The jingle of coins in your pocket might be worth more than you think. Among the loose change, you could be carrying a piece of American history that's also a valuable collector's item. The 1939 Walking Liberty Half Dollar is one such coin that continues to captivate numismatists and history buffs alike. But what makes this particular year and design so special, and more importantly, how much is it worth? Let's embark on a journey through time and value to uncover the true worth of the 1939 half dollar.
A Brief History of the Walking Liberty Half Dollar
Before we dive into the specifics of the 1939 issue, it's crucial to understand the coin's background. The Walking Liberty Half Dollar was minted from 1916 to 1947, a period spanning two World Wars and the Great Depression. Designed by sculptor Adolph A. Weinman, this coin was part of a larger effort to beautify American coinage during the early 20th century.
The Design: A Masterpiece in Miniature
The Walking Liberty Half Dollar is often praised for its artistic merit:
- Obverse: Features Lady Liberty striding confidently towards the rising sun, draped in the American flag, symbolizing progress.
- Reverse: Showcases a majestic eagle perched on a mountain pine branch, representing strength and resilience.
- Inscriptions: "LIBERTY," "IN GOD WE TRUST," and the year are prominently displayed.
The 1939 Minting: A Year in Focus
1939 was a pivotal year in American history. As the country continued to recover from the Great Depression, tensions in Europe were escalating towards World War II. Against this backdrop, the U.S. Mint produced Walking Liberty Half Dollars at three locations:
- Philadelphia (no mint mark)
- Denver (D)
- San Francisco (S)
Mintage Figures for 1939
| Mint Location | Mintage |
|---|---|
| Philadelphia | 6,820,000 |
| Denver | 4,267,800 |
| San Francisco | 2,552,000 |
These numbers provide context for rarity, which is a crucial factor in determining a coin's value.
Factors Influencing the 1939 Half Dollar's Value
Several key elements affect the worth of a 1939 Walking Liberty Half Dollar:
- Mint Mark: The location where the coin was struck can significantly impact its value.
- Condition: Graded on a scale from Poor (P-1) to Perfect Mint State (MS-70).
- Rarity: Determined by mintage numbers and survival rates.
- Silver Content: 90% silver composition provides intrinsic value.
- Errors and Varieties: Unique minting mistakes can dramatically increase worth.
Breaking Down the Value by Mint Mark
1939 (Philadelphia – No Mint Mark)
| Condition | Estimated Value |
|---|---|
| Good (G-4) to Very Fine (VF-20) | $22-$37 |
| Extremely Fine (EF-40) | $40-$45 |
| About Uncirculated (AU-50) | $50-$60 |
| Mint State (MS-60 to MS-65) | $80-$250 |
| Gem Mint State (MS-66+) | $500-$5,000+ |
1939-D (Denver)
| Condition | Estimated Value |
|---|---|
| Good (G-4) to Very Fine (VF-20) | $22-$37 |
| Extremely Fine (EF-40) | $40-$45 |
| About Uncirculated (AU-50) | $50-$70 |
| Mint State (MS-60 to MS-65) | $110-$300 |
| Gem Mint State (MS-66+) | $2,000-$30,000+ |
1939-S (San Francisco)
| Condition | Estimated Value |
|---|---|
| Good (G-4) to Very Fine (VF-20) | $22-$40 |
| Extremely Fine (EF-40) | $45-$50 |
| About Uncirculated (AU-50) | $60-$80 |
| Mint State (MS-60 to MS-65) | $180-$365 |
| Gem Mint State (MS-66+) | $2,000-$15,000+ |
Proof Issues: The Cream of the Crop
The Philadelphia Mint produced 8,808 proof coins in 1939. These specially struck coins for collectors command premium prices:
| Proof Grade | Estimated Value |
|---|---|
| Proof-60 | $360 |
| Proof-65 | $750 |
| Proof-67 | $1,600 |
| Proof-68+ | $7,250-$40,000+ |
Rare Errors and Varieties: The Hidden Gems
Certain minting errors can significantly increase the value of a 1939 half dollar:
Double Die Obverse (DDO)
- Look for doubling on "IN GOD WE TRUST" and the date
- Value in MS-64: $190
- Value in MS-65+: $1,370+
Re-Punched Mint Mark (RPM)
- Primarily found on 1939-D coins
- Value in MS-64+: $1,090-$1,295
The Silver Factor: Intrinsic Value
As a 90% silver coin, the 1939 half dollar has an inherent value based on its precious metal content. With a weight of 12.5 grams and silver purity of .900, each coin contains approximately 0.36169 troy ounces of pure silver.
To calculate the melt value:
- Check the current spot price of silver
- Multiply by 0.36169
For example, if silver is trading at $25 per ounce:
$25 x 0.36169 = $9.04 melt value
This provides a baseline value for even the most worn examples.
Grading Your 1939 Half Dollar: A Critical Step
Accurate grading is crucial for determining a coin's true value. While professional grading services like PCGS or NGC provide the most authoritative assessments, collectors can perform a preliminary evaluation:
- Examine the mint mark: Located on the reverse, below the mountain pine branch
- Assess wear on high points: Check Liberty's head, hand, and the eagle's feathers
- Look for luster: Original mint luster indicates higher grades
- Check for contact marks: Fewer marks generally mean higher grades
- Use proper lighting: Natural light or a balanced lamp helps spot details
Market Trends and Investment Potential
As of 2023, the numismatic market for 1939 Walking Liberty Half Dollars remains strong:
- Circulated examples typically sell for $20-$50, well above their silver melt value
- Uncirculated coins can fetch $100-$500+, with rare high-grade specimens reaching tens of thousands at auction
Factors contributing to the coin's investment potential include:
- Steady demand from collectors completing date sets
- Intrinsic silver value providing a price floor
- Historical significance appealing to both numismatists and history enthusiasts
- Limited supply, especially for high-grade examples
Tips for Collectors and Investors
- Focus on condition: Seek the best grade you can afford, as condition significantly impacts value
- Look for original surfaces: Coins with natural toning are often more desirable than cleaned examples
- Consider completing a set: Acquiring all three mint marks from 1939 can be a rewarding challenge
- Stay informed: Keep up with market trends and price guides
- Authenticate valuable pieces: For high-value coins, professional authentication is crucial
Preservation: Protecting Your Investment
Proper care is essential to maintain your coin's value:
- Handle coins by the edges to avoid leaving fingerprints
- Store in non-PVC holders or albums to prevent chemical damage
- Maintain a stable environment, avoiding humidity and temperature extremes
- Never clean your coins, as improper cleaning can severely reduce value
Where to Buy and Sell 1939 Half Dollars
- Reputable coin dealers: Offer expertise and often guarantee authenticity
- Online marketplaces: Sites like eBay provide a wide selection, but exercise caution and verify seller ratings
- Coin shows and conventions: Excellent for in-person examination and networking
- Auction houses: Ideal for rare, high-value pieces
- Local coin clubs: Great for learning and potentially finding fair deals
The Bigger Picture: Beyond Monetary Value
While the financial aspect is important, the 1939 Walking Liberty Half Dollar offers more than just monetary worth. It's a tangible piece of American history, representing a pivotal time between the Great Depression and World War II. The artistry of Weinman's design continues to be celebrated, with the Walking Liberty motif revived for the American Silver Eagle bullion coins in 1986.
Collecting these coins connects us to the past, offering insights into economic conditions, artistic trends, and technological capabilities of the era. Whether you're a seasoned numismatist or a curious beginner, the 1939 half dollar provides a fascinating entry point into the world of coin collecting.
Conclusion: A Coin Worth Your Time
The 1939 Walking Liberty Half Dollar is more than just a piece of currency; it's a miniature work of art, a slice of history, and a potentially valuable collectible. Whether you've inherited one from a relative, stumbled upon it in circulation, or are considering adding it to your collection, understanding its value is key.
Remember, while the monetary aspect is significant, the true value of this coin lies in its ability to connect us with our past and inspire a passion for numismatics. As you explore the world of coin collecting, let the Walking Liberty design remind you of the artistry, history, and enduring legacy of American coinage.
So, the next time you hear the jingle of coins in your pocket, take a moment to look closely. You might just be carrying a small treasure from 1939, waiting to be discovered and appreciated.
