The 1964 and 1965 half dollars were minted during a transitional period for U.S. coinage. The rising price of silver forced the U.S. Mint to reduce the amount of silver in circulating coins. The 1964 coin was the last year the half dollar contained 90% silver, while the 1965 coin introduced a lower silver content of 40%.
Key Features of the 1964 and 1965 Half Dollars
| Feature | 1964 Half Dollar | 1965 Half Dollar |
|---|---|---|
| Design | John F. Kennedy | John F. Kennedy |
| Silver Content | 90% (0.3617 troy ounces) | 40% (0.1479 troy ounces) |
| Mintmark Locations | Below the bust of Kennedy | None in 1965 |
| Face Value | $0.50 | $0.50 |
| Weight | 12.5 grams | 11.5 grams |
| Diameter | 30.6 mm | 30.6 mm |
| Edge | Reeded | Reeded |
1964 Half Dollar: The Last 90% Silver Coin
The 1964 Kennedy half dollar was introduced to honor President John F. Kennedy after his assassination in 1963. It was composed of 90% silver and 10% copper. This coin became highly popular, with millions of collectors and everyday people hoarding them due to their silver content and the national sentiment surrounding Kennedy.
Silver Value in 1964
When minted, the average silver price was about $1.29 per troy ounce. With 0.3617 troy ounces of silver, the melt value of a 1964 half dollar was approximately $0.47. Over time, as silver prices rose, the coin’s intrinsic value greatly exceeded its face value.
1965 Half Dollar: Transition to 40% Silver
In 1965, the U.S. Mint reduced the silver content of the half dollar to 40% due to the rising cost of silver. This coin marked the beginning of “clad” coinage, which helped conserve silver for industrial and economic needs. The outer layers were a mix of 80% silver and 20% copper, while the core was primarily copper.
Silver Value in 1965
The average silver price in 1965 was slightly higher, around $1.32 per troy ounce. With 0.1479 troy ounces of silver, the melt value of a 1965 half dollar was approximately $0.20 at the time of minting.
Why Did Silver Content Decrease After 1964?
The decision to reduce silver in coins was driven by several factors:
- Rising Silver Prices: As silver became more expensive, it was no longer feasible to mint coins with high silver content.
- Hoarding by the Public: Many people hoarded 90% silver coins, creating a shortage of circulating currency.
- Industrial Demand for Silver: Industries required more silver for electronics and manufacturing.
- Legislative Changes: The Coinage Act of 1965 authorized the reduction of silver in coins and introduced clad coinage.
Comparing the Silver Value Then and Now
| Year | Silver Content | Silver Price (per Troy Ounce) | Melt Value (When Minted) | Melt Value (Today) |
|---|---|---|---|---|
| 1964 Half Dollar | 0.3617 Troy Ounces | $1.29 | $0.47 | ~$9.00 (at $25/oz) |
| 1965 Half Dollar | 0.1479 Troy Ounces | $1.32 | $0.20 | ~$3.70 (at $25/oz) |
Collecting 1964 and 1965 Half Dollars
1964 Half Dollar
- Rarity: While not rare, 1964 half dollars are highly sought after for their silver content.
- Graded Coins: Coins in mint state (MS65 or higher) are particularly valuable.
- Proof Coins: The U.S. Mint also produced proof versions with mirror-like finishes.
1965 Half Dollar
- Transitional Appeal: As the first 40% silver coin, it holds historical significance.
- High-Grade Value: Uncirculated and proof coins fetch higher premiums.
- Clad Coins: Collectors often seek these coins as part of a set to understand the transition in U.S. coinage.
Tips for Determining Value
- Check Condition: Coins in pristine condition or with original luster are worth more.
- Look for Errors: Rare minting errors, such as double-dies or off-center strikes, can increase a coin’s value significantly.
- Verify Silver Content: Use a scale and magnet test to confirm authenticity.
- Seek Professional Grading: A certified grading by agencies like NGC or PCGS adds credibility and value.
Where to Buy or Sell Silver Half Dollars
- Local Coin Shops: Many coin dealers purchase silver coins at competitive prices.
- Online Marketplaces: Platforms like eBay and Heritage Auctions offer access to buyers and sellers.
- Precious Metals Dealers: Companies specializing in silver and gold coins may offer higher prices based on silver content.
- Coin Shows: Great for networking with other collectors and finding rare coins.
Conclusion
The 1964 and 1965 half dollars represent an important period in U.S. history when silver coins transitioned to clad coinage. The 1964 half dollar, with its 90% silver composition, remains a favorite among collectors and investors. The 1965 half dollar, with its 40% silver, is equally fascinating for its historical significance. Whether you’re a numismatist or an investor, these coins are valuable both for their monetary worth and their rich history.
FAQ’s
1. How much silver is in a 1964 half dollar?
A 1964 half dollar contains 0.3617 troy ounces of silver.
2. What is the silver value of a 1965 half dollar today?
At a silver price of $25 per ounce, its value is approximately $3.70.
3. Are 1964 and 1965 half dollars rare?
While not rare, their silver content and historical significance make them popular among collectors.
4. How can I tell if my half dollar is 90% or 40% silver?
Check the mint year: 1964 coins are 90% silver, while 1965 coins are 40% silver.