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

1918 Half Dollar value ranges from $0.50 face value to $340,750. That record was a Grade 66 1918-D example sold through Legend Rare Coin Auctions in April 2021. To find out what yours is worth, upload a photo of your coin below for a quick value range. You can also scroll down to browse recent eBay sales and see what collectors are paying right now.

 

1918 Half Dollar Value By Variety

Here’s what 1918 Walking Liberty Half Dollars are bringing across all three mint marks and grade levels.

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

 

Top 10 Most Valuable 1918 Half Dollar Worth Money

The coin sitting at the top of this list is a 1918-D graded MS66+ by PCGS. Legend Rare Coin Auctions sold it for $340,750 in April 2021. It’s the sole finest known for the date. Only a tiny handful of 1918-D examples have ever graded MS66 or better at PCGS and NGC combined, so this coin was essentially a once-in-a-generation opportunity.

The price jumps between grades are wild. For the Denver issue, the gap between $48,000 and $340,750 comes down to a single point on the Sheldon scale. The Philadelphia coin in MS66+ brought $45,600 at Heritage Auctions in January 2022, with PCGS showing just 23 examples at MS66 or higher across both services — and some of those are probably resubmissions. The 1918-S hits $64,000 in MS66 because San Francisco’s notoriously mushy strikes make a sharp Gem almost impossible to find. PCGS CoinFacts confirms that the 1918-D, 1918-S, and several other early Walking Liberty dates rank among the eight rarest in Gem condition across the entire 66-coin series, with fewer than 29 coins combined at PCGS in MS65 or better.

 

History of the 1918 Half Dollar

The 1918 Walking Liberty Half Dollar was struck during the last year of World War I. Wartime inflation was brutal. According to Coin World, the U.S. inflation rate hit 17.8% in 1918 — a 20th-century record. That kind of price pressure meant these coins went straight into commerce the moment they left the press.

The design traces back to 1915, when new Mint Director Robert W. Woolley decided Charles E. Barber’s half dollar — running since 1892 — had run its course. The Commission of Fine Arts held a competition among outside sculptors and picked Adolph A. Weinman to design both the dime and half dollar. Treasury Secretary William G. McAdoo approved Weinman’s Walking Liberty design on July 26, 1915, and production started in 1916. Art historian Cornelius Vermeule later called it one of the greatest coins of the United States — if not the world. Since 1986, a modified version of Weinman’s obverse has appeared on the American Silver Eagle.

The design looked stunning but was a nightmare to strike. The highest-relief areas on the obverse — Liberty’s head, torso, and left leg — sit directly opposite the high-relief eagle breast and feathers on the reverse. San Francisco had the worst time with it. In 1918, Chief Engraver George T. Morgan tried to fix things by incising extra detail around Liberty’s neck. According to Walter Breen’s Walter Breen’s Encyclopedia of U.S. Coins, “The attempt was a failure.” Morgan’s successor John R. Sinnock tried again in 1937 and 1938 with limited success. Some historians think these persistent striking headaches helped push the series into retirement when the Franklin Half Dollar took over in 1948.

Here’s a fun detail: Philadelphia struck 6,634,000 pieces, Denver produced 3,853,040, and San Francisco turned out 10,282,000. Denver’s low mintage makes the 1918-D the key date among 1918 issues. But the San Francisco coin — despite having the biggest production run — became one of the series’ greatest condition rarities thanks to those weak strikes.

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

 

Is Your 1918 Half Dollar Rare?

Mintage numbers alone won’t tell you the real story here. The 1918 Philadelphia issue is actually rarer in Gem (MS65) condition than the 1916 and 1917 Philly coins, even though production numbers were similar. That surprises a lot of collectors. The 1918-S is even more counterintuitive — it had the highest mintage of the three, yet PCGS CoinFacts calls it “one of the rarest Walkers of all in Gem MS65 or better condition.” Only the 1919-D, 1921-S, and 1918-D beat it for Gem rarity. Weak strikes and decades of hard circulation did the damage.

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

 

Key Features of the 1918 Half Dollar

The 1918 Walking Liberty Half Dollar was the third year of Adolph Alexander Weinman’s design, which ran from 1916 to 1947. Every coin in the series is 90% silver and 10% copper.

The Obverse of the 1918 Half Dollar

Look at the front of your coin. Lady Liberty strides toward the rising sun, her right arm reaching forward in a welcoming gesture. Her left arm holds branches of laurel and oak — symbols of civil and military glory. The American flag flows behind her, worked into the fabric of her gown.

“LIBERTY” arcs along the upper rim. “IN GOD WE TRUST” sits in the right field near her outstretched hand. The date “1918” appears at the bottom center.

The Reverse of the 1918 Half Dollar

Flip it over. A bald eagle perches on a rocky mountain crag with wings spread wide. A mountain pine branch grows from the rock beneath the eagle’s talons — a symbol of strength and endurance.

“UNITED STATES OF AMERICA” curves along the top rim, “HALF DOLLAR” runs along the bottom. “E PLURIBUS UNUM” sits to the left of the eagle. Look beneath the eagle’s tail feathers for Weinman’s initials “AW.” Mint marks (“D” for Denver or “S” for San Francisco) appear just below the pine branch. Philadelphia 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. That 90/10 silver-copper alloy gives you 11.25 grams (0.3617 troy ounces) of pure silver, so every coin has a meaningful melt value floor on top of any collector premium.

The edge is reeded (ridged), standard for half dollars of the era. Thickness is 1.8 mm. These specs 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

San Francisco cranked out the most coins at 10,282,000. Philadelphia made 6,634,000. Denver came in last at 3,853,040. All three mints were running hard to keep up with wartime demand for circulating silver.

But here’s where it gets interesting. Despite having the biggest mintage, the 1918-S shows the lowest survival rate — just 1.46%, or roughly 150,000 coins. PCGS CoinFacts notes it “obviously wasn’t saved in any quantity at the time of issue.” People were still pulling these out of pocket change in the early 1960s. That’s four decades of wear.

Philadelphia and Denver survivors come in around 4.5% survival, with about 300,000 and 175,000 coins remaining. But the 1918-D started with such a small mintage that high-grade pieces are almost nonexistent — PCGS and NGC combined show only about 24–29 examples in MS65 or better. To put that in perspective, you could fit every known Gem 1918-D into a single coin album page with room to spare.

Also Read: What Half Dollars Are Worth Money?

 

The Easy Way to Know Your 1918 Half Dollar Value

Start with three things: the mint mark (or lack of one), how much wear Liberty’s details and the eagle’s breast feathers show, and whether the strike is sharp or soft. Mint marks sit on the reverse, just below the pine branch, at the 8 o’clock position.

Small condition differences create huge price swings on this coin. Something that looks “nice” to the naked eye might grade VF-20 and bring $50–$100. A truly uncirculated MS65 example could be worth $5,000–$25,000 or more depending on mint mark and strike. Professional grading by PCGS or NGC is a must for anything that looks uncirculated.

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

 

1918 Half Dollar Value Guides

The 1918 Walking Liberty Half Dollar comes in three varieties:

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

Philadelphia coins tend to be the best-struck of the three. The Denver issue is the key date — lowest mintage, extreme Gem rarity. The San Francisco coin is the series’ great paradox: highest production, but one of the toughest condition rarities you’ll find because of those weak strikes.

 

1918 No Mint Mark Half Dollar Value

Most collectors assume the Philadelphia coin is the “common” one. It’s not — at least not in higher grades. Philadelphia struck 6,634,000 pieces, but wartime circulation hammered the survival rate down to about 4.52%. Roughly 300,000 coins remain, and the vast majority are heavily worn pieces worth close to melt.

PCGS CoinFacts points out that the 1918 Philly is “surprisingly tough to locate in circulated grades” at the lower end of the scale. In Gem condition (MS65+), it’s actually rarer than the 1916 and 1917 Philadelphia issues. Only 23 examples have been reported at MS66 or better by PCGS and NGC combined as of November 2021. Heritage Auctions noted they’d handled an MS66 on just 18 prior occasions since their records began in 1993.

The auction record is $45,600, set at Heritage Auctions on January 14, 2022, for an MS66+ PCGS CAC-endorsed coin — the sole finest known. At sale time, PCGS showed 13 coins in MS66 and just 1 in MS66+, with none finer. For circulated pieces, expect around $90 in VF-20, roughly $155 in EF-40, and $15–$23 in G-4 depending on 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

$340,750 for a half dollar. That’s what the top 1918-D brought at Legend Rare Coin Auctions in April 2021 — an MS66+ and the sole finest known. If that doesn’t tell you this is a serious coin, nothing will.

Denver struck just 3,853,040 pieces, the lowest of any 1918 issue. Wartime commerce swallowed nearly every one. According to PCGS CoinFacts, only the 1919-D and 1921-S are rarer in Gem condition across the entire 66-coin series. The 1918-D belongs to a group of eight Walking Liberty dates with just 24–29 coins in MS65 or better at PCGS. At MS66, it gets extreme: Heritage Auctions confirmed that as of November 2017, only three PCGS-graded examples and two NGC-graded pieces existed, with none finer at either service.

About 175,000 coins survive across all grades (a 4.54% survival rate), but almost all are heavily worn. Unlike the 1918-S, strike quality isn’t the problem here. Denver coins are usually well struck. The issue is pure condition rarity — these coins circulated hard and almost nobody saved them.

Additional benchmark sales include $7,800 at Stack’s Bowers Galleries in August 2013 for a lower mint state example, and Heritage Auctions has sold MS65 specimens at $48,000.

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 below.

 

1918-S Half Dollar Value

Here’s a question worth asking: how does the coin with the highest mintage become one of the rarest in the series? The 1918-S answers that. San Francisco struck 10,282,000 pieces, yet in Gem condition it’s rarer than every other Walker except the 1919-D, 1921-S, and 1918-D.

The problem was mechanical. The highest-relief areas on the obverse — Liberty’s head, torso, and left leg — sit directly opposite the eagle’s breast feathers on the reverse. San Francisco couldn’t get both sides to strike up at the same time. PCGS CoinFacts confirms that “well struck examples are definitely very rare” for the 1918-S. On a weak strike, Liberty’s left hand and olive branch look flat or nearly gone, and the eagle’s breast feathers blur together. Only a tiny fraction of those 10.3 million coins came out sharp.

The coin circulated for decades. PCGS CoinFacts notes it was still turning up in pocket change through the late 1950s and early 1960s. That explains the 1.46% survival rate. In worn grades, values start around $23 in Good and climb to $130 in Extremely Fine — nothing shocking. The real action starts at Mint State, where the top auction price hit $64,000 for an MS66 specimen in 2016. I think the 1918-S is one of the best cherrypicking opportunities in the Walker series — if you find one with a sharp strike, you’ve got something special.

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

Here’s how collector activity looks for the 1918-S right now.

Also Read: Rare Half Dollar Coins to Look For

 

Rare 1918 Half Dollar Error List

The 1918 Walking Liberty series has several error types that specialists chase. Weinman’s high-relief design combined with wartime production pressure created plenty of opportunities for things to go wrong. Values depend on the error type, how dramatic it looks, and overall coin condition.

1. Weak Strikes

This is the big one for 1918 Walkers, especially San Francisco coins. Technically it’s a production flaw rather than a traditional mint error, but it has a massive impact on value.

The trouble spots are Liberty’s left hand, the olive branches, and the eagle’s central breast feathers — all sitting at the highest relief points on their respective sides. For the 1918-S, PCGS CoinFacts says flat out that “well struck examples are definitely very rare.” A sharply struck 1918-S commands a serious premium over a mushy one. If you’re looking at a 1918-S where every design element pops — fingers, leaves, feather groups — you’re holding something most collectors never see. The 1918-D doesn’t have this problem. Denver coins typically show good detail.

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

Doubled dies happen during die manufacturing when the hub hits the die at slightly different positions on successive impressions. You get letters, dates, or design elements that appear doubled, with both images fully raised from the surface. Under magnification, it’s a distinct 3D effect.

The most famous Walker doubled die is the 1946 DDR, which brought $9,400 for an MS66+ at Heritage Auctions. The 1918 issues don’t have a prominently attributed DDO or DDR in the major catalogs, but collectors still check “IN GOD WE TRUST,” the date, and “LIBERTY” with magnification. The key distinction: true doubled dies show both images fully raised. Common mechanical doubling looks flat and shelf-like. That flat stuff carries no premium. Get any suspected doubled die authenticated by PCGS or NGC before paying up.

3. Repunched Mint Mark (RPM)

Before 1989, mint marks were punched into working dies by hand. If the first punch came in weak or crooked, the mint worker would hit it again — sometimes at a slightly different angle. That gives you a doubled or offset “D” or “S” visible under magnification.

RPM errors on 1918 Walkers are known but not heavily catalogued. Most sell in the $75–$250 range for average circulated examples. Strong, dramatic repunchings in uncirculated grades can bring $400–$600 or more. To check yours, look at the mint mark below the pine branch at the 8 o’clock position. Use 5x to 10x magnification and look for shadowing, extra metal, or a secondary impression offset from the primary mark.

4. Off-Center Strikes

These happen when the planchet isn’t centered between the dies at the moment of striking. You get a shifted design and a crescent of blank metal. A 5–10% shift adds a modest bump. A 25–50% off-center example brings real money.

The date has to be visible — without it, you can’t attribute the coin to 1918, and value drops off a cliff. The best examples keep Liberty’s figure mostly intact with a clean, well-defined crescent of blank metal. For the Walker series broadly, wrong-planchet errors (like a half dollar design on a quarter planchet) are even rarer. Researcher Saul Teichman estimated only about 14 such examples exist across the entire series.

5. Clipped Planchets

Clipped planchets result from the blanking punch overlapping a previously punched hole in the metal strip, or from irregular feeding. You end up with a coin missing a chunk along the edge.

Curved clips are more desirable than straight clips — they’re more visually dramatic. Size matters too: clips affecting 10–15% of the diameter bring better premiums than small edge nicks. You want clean clip edges and sharp strike quality in the unaffected areas. Clips that cut through the date or Liberty’s figure actually hurt value. Multiple clips on one coin do turn up occasionally and can add a novelty premium, as long as enough design remains to confirm what you’re looking at.

 

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?

It’s a combination of factors stacking on top of each other. The 1918-D had the lowest mintage at 3,853,040 pieces. Heavy wartime circulation crushed survival rates — only 1.46% of 1918-S coins and roughly 4.5% of Philadelphia and Denver coins survive today.

San Francisco’s striking problems, documented by Walter Breen and confirmed by PCGS, make well-struck 1918-S examples among the rarest in the entire series at Gem level. 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 ranges from roughly $35 in Good (G-4) to $180 in Very Fine (VF-20), $360 in Extremely Fine (EF-40), and around $1,700 in MS60. The auction record is $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. Only the 1919-D and 1921-S are rarer at the Gem level.

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

It depends entirely on mint mark and condition. In Good grade, all three varieties start at approximately $15–$35. In Extremely Fine, prices range from $130 (1918-S) to $360 (1918-D). At the top end: 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+ hit $340,750 at Legend Rare Coin Auctions in April 2021. Get anything that looks uncirculated professionally graded before selling.

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

This is one of the best stories in the Walker series. San Francisco made 10,282,000 coins — more than Philly or Denver — but couldn’t strike Weinman’s design properly. The highest-relief points on each side sit directly opposite each other, so pressure that raised one side 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. On top of that, the coin circulated for decades — it was still showing up in pocket change in the early 1960s.

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 from a 90% silver, 10% copper alloy. At current silver spot prices around $83 per ounce, melt value runs approximately $30. Even beat-up coins in Poor condition are worth at least that. But anything showing real detail above Poor should be checked for collector premium — it can far exceed bullion value.

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

Morgan took over as Chief Engraver after Charles Barber died in 1917. He tried to fix the Walking Liberty’s chronic striking problems by incising additional detail around Liberty’s neck. The idea was to improve metal flow during striking, especially at San Francisco.

Walter Breen’s verdict in his encyclopedia: “The attempt was a failure.” Morgan’s successor John R. Sinnock tried more modifications in 1937 and 1938, also without much improvement. Some historians believe these persistent problems helped push the Mint toward replacing the 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?

Start with Liberty’s left hand and the olive branches on the obverse. On a weak strike, they’ll look flat, mushy, or nearly invisible. Then flip it over and check the eagle’s central breast feathers — on a weak strike, there’s little separation or definition.

A well-struck 1918-S shows clear finger detail on Liberty’s hand, distinct olive branch leaves, and fully separated feather groups on the eagle’s breast. PCGS describes well-struck examples as “definitely very rare,” so any 1918-S with strong detail in those areas deserves professional grading. You could be sitting on a serious premium coin.

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

Almost none. As of the most recent population data, only three PCGS-graded examples exist in MS66, with two additional NGC-graded pieces — and none finer at either service in MS66. At MS66+ (the finest known grade), a single PCGS-graded coin is known.

Heritage Auctions confirmed this 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+ for the 1918-D. That tells you everything about how extreme the condition rarity is at the top.

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

The 1918-D has shown strong long-term appreciation. Auction records climbed 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 similar appeal as a condition rarity — coins with above-average strikes in MS63 or better regularly beat published price guides at auction.

All three varieties benefit from their 90% silver composition, which provides a built-in melt value floor. We always recommend professional grading, PCGS or NGC authentication, and buying at fair market prices. Talk to 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?

Check the reverse (eagle side). The mint mark sits just below the pine branch growing from the rocky crag, at about the 8 o’clock position along the lower rim. Denver coins show a small “D,” San Francisco coins show an “S,” and Philadelphia coins have no mint mark.

One thing to note: from 1916 to early 1917, some Walking Liberty issues had the mint mark on the obverse. All 1918 coins use the reverse position. On heavily worn pieces, the mint mark can be tough to read — grab a 5x magnifying glass for a clear look.