By Charles Morgan and Hubert Walker for CoinWeek Notes …..
After three years of Special Mint Sets and the transition from silver coinage to clad coinage, the United States Mint softened its anti-collector position and reintroduced its annual Uncirculated Coin Set and Proof Set programs. In what was a big change for Proof coinage, production shifted from the Philadelphia Mint to the United States Assay Office in San Francisco (formerly the San Francisco Mint). Proofs struck at San Francisco carry the “S” mintmark, and outside of a notable few branch mint Proofs issued in the 19th century, these were the first standard Proofs not struck in Philadelphia.
The coin-collecting public got its first glimpse of the sets on January 4, 1968, at a ceremony at the Denver Mint to celebrate the return of mintmarks to U.S. coinage. On display were two of the 1968-S Proof Sets.
Collectors and dealers hotly anticipated the new Proof Sets and purchased 3,041,506 units for $5 each (which, in 2024 inflation-adjusted dollars, was $44.59). 1968 Proofs Sets sell for about one-fifth of that price, largely because the 1968-S Kennedy Half Dollar contains almost $5 of silver (based on the October 31, 2024, spot price).
The 1968-S Kennedy Half Dollar – Collector Characteristics
The shift in production from the Philadelphia Mint to the San Francisco Assay Office did not lower the quality of the Proof coins. The new sets were packaged in an improved hard plastic case, allowing for easy viewing of the obverse and the coin’s reverse. This hard case fit snugly inside a royal blue cardboard envelope, on which UNITED STATES PROOF SET · 1968 was written in white letters at the bottom of the front side.
The Kennedy Half Dollar Proof was one of five coins in the set. As a 40% silver-clad coin, the half dollar was noticeably brighter in appearance than the Jefferson Nickel, the clad Roosevelt Dime, and the Washington Quarter. Most collectors would find their Proof coins to be brilliant when examining the sets. Occasionally, coins struck very early in a die’s deployment would exhibit some degree of Cameo frost. Only coins struck immediately following the deployment of freshly prepared obverse and reverse dies will exhibit Cameo on the obverse and reverse. Cameo 1968-S Kennedy Half Dollars are uncommon for this date, and Deep Cameo/Ultra Cameo examples are scarce.
It’s been more than 50 years since the 1968-S Proof Set was issued. Even though the case was an improvement over the soft packaging of the pre-1965 sets, the plastic sleeve was not airtight. Because of this, it is not unusual for these coins to develop a light haze or toning. Haze can be removed with professional curation.
What Is the 1968-S Kennedy Half Dollar Worth?
To answer this question adequately, one must first establish the following criteria: is the goal to have one unimpaired Proof example, or is the goal to have a certified coin, preferably in high grade with Cameo or Deep Cameo/Ultra Cameo contrast?
If the answer is the former, then 1968-S Kennedy Half Dollars can be purchased readily for the cost of a 1968-S Proof Set – $10 to $15. With the purchase of the set, you get Proof versions of all five circulating coins released in 1968.
If the answer is the latter, then the cost of acquisition escalates dramatically.
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Market Data and Noteworthy Specimens
What’s interesting about the reported 16 coins in the PCGS PR70DCAM census report is that at least 15 were from one bulk submission. This submission yielded mostly PR69DCAM and PR70DCAM coins, with some PR69CAMs. Beyond the coins listed in our auction data are certs 7733372, 7733374, 7733379, 7733380, 7733384, and 7733386; auction data for these cert numbers began to appear in the early 2000s.
Were these coins accumulated in a major dealer effort to promote DCAM/UCAM 1968-S Kennedy Halves? If so, how did they acquire nearly all of the perfect coins available? And why have no additional coins surfaced at this grade since?
Top Population: PCGS PR70DCAM (16, 10/2024). NGC PF69UC (717, 10/2024), and CAC PR69DCAM (0:1 stickered:graded, 4/2024).
- PCGS PR70DCAM #7733373: Stack’s Bowers, June 13, 2023, Lot 2026 – $24,000. Plate coin for this guide.
- PCGS PR70DCAM #83143320: Heritage Auctions, November 2, 2017, Lot 16790 – $21,600.
- PCGS PR70DCAM #7733324: Heritage Auctions, September 14 2006, Lot 2344 – $5,175; Heritage Auctions, June 1, 2012, Lot 4190 – $6,900; Heritage Auctions, November 8, 2018, Lot 3136 – $12,000. Unattractive brown spotted toning.
- PCGS PR70DCAM #7733375: GreatCollections, September 9, 2018, Lot 605764 – View. Currently in the D.L. Hansen 10th Century Type Set (1900-1999) all-time registry set.
- PCGS PR70DCAM #7733390: Heritage Auctions, August 14, 2015, Lot 5287 – $10,575.
- PCGS PR70DCAM #7733387: “The Basque Guy #1 All-Time PCGS Registry Set,” Heritage Auctions, February 3, 2011, Lot 3852 – $5,175.
- PCGS PR70DCAM #07733378: Heritage Auctions, January 2009, Lot 6079 – $4,025; Heritage Auctions, January 7, 2011, Lot 5823 – $8,625.
- PCGS PR70DCAM #07733371: “The Kallenberg #1 PCGS Registry Set of Proof Half Dollars,” Heritage Auctions, January 10, 2008, Lot 2240 – $5,175.
- PCGS PR70DCAM #7733389: Heritage Auctions, September 19, 2003, Lot 7413 – $3,120; “The J.S. Hamilton Registry Set of Proof Kennedy Half Dollars,” Heritage Auctions, April 28, 2006, Lot 3172 – $3,737.50.
Interesting Varieties and Ephemera
The 1968-S half dollar issue includes several interesting varieties; three are listed in the fifth edition of The Cherrypicker’s Guide.
1968-S Kennedy Half Dollar Serif S/Knob S
VP-003. This variety was discovered in February 2018 by Florida coin dealer Bob Ryan. This Proof issue features an inverted “S” mintmark that is presumed to have last been used in the late 1940s.
1968-S Kennedy Half Dollar, Doubled Die Obverse (FS-101)
Doubling is visible in the motto IN GOD WE TRUST.
- NGC PF68UCAM #3914622-009: GreatCollections, July 10, 2022, Lot 1188334 – View.
- PCGS PR68CAM #19054474: Heritage Auctions, April 30, 2017, Lot 7760 – $646.25; Heritage Auctions, September 9, 2018, Lot 7483 – $408.
- PCGS and NGC 5 Coin Lot (PR67-PR68; PF67CAM): Stack’s Bowers, January 12, 2022, Lot 92279 – $408.
- PCGS PR65 #29139770: GreatCollections, July 21, 2024, Lot 1613439 – View. Golden, burnt umber toning on top half of obverse and bottom half reverse.
1968-S Kennedy Half Dollar, Inverted Mintmark (FS-511)
- PCGS PR67 #82965047: Stack’s Bowers, April 4, 2017, Lot 8205 – $646.25.
- NGC PF67 #3618559-001: Heritage Auctions, May 21, 2017, Lot 27134 – $540.50.
- PCGS PR66 #43811497: Stack’s Bowers, May 18, 2022, Lot 92211 – $456.
- PCGS PR66 #32749404: Heritage Auctions, January 10, 2016, Lot 8330 – $705.
1968-S Kennedy Half Dollar, Doubled Die Reverse (FS-801)
Doubling is visible in the legend UNITED STATES OF AMERICA.
- PCGS PR68DCAM #2402773: GreatCollections, July 10, 2022, Lot 1188333 – View. Some yellowing.
- PCGS PR67CAM #44977588: GreatCollections, December 17, 2023, Lot 1494050 – View.
- PCGS PR67CAM #28296184: Heritage Auctions, November 1, 2015, Lot 7633 – $2,820.
- PCGS PR67 #36011042: Stack’s Bowers, September 22, 2021, Lot 91243 – $360.
- PCGS PR67 #13750644: “The Bristol Collection,” Heritage Auctions, September 11, 2016, Lot 7828 – $493.50.
1968-S Kennedy Half Dollar Canceled Dies
Interestingly, 4,500 canceled dies used to strike 1968-S Proof Sets were sold into the collector market, presumably as scrap. After discovering this, the Mint invested over $50,000 in equipment to melt all future dies. New England Rare Coin Galleries sold several of these dies in 1974 at $24 each or 10 for $225.
Stack’s Bowers Galleries sold a complete set of Proof dies once belonging to collector Wayne A. Pratali for $164.50 at a June 20, 2013 auction.
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Coin Specifications
| Country: | United States of America |
| Year of Issue: | 1968 |
| Denomination: | Half Dollar (50 Cents USD) |
| Mintmark: | S (San Francisco) |
| Mintage: | 3,041,506 |
| Alloy: | .400 Silver, .600 Copper |
| Weight: | 11.50 g |
| Diameter: | 30.61 mm |
| Edge: | Reeded |
| OBV Designer: | Gilroy Roberts |
| REV Designer: | Frank Gasparro |
| Quality: | Proof |
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