1939-S Walking Liberty Half Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

After not producing half dollars in 1938, the San Francisco Mint struck 2,552,000 examples of the denomination in 1939. This made the 1939-S Walking Liberty Half Dollar mintage 1.72 million coins fewer than what Denver produced that year and 4.26 million fewer than what was made by the mother mint at Philadelphia.

While the coin-collecting population was smaller in 1938 than it would be in the hobby’s mid-century heyday, the commemorative coin craze of the mid-’30s generated significant excitement for modern coin issues. Collectors and speculators of the period tucked away large quantities of coins–especially issues with low reported mintages–because they did not want to miss out on the next 1916-D Mercury Dime or 1909-S V.D.B. Lincoln Cent). Therefore, roll quantities of 1939-S Walking Liberty Half Dollars were readily available until the latter half of the 20th century.

From a striking perspective, the 1939-S Walking Liberty Half Dollar is typical for the period. Full strikes are scarce as Liberty’s always problematic hand and left leg usually lack complete definition.

Yet despite its comparatively low mintage and striking difficulties, the 1939-S Walking Liberty Half Dollar was saved in sufficient quantities that Choice, Gem, and even Superb Gem examples can be had with little difficulty. Price guides published online and in print consider the 1939-S slightly better than a type coin but not scarce enough to be a semi-key or better date.

As of November 2024, the going rate for a 1939-S Walking Liberty Half Dollar in MS65 is about $275. However, examples in MS67+ have sold recently for $4,500 and more, and auction results for top-pop MS68 coins exceed $10,000.

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1939-S Walking Liberty Half Dollar Market Data and Noteworthy Specimens

Coin dealer Joel D. Coen of New York offered Choice BU examples of the 1939-S Walking Liberty for $100 in an ad published in the April 1976 issue of The Numismatist.

The Superb Gem population of this date has exploded in the past 10 years. Through November 2013, PCGS had reported 130 grading events in MS67 with four finer. When Stack’s Bowers offered the George Gardner Collection of Walking Liberty Halves in November 2013, PCGS reported just four examples at MS67+ with none finer. By April 2022, that number had grown to 30 with one example at MS68. At the time of this update, PCGS reports 274 in MS67, 34 in MS67+, and one at MS68.

In November 2013, the NGC top population grade was MS67 with 114 grading events. In June 2023, NGC reported three coins at MS68, 18 at MS67+, and 194 at the previous top-pop MS67 grade.

Top Population: PCGS MS68 (1, 11/2024), NGC MS68 (3, 11/2024), and CAC AU58 (216:6 stickered:graded, 11/2024).

• NGC MS68 #4913327-002: Heritage Auctions, January 21, 2021, Lot 3662 – $10,800.
• NGC MS68 #4882267-003: Heritage Auctions, September 5, 2019, Lot 3746 – $13,800. Brilliant.
• NGC MS68 #3812122-002: Heritage Auctions, September 17, 2015, Lot 3974 – $12,925. Pale gold toning.
• PCGS MS67+ CAC #44648403: “The Rolla Fox #1 PCGS/CAC Registry Set of Walking Liberty Half Dollars”, GreatCollections, May 22, 2022, Lot 1153880 – View. Fox on insert.
• PCGS MS67+ CAC #80566329: “The JBN Set”, Legend Rare Coin Auctions, April 27, 2023, Lot 297 – $6,756.25. Ray Cassano Collection on insert. Brilliant.
• PCGS MS67+ CAC #39237866: Heritage Auctions, April 23, 2020, Lot 3594 – $3,894; Heritage Auctions, January 11, 2023, Lot 3265 – $4,560.
• PCGS MS67+ CAC #45901463: Legend Rare Coin Auctions, October 20, 2022, Lot 97 – $3,877.50. Brilliant with vivid red and gold toning around the periphery. 
• PCGS MS67+ CAC #25326322: Heritage Auctions, April 23, 2014, Lot 3608 – $4,114.85; Legend Rare Coin Auctions, April 21, 2021, Lot 176 – $4,582.50; Legend Rare Coin Auctions, April 28, 2022, Lot 162 – $3,877.50. Brilliant.
• PCGS MS67+ CAC #38519660: Heritage Auctions, July 21, 2020, Lot 27263 – $3,480.
• PCGS MS67+ CAC #36088629: Legend Rare Coin Auctions, July 16, 2020, Lot 328 – $3,760. Brilliant.
• PCGS MS67+ CAC #50077636: Heritage Auctions, June 5, 2020, Lot 3536 – $4,320.
• PCGS MS67+ CAC #36455215: Heritage Auctions, December 6, 2019, Lot 3917 – $4,560. Brilliant.
• PCGS MS67+ CAC #82689465: Heritage Auctions, February 17, 2017, Lot 4425 – $4,700; Heritage Auctions, February 21, 2020, Lot 3750 – $4,800.
• PCGS MS67+ CAC #37717353: Legend Rare Coin Auctions, May 16, 2019, Lot 454 – $4,582.50.
• PCGS MS67+ CAC #36329737: Heritage Auctions, March 15, 2019, Lot 3864 – $6,000.
• NGC MS67+CAC #3735482-008: Legend Rare Coin Auctions, September 27, 2018, Lot 153 – $2,937.50.
• NGC MS67+ CAC #3898419-003: Stack’s Bowers, August 2015, Lot 491 – $3,172.50. Scattered dark toning spots over a mostly brilliant coin. Flat hand and arm.
• PCGS MS67+ CAC #25265998: Heritage Auctions, October 9, 2014, Lot 4797 – $4,112.50.
• PCGS MS67+ CAC #28147697: Heritage Auctions, November 1, 2013, Lot 3645 – $4,993.75.
• PCGS MS67+ CAC #25010786: Heritage Auctions, September 27, 2013, Lot 6484 – $5,581.25. Brilliant.
• PCGS MS67+ CAC #26763285: Heritage Auctions, April 25, 2013, Lot 2748 – $6,462.50.
• PCGS MS67+ #06638235: Heritage Auctions, January 7, 2011, Lot 5805 – $4,600. Splotches of vivid gold and orange toning on the obverse. Peripheral gold, red, and black rim toning on the reverse.

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Design

Obverse:

Completely dominating the obverse face of the Walking Liberty Half Dollar is the eponymous walking Lady Liberty. She is seen as a full-body figure, dressed in a flowing gown, and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she reaches out a welcoming and open hand. She is superimposed over the obverse legend LIBERTY ringing the obverse, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s rear foot is the motto IN GOD WE TRUST and below her is the date 1939.

Reverse:

Perched on a rocky outcropping, a defiant eagle stares off into the distance, its wings partially unfolded. A mountain pine sapling grows from the rock next to the eagle. Above the bird’s wings is the legend UNITED STATES OF AMERICA; to the left is the motto E PLURIBUS UNUM. Below the eagle’s talons is the denomination HALF DOLLAR. The designer’s initials form the monogram AW appear beneath the eagle’s right wing. To the left of the rocky outcropping, at 7:30 on the clock, is the S mintmark.

Edge:

The edge of the 1939-S Walking Liberty Half Dollar is reeded.

Designer

Adolph Alexander Weinman was born in Germany and immigrated to the United States as a teenager. He studied and worked under such famous American sculptors as Augustus Saint-Gaudens and Daniel Chester French. Weinman is responsible for two of the most iconic coin designs in U.S. history: the Mercury (Winged Liberty) Dime and the Walking Liberty Half Dollar, both of which debuted in 1916. Weinman’s sons also became sculptors and coin designers, and he taught such pupils as sculptor Anthony de Francisci of Peace Dollar fame. Adolph Weinman died in 1952.

1939-S Walking Liberty Half Dollar Coin Specifications

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