Franklin half dollar
Encyclopedia
The Franklin half dollar is a coin
United States coinage
United States coinage was first minted by the new republic in 1792. New coins have been produced every year since then and they make up a valuable aspect of the United States currency system. Today circulating coins exist in denominations: $0.01, $0.05, $0.10, $0.25, $0.50, and $1.00. Also minted...

 that was struck by the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...

 ("Mint") from 1948 to 1963. The fifty-cent piece
Half dollar (United States coin)
Half dollar coins have been produced nearly every year since the inception of the United States Mint in 1794. Sometimes referred to as the fifty-cent piece, the only U.S. coin that has been minted more consistently is the cent.-Circulation:...

 pictures Founding Father
Founding Fathers of the United States
The Founding Fathers of the United States of America were political leaders and statesmen who participated in the American Revolution by signing the United States Declaration of Independence, taking part in the American Revolutionary War, establishing the United States Constitution, or by some...

 Benjamin Franklin
Benjamin Franklin
Dr. Benjamin Franklin was one of the Founding Fathers of the United States. A noted polymath, Franklin was a leading author, printer, political theorist, politician, postmaster, scientist, musician, inventor, satirist, civic activist, statesman, and diplomat...

 on the obverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...

 and the Liberty Bell
Liberty Bell
The Liberty Bell is an iconic symbol of American Independence, located in Philadelphia, Pennsylvania. Formerly placed in the steeple of the Pennsylvania State House , the bell was commissioned from the London firm of Lester and Pack in 1752, and was cast with the lettering "Proclaim LIBERTY...

 on the reverse. A small eagle was placed to the right of the bell to fulfill the legal requirement that half dollars depict the figure of an eagle. Produced in 90 percent silver with a reeded edge
Reeding
-Numismatics:In numismatics, reeded edges are often referred to as "ridged" or "grooved". Some coins, such as United States quarters and dimes, have reeded edges. One reason for having reeded edges was to prevent counterfeiting...

, the coin was struck at the Philadelphia
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...

, Denver
Denver Mint
The Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark...

, and San Francisco
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...

 mints.

Mint director Nellie Tayloe Ross
Nellie Tayloe Ross
Nellie Tayloe Ross was an American politician, the 14th Governor of Wyoming from 1925 to 1927, and director of the United States Mint from 1933-1953. She was the first woman to serve as governor of a U.S. state. To date, she remains the only woman to have served as governor of Wyoming...

 had long admired Franklin, and wanted him to be depicted on a coin. In 1947, she instructed the Mint's chief engraver, John R. Sinnock
John R. Sinnock
John Ray Sinnock was the eighth Chief Engraver of the United States Mint and designer of the Roosevelt dime and Franklin half dollar, among other U.S. coins. His initials "JS" on the dime can be found at the base of the Roosevelt bust...

, to prepare designs for a Franklin half dollar. Sinnock's designs were based on his earlier work, but he died before their completion. The designs were completed by Sinnock's successor, Gilroy Roberts
Gilroy Roberts
Gilroy Roberts was a sculptor, gemstone carver, and the ninth Chief Engraver of the United States Mint between 1948 and 1964. He designed the obverse of the United States Kennedy half dollar, which was first issued in 1964. After he retired from the U.S...

. The Mint submitted the new designs to the Commission of Fine Arts ("Commission") for its advisory opinion. The Commission disliked the small eagle and felt that depicting the crack in the Liberty Bell would expose the coinage to jokes and ridicule. Despite the Commission's disapproval, the Mint proceeded with Sinnock's designs.

After the coins were released in April 1948, the Mint received accusations that Sinnock's initials "JRS" on the cutoff at Franklin's shoulder were a tribute to Communist dictator Joseph Stalin
Joseph Stalin
Joseph Vissarionovich Stalin was the Premier of the Soviet Union from 6 May 1941 to 5 March 1953. He was among the Bolshevik revolutionaries who brought about the October Revolution and had held the position of first General Secretary of the Communist Party of the Soviet Union's Central Committee...

. No change was made, with the Mint responding that the letters were simply the artist's initials. The coin was struck regularly until 1963; beginning in 1964 it was replaced by the Kennedy half dollar
Kennedy half dollar
Within hours of the assassination of John F. Kennedy on November 22, 1963, Mint Director Eva Adams called Chief Engraver Gilroy Roberts, informing him that serious consideration was being given to depicting Kennedy on one of the larger silver coins: either the silver dollar, half dollar, or...

, issued in honor of the assassinated President, John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....

. Though the coin is still legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....

, its face value is greatly exceeded by its value to collectors or as silver.

Background and selection

Mint Director Nellie Tayloe Ross had long been an admirer of Benjamin Franklin, and wished to see him on a coin.
In 1933, Sinnock had designed a medal featuring Franklin, which may have given her the idea. Franklin had opposed putting portraits on coins; he advocated putting proverbs on coins about which the holder could profit through reflection. In a 1948 interview, Ross noted that Franklin only knew of living royalty on coins, and presumably would feel differently about a republic honoring a deceased founder. Indeed, Franklin might have been more upset at the reverse design: as numismatic writer Jonathan Tupper noted, "Had Benjamin Franklin known that he would be appearing on a half dollar with an eagle, he most likely would have been quite upset. He detested the eagle, and numismatic lore has it that he often referred to it as a scavenger. Given the practical man that he was, Franklin proposed the wild turkey as our national bird."

An 1890 statute forbade the replacement of a coin design without congressional action, unless it had been in service for 25 years, counting the year of first issuance. The Walking Liberty half dollar
Walking Liberty Half Dollar
The Walking Liberty half dollar was a silver 50-cent piece or half dollar coin issued by the United States Mint from 1916 to 1947; it was designed by Adolph A. Weinman....

 and Mercury dime
Mercury dime
The Mercury dime is a ten-cent coin struck by the United States Mint from 1916 to 1945. Designed by Adolph Weinman and also known as the Winged Liberty dime, it gained its common name as the obverse depiction of a young Liberty, identifiable by her winged Phrygian cap, was confused with the Roman...

 had been first issued in 1916; they could be replaced without congressional action from and after 1940. Mint officials considered putting Franklin on the dime in 1941, but the project was shelved due to heavy demands on the Mint for coins as the United States entered World War II. During the war, the Mint contemplated adding one or more new denominations of coinage; Sinnock prepared a Franklin design in anticipation of a new issue, which did not occur. The dime was redesigned in 1946 to depict fallen President Franklin Roosevelt, who had been closely associated with the March of Dimes
March of Dimes
The March of Dimes Foundation is a United States nonprofit organization that works to improve the health of mothers and babies.-Organization:...

. The Walking Liberty design seemed old-fashioned to Mint officials, and the only other coin being struck which was eligible for replacement was the Lincoln cent
Lincoln cent
Below are the mintage figures for the Lincoln penny-Mintage figures:Lincoln wheat cent, 1909-1958 Lincoln Memorial cent, 1959-1982 ...

. Abraham Lincoln
Abraham Lincoln
Abraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. He successfully led his country through a great constitutional, military and moral crisis – the American Civil War – preserving the Union, while ending slavery, and...

 remained a beloved figure, and Ross did not want to be responsible for removing him from the coinage.

In 1947, Ross asked Sinnock to produce a design for a half dollar featuring Franklin. The chief engraver adapted his earlier work for the obverse. He had designed the medal from a bust of Franklin by Jean-Antoine Houdon
Jean-Antoine Houdon
Jean-Antoine Houdon was a French neoclassical sculptor. Houdon is famous for his portrait busts and statues of philosophers, inventors and political figures of the Enlightenment...

. Sinnock based his design for the reverse on the 1926 commemorative half dollar for the sesquicentennial (150th anniversary) of American Independence. Numismatic writer Don Taxay later discovered that Sinnock had based his Liberty Bell (as depicted on both the Sesquicentennial half dollar and the Franklin half) on a sketch by John Frederick Lewis
John Frederick Lewis
John Frederick Lewis was an Orientalist English painter. He specialized in Oriental and Mediterranean scenes and often worked in exquisitely detailed watercolour. He was the son of Frederick Christian Lewis , engraver and landscape-painter.Lewis lived in Spain between 1832 and 1834...

. Sinnock died in May 1947, before finishing the reverse design, which was completed by the new chief engraver, Gilroy Roberts
Gilroy Roberts
Gilroy Roberts was a sculptor, gemstone carver, and the ninth Chief Engraver of the United States Mint between 1948 and 1964. He designed the obverse of the United States Kennedy half dollar, which was first issued in 1964. After he retired from the U.S...

. Similar to Sinnock's work for the Roosevelt dime, the portrait is designed along simple lines, with Franklin depicted wearing a period suit. The small eagle on the reverse was added as an afterthought, when Mint officials realized that the Coinage Act of 1873 required one to be displayed on all coins of greater value than the dime.

The Mint sought comments on the designs from the Commission of Fine Arts, which was provided with a lead striking of the obverse and a view of the reverse; Taxay suggests they were shown a plaster model. On December 1, 1947, Commission chairman Gilmore Clarke wrote to Ross saying that they had no objection to the obverse, in which they recognized Sinnock's "good workmanship". As for the reverse,
The eagle shown on the model is so small as to be insignificant and hardly discernible when the model is reduced to the size of a coin. The Commission hesitate to approve the Liberty Bell as shown with the crack in the bell visible; to show this might lead to puns and to statements derogatory to United States coinage.

The Commission disapprove the designs.


Numismatist Paul Green later noted, "Over the years there would probably have been even more puns and derogatory statements if there had been an attempt to depict the bell without a crack." The Commission suggested a design competition under its auspices. Its recommendations, which were only advisory, were rejected by the Treasury Department and the coin was approved by Treasury Secretary John W. Snyder
John W. Snyder
John Wesley Snyder was an American businessman and Cabinet Secretary.-Biography:Born in Jonesboro, Arkansas, he studied at Vanderbilt University's engineering school for one year before joining in the Army during World War I.Snyder came to Washington in the early 1930s with a broad background in...

, which Taxay ascribes to an unwillingness to dishonor Sinnock.

Release and production

On January 7, 1948, the Treasury issued a press release announcing the new half dollar. The Commission's disapproval went unreported; instead the release noted that the design had been Ross's idea and had received Secretary Snyder's "enthusiastic approval". The release noted Franklin's reputation for thrift, and expressed hope that the half dollar would serve as a reminder that spare cash should be used to purchase savings bonds and savings stamp
Savings stamp
A Savings Stamp is a stamp issued by a government or other body to enable small amounts of money to be saved over time to accumulate a larger capital sum. The funds accumulated may then be used to make a larger purchase such as taking out a savings bond or to pay a large upcoming bill...

s. Franklin became the fifth person and first non-president to be honored by the issuance of a regular-issue US coin, after Lincoln, Roosevelt, George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...

 and Thomas Jefferson
Thomas Jefferson
Thomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...

.

In a speech given when she unveiled the design in January 1948, Ross indicated that she had been urged to put Franklin on the cent because of his association with the adage "a penny saved is a penny earned" (in Franklin's original, "A penny saved is twopence dear".) Ross stated, "You will agree, I believe, that the fifty-cent piece, being larger and of silver, lends itself much better to the production of an impressive effect." On April 29, 1948, the day before the coin's public release, Ross held a dinner party for 200 at the Franklin Institute
Franklin Institute
The Franklin Institute is a museum in Philadelphia, Pennsylvania, and one of the oldest centers of science education and development in the United States, dating to 1824. The Institute also houses the Benjamin Franklin National Memorial.-History:On February 5, 1824, Samuel Vaughn Merrick and...

 in Philadelphia; each guest received a Franklin half dollar in a card signed by Ross.

The new half dollars first went on sale at noon on April 30, 1948, the anniversary of George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...

's 1789 inauguration as President
First inauguration of George Washington
The first inauguration of George Washington as the first President of the United States took place on April 30, 1789.The inauguration marked the commencement of the first four-year term of George Washington as President and John Adams as Vice President...

. They were sold from a booth on the steps of the Sub-Treasury Building in New York, by employees of the Franklin Savings Bank dressed in Revolutionary-era garb.
The Roosevelt dime had been designed by Sinnock, and had provoked complaints by citizens viewing Sinnock's initials "JS" on the coin as those of Joseph Stalin
Joseph Stalin
Joseph Vissarionovich Stalin was the Premier of the Soviet Union from 6 May 1941 to 5 March 1953. He was among the Bolshevik revolutionaries who brought about the October Revolution and had held the position of first General Secretary of the Communist Party of the Soviet Union's Central Committee...

, placed there by some Kremlin
Kremlin
A kremlin , same root as in kremen is a major fortified central complex found in historic Russian cities. This word is often used to refer to the best-known one, the Moscow Kremlin, or metonymically to the government that is based there...

 infiltrator within the Mint. Even though Sinnock's initials (placed on the cutoff of Franklin's bust) were expressed "JRS", the Mint still received similar complaints, to which they responded with what numismatic historian Walter Breen termed "outraged official denials". According to The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

, "People wrote in demanding to know how the Bureau of the Mint had discovered that Joe Stalin had a middle name." Another rumor was that the small "o" in "of" was an error, and that the coins would be recalled. This claim died more quickly than the Stalin rumor.

After the assassination of John F. Kennedy
Assassination of John F. Kennedy
John Fitzgerald Kennedy, the thirty-fifth President of the United States, was assassinated at 12:30 p.m. Central Standard Time on Friday, November 22, 1963, in Dealey Plaza, Dallas, Texas...

 on November 22, 1963, Congress and the Mint moved with great speed to authorize and produce a half dollar in tribute to him. With the authorization of the Kennedy half dollar
Kennedy half dollar
Within hours of the assassination of John F. Kennedy on November 22, 1963, Mint Director Eva Adams called Chief Engraver Gilroy Roberts, informing him that serious consideration was being given to depicting Kennedy on one of the larger silver coins: either the silver dollar, half dollar, or...

 on December 30, 1963, the Franklin half dollar series came to an end. Breen reports rumors of 1964 Franklin half dollars, produced possibly as trial strikes to test 1964-dated dies, but none has ever come to light. A total of 465,814,455 Franklin half dollars were struck for circulation; in addition, 15,886,955 were struck in proof.

Collecting

The Franklin half dollar was struck in relatively small numbers in its first years, as there was limited demand due to a glut of Walking Liberty halves. No half dollars were struck at Denver in 1955 and 1956 due to a lack of demand for additional pieces. The San Francisco Mint closed in 1955; it did not reopen until 1965. In 1957, with improved economic conditions, demand for the pieces began to rise. They were struck in much greater numbers beginning in 1962, which saw the start of the greatly increased demand for coins which would culminate in the great coin shortage of 1964. No Franklin half dollar is rare today, as even low-mintage dates were widely saved. Proof coins were struck at the Philadelphia Mint from 1950. "Cameo proofs", with frosted surfaces and mirror-like fields, were struck in small numbers and carry a premium. Just under 498 million Franklin half dollars, including proofs, were struck.
There are only 35 different dates and mintmarks in the series, making it a relatively inexpensive collecting project. A widely-known variety is the 1955 "Bugs Bunny" half. This variety was caused by a die clash between an obverse die and a reverse die. The impact of the eagle's wings on the other die caused a marking outside of Franklin's mouth which according to some resembles buck teeth. The quality of half dollars struck by the Mint decreased in the late 1950s, caused by deterioration of the master die from which working dies were made for coinage.

In an initial attempt to improve the quality of the pieces, the Mint made slight modifications to the designs, though both the old (Type I) and new (Type II) were struck in 1958 and 1959. One obvious difference between the types is the number of long tail feathers on the eagle—Type I half dollars have four tail feathers, Type II only three. Approximately 20% of the 1958 Philadelphia coinage is Type II, struck from dies which were first used to strike the 1958 proofs. About 70% of the 1959 half dollars struck at Philadelphia are Type II; all 1958-D and 1959-D half dollars are Type I. The Mint recut the master die before beginning the 1960 coinage, improving quality.

An especially well-struck Franklin half dollar is said to have full bell lines. To qualify, the seven parallel lines making up the bottom of the bell must be fully visible, and the three wisps of hair to the right of Franklin's ear on the obverse must also fully show, and not blend together. Many Franklins have been damaged by "roll friction": the tendency of pieces in a loose coin roll to rub together repeatedly, causing steel-gray abrasions, usually on Franklin's cheek and on the center of the Liberty Bell.

By mintages, the key dates in this series are the 1948, 1949-S, 1953 and 1955. Franklin half dollars have been extensively melted for their silver, and many dates are rarer than the mintage figures indicate. For example, although more than nine million 1962 halves were struck for circulation, and an additional three million in proof, the coin was more valuable as bullion than in any condition during when silver prices reached record levels in 1979–1980. Today, the 1962 half in MS
Mint state
Mint State refers to a grade used in numismatics. It is given to a coin which was not used in circulation, and thus can be described "as new"....

-65 condition sells for about $145, second only to the 1953-S in price in that grade.

Mintage figures

Year Philadelphia Mint
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...

Denver Mint
Denver Mint
The Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark...

San Francisco Mint
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...

1948 3,006,814 4,028,500  
1949 5,614,000 4,120,500 3,744,000
1950 7,793,509 (51,386) 8,031,600  
1951 16,859,602 (57,500) 9,475,200 13,696,000
1952 21,274,073 (81,980) 25,395,600 5,526,000
1953 2,796,820 (128,800) 20,900,400 4,148,000
1954 13,421,502 (233,300) 25,445,580 4,993,400
1955 2,876,381 (378,200)    
1956 4,701,384 (669,384)    
1957 6,361,952 (1,247,952) 19,966,850  
1958 4,917,652 (875,652) 23,962,412  
1959 7,349,291 (1,149,291) 13,053,750  
1960 7,715,602 (1,691,602) 18,215,812  
1961 11,318,244 (3,028,244) 20,276,442  
1962 12,932,019 (3,218,019) 35,473,281  
1963 25,239,645 (3,075,645) 67,069,292  

Note: Numbers in parentheses represent coins which were distributed in proof sets, which are also included in the totals.

External links

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