A Walking Liberty half dollar is worth at least its silver, and most are worth about that. Every Walker from 1916 to 1947 is 90 percent silver with 0.3617 troy ounces of pure silver, approximately $11 to $18 depending on the spot price. The common 1940s dates that make up most inherited collections sell for melt or a few dollars over in worn condition and $30 to $70 uncirculated. The coins worth real money are the key dates: the 1916-S, the three 1921 coins and the 1938-D, which bring roughly $60 to several hundred dollars even when well worn, and thousands in sharp condition. A handful of 1910s and 1920s dates are scarce enough to deserve a second look as well.
Quick answer
- Common Walkers, mostly 1940s, are worth their silver: about $11-18 each.
- Check the date, then the mint mark on the reverse lower left or the obverse.
- 1916-S, 1921, 1921-D, 1921-S and 1938-D are worth $60 to thousands.
How to check yours, step by step
A 5x or 10x loupe and a window for light are enough. Sort the coins by decade first, because almost all the value sits in the dates before 1940.
- Read the date. It is on the obverse, at the bottom, below Liberty's striding feet. On worn coins from the 1910s and 1920s, the date is often faint because it sits on a low part of the design. Tilt the coin under a lamp to read it.
- Find the mint mark on the reverse. On most Walkers it is a small D or S on the reverse, at the lower left near the rim, just below the tip of the pine branch that grows from the rock beneath the eagle. Philadelphia coins have no mint mark.
- On 1916 and 1917 coins, also check the obverse. In 1916 the mint mark was placed on the obverse, below the motto IN GOD WE TRUST. Early in 1917 it moved to the reverse. That means 1917-D and 1917-S each come in two versions, obverse and reverse mint mark, and the obverse versions are scarcer.
- Pull the key and semi-key dates. Set aside 1916, 1916-D, 1916-S, both 1917-D and 1917-S varieties, 1919, 1919-D, 1919-S, 1920-D, 1921, 1921-D, 1921-S, 1923-S, 1927-S, 1928-S, 1933-S and 1938-D. Everything from 1934 on, other than the 1938-D, can usually go in the silver pile.
- Judge the wear on the key dates. On the obverse, look at Liberty's left hand, her breast and her left leg, where the skirt lines run across. On the reverse, check the eagle's breast and leg feathers. A coin where these areas are smooth but the date and outline are clear is in Good to Very Good. A coin with skirt lines still visible over the leg is Fine or better.
- Look for problems. Check for holes, scratches, graffiti, bends and signs of cleaning. Tilt the coin under a lamp: an unnaturally bright, flat white surface or fine parallel lines in the fields mean it was polished.
- Weigh anything that looks wrong. A Walker weighs 12.5 grams. Counterfeits of key dates exist, along with genuine coins with an added or altered mint mark. A coin that is far off in weight or has a mint mark that looks raised in an odd way should go to an expert.
The silver floor
Every Walker contains 0.3617 troy ounces of pure silver, the same as a Franklin half or a 1964 Kennedy half. Melt is 0.3617 times the spot price:
| Silver spot price | Melt value per Walker | Melt for a roll of 20 |
|---|---|---|
| $30 per ounce | About $10.85 | About $217 |
| $40 per ounce | About $14.47 | About $289 |
| $50 per ounce | About $18.09 | About $362 |
Bullion dealers often buy worn common Walkers at melt or a small premium over it, since Walkers are popular and carry a little more collector demand than other junk silver. Check spot on the day of sale.
Walking Liberty values by date
These are approximate retail values for original, uncleaned coins, assuming silver at about $40 an ounce. "Good" means heavily worn with a full outline and readable date. "Fine" means moderate wear with some skirt lines showing. "XF" means light wear on the high points only. "Uncirculated" is the low end of mint state.
| Date | Mintage (approx.) | Good | Fine | XF | Uncirculated |
|---|---|---|---|---|---|
| 1916 | 608,000 | $60-90 | $150-250 | $300-400 | $500+ |
| 1916-D (obverse mint mark) | 1.0 million | $50-80 | $120-180 | $250-350 | $500+ |
| 1916-S (obverse mint mark) | 508,000 | $120-200 | $400-600 | $800-1,200 | $1,500+ |
| 1917-D or 1917-S, obverse mint mark | 0.8 to 1.0 million | $30-60 | $100-250 | $300-600 | $1,000+ |
| 1919, 1919-D, 1919-S | 0.9 to 1.6 million | $30-60 | $100-300 | $400-1,200 | Thousands |
| 1921 | 246,000 | $150-300 | $500-900 | $1,800-2,500 | $4,000+ |
| 1921-D | 208,000 | $250-450 | $800-1,200 | $2,500+ | $5,000+ |
| 1921-S | 548,000 | $60-100 | $250-400 | $1,500-3,000 | $8,000+ |
| 1938-D | 492,000 | $80-120 | $130-200 | $250-400 | $600-1,200 |
| 1934 to 1940, other dates | 1.7 to 13 million | $15-20 | $16-22 | $18-28 | $40-100 |
| 1941 to 1947, all mints | 2 to 53 million | $15-18 | $15-20 | $17-25 | $30-70 |
The 1921-S shows the biggest spread in the table: worn ones are affordable, but uncirculated coins are rare because almost none were saved, and gem examples are among the most valuable Walkers. Other dates from the 1910s and 1920s that are not listed, such as the 1923-S, 1927-S, 1928-S and 1929-D, generally fall between the common dates and the keys, often $20 to $60 in Good and more in Fine.
The key dates and why they are scarce
The 1916 coins were the first year of the design and had small mintages at every mint. The 1916-S is the rarest of the three. The 1921 coins came during a recession, when the Mint struck few halves and focused on Morgan dollars. The 1921 and 1921-D are the two lowest mintages of the series and are expensive in any grade. The 1938-D had a mintage under half a million, and collectors noticed early, so it survives in better grades than the 1921s but still sells for well over melt even when worn.
These are also the dates most often faked. The common forms are a genuine 1916 or 1921 Philadelphia coin with a D or S added, or a 1938 with a D added. The added letter is often the wrong shape, sits at a slight angle or shows a seam where it was attached.
The typical example people find
Most inherited Walkers are 1940s coins in Very Fine to Extremely Fine condition: Liberty's figure is clear, the skirt lines over her leg are partly worn, and the eagle's breast is smooth. Those are worth their silver plus a dollar or two. Coins from the 1910s and 1920s found in old collections are usually much more worn, often with the date weak and Liberty's figure flattened, because they circulated for decades before silver coins disappeared from pockets in the 1960s.
Even the uncirculated 1940s coins tend to show weak strikes on Liberty's hand and head. Fully struck examples are prized, and grading services note strike quality, but that is a refinement that matters for gem coins only.
Proofs
Walking Liberty proofs were struck from 1936 to 1942 at Philadelphia, with mintages from about 3,900 in 1936 to around 21,000 in 1942. They sell for hundreds to low thousands of dollars, with the 1936 the most expensive. Proofs have mirror fields and sharply squared rims, and they almost never turn up in pocket change or worn condition.
Common mistakes
- Assuming age means rarity. A 1940s Walker is 80 years old, but tens of millions were made each year. It is worth its silver.
- Missing the obverse mint mark. On 1916 and early 1917 coins, the mint mark is below the motto on the obverse. A coin checked only on the reverse may be wrongly called a Philadelphia issue.
- Misreading a worn date. Worn 1920s dates are easy to confuse. A faint 1928 can look like a 1921 under poor light. Confirm the last digit with side lighting and a loupe.
- Trusting an added mint mark. A 1916-S, 1921-D or 1938-D that looks too good for its price may have an added letter. Look for a seam, an odd shape or a letter that does not match reference photos.
- Cleaning before selling. Polishing a Walker leaves hairlines and an unnatural shine. For key dates, it can cut value by half or more.
- Selling the whole lot as junk silver. Pull the pre-1940 dates and the 1938-D before selling the rest by weight.
- Expecting uncirculated prices for nice-looking coins. A coin with any wear on Liberty's hand, breast and leg is circulated, however bright it looks.
What to photograph
Daylight from a window, no flash, phone held flat above the coin.
- The obverse straight on, with the date readable and Liberty's full figure in frame.
- The reverse straight on, showing the eagle, the rock and the lower left area where the mint mark sits.
- A close macro of the mint mark, on the reverse or below the motto on 1916 and 1917 coins, sharp enough to see its shape and how it sits on the surface.
- A close macro of the date for any coin from the 1910s or 1920s, with light from one side.
- An angled shot showing luster or signs of cleaning.
- A weight reading for any key date candidate.
When to get it looked at in person
For 1934 to 1947 coins other than the 1938-D, a professional opinion is not worth the cost unless a coin looks fully uncirculated. They are silver coins and sell as silver.
- A local coin dealer can confirm dates and mint marks quickly, and many will look at a few coins for a small charge or none. Expect close to melt for common dates and 60-80 percent of retail for key dates.
- PCGS or NGC grade coins for fees starting in the tens of dollars per coin, plus shipping and a membership or dealer submission. Grading is worth it for every 1916-S, 1921, 1921-D, 1921-S and 1938-D, because altered mint marks are common and buyers pay more for a coin in a holder. It also makes sense for any Walker that looks uncirculated with a strong strike.
- Auction houses handle high-grade keys and proofs best. For a mixed collection, the inherited coins guide explains how to sort before selling, and the Mercury dime guide covers the dimes that often come with Walkers in the same album.