Value Range:
- Good-4: $25-$30
- Fine-12: $40-$45
- Extremely Fine-40: $150-$175
- MS-60: $700-$800
- MS-65: $8,000-$9,000
Population Data: As of 2021, PCGS has graded only 14 examples in MS-66 or higher.
Factors Influencing Value
Several key factors determine the value of a 1917 Walking Liberty Half Dollar:
- Mint Mark and Placement: The rarity of certain varieties significantly impacts value.
- Condition: Mint state coins, especially those graded MS-65 and above, command premium prices.
- Strike Quality: Well-struck examples with full details are more desirable.
- Luster: Original mint luster adds to a coin's appeal and value.
- Toning: Natural, attractive toning can enhance a coin's value.
- Population Rarity: The number of known examples in a particular grade affects value.
Grading Considerations
Professional grading is crucial for valuable specimens. Key areas examined include:
- Liberty's head, hand, and leg details
- Eagle's feathers and breast details
- Overall luster and eye appeal
- Presence of contact marks or wear on high points
Reputable grading services like PCGS and NGC use a 70-point scale, with MS-70 being perfect.
Market Trends and Investment Potential
The market for 1917 Walking Liberty Half Dollars has shown steady growth over the past decades. According to the PCGS Price Guide:
- From 2010 to 2020, MS-65 examples of the 1917-S Obverse increased in value by approximately 35%.
- The 1917-D Obverse in MS-65 saw a value increase of about 25% in the same period.
Rare, high-grade examples continue to perform well at major auctions, indicating strong collector demand.
Collecting Strategies
For collectors interested in the 1917 Walking Liberty Half Dollar, consider these approaches:
- Complete Set: Acquire all five varieties in a consistent grade.
- High-Grade Focus: Concentrate on obtaining the highest grade possible for each variety.
- Single Variety Specialization: Focus on one variety and collect multiple examples across grades.
Tips for Buyers and Sellers
For Buyers:
- Research thoroughly using reputable price guides and auction records.
- Verify authenticity and grading with third-party services.
- Consider the long-term potential of the coin within your collection.
- Examine coins in person when possible, paying close attention to strike quality and overall eye appeal.
For Sellers:
- Have valuable coins professionally graded by PCGS or NGC.
- Research current market values using recent auction results and price guides.
- Consider consigning rare, high-value specimens to major auction houses for maximum exposure.
- Provide clear, high-resolution photographs when selling online.
Preservation and Care
Proper storage and handling are crucial:
- Use non-PVC holders or albums to prevent chemical damage.
- Handle coins by the edges, wearing cotton gloves if possible.
- Store in a cool, dry environment away from direct sunlight and humidity.
- Consider using inert gas capsules for long-term storage of valuable specimens.
Historical Significance
The 1917 Walking Liberty Half Dollar is not just a collector's item but a piece of American history:
- It represents a period of artistic renaissance in American coinage.
- The coin circulated during America's involvement in World War I.
- Its design reflects the optimism and forward-looking spirit of early 20th century America.
Conclusion
The 1917 Walking Liberty Half Dollar remains a cornerstone of American numismatics. Its combination of artistic beauty, historical significance, and collecting challenge makes it a perennial favorite among collectors and investors alike.
From the common Philadelphia issue to the rare San Francisco obverse variety, each coin tells a story of American craftsmanship and history. Whether you're a seasoned collector or new to the hobby, the 1917 Walking Liberty Half Dollar offers an exciting window into America's past and a potentially rewarding addition to any collection.
As we've explored, values can range dramatically based on mint mark, condition, and rarity. By understanding the nuances of each variety and staying informed about market trends, collectors can make informed decisions and fully appreciate the enduring allure of this numismatic treasure.
Remember, while potential financial gain is appealing, the true value of collecting these coins lies in the connection to history and the joy of preserving a piece of America's numismatic heritage for future generations.
