For most of U.S. history, the half dollar contained silver. However, no half dollar struck for circulation has contained silver since 1970, which is what makes the older ones an appealing choice for collectors and investors. The Mint has carried on making silver half dollars for collectors, and those are covered further down.

In many ways, investing in silver half dollars is an excellent entry point for beginning precious metals investors. Here’s a guide to help you understand the history of silver half dollars, identify silver-bearing coins, and start your collection

Historical Context of Silver in U.S. Coinage

The Coinage Act of 1792 established the U.S. currency system, created the U.S. Mint, and specified the exact metal content of each coin. It did not set the 90% standard people usually assume, though. The 1792 Act called for silver “one thousand four hundred and eighty-five parts fine to one hundred and seventy-nine parts alloy,” which works out to 89.24%. The familiar 90% silver and 10% copper mix arrived with the Act of January 18, 1837, and held until 1964.

Until 1948, the half dollar featured versions of the Goddess of Liberty. These Liberty-adorned coins contained 90% silver. Even as coin designs shifted to honor notable Americans, the silver content remained. All Franklin halves and some early Kennedy halves followed this 90% silver composition, but this changed in 1965.

The Coinage Act of 1965 reduced the silver content of half dollars to 40%. This alloy remained until 1971, when half dollars began using the copper-nickel alloy still in use today.

Silver Half Dollar Types

All half dollars produced before 1965 contain 90% silver, the same alloy used in quarters of the same era. The earliest versions, including the Flowing Hair, Draped Bust, and Capped Bust, are now more than 185 years old and are extremely rare, with their collectible value far exceeding the silver content.

Let’s discuss the more accessible silver half dollars, which include the following:

• Seated Liberty Half Dollar (1839–1891): Featuring Lady Liberty seated on a rock, this coin design is characterized by its symbolic imagery, including a Phrygian cap and a shield with “Liberty” embossed on it.
• Barber Half Dollar (1892–1915): Named after engraver Charles E. Barber, this coin has a simpler right-facing bust of Lady Liberty on the obverse and a symmetrical eagle on the reverse.
• Walking Liberty Half Dollar (1916–1947): One of the most iconic designs, this coin shows Lady Liberty striding toward a rising sun, holding laurel and oak branches, with a lifelike eagle on the reverse.
• Franklin Half Dollar (1948–1963): Featuring Benjamin Franklin on the obverse and a cracked Liberty Bell on the reverse, this coin is notable for its historical significance and 90% silver content.
• Kennedy Half Dollar (1964 and Post-1964 Silver-Clad Issues): Created to honor President Kennedy after his assassination, the 1964 Kennedy half dollar contains 90% silver. From 1965 to 1970, the silver content was reduced to 40%. Since 1971, all Kennedy halves have been minted with cupronickel.

Key Dates and Collectors’ Notes

• 1964 Kennedy Half Dollar: The only Kennedy half minted with 90% silver, making it highly sought after by collectors.
• 1965-1970 Kennedy Half Dollars: These contain 40% silver and are the last U.S. coins made with silver for circulation. The 1970-D is the exception – it was struck only for Mint Sets and never released into circulation.
• 1976 Bicentennial Silver-Clad Half Dollar: Released to celebrate the U.S. bicentennial. Be careful with this one – only the San Francisco collector versions are 40% silver. Philadelphia and Denver struck more than 520 million dual-dated 1776-1976 halves in ordinary copper-nickel clad for circulation, and those contain no silver at all.

Notable Errors: Two different 1964 varieties often get run together. The “Accented Hair” coin, with sharper hair detail near the ear, is a proof struck at Philadelphia, and Philadelphia proofs carried no mint mark that year – so a “D” rules it out rather than confirming it. Separately, a 1964-D doubled die obverse is recognized. Bear in mind that a lot of reported doubling turns out to be ordinary machine doubling, which carries no premium. In 1971 and 1977, some Denver-minted halves were struck on leftover 40% silver planchets, adding to their collectible value.

Proof Sets: The U.S. Mint continues to produce 99.9% silver proofs of Kennedy half dollars for collectors. Due to their specialized production process, these coins have frosted designs and mirrored backgrounds.

Other articles of interest:

• How much is a silver dollar worth?
• Which nickels are silver?
• What are the most valuable quarters?
• Who is on the half dollar? 
• Most valuable dimes

Why Invest in Silver Half Dollars?

Silver half dollars are attractive investments for several reasons. First, they are historical pieces tied to significant events in American history. Additionally, they provide a tangible way to invest in silver. A pre-1965 half contains 11.25 grams of silver, or 0.36170 troy ounces, and a 1965-1970 half contains 4.6 grams, or 0.14789 troy ounces – multiply either by the current price of silver and you have the floor under the coin. Well-preserved examples can command much higher prices.

If you want to work out what a mixed group of coins is worth, our guide to the melt value of silver coins walks through it. For those looking to maximize silver content, silver bars or rounds may offer lower premiums. However, the extra cost of silver half dollars is justified by their historical value and certified silver content.

Investing in silver half dollars offers a chance to hold a piece of American history. Whether you’re interested in 90% silver halves or the 40% pieces, JM Bullion has you covered. Visit our silver coins page to get started!