The 1938 half dollar was struck during America’s precarious recovery from the Great Depression, as the nation weathered the sharp recession of 1937-38 that pushed unemployment back to 19%. With coin production remaining low during these uncertain times, the 1938 issues—especially the scarce Denver mint variety—have become prized by collectors.
These Walking Liberty half dollars range dramatically in value, from common Philadelphia mint coins worth around $27 in average condition to rare Denver examples commanding over $500 in uncirculated grades.
This guide examines 1938 half dollar values across all conditions and mint marks, plus the key factors that drive collector prices for these Depression-era coins.
1938 Half Dollar Value By Variety
The 1937 half dollar was minted at three facilities with vastly different production numbers, creating significant value differences between varieties.
1938 Half Dollar Value Chart
| TYPE | GOOD | FINE | AU | MS | PR |
|---|---|---|---|---|---|
| 1938 No Mint Mark Half Dollar Value | $17 | $32 | $64 | $2,411 | — |
| 1938 D Half Dollar Value | $59 | $137 | $377 | $3,337 | — |
| 1938 Proof Half Dollar Value | — | — | $290 | $4,588 | — |
| 1938 CAM Half Dollar Value | — | — | — | $13,241 | — |
Tip: Use our CoinValueChecker APP for real-time variety identification and current market values.
1938 Half Dollar Market Trend
Market Interest Trend Chart – 1938 Half Dollar
The market reached relative lows around 2015, followed by a crucial turning point during the 2019 pandemic period when prices surged dramatically, before gradually moderating to more sustainable levels in recent years.
This volatility pattern reflects how the numismatic market is heavily influenced by external economic forces—inflationary pressures, rising gold prices, and increased investor demand for tangible assets have all contributed to market expansion. The entry of Millennials and Gen Z collectors has particularly revitalized the industry, with 38% of US adults now having coin collecting experience, driving the market toward projected growth that could double within the next decade.
The global coin collecting market will continue to expand, so understanding these trends is crucial. The US Coin Market Trend Ranking (Top 100) provides detailed analysis of specific varieties and price movements, helping collectors navigate market dynamics and identify the most promising investment opportunities.
History of the 1938 Half Dollar
The 1938 Walking Liberty half dollar emerged from a revolutionary design competition initiated in 1915 by Mint Director Robert Woolley, who sought to replace the unpopular Barber coinage that had served since 1892. German immigrant sculptor Adolph Weinman won the contest with his iconic design of Liberty striding toward the sunrise, draped in the American flag and carrying olive branches symbolizing peace and prosperity.
Production in 1938 faced the series’ persistent technical challenges. Chief Engraver John R. Sinnock made final unsuccessful attempts to improve the striking difficulties that had plagued the complex design since 1916.
Struck in 90% silver at three mints, the 1938 half dollar featured refined details including enhanced hair definition and modified sun rays. Weinman’s artistic vision proved so enduring that it was revived for the American Silver Eagle series in 1986, ensuring the design’s legacy continues in modern American coinage.
Is your 1938 Half Dollar Rare?
1938 No Mint Mark Half Dollar
1938-D Half Dollar
1938 Proof Half Dollar
1938 CAM Half Dollar
Based on the rarity rankings shown in the chart, the 1938 Walking Liberty half dollar series demonstrates a clear hierarchy of scarcity that reflects both mintage figures and survival rates. The 1938-D leads with a “Very Rare” classification at rank 34, confirming its status as the key date with only 491,600 pieces minted at Denver.
Interestingly, the regular Philadelphia mint issue ranks 42nd despite its much higher mintage of over 9 million coins, indicating that rarity isn’t solely determined by production numbers but also by collector preservation patterns and market demand. The 1938 Proof and CAM (Cameo) variants occupy similar positions in the mid-40s range, reflecting their limited proof mintages but relatively stable survival in collector hands.
These rankings provide valuable context for understanding how numismatic rarity is calculated using multiple factors including mintage, survival estimates, and market availability. For collectors seeking comprehensive rarity data across the entire series, tools like the CoinValueChecker APP offer detailed rankings and comparative analysis.
The complete Walking Liberty Half Dollar Rarity Ranking (Top 100) reveals patterns that help explain why certain dates command premium prices while others remain accessible to beginning collectors.
Key Features of the 1938 Half Dollar
The 1938 Walking Liberty half dollar showcases refined artistic details that distinguish it from earlier years in the series. Understanding these distinctive characteristics helps collectors appreciate the coin’s numismatic significance and identify authentic specimens.
The Obverse of the 1938 Half Dollar
The obverse presents Weinman’s masterful interpretation of American idealism through Liberty’s graceful stride toward dawn. Her figure dominates the coin’s surface as she moves across rocky terrain, symbolizing the nation’s progress over challenging ground. The flowing drapery of the American flag wraps around her form, creating dynamic movement that captures the eye.
Liberty’s outstretched right arm reaches toward the rising sun, while her left arm cradles branches of oak and laurel—emblems of American strength and achievement. The Phrygian cap adorning her head reinforces themes of freedom. “LIBERTY” arcs along the upper border, with “1938” positioned beneath her advancing feet. “IN GOD WE TRUST” appears in the lower right field, completing the patriotic message.
The Reverse of the 1938 Half Dollar
The coin’s back features a majestic bald eagle perched on a mountain crag, wings spread in preparation for flight. This powerful image represents America’s strength and readiness to soar. A hardy pine sapling emerges from the rocky outcrop, symbolizing the nation’s ability to thrive in harsh conditions.
“UNITED STATES OF AMERICA” follows the upper rim’s curve, while “E PLURIBUS UNUM” appears to the eagle’s left. “HALF DOLLAR” is inscribed below. Weinman’s stylized initials “AW” are discretely placed under the eagle’s tail feathers.
Other Features of the 1938 Half Dollar
The 1938 half dollar maintains the series’ substantial feel with its 30.6mm diameter and 12.5-gram weight. Its reeded edge contains precisely 150 vertical ridges. The composition of 90% silver and 10% copper not only provides durability but also gives the coin its distinctive lustrous appearance and significant precious metal content.
1938 Half Dollar Mintage & Survival Data
1938 Half Dollar Mintage & Survival Chart
Survival Distribution
| Type | Mintage | Survival | Survival Rate |
|---|---|---|---|
| No Mint | 4,110,000 | 200,000 | 4.8662% |
| D | 491,600 | 30,000 | 6.1025% |
| Proof | 8,152 | 6,875 | 84.3351% |
| CAM | 8,152 | unknown | unknown |
As a later-year issue in the Walking Liberty series, this coin represents a relatively common date within the complete set, though its proof version demonstrates notable scarcity. Regular strikes (No Mint and D) are readily accessible due to substantial mintages exceeding 4 million pieces, while the proof version presents a compelling challenge with only 8,152 pieces struck.
The proof edition shows strong appreciation prospects, combining limited mintage with an impressive 84.33% survival rate, indicating sustained collector demand. Novice collectors should begin with circulated examples to appreciate the series’ artistic merit, while advanced numismatists should prioritize high-grade proof specimens for portfolio diversification.
For comprehensive rarity assessment across the entire Walking Liberty series, consult the Walking Liberty Half Dollar Survival Ranking (Top 100) to develop strategic collecting approaches based on scarcity metrics.
1938 Half Dollar Grading
1938 Half Dollar Grading requires careful attention to Liberty’s intricate details and the coin’s high-relief design elements. Key grading points include the gown lines across Liberty’s torso, hair definition above the ear, and the eagle’s breast feathers on the reverse. Mint State examples typically show full hand details and crisp drapery lines, while circulated specimens exhibit wear first on Liberty’s left breast, knee, and the eagle’s head.
The 1938’s relatively high mintage means AU and lower MS grades are accessible, but gem examples command significant premiums due to the series’ notorious striking inconsistencies.
Surface quality proves crucial for accurate assessment, as many 1938 halves suffered from die polish lines and weak strikes that can mimic circulation wear. Our CoinValueChecker APP provides real-time market valuations across all grade levels, helping collectors make informed purchasing decisions. Professional certification becomes essential for higher grades, where subtle differences dramatically impact value.
For comprehensive techniques in evaluating condition and authenticity across the entire series, refer to our detailed guide: How to Grade Walking Liberty Half Dollar.
1938 Half Dollar Value Guides
1938 Half Dollar Varieties:
- 1938 Walking Liberty Half Dollar (No Mint Mark) – Philadelphia Mint production
- 1938-D Walking Liberty Half Dollar – Denver Mint production with “D” mint mark
- 1938 Proof Walking Liberty Half Dollar – Special proof version made for collectors
- 1938 Proof CAM Walking Liberty Half Dollar – Cameo proof with frosted devices and mirror fields
The 1938 Walking Liberty Half Dollar series includes regular business strikes from Philadelphia and Denver, plus special proof versions. The proof coins feature exceptional quality with mirror-like surfaces, while CAM (Cameo) proofs display striking contrast between frosted devices and reflective fields, representing the pinnacle of 1938 half dollar collecting.
1938 No Mint Mark Half Dollar Value
The 1938 No Mint Mark Walking Liberty Half Dollar represents Philadelphia Mint’s precise craftsmanship with a total mintage of 4,118,152 coins. This year holds unique significance as San Francisco did not produce any half dollars in 1938, making Philadelphia and Denver the only two active mints. Philadelphia specimens consistently demonstrate superior strike quality compared to branch mint issues, with sharp detail rendering of Liberty’s skirt lines, hand, and head, plus well-defined eagle breast feathers.
Unlike the extremely scarce 1938-D with only 491,600 coins struck, the Philadelphia version represents a more accessible entry point for collectors while maintaining the series’ characteristic striking challenges. The absence of a mint mark positions this coin as the standard bearer for 1938 production, embodying the Philadelphia Mint’s role as the primary facility for U.S. coinage during this period when only two mints were operational for half dollar production.
1938 No Mint Mark Half Dollar Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
