As a seasoned US coin collecting expert with over 30 years of experience, I'm excited to share my insights on grading Walking Liberty Half Dollars. These iconic coins, minted from 1916 to 1947, are not only beautiful but also challenging to grade accurately. This comprehensive guide will help both novice and experienced collectors navigate the intricacies of grading these numismatic treasures.
Understanding the Walking Liberty Half Dollar
Before we delve into grading techniques, let's review some key facts about the Walking Liberty Half Dollar:
- Designer: Adolph A. Weinman
- Minting Period: 1916-1947
- Composition: 90% silver, 10% copper
- Weight: 12.50 grams
- Diameter: 30.63 mm
The obverse features Lady Liberty striding towards the sunrise, while the reverse depicts a majestic eagle perched on a mountain pine sapling. This design is widely considered one of the most beautiful in American coinage history.
The Importance of Accurate Grading
Proper grading is crucial for several reasons:
- It determines a coin's market value
- It helps collectors make informed purchasing decisions
- It ensures fair transactions in the numismatic market
- It aids in building a cohesive and valuable collection
As per the Professional Numismatists Guild, the difference in value between grades can be substantial. For instance, a 1921-D Walking Liberty Half Dollar in Fine (F-12) condition might be worth around $50, while the same coin in Mint State (MS-65) could fetch over $50,000.
Grading Standards and Scales
The most widely accepted grading system for Walking Liberty Half Dollars is the Sheldon Scale, ranging from 1 to 70. The American Numismatic Association (ANA) has adapted this scale for use in coin grading. Here's a brief overview:
| Grade Range | Description |
|---|---|
| 1-59 | Circulated coins |
| 60-70 | Uncirculated coins |
Key circulated grades include:
- AG-3 (About Good)
- G-4 (Good)
- VG-8 (Very Good)
- F-12 (Fine)
- VF-20 (Very Fine)
- EF-40 (Extremely Fine)
- AU-50 to AU-58 (About Uncirculated)
Uncirculated grades range from MS-60 to MS-70, with MS-70 being a perfect coin (theoretically, as no Walking Liberty Half Dollar has ever achieved this grade).
Factors Affecting Walking Liberty Half Dollar Grading
Several factors can impact the grading of these coins:
1. Strike Quality
Walking Liberty Half Dollars are notorious for their weak strikes, particularly in certain years and from specific mints. According to a study published in The Numismatist, the official publication of the ANA, over 60% of Walking Liberty Half Dollars from the 1920s show some degree of weak strike.
2. Luster
Original mint luster is crucial in determining a coin's grade, especially for uncirculated specimens. The quality and amount of luster present can significantly impact a coin's overall grade and value.
3. Surface Preservation
The presence or absence of contact marks, scratches, and other imperfections plays a vital role in grading. A study by PCGS (Professional Coin Grading Service) found that surface preservation accounts for approximately 30% of a coin's overall grade.
4. Eye Appeal
While somewhat subjective, the overall aesthetic appeal of a coin can influence its grade. Attractive toning or exceptional luster can sometimes elevate a coin's grade slightly.
5. Mint Characteristics
Different mints and production years can have unique characteristics that must be considered when grading. For example, coins from the San Francisco mint in the 1930s and 1940s often have weaker strikes due to worn dies.
Grading Walking Liberty Half Dollars: A Step-by-Step Approach
1. Examine the Coin's Luster
Begin by assessing the coin's luster under proper lighting. Look for:
- The presence of original mint luster
- Any areas where luster has been diminished due to wear
- The quality and intensity of the luster
Pro Tip: Use a high-quality LED light source and rotate the coin to observe how light plays across its surface. Original mint luster will have a smooth, unbroken appearance.
2. Check for Wear on High Points
Focus on the following areas:
- Liberty's head, hand, and leg
- The eagle's breast and wing tips
- The highest points of the design elements
Expert Insight: According to my experience and data from major grading services, the first signs of wear on a Walking Liberty Half Dollar typically appear on Liberty's left leg and the eagle's breast.
3. Assess Strike Quality
Evaluate the overall sharpness of the design, paying particular attention to:
- The details in Liberty's hair and dress folds
- The eagle's feathers
- The clarity of the motto and other inscriptions
Data Point: A survey of over 10,000 Walking Liberty Half Dollars conducted by the American Numismatic Association revealed that approximately 40% of uncirculated specimens show some degree of weakness in the central design elements.
4. Examine Surface Preservation
Look closely for:
- Contact marks
- Scratches
- Nicks or dents
- Any signs of cleaning or other alterations
Expert Tip: Use a 10x loupe to carefully examine the fields (flat areas) of the coin. Even minor imperfections can significantly impact the grade of high-end specimens.
5. Consider Mint Characteristics
Take into account any known peculiarities for the specific year and mint of the coin you're grading. For instance:
- 1916-1917: Often weakly struck on Liberty's head and hand
- 1921: Notorious for weak strikes across all mints
- 1938-D: Often has a soft strike on the reverse
6. Evaluate Overall Eye Appeal
Consider the coin's overall aesthetic quality, including any toning present. While eye appeal is somewhat subjective, it can make a difference in borderline cases.
Detailed Grading Breakdown
Let's explore each grade in more detail:
Circulated Grades
About Good (AG-3)
- Extremely worn with major design elements barely visible
- Date must be legible
- Rim may be worn into the lettering
Good (G-4)
- Heavily worn but major design elements are outlined
- Full rim on both sides
- Some lettering may be faint but readable
Very Good (VG-8)
- Moderate to heavy wear
- All lettering and major design elements are clear
- Some detail visible in Liberty's gown and the eagle's feathers
Fine (F-12)
- Moderate wear on the high points
- Some details visible in Liberty's hair and the eagle's feathers
- "IN GOD WE TRUST" fully legible
Very Fine (VF-20)
- Light wear on the high points
- More detail visible in Liberty's hair and dress
- Most of the eagle's feathers are distinct
- Full detail in the olive branch and arrows
Extremely Fine (EF-40)
- Light wear on the highest points
- Full detail in Liberty's hair and dress
- All of the eagle's feathers are distinct
- Some mint luster may be present in protected areas
About Uncirculated (AU-50 to AU-58)
- Traces of wear on the highest points
- Nearly full luster present
- Minimal contact marks
- AU-58 coins may be mistaken for low-end uncirculated at first glance
Uncirculated Grades
Mint State 60-62 (MS-60 to MS-62)
- No wear, but numerous contact marks
- May have weak luster or strike
- Often bag-marked from storage and handling at the mint
Mint State 63-64 (MS-63 to MS-64)
- Strong luster with fewer contact marks
- May have some striking weakness
- Above-average eye appeal
Mint State 65-66 (MS-65 to MS-66)
- Exceptional luster with minimal contact marks
- Strong strike with full details
- Excellent eye appeal
Mint State 67 and above (MS-67+)
- Nearly perfect coins with exceptional luster and strike
- Virtually no contact marks
- Superb eye appeal
Expert Insight: In my experience, less than 1% of all uncirculated Walking Liberty Half Dollars grade MS-67 or higher. These coins are true condition rarities and command significant premiums.
Common Grading Challenges for Walking Liberty Half Dollars
Weak Strikes
Many Walking Liberty Half Dollars, especially those from certain years and mints, exhibit weak strikes. This can make it difficult to distinguish between wear and poor striking.
Tip: Familiarize yourself with the typical strike quality for specific dates and mints to avoid mistaking a weak strike for wear. The Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars by Leroy Van Allen and A. George Mallis provides excellent reference images for strike quality.
Luster Breaks
Determining whether a luster break is from wear or a strike-through error can be challenging.
Tip: Use a 10x loupe to examine the area closely. Wear will typically show some flattening of the design, while strike-through errors often have a more distinct border.
Bag Marks vs. Circulation Marks
Differentiating between marks from bag handling and those from circulation can impact grading significantly.
Tip: Bag marks tend to be more random and can appear in protected areas, while circulation marks are usually concentrated on high points. The Official ANA Grading Standards for United States Coins provides excellent visual examples of these differences.
Cleaned Coins
Detecting improperly cleaned coins is crucial, as cleaning can significantly reduce a coin's value.
Tip: Look for unnatural shine, hairline scratches in a uniform direction, or dull, lifeless surfaces. According to data from PCGS, approximately 15% of Walking Liberty Half Dollars submitted for grading show signs of improper cleaning.
Tools for Grading Walking Liberty Half Dollars
To grade effectively, you'll need:
- A quality magnifying glass or loupe (5x to 10x magnification)
- Proper lighting (natural or balanced artificial light)
- A clean, soft surface to examine the coin
- Reference materials, including grading guides and photos of certified coins
Expert Recommendation: I personally use and recommend the Eschenbach 10x Hastings Triplet Loupe for its excellent optics and field of view.
The Impact of Grading on Value
The grade of a Walking Liberty Half Dollar can dramatically affect its value. Here's a comparison table for a 1942 Walking Liberty Half Dollar in different grades:
| Grade | Approximate Value |
|---|---|
| G-4 | $10 |
| VF-20 | $15 |
| AU-50 | $25 |
| MS-63 | $60 |
| MS-65 | $150 |
| MS-67 | $3,000 |
Values are approximate and based on current market trends
This vast difference underscores the importance of accurate grading.
Seeking Professional Grading
While developing your grading skills is valuable, professional grading services provide:
- Objective assessment
- Protection against counterfeits
- Standardized grading for the market
Consider using services like PCGS or NGC for valuable or rare specimens. According to a survey by the Professional Numismatists Guild, coins graded by these top-tier services typically command a 10-20% premium over raw (ungraded) coins of similar quality.
Conclusion
Grading Walking Liberty Half Dollars is both an art and a science. It requires a keen eye, extensive knowledge, and practice. By understanding the nuances of these beautiful coins and following a systematic approach, you can improve your grading skills and enhance your collecting experience.
Remember, grading is not just about assigning a number—it's about appreciating the history, artistry, and unique characteristics of each coin. As you continue to study and practice, you'll develop a deeper appreciation for the Walking Liberty Half Dollar and its place in American numismatic history.
As a final piece of advice from my decades of experience: never stop learning. Attend coin shows, join numismatic organizations, and engage with fellow collectors. The world of Walking Liberty Half Dollars is vast and fascinating, and there's always something new to discover.
Happy collecting!
