Franklin Half Dollars 1948-1963 Coin Guide
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Franklin Half Dollars 1948-1963
In 1948, World War II had given way to an uneasy peace-a "Cold
War," as presidential adviser Bernard Baruch so aptly named the new
climate of international tension. The year also witnessed the death of
baseball legend Babe Ruth, the birth of the State of Israel and, with his
presidential election upset of Thomas E. Dewey, a new lease on life in the
White House for Harry S Truman.
In 1948, an important change took place in United States coinage as
well, when the Franklin half dollar made its debut. Its introduction
completed the conversion of U.S. coin designs from allegorical figures to
portraits of famous Americans. It also rang down the curtain on an era
that many regard as the golden age of U. S. coinage art. The Walking
Liberty half dollar, last struck in 1947, was the final precious-metal
coin remaining in production from the early 20th-century period that
spawned the "Mercury" dime, Standing Liberty quarter and Saint-Gaudens
double eagle.
Mint Director Nellie Tayloe Ross had contemplated a coin honoring
Benjamin Franklin ever since seeing a U.S. Mint medal prepared in
Franklin's honor in 1933 by John R. Sinnock, the Mint's chief
sculptor-engraver. Evidence suggests that Ross might have made the change
in the early 1940s, when the half dollar's design, used for the statutory
minimum of 25 years, became eligible for replacement. Although escalating
production demands occasioned by World War II postponed Ross' plans, she
showed her enthusiasm for the project by directing Sinnock to design a
Franklin coin on a contingency basis. It would be hard to fault Director
Ross for her choice of Ben Franklin as a U.S. coinage subject. Of all the
Founding Fathers, Franklin very likely enjoyed the greatest stature among
his contemporaries, not only in this country but also abroad. He was
justly renowned as a printer, publisher, author, inventor, scientist and
diplomat, and he played a pivotal role in helping the colonies gain their
independence by securing vital aid from France.
In a speech at the unveiling of the Franklin half dollar, Ross recalled
that people had urged her to place Franklin's portrait on the cent because
he was identified so closely with the maxim "A penny saved is
twopence clear" (often misquoted as "A penny saved is a penny
earned"). Ross explained her choice of the half dollar: "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," she declared.
Sinnock's portrait of Franklin, modeled after a bust by 18th-century
sculptor Jean-Antoine Houdon, is bold and clean, contrasting sharply with
the subtle, detailed depiction of Miss Liberty on the Walking Liberty coin
it replaced. LIBERTY is inscribed above the right-facing portrait, IN GOD
WE TRUST below and the date to Franklin's right. Tucked below Franklin's
shoulder are Sinnock's initials, JRS.
The Liberty Bell on the reverse made sense as a complement to Franklin,
since both have become closely identified not only with the nation's birth
but also with the city of Philadelphia. Three inscriptions are arranged
around the bell in the same sans serif style used on the obverse: UNITED
STATES OF AMERICA is above, HALF DOLLAR below and E PLURIBUS UNUM, in much
smaller letters, to the left. To the right of the bell is a puny-looking
eagle. This had been required by law on the half dollar since 1792 and was
reaffirmed by the Coinage Act of 1873, which mandated the placement of an
eagle on every U.S. silver coin larger than the dime. The eagle was added
by Gilroy Roberts, who completed work on the coin following Sinnock's
death in 1947.
Understandably, the federal Commission of Fine Arts (an advisory body)
took issue with the eagle's size. Oddly enough, they also disapproved of
displaying the crack in the Liberty Bell, arguing that "to show this
might lead to puns and to statements derogatory to United States
coinage." Although the Commission recommended a design competition,
the Treasury Department approved Sinnock's models without change.
Years later, Sinnock was accused of modeling his version of the Liberty
Bell, without proper credit, on a sketch by artist John Frederick Lewis.
The pilfering first occurred in 1926, when Sinnock apparently used the
sketch in fashioning his design for the commemorative half dollar marking
the sesquicentennial of U.S. independence. His Franklin half dollar
reverse design was patterned, in turn, on that earlier work. Numismatic
reference books now credit Lewis belatedly for his role.
Although Franklin half dollar mintages were modest by modern-day
standards, the series contains no issues that are particularly rare. The
production low point came in 1953, when the Philadelphia Mint struck just
under 2.8 million examples; the peak occurred in 1963, when the Denver
Mint made just over 67 million. Franklin halves also were minted in San
Francisco. On branch-mint issues, the D or S mintmark appears above the
bell on the reverse. Total mintage for the series, including proofs, was
almost 498 million coins.
Because they are so plentiful, in circulated condition most Franklin
halves bring little or no premium above their bullion value. A number of
dates are elusive, however, in the higher mint-state grades, especially
with fully defined "bell lines" near the Liberty Bell's bottom.
Although the relatively low mintage 1949-D and 1950-D issues are
considered "key" dates in the series, some coins with higher
mintages, while common in lower grades, also command impressive premiums
in Mint State-65 and above. These coins routinely came with weak strikes,
and the scarcity of "gems" is compounded by the fact that few
were carefully saved. Dates in this category include 1960-D, 1961-P and D
and 1962-P and D. Proofs were issued every year from 1950 through 1963 as
part of annual proof sets: over 15.8 million were made. Small numbers of
proofs were struck with cameo contrast, an attractive frosted surface on
the devices contrasted with a polished mirror-like appearance in the
fields. These cameo coins can bring substantial premiums over the prices
of ordinary proofs without such contrast.
A full set of Franklin halves consists of 35 different business strikes
and 14 different proofs. Because it is so compact and easily affordable in
less-than-pristine grades, the series is widely collected by date and
mint. Those with deeper pockets who love a challenge seek to assemble
date-and-mint sets in MS-65 and above or collections of high-grade proof
Franklins with deep cameo contrast. Points on the design to first show
wear are Franklin's cheek, shoulder and hair behind the ear and the
lettering and lines on the Liberty Bell.
Franklin half dollars were made for just 16 years. The series was cut
short at the end of 1963, when John F. Kennedy's shocking assassination
led to the creation of a new half dollar memorializing the martyred
president.
SPECIFICATIONS:
Diameter: 30.6 millimeters Weight: 12.50 grams composition: .900
silver, .100 copper Edge: Reeded Net weight: .36169 ounce pure silver
BIBLOGRAPHY: Breen, Walter, Walter Breen's Complete
Encyclopedia of U.S. and Colonial Coins, F.C.I. Press/Doubleday, New York,
1988. Ehrmantraut, Jack, Jr., An Analysis of Gem Franklin Half Dollars,
Five Seasons Publishers, Hiawatha, IA, 1983. Taxay, Don, The U.S. Mint and
Coinage, Arco Publishing Co., New York, 1966. Tomaska, Rick, The Complete
Guide to Franklin Half Dollars, DLRC Press, Virginia Beach, VA, 1997.
Vermeule, Cornelius, Numismatic Art in America, The Belknap Press of
Harvard University Press, Cambridge, MA, 1971. Yeoman, R.S., A Guide Book
of United States Coins, 47th Edition, Western Publishing Co., Racine, WI,
1993.
Coin Information Provided Courtesy NGC.
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