The Kennedy Half Dollar has been a beloved coin for collectors and enthusiasts since it was first minted in 1964. With its connection to one of America’s most iconic presidents, John F. Kennedy, this coin has become a symbol of national pride and historical significance. While millions of Kennedy Half Dollars have been produced over the years, some are exceptionally rare and highly coveted by collectors. In this article, we will explore the fascinating history of the Kennedy Half Dollar and unveil one of the rarest varieties that every numismatist dreams of owning.
A Brief History of the Kennedy Half Dollar
The Kennedy Half Dollar was introduced in 1964, just months after the tragic assassination of President John F. Kennedy. The nation mourned the loss of a beloved leader, and Congress moved quickly to honor him by redesigning the half-dollar coin with his likeness. This decision replaced the Franklin Half Dollar, which had been in circulation since 1948.
Designed by U.S. Mint Chief Engraver Gilroy Roberts and Assistant Engraver Frank Gasparro, the Kennedy Half Dollar featured a profile of the president on the obverse and the presidential seal on the reverse. The initial minting in 1964 contained 90% silver, making these coins particularly valuable to collectors. However, due to rising silver prices and changes in U.S. monetary policy, the silver content was reduced to 40% in 1965 and eventually eliminated entirely in 1971.
Over the years, the Kennedy Half Dollar has seen many different varieties, mint marks, and special editions. However, only a select few stand out as true rarities. One of the rarest and most sought-after is the 1964 Special Mint Set (SMS) Kennedy Half Dollar.
The 1964 SMS Kennedy Half Dollar
In 1964, the U.S. Mint did not officially produce any Special Mint Sets. However, a small number of Kennedy Half Dollars were struck with a unique finish that distinguishes them from the regular proof and business-strike coins. These coins are known as the 1964 Special Mint Set (SMS) Kennedy Half Dollars, and they are among the rarest of all Kennedy Half Dollar varieties.
The origins of the 1964 SMS coins are somewhat mysterious. It is believed that they were produced as experimental pieces, possibly in preparation for the upcoming 1965 Special Mint Sets. Unlike regular proof coins, which are struck multiple times to achieve a sharp, mirror-like finish, SMS coins have a satin-like appearance with minimal reflectivity.
Only a handful of 1964 SMS Kennedy Half Dollars are known to exist, and they are characterized by their unique satin finish, strong strikes, and lack of contact marks. These coins were never intended for general circulation, and most were likely destroyed after production. However, a few survived and have since become some of the most prized coins in the Kennedy Half Dollar series.
What Makes the 1964 SMS Kennedy Half Dollar So Rare?
Several factors contribute to the rarity of the 1964 SMS Kennedy Half Dollar:
- Low Mintage: Only a very small number of these coins were produced, making them extremely scarce. Estimates suggest that fewer than 50 examples may exist today.
- Unique Finish: The satin-like finish of the 1964 SMS coins sets them apart from regular proof and business-strike coins. This finish is highly unusual and has not been replicated in other Kennedy Half Dollar varieties.
- Historical Significance: As one of the earliest and most experimental versions of the Kennedy Half Dollar, the 1964 SMS coin holds special significance for collectors interested in the history of U.S. coinage.
- Condition: The few surviving 1964 SMS Kennedy Half Dollars are typically found in exceptional condition, often graded at high levels by professional grading services. Their pristine condition adds to their desirability.
- Limited Knowledge: For many years, the existence of the 1964 SMS Kennedy Half Dollar was unknown to most collectors. It was only in the 1990s that the first examples came to light, and even today, they remain relatively obscure. This limited awareness adds an air of mystery and intrigue to these coins.
Value of the 1964 SMS Kennedy Half Dollar
Given its extreme rarity, it should come as no surprise that the 1964 SMS Kennedy Half Dollar commands a high price in the numismatic market. In recent years, these coins have sold for tens of thousands of dollars at auction. The exact value depends on the coin’s condition and the level of demand among collectors.
For example, a 1964 SMS Kennedy Half Dollar graded MS68 by the Professional Coin Grading Service (PCGS) sold for over $47,000 in 2019. Other examples have fetched similar prices, making this coin one of the most valuable Kennedy Half Dollars ever sold.
Collectors seeking to add a 1964 SMS Kennedy Half Dollar to their collection should be prepared to pay a premium for this rare piece of U.S. history. However, for those fortunate enough to acquire one, it represents a unique opportunity to own a coin that few others possess.
How to Identify a 1964 SMS Kennedy Half Dollar
Identifying a 1964 SMS Kennedy Half Dollar requires a keen eye and some knowledge of coin grading. Here are a few key characteristics to look for:
- Satin Finish: The most distinguishing feature of the 1964 SMS Kennedy Half Dollar is its satin-like finish. Unlike the mirror-like surface of proof coins or the duller finish of business strikes, SMS coins have a smooth, matte appearance.
- Strong Strike: SMS coins were struck with greater pressure than regular coins, resulting in sharp details, particularly in the hair, lettering, and the eagle on the reverse.
- Lack of Contact Marks: Because these coins were not intended for circulation, they typically lack the contact marks and wear that are common on circulated coins.
- Certification: Given the rarity and value of the 1964 SMS Kennedy Half Dollar, it’s important to have the coin authenticated and graded by a reputable grading service like PCGS or the Numismatic Guaranty Corporation (NGC).
Conclusion
The 1964 SMS Kennedy Half Dollar is a true gem in the world of numismatics. With its mysterious origins, unique finish, and extreme rarity, it stands as one of the most valuable and sought-after coins in the Kennedy Half Dollar series. For collectors and enthusiasts, the opportunity to own one of these coins is a once-in-a-lifetime experience, representing a tangible connection to a pivotal moment in American history.
Whether you’re a seasoned collector or just beginning your numismatic journey, the story of the 1964 SMS Kennedy Half Dollar serves as a reminder of the enduring appeal of rare coins and the fascinating history they embody.
FAQs
1. What makes the 1964 SMS Kennedy Half Dollar so rare?
The 1964 SMS Kennedy Half Dollar is rare due to its extremely low mintage, unique satin finish, and the fact that it was not intended for general circulation. Fewer than 50 examples are believed to exist today.
2. How can I identify a 1964 SMS Kennedy Half Dollar?
The 1964 SMS Kennedy Half Dollar has a distinctive satin-like finish, a strong strike with sharp details, and typically lacks contact marks. Certification from a grading service like PCGS or NGC can confirm its authenticity.
3. What is the value of a 1964 SMS Kennedy Half Dollar?
The value of a 1964 SMS Kennedy Half Dollar can range from tens of thousands of dollars depending on its condition. High-grade examples have sold for over $47,000 at auction.
4. Were there any other Special Mint Sets produced in 1964?
No, the U.S. Mint did not officially produce Special Mint Sets in 1964. The few 1964 SMS Kennedy Half Dollars that exist were likely experimental pieces.
5. Is the 1964 SMS Kennedy Half Dollar the rarest Kennedy Half Dollar?
Yes, the 1964 SMS Kennedy Half Dollar is considered one of the rarest Kennedy Half Dollars, with only a handful known to exist.
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