1918 Half Dollar Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1918 Half Dollar shows dramatically different values depending on which mint produced it and — more importantly — what condition it is in. Philadelphia issues average around $2,068 in Mint State condition, Denver specimens reach $9,430 in top grades, and San Francisco examples can command $15,021 or more in uncirculated condition.

Those numbers tell only part of the story. A single rare survivor in the highest grades can vault to $340,750 — exactly what happened at Legend Rare Coin Auctions in April 2021 for a gem-quality 1918-D.

 

1918 Half Dollar Value By Variety

The following chart shows current market values for 1918 Walking Liberty Half Dollars across different mint marks and grade conditions. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Kennedy Half Dollar Worth Money (1964 – Present)

 

Top 10 Most Valuable 1918 Half Dollar Worth Money

The auction results for 1918 Walking Liberty Half Dollars demonstrate the enormous premiums that pristine, well-struck survivors command. The 1918-D leads with $340,750 for an MS66+ specimen sold by Legend Rare Coin Auctions in April 2021, cementing its status as one of the most valuable Walking Liberty Half Dollars ever sold at public auction.

The dramatic price gap between grade levels is truly staggering — a single point on the 70-point Sheldon grading scale can mean the difference between $48,000 and $340,750 for the Denver issue. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) — the two most trusted grading services in numismatics — combined have reported only a small handful of examples in MS66 or better, with the MS66+ coin representing the sole finest known for the 1918-D.

Even the more available Philadelphia issue commands serious respect from collectors. Heritage Auctions sold an MS66+ Philadelphia example for $45,600 in January 2022, with PCGS noting a combined population of just 23 examples in MS66 or better across both services — and likely some duplication in that number. The 1918-S, despite its higher mintage, reaches $64,000 in MS66 because its notoriously weak San Francisco strikes make truly well-struck gems exceptionally scarce.

PCGS CoinFacts confirms that the 1918-D, 1918-S, and several other Walking Liberty issues from 1916–1923 are among the eight rarest dates in Gem condition across the entire 66-coin series, with populations of fewer than 29 coins combined at PCGS in MS65 or better.

 

History of the 1918 Half Dollar

The 1918 Walking Liberty Half Dollar represents a pivotal chapter in American coinage, struck during the final year of World War I when wartime inflation created enormous demand for circulating silver coinage. According to Coin World, the U.S. inflation rate hit a 20th-century record of 17.8% in 1918 — the highest since modern record-keeping began — which helps explain why so many of these coins entered heavy circulation the moment they left the mint.

The story of this coin begins in 1915, when new Mint Director Robert W. Woolley decided that Charles E. Barber’s half dollar design — in use since 1892 — needed to be replaced. He asked the Commission of Fine Arts to conduct a competition among outside sculptors, which ultimately selected Adolph A. Weinman, a well-known New York sculptor, to design both the dime and the half dollar.

Weinman’s Walking Liberty design was accepted by Treasury Secretary William G. McAdoo on July 26, 1915, and entered production in 1916. Art historian Cornelius Vermeule later called the Walking Liberty design one of the greatest coins of the United States — if not of the world. Since 1986, a modified version of Weinman’s obverse has appeared on the American Silver Eagle bullion coin.

Almost from the start, however, Weinman’s design presented serious striking challenges. Because the highest relief points on the obverse — Liberty’s head, torso, and left leg — sit directly opposite the high-relief areas on the reverse (the eagle’s breast and feathers), the coin was mechanically difficult to strike up fully. The San Francisco Mint experienced particularly severe problems producing sharp impressions throughout the series.

In 1918, Chief Engraver George T. Morgan — who had succeeded the legendary Charles Barber after Barber’s death in 1917 — attempted to improve striking quality by incising additional details around Liberty’s neck. According to numismatic author Walter Breen, whose Walter Breen’s Encyclopedia of U.S. Coins remains a standard reference, “The attempt was a failure.” Morgan’s successor, John R. Sinnock, tried additional modifications in 1937 and 1938, also with limited success. Some historians believe the persistent striking difficulties contributed to the decision to retire the design in favor of the Franklin Half Dollar beginning in 1948.

The coin was produced at three mints in 1918: Philadelphia struck 6,634,000 pieces (no mint mark), Denver produced 3,853,040 coins (D mint mark), and San Francisco struck 10,282,000 examples (S mint mark). The lower Denver mintage makes the 1918-D the key date among 1918 issues, while the San Francisco coin — despite its higher production numbers — became one of the series’ greatest condition rarities due to its typically poor strike quality.

Also Read: Top 35 Most Valuable Franklin Half Dollar Worth Money (1948 – 1963)

 

Is Your 1918 Half Dollar Rare?

Rarity for the 1918 Half Dollar is best understood through the lens of condition, not just mintage. PCGS CoinFacts notes that the 1918 Philadelphia issue is definitively rarer in Gem (MS65) condition than the 1916 and 1917 Philadelphia issues, despite having similar production numbers. Meanwhile, the 1918-S is described as “one of the rarest Walkers of all in Gem MS65 or better condition” — rarer in Gem than every Walking Liberty Half Dollar except the 1919-D, 1921-S, and 1918-D.

For collectors seeking to understand the complete rarity landscape of Walking Liberty Half Dollars, our Coin Value Checker App provides detailed rarity analysis for all dates in the series.

 

Key Features of the 1918 Half Dollar

The 1918 Walking Liberty Half Dollar represents the third year of Adolph Alexander Weinman’s acclaimed design, widely considered one of the most beautiful pieces in American coinage history. The design ran from 1916 to 1947 and was composed of 90% silver and 10% copper — the same composition used for all Walking Liberty Half Dollars throughout the series.

The Obverse of the 1918 Half Dollar

The 1918 Half Dollar obverse shows Lady Liberty walking toward the rising sun, a design inspired in part by Augustus Saint-Gaudens’ famous double eagle motif of 1907. Her right arm extends forward in a welcoming gesture while her left arm carries branches of laurel and oak — traditional symbols of civil and military glory.

The American flag flows behind her as draped fabric, incorporated directly into her gown. The word “LIBERTY” arcs along the upper rim, with “IN GOD WE TRUST” placed in the right field near Liberty’s outstretched right arm. The date “1918” sits at the bottom center of the coin.

The Reverse of the 1918 Half Dollar

The reverse depicts a bald eagle perched on a rocky mountain crag with wings spread in a powerful pose. A mountain pine branch — a symbol of strength and endurance — grows from the rock beneath the eagle’s talons.

“UNITED STATES OF AMERICA” curves along the top rim, while “HALF DOLLAR” appears at the bottom. The motto “E PLURIBUS UNUM” (meaning “Out of Many, One”) is positioned to the left of the eagle. Weinman’s initials “AW” are located beneath the eagle’s tail feathers, and mint marks (“D” for Denver or “S” for San Francisco) appear just below the pine branch — Philadelphia-minted coins carry no mint mark.

Other Features of the 1918 Half Dollar

The 1918 Walking Liberty Half Dollar measures 30.00 mm in diameter and weighs 12.50 grams. Its composition of 90% silver and 10% copper provides 11.25 grams (0.3617 troy ounces) of pure silver content, giving every coin a meaningful bullion floor value in addition to its numismatic premium.

The coin has a reeded (ridged) edge, standard for all half dollars of the era. It is 1.8 mm thick. These physical specifications are identical across all three 1918 mint varieties.

Also Read: Top 60+ Most Valuable Walking Liberty Half Dollar (1916-1947)

 

1918 Half Dollar Mintage & Survival Data

The mintage and survival statistics for 1918 Walking Liberty Half Dollars reveal patterns that explain current market values. San Francisco produced the most at 10,282,000 coins, Philadelphia contributed 6,634,000 pieces, and Denver had the lowest output at 3,853,040 coins. All three mints were operating near capacity to satisfy the enormous wartime demand for circulating coinage.

The survival rates tell a strikingly different story, however. Despite having the highest mintage, the 1918-S shows the lowest survival rate at just 1.46%, with approximately 150,000 coins estimated to remain. PCGS CoinFacts notes that the 1918-S “obviously wasn’t saved in any quantity at the time of issue” — and as recently as the early 1960s, the coin could still be found in pocket change, meaning it circulated for four decades.

The Philadelphia and Denver issues show survival rates of roughly 4.5%, with approximately 300,000 and 175,000 coins respectively surviving from their original mintages. Despite this slightly better survival rate, the 1918-D’s small starting mintage means that high-grade survivors are extraordinarily rare — PCGS and NGC combined show only about 24–29 examples in MS65 or better, similar to the rarest pre-1934 Walking Liberty issues.

It is also worth noting that the 1918-S coin was so commonly found in circulation through the mid-20th century that it was practically synonymous with the Walking Liberty series among casual collectors of that era. That widespread circulation is precisely what makes a sharply struck, uncirculated 1918-S so rare and valuable today.

Also Read: What Half Dollars Are Worth Money?

 

The Easy Way to Know Your 1918 Half Dollar Value

Determining your 1918 Half Dollar’s worth starts with checking three things: the mint mark (or lack of one), the degree of wear on Liberty’s details and the eagle’s breast feathers, and whether the strike is sharp or soft. Mint marks appear on the reverse, just below the pine branch, at the 8 o’clock position along the rim.

Even small differences in condition create enormous value differences for this coin. A coin that looks “nice” to the naked eye may grade VF-20 (Very Fine) and be worth $50–$100, while a truly uncirculated example in MS65 can be worth $5,000–$25,000 or more depending on mint mark and strike quality. Professional grading by PCGS or NGC is essential for any coin that appears uncirculated.

Get an accurate assessment instantly by using our Coin Value Checker App to check your coin’s grade and current market value.

 

1918 Half Dollar Value Guides

The 1918 Walking Liberty Half Dollar series comprises three distinct varieties based on mint of origin:

• 1918 No Mint Mark Half Dollar (Philadelphia Mint)
• 1918-D Half Dollar (Denver Mint)
• 1918-S Half Dollar (San Francisco Mint)

Each variety carries its own rarity profile and value range. The Philadelphia issue is generally the best-struck of the three. The Denver variety is the key date, with the lowest mintage and extreme rarity in Gem condition. The San Francisco issue, despite its high production numbers, is one of the series’ most dramatic condition rarities due to its typically weak strike — making well-preserved examples exceptionally difficult to find and enormously valuable when they do surface.

 

1918 No Mint Mark Half Dollar Value

The 1918 No Mint Mark Walking Liberty Half Dollar was struck at the Philadelphia Mint, which produced 6,634,000 pieces. Despite this substantial mintage, heavy wartime circulation has whittled the survival rate down to roughly 4.52%, leaving an estimated 300,000 coins in existence today across all grade levels. Most survivors are heavily worn circulated pieces worth primarily their silver melt value.

PCGS CoinFacts notes that the 1918 Philadelphia issue is “surprisingly tough to locate in circulated grades” at the lower end of the scale — lower-circulated examples are actually quite scarce, not just the high-grade ones. In Gem condition (MS65 or better), the 1918 is rarer than the 1916 and 1917 Philadelphia issues. PCGS and NGC combined reported only 23 examples in MS66 or better as of November 2021, and Heritage Auctions noted that since their auction records began in 1993, they had handled an MS66 example on only 18 prior occasions.

The coin’s auction record stands at $45,600, achieved at Heritage Auctions on January 14, 2022, for an MS66+ PCGS CAC-endorsed example — the sole finest known. At the time of that sale, the PCGS population stood at 13 coins in MS66 and just 1 coin in MS66+, with none graded finer. For circulated examples, a Very Fine (VF-20) coin brings around $90 and an Extremely Fine (EF-40) approximately $155, while a coin in Good condition (G-4) is worth roughly $15–$23 depending on current silver prices.

The following chart displays historical auction results for 1918 No Mint Mark Half Dollars across different grade levels.

Current market activity reflects collector interest in this Philadelphia-minted issue.

 

1918-D Half Dollar Value

The 1918-D Walking Liberty Half Dollar is one of the true condition stoppers in the entire Walking Liberty series. With only 3,853,040 pieces struck at the Denver Mint during the final year of World War I, it had the lowest mintage of any 1918 issue — and the demands of wartime commerce meant virtually every coin went directly into heavy circulation.

According to PCGS CoinFacts, only the 1919-D and 1921-S are rarer than the 1918-D in Gem (MS65) condition across the entire 66-coin series. A PCGS analysis of the full series found that the 1918-D belongs to a group of eight issues — including the 1917-D Reverse, 1917-S Obverse, 1917-S Reverse, 1918-S, 1920-D, 1921-D, and 1923-S — with populations of just 24–29 coins in MS65 or better. The MS66 level is even more extreme: a Heritage Auctions lot description confirmed that as of November 2017, only three PCGS-graded examples existed in MS66 and just two additional NGC-graded pieces, with none finer at either service.

The survival rate of approximately 4.54% leaves roughly 175,000 examples in all grades, but the vast majority are heavily worn. Notably, strike quality is generally not an issue for the 1918-D — unlike the 1918-S, Denver-minted examples are usually well struck. The challenge with this coin is simply condition rarity: it is a rare coin that circulated hard and was rarely saved.

The auction record of $340,750 was set on April 21, 2021, by Legend Rare Coin Auctions for an MS66+ PCGS example — the sole finest known. Additional benchmark sales include a Stack’s Bowers Galleries sale in August 2013 that realized $7,800 for a lower mint state example, and Heritage Auctions has sold MS66 specimens, including one at $48,000 in MS65.

Detailed auction records for 1918-D Half Dollars can be found in the comprehensive chart below.

Collector activity levels for this Denver-minted rarity are tracked in the following market analysis.

 

1918-S Half Dollar Value

The 1918-S Walking Liberty Half Dollar is one of the most fascinating paradoxes in American numismatics. It carries the highest mintage of any 1918 half dollar — 10,282,000 pieces — yet in Gem condition it is rarer than all other Walking Liberty Half Dollars except the 1919-D, 1921-S, and 1918-D. The culprit is the San Francisco Mint’s well-documented difficulty striking Weinman’s high-relief design.

Because the coin’s highest-relief areas on the obverse (Liberty’s head, torso, and left leg) directly oppose the highest-relief areas on the reverse (the eagle’s breast feathers), the San Francisco Mint consistently struggled to fully strike up both sides simultaneously. PCGS CoinFacts confirms that “well struck examples are definitely very rare” for the 1918-S specifically. When weakly struck, Liberty’s left hand and the olive branch she carries appear flat or nearly absent, and the eagle’s central breast feathers show little definition. Only a small fraction of the nearly 10.3 million coins struck were truly well struck — and virtually none of those were deliberately saved at the time.

As PCGS CoinFacts notes, the 1918-S was so commonly encountered in circulation through the late 1950s and early 1960s that it was practically considered a type coin for the series. That four-decade run in circulation explains the coin’s 1.46% survival rate and why finding a sharply struck uncirculated example is so difficult.

The top auction price for this issue stands at $64,000, realized in 2016 for an MS66 specimen. In lower circulated grades, values range from around $23 in Good condition to $130 in Extremely Fine, reflecting the coin’s relatively common status in worn condition. The dramatic value inflection point hits at the Mint State threshold, where the coin’s exceptional rarity becomes apparent.

Browse the complete pricing history for 1918-S Half Dollar sales in the chart that follows.

Market engagement patterns for the 1918-S demonstrate its appeal among collectors seeking condition rarities.

Also Read: Rare Half Dollar Coins to Look For

 

Rare 1918 Half Dollar Error List

The 1918 Walking Liberty Half Dollar series includes several error types that specialized collectors actively seek out. These minting anomalies resulted from the mechanical challenges of producing Weinman’s complex, high-relief design under wartime production pressures. Values depend on the type of error, how dramatically it presents, and the overall preservation of the coin.

1. Weak Strikes

Weak strikes are the most prevalent “error” type associated with 1918 Walking Liberty Half Dollars — and they are particularly acute on San Francisco issues. This is not technically a mint error in the traditional sense, but rather a known production flaw that results from insufficient die pressure failing to bring up all the design details fully.

The areas most commonly affected are Liberty’s left hand, the olive branches she carries, and the eagle’s central breast feathers — all of which sit at the highest points of relief on their respective sides. For the 1918-S specifically, PCGS CoinFacts explicitly states that “well struck examples are definitely very rare,” meaning a sharply struck 1918-S commands a significant premium over a typical weakly struck example. Collectors who identify a truly well-struck 1918-S — where all design elements are fully defined — are holding one of the series’ most prized specimens. Strike quality is not considered a problem for the 1918-D, which typically shows good detail.

2. Doubled Die Obverse (DDO) and Reverse (DDR)

A Doubled Die Obverse (DDO) or Doubled Die Reverse (DDR) error occurs during the die manufacturing process when the hub strikes the die at slightly different angles or positions on successive impressions. The result is a coin where letters, dates, or design elements appear doubled — with both images fully raised from the coin’s surface, creating a distinct three-dimensional effect under magnification.

For the Walking Liberty series generally, the 1946 DDR is the most celebrated doubled die variety, having sold for $9,400 for a Heritage Auctions MS66+ example. While the 1918 issues do not have a prominently attributed DDO or DDR variety in the major catalogues, collectors actively examine 1918 examples with magnification for doubling on “IN GOD WE TRUST,” the date numerals, and “LIBERTY.” True doubled dies show both primary and secondary images fully raised — not the flat, shelf-like effect of common mechanical doubling, which carries no premium. Authentication by PCGS or NGC is essential before paying any premium for a suspected doubled die.

3. Repunched Mint Mark (RPM)

A Repunched Mint Mark (RPM) error was created by the hand-punching method used to place mint marks onto working dies before 1989. When the initial punch produced a weak or misaligned impression, the mint worker would strike the die a second time — sometimes at a slightly different angle or position — creating a doubled or offset version of the “D” or “S” mint mark visible under magnification.

RPM errors on Walking Liberty Half Dollars from 1918 are known but not prominently catalogued in the major reference works. Most 1918 RPM examples sell in the $75–$250 range for average circulated specimens, with strong, dramatic repunchings in uncirculated grades commanding $400–$600 or more. The mint mark on the 1918 reverse is located below the pine branch at the 8 o’clock position — use 5x to 10x magnification to examine it for shadowing, extra metal, or a secondary impression that appears offset from the primary mark.

4. Off-Center Strikes

Off-center strikes occur when the coin blank (planchet) is not properly centered between the dies at the moment of striking, causing the design to appear shifted and leaving a crescent-shaped area of unstruck blank metal. The percentage of off-center displacement determines value — a 5–10% shift adds modest premiums, while dramatic 25–50% examples command substantially higher prices.

The most valuable off-center 1918 Half Dollar examples retain full visibility of the date, since without the date the coin cannot be attributed to a specific year. Collector interest peaks when Liberty’s figure remains largely intact despite the displacement, and when the unstruck area forms a clean, well-defined crescent. For the Walking Liberty series broadly, wrong-planchet errors (such as a half dollar design struck on a quarter planchet) are considered even rarer — numismatic researcher Saul Teichman estimated only about 14 such examples are known across the entire series.

5. Clipped Planchets

Clipped planchet errors result from improperly cut coin blanks, creating coins with a missing segment along the edge. This happens when the blanking punch overlaps a previously punched hole in the metal strip, or when the strip is fed irregularly into the cutting press.

Curved clips — caused by the circular cutting die overlapping another blank position — are more desirable than straight clips because of their dramatic visual impact. Clip size matters significantly: examples affecting 10–15% of the coin’s diameter command higher premiums than small edge clips. The most sought-after examples show clean, well-defined clip edges and retain sharp strike quality in the unaffected areas. Clips that cut through the date or Liberty’s figure reduce value substantially. Multiple clips on a single coin are occasionally found and may increase value for their novelty, provided enough of the design remains intact to confirm attribution.

 

Where to Sell Your 1918 Half Dollar?

Understanding your 1918 Half Dollar’s market value is just the beginning. Where should you turn when it’s time to sell these valuable pieces? I’ve compiled a comprehensive guide to the top selling platforms, complete with detailed overviews, key benefits, and potential drawbacks for each option.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1918 Half Dollar Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1918 Half Dollar

1. What makes a 1918 Walking Liberty Half Dollar rare?

Several overlapping factors make the 1918 Walking Liberty Half Dollar rare. The 1918-D has the lowest mintage at 3,853,040 pieces, while heavy World War I-era circulation reduced survival rates dramatically — only 1.46% of 1918-S coins and roughly 4.5% of Philadelphia and Denver coins survive today.

Striking problems at the San Francisco Mint, documented in Walter Breen’s Encyclopedia and confirmed by PCGS, make well-struck 1918-S examples among the rarest coins in the entire Walking Liberty series in Gem condition. PCGS and NGC together show fewer than 29 examples in MS65 or better for either the 1918-D or 1918-S, placing both among the eight most condition-rare dates in the full 66-coin series.

2. How much is a 1918 Walking Liberty Half Dollar with D mint mark worth?

The 1918-D Walking Liberty Half Dollar value ranges from roughly $35 in Good (G-4) condition to $180 in Very Fine (VF-20), $360 in Extremely Fine (EF-40), and around $1,700 in MS60. At the top of the scale, the auction record stands at $340,750 for an MS66+ specimen sold by Legend Rare Coin Auctions in April 2021. A Stack’s Bowers Galleries sale in August 2013 realized $7,800 for a lower mint state example. The 1918-D is considered one of the series’ leading key dates in Gem condition, with only the 1919-D and 1921-S rarer at that level.

3. How much is a 1918 Walking Liberty Half Dollar worth today?

Values depend heavily on mint mark and condition. In Good grade, all three 1918 varieties start at approximately $15–$35. In Extremely Fine, prices range from $130 (1918-S) to $360 (1918-D). In top mint state grades, the Philadelphia MS66+ sold for $45,600 at Heritage Auctions (January 2022), the 1918-S MS66 brought $64,000 in 2016, and the 1918-D MS66+ achieved the record $340,750 at Legend Rare Coin Auctions in April 2021. Any coin that appears uncirculated should be professionally graded before sale.

4. Why is the 1918-S Half Dollar so rare in high grades if it had the highest mintage?

The 1918-S paradox is one of the most interesting stories in the series. Despite producing 10,282,000 pieces — the highest mintage of any 1918 half dollar — the San Francisco Mint consistently failed to strike Weinman’s design up fully. Because the highest-relief points on the obverse and reverse directly oppose each other, striking pressure that properly raised one side often failed on the other.

PCGS CoinFacts confirms that the 1918-S is “one of the rarest Walkers of all in Gem MS65 or better condition,” rarer in Gem grade than every Walking Liberty except the 1919-D, 1921-S, and 1918-D. Additionally, the coin circulated for decades — it was still found in pocket change in the early 1960s — which further eliminated most survivors.

5. What is the silver content of a 1918 Half Dollar and what is it worth in silver?

Every 1918 Walking Liberty Half Dollar contains 0.3617 troy ounces (11.25 grams) of pure silver, produced from an alloy of 90% silver and 10% copper. At current silver spot prices around $83 per ounce, the melt value of each coin is approximately $30. Even heavily worn coins in Poor condition are typically worth at least their silver content, making them attractive to both coin collectors and silver investors. Note that any coin showing significant numismatic detail above Poor should be evaluated for collector premium, which can far exceed the bullion value.

6. What did Chief Engraver George T. Morgan do to the 1918 Half Dollar design?

In 1918, Chief Engraver George T. Morgan — who had taken over from Charles Barber after Barber’s death in 1917 — attempted to improve the Walking Liberty design’s striking quality by incising additional detail around Liberty’s neck. This modification was intended to address the long-standing problem of weak strikes that plagued the series, particularly at the San Francisco Mint.

According to numismatic historian Walter Breen, whose comprehensive encyclopedia remains the standard reference on U.S. coins, “The attempt was a failure.” Morgan’s successor, John R. Sinnock, made further modifications in 1937 and 1938, also with limited improvement. Some historians believe these persistent striking problems influenced the decision to replace the Walking Liberty design with the Franklin Half Dollar in 1948.

7. How do I tell the difference between a strong-strike and weak-strike 1918-S Half Dollar?

Examine Liberty’s left hand and the olive branches she carries on the obverse — on a weakly struck 1918-S, these elements will appear flat, mushy, or nearly absent. Then check the eagle’s central breast feathers on the reverse; on a weak strike they will show little separation or definition.

A well-struck 1918-S will have clearly defined finger detail on Liberty’s hand, distinct olive branch leaves, and fully separated feather groups on the eagle’s breast. Because well-struck examples are described by PCGS as “definitely very rare,” any 1918-S showing strong detail in these areas deserves professional grading — it could be worth a substantial premium over a typical weakly struck coin of the same visible grade.

8. How many 1918-D Half Dollars exist in MS66 or better?

As of the most recent available population data, only three PCGS-graded examples existed in MS66 for the 1918-D, with just two additional NGC-graded pieces in the same grade — and none finer at either service in MS66. At the MS66+ level (the finest known grade), only a single PCGS-graded example is known.

Heritage Auctions confirmed in a lot description that this census data matches PCGS expert David Hall’s assessment that MS66 coins for the 1918-D are “virtually impossible to locate as only a few exist.” Even the highest-rated Registry Set for Walking Liberty Half Dollars contains only an MS65+ example for the 1918-D, underscoring just how extreme the condition rarity is at the top of the scale.

9. Is the 1918 Half Dollar a good investment coin?

The 1918-D has demonstrated strong long-term value appreciation, with auction records climbing from $7,800 (Stack’s Bowers, August 2013) to $340,750 (Legend Rare Coin Auctions, April 2021) for top-grade examples. The 1918-S has similarly strong appeal as a condition rarity — coins with above-average strike quality in MS63 or better regularly outperform published price guides at auction.

All three 1918 varieties benefit from their 90% silver composition, which provides a built-in bullion floor. As with any numismatic investment, professional grading, authentication by PCGS or NGC, and purchase at fair market prices are essential. Potential buyers should consult a licensed dealer or financial advisor before making investment decisions based on coin values.

10. Where is the mint mark on the 1918 Half Dollar, and what does it look like?

On 1918 Walking Liberty Half Dollars, the mint mark is located on the reverse (eagle side) of the coin, positioned just below the pine branch that grows from the rocky crag, at approximately the 8 o’clock position along the lower rim. Denver-minted coins display a small “D” at this location, San Francisco coins show an “S,” and Philadelphia coins have no mint mark at all.

Note that from 1916 to early 1917, some Walking Liberty issues placed the mint mark on the obverse instead — but all 1918 issues use the reverse position. The mint mark is small and can be difficult to read on heavily worn coins; a magnifying glass at 5x is helpful for clear identification.