By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 1970-D Kennedy Half Greenback was the final of the regular-strike silver-clad half {dollars} and the final Kennedy Half Greenback supposed for circulation that contained any silver in any respect. Its launch stunned collectors, because it was accessible solely in Mint Units that yr. The United States Mint didn’t publicize this truth, and by the point collectors have been hip to the model new collectible half greenback, it was too late to order one. Over two million Mint Units have been produced, making the 1970-D the lowest-mintage business-strike Kennedy Half till 2006, when the Mint may now not wait out altering public consumption patterns.
Background
The Nineteen Sixties have been a time of radical change, and collectors know this utilized to the nation’s cash as effectively. The post-war financial growth and the development of merchandising machine expertise meant that Individuals wanted much more cash of their purses and pockets for day-to-day commerce. On the identical time, international demand for silver elevated dramatically. To protect the market value of silver under the face worth of U.S. foreign money so individuals wouldn’t alternate payments for extra priceless bullion or soften cash from circulation, the Treasury Division offered off its silver reserves. This dampened however didn’t cease the worth rise.
Nonetheless, demand was so excessive that the Treasury ultimately purchased extra silver than it offered. The Mint realized that quickly there wouldn’t be sufficient silver to strike sufficient cash to maintain the American economic system on a wholesome footing. Silver must come out of circulation.
In 1964, the Mint instituted a date freeze on silver quarters, dimes, and half {dollars} till it produced what it thought have been sufficient silver cash to satisfy the fast wants of enterprise. It additionally started manufacturing on copper-nickel clad cash, which had been approved by the Coinage Act of 1965. A date freeze of types was in impact for the brand new clad cash since items dated 1965 have been produced over about 18 months. However as soon as the Mint was assured that the total mintage of clad coinage may meet the calls for of commerce, the manufacturing of silver cash ceased. Kind of.
As a result of whereas quarters and dimes have been now minted in accordance with the brand new copper-nickel layered composition, the silver content material of Kennedy Half {Dollars} was as a substitute diminished from 90% silver/10% copper to 40% silver/60% copper. The half greenback was handled this manner as a result of it was the nation’s largest denomination of coin on the time, and the Federal Authorities needed to stop any actual or imagined hurt to each the economic system and nationwide status.
Mint efforts to assuage coin shortages from the sudden penetration of merchandising machines and different coin-operated units into the American market–to not point out the booming economic system–typically got here on the expense of coin collectors. In addition to the aforementioned date freezes, cash have been issued with out mint marks and neither proof nor mint units have been produced. And although it wasn’t totally devoid of silver, collector curiosity within the 40% Kennedy half was tepid.
By 1970, and very similar to what had occurred earlier to the quarter and dime, the Mint had decided that sufficient silver-clad Kennedy half {dollars} had been made for circulation that no extra manufacturing was wanted. Due to this fact, 1970 business-strike Kennedy Halves have been produced just for that yr’s Mint Units, and solely on the Denver Mint. Proof Kennedy Halves have been nonetheless struck at San Francisco in 1970, and bear the “S” mintmark.
Common consumers of the Mint’s annual merchandise have been caught abruptly. The ordering window for 1970 Mint Units had already handed, so for the primary time in a number of years, a contemporary Mint product was an eagerly sought-after collectible. Costs within the secondary marketplace for each the coin and the Mint Set jumped in response, spurred on by the truth that the 1970-D was now the final silver Kennedy Half Greenback (albeit on the diminished 40 %). Beginning in 1971, even the half greenback consisted of copper and nickel.
At this time, the 1970 Mint Set nonetheless sells for greater than the problem value on on-line marketplaces like eBay. Naturally, the worth is being pushed by attrition as collectors have opened or destroyed quite a few Mint Units trying to find the 1970-D 50¢. However the set doesn’t go for the a whole bunch of {dollars} that some speculators have pushed the worth towards during the last 47 years. The 1970-D Kennedy Half is an efficient instance of how a lot hype can or can’t do.
As graded by third-party grading companies, the MS62 to 65 vary is typical for the 1970-D Kennedy half. Take into accout, nonetheless, that any Kennedy Half Greenback of the interval–and particularly this situation–goes to characteristic probably important contact marks on President Kennedy’s cheeks, hair, and round his eyes. Even an MS66 can look tough. A survey of current gross sales exhibits {that a} decent-looking MS66 will promote for $200-$250 at public sale.
The 1970-D Kennedy Half Greenback is scarce in MS67 and sells for $7,000 or extra. These elusive conditional rarities exhibit the naked minimal variety of contact marks, have booming luster, and nice eye attraction (take a look at the “Market Information” part under to see gross sales that we’ve tracked; the offered PCGS MS67+ upgraded from a PCGS MS67 someday after April 2020).
The identical applies to the highlights of the eagle on the reverse. It is because the silver-clad Kennedys are softer than their copper-nickel-clad counterparts from later years. And it seems that individuals simply weren’t good to the Kennedy Half Greenback typically.
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Market Information and Noteworthy Specimens
PCGS has added one coin to the highest pop grade of MS67+ between March and October 2024. Earlier than our October replace, the earlier NGC high pop grade was MS67, however the firm has since added two at MS67+. The NGC MS67 inhabitants has elevated from 19 to 23 in the identical interval.
CAC, having develop into a full-service grading agency in 2023, has graded one instance at MS67 since March.
High Inhabitants: PCGS MS67+ (2, 10/2024), NGC MS67+ (2, 10/2024), and CAC MS67 (0:1 stickered:graded, 10/2024).
- PCGS MS67+ #40685810: As PCGS MS67 #38881507. GreatCollections, April 5, 2020, Lot 812689 – View. Pale gold and blue firming; As PCGS MS67+ #40685810. GreatCollections, March 14, 2021, Lot 829176 – View. Upgraded 1/2 level. High pop, pop one when offered.
- NGC MS67 #6820519-002: GreatCollections, June 2, 2024, Lot 1542558 – View.
- NGC MS67 #6820398-003: GreatCollections, Could 26 2024, Lot 1544011 – View.
- NGC MS67 #6820268-005: GreatCollections, Could 26, 2024, Lot 1543989 – View.
- NGC MS67 #6819194-008: GreatCollections, September 24, 2023, Lot 1346225 – View. Good.
- NGC MS67 #6100293-002: GreatCollections, July 30, 2023, Lot 1398060 – View. Vibrant and Good. PQ coin.
- PCGS MS67 #25214551: Heritage Auctions, February 2016, Lot 3263 – $4,700; Heritage Auctions, July 15, 2022, Lot 3776 – $5,280. Principally good. Mild tarnish alongside the periphery of the obverse. Extra scattered tarnish on the reverse. Tiny nick on higher cheek. Horizontal scratch on the bottom of the protect. Very clear fields.
- PCGS MS67 #25285583: Heritage Auctions, August 7, 2014 – $4,112.50; “The Mile Excessive Assortment,” Heritage Auctions, January 5, 2017, Lot 4936 – $3,760; Heritage Auctions, February 25, 2022, Lot 3600 – $3,360. Principally good. Flecks of tarnish on the obverse and reverse. Quite a few contact marks on the face, neck, and hair.
- NGC MS67 #5859374-006: GreatCollections, Could 16, 2021, Lot 909617 – View. Borderline PL. Good. Deep contact mark above designer’s initials. Horizontal scratch throughout center of protect.
- PCGS MS67 #25001792: “The Maltese Assortment,” Heritage Auctions, October 16, 2020, Lot 3445 – $6,300. Good with mild tarnish. Contact marks on bust truncation. Horizontal mark above RUS. Diagonal mark on the backside of the protect. Contact mark on right-side of eagle’s tail feathers.
- PCGS MS67 #25376024: Heritage Auctions, October 30, 2015, Lot 4689 – $4,935. Vennekotter Assortment on insert. Good. Discoloration on nostril. Mild hits in hair. Darkish reflectivity at highest level of cheek happening to jaw. Mild scuffs on the base of the protect.
- PCGS MS67 #5446856: Heritage Auctions, September 19, 2003, Lot 7403 – $2,300. Good. Hit on the nook of the lip. Small die gouge on reverse under star under IC of AMERICA.
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Design
Obverse:
The obverse of the Kennedy Half Greenback was designed by Gilroy Roberts, Chief Engraver at america Mint from July 22, 1948, to February 11, 1965. Roberts additionally designed President Kennedy’s inaugural medal, which served as the idea of the current design.
The central motif is an effigy of the thirty fifth President of america, the late John Fitzgerald Kennedy. A battle hero and (on the time) the youngest particular person ever to function president, Kennedy was inaugurated on January 20, 1961, and assassinated on November 22, 1963. The nation’s grief was such that Congress and the U.S. Mint rushed by way of a design change on the half-dollar denomination to commemorate the bereaved president.
Atop the higher half of the rim is the inscription LIBERTY, with Kennedy’s hair overlaying the underside parts of the letters “B”, “E”, and “R”. The date 1970 is cradled on the backside of the coin, whereas the nationwide motto IN GOD WE TRUST is inscribed in a straight line above the yr however divided by the sharp truncation of Kennedy’s neck. The mintmark D is on the appropriate aspect of the purpose of this truncation.
Gilroy Roberts’ initials are situated on the truncation line of Kennedy’s bust, above the “WE” on the underside proper aspect of the coin.
Reverse:
Roberts’ assistant Frank Gasparro designed the reverse. He based mostly the eagle on the presidential coat of arms from the Seal of the President of america, which itself is predicated on the obverse of the Nice Seal of america. The presidential seal in its present kind was finalized by President Harry S. Truman in 1945, although the variety of stars on the seal (and therefore the coin) went from 48 to 50 because the states of Alaska and Hawaii entered the Union.
The heraldic eagle’s wings and legs unfold in 4 instructions. The left talon (viewer’s proper) holds a bunch of arrows, an emblem of battle, whereas the appropriate claw (viewer’s left) holds an olive department, an emblem of peace. It’s custom to have the eagle face one aspect or the opposite relative to nationwide circumstances on the time of hanging; on this occasion, the eagle faces in the direction of the olive department regardless of America’s involvement in Vietnam and different conflicts world wide.
Frank Gasparro’s initials FG are between the eagle’s left leg and tail feathers.
A Union protect covers the eagle’s breast. Vertical bars representing the 13 purple and white stripes of the American flag run down most of its face, the stripes representing the unique 13 colonies of america. The highest of the protect (a horizontal band is thought in heraldry as a chief) options no stars.
Instantly above the eagle’s head is a scroll that includes the motto E PLURIBUS UNUM. The design behind and above the eagle, which consists of 15 rays, 9 stars, and a mass of clouds, is named a glory and is a typical design factor of each heraldry and an ancient times of numismatics.
The legend UNITED STATES OF AMERICA runs clockwise alongside the highest rim of the reverse, whereas the denomination HALF DOLLAR runs counterclockwise alongside the underside. Dots are between the 2 inscriptions at each ends. Surrounding the eagle is a hoop of fifty stars, representing the 50 states of the Union on the time of the coin’s manufacturing.
Gasparro turned Chief Engraver of the U.S. Mint on February 11, 1965, after Roberts’ work with the Franklin Mint prompted the Mint to let Roberts go. Gasparro had served as Roberts’ assistant for 3 years between ’62 and ’65. In addition to the Kennedy Half Greenback reverse, Gasparro had additionally designed the Lincoln Cent Memorial Reverse, the Eisenhower Greenback obverse and common reverse, and the Susan B Anthony Greenback, amongst different works.
Frank Gasparro retired from the Mint on January 16, 1981.
Edge:
The sting of the 1970-D Kennedy half greenback is reeded.
Designers
Gilroy Roberts was the ninth Chief Engraver of the U.S. Mint, serving from 1948-1965. He’s primarily remembered for his design of the Kennedy Half Greenback obverse.
Frank Gasparro was an American medalist and coin designer. After serving as an assistant engraver to Gilroy Roberts, he turned the tenth Chief Engraver of america Mint, serving from 1965-1981 (View Designer’s Profile).
Coin Specs
| Nation: | United States of America |
| Yr of Situation: | 1970 |
| Denomination: | Half Greenback (50 Cents USD) |
| Mintmark: | D (Denver) |
| Mintage: | 2,150,000 |
| Alloy: | .400 Silver, .600% Copper |
| Weight: | 11.5 g |
| Diameter: | 30.6 mm |
| Edge: | Reeded |
| OBV Designer: | Gilroy Roberts |
| REV Designer: | Frank Gasparro |
| High quality: | Enterprise Strike |
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