1928 Half Dollar Value Checker: Errors List, “S” Worth

The 1928 Walking Liberty Half Dollar stands as one of the most fascinating single-mint issues in the entire Walking Liberty series — struck only at San Francisco, never at Philadelphia or Denver. Whether your coin is well-worn from Depression-era circulation or preserved in stunning mint state condition, understanding its true value requires knowing two things above all else: grade and strike quality.

Current market values span a dramatic range, from around $25 in heavily worn condition to a record-shattering $31,200 paid by Heritage Auctions in May 2025 for a gem-quality MS66 example. This guide gives you every tool you need to identify, grade, and confidently value your coin.

 

1928 Half Dollar Value By Variety

The following chart provides current market values for the 1928-S Half Dollar across different condition grades, helping collectors quickly assess their coin’s worth.

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 1928 Half Dollar Value: Auction Records and Price History

The Top 10 Most Valuable 1928 Half Dollar auction records reveal why this San Francisco issue commands tremendous respect among serious Walking Liberty collectors. These results span over a decade of competitive bidding at the nation’s most prestigious auction houses, including Heritage Auctions, Stack’s Bowers Galleries, and Legend Rare Coin Auctions.

The current auction record stands at $31,200, achieved on May 4, 2025 by Heritage Auctions for a PCGS MS66 specimen. This surpassed the previous benchmark of $28,800, set in January 2018 when Heritage Auctions sold the single PCGS MS66+ CAC example — from “The Ally Collection” — for that sum.

Named collections have produced some of the most memorable 1928-S sales. “The Steven L. Duckor Collection of Walking Liberty Half Dollars,” offered by Heritage Auctions on January 4, 2018, featured a PCGS MS65+ CAC that brought $20,400. Stack’s Bowers’ “George Gardner Collection” auction in November 2013 yielded $15,275 for an NGC MS66.

Even circulated examples in attractive condition command strong premiums, with one AU-grade example selling for $3,162 at a David Lawrence Rare Coin auction. The substantial jump between MS64 and MS65 — from roughly $6,500 to over $10,000 — reflects the genuine scarcity of well-preserved examples.

These auction results confirm that condition assessment is absolutely critical with the 1928-S, as each grade level represents a significant financial difference.

 

1928 Half Dollar Value History: The San Francisco Story

The 1928 Half Dollar emerged during the pinnacle of the Roaring Twenties — a period of economic exuberance that would end abruptly just one year later with the stock market crash of October 1929. This coin embodies the last year of that boundless optimism, making it a historically charged piece of American coinage.

Understanding why the 1928-S is such a challenging coin to find in quality condition requires understanding the broader history of the Walking Liberty series itself. When Mint Director Robert W. Woolley called for new designs in 1915, sculptor Adolph Alexander Weinman — a German-born immigrant who had studied under the legendary Augustus Saint-Gaudens and Daniel Chester French — submitted the winning proposals for both the half dollar and the dime.

The design competition was not without controversy, as Mint officials initially debated whether Chief Engraver Charles Barber should create new designs instead.

Weinman’s Liberty Walking design was immediately acclaimed for its artistic beauty, and art historian Cornelius Vermeule later counted it among the most beautiful coins ever struck in the United States. However, its very beauty created a persistent technical problem that would plague the series for three decades.

The high points of the obverse and reverse occupy the same areas on opposite sides of the planchet — meaning a strong strike on one face often came at the expense of the other. The Mint ordered its first redesign to address this issue in 1918, then ordered further modifications in the 1930s, but neither intervention fully resolved the problem.

Numismatist Roger Burdette, in his 2007 book Renaissance of American Coinage, noted that Weinman’s Liberty Walking design bore a notable resemblance to French sculptor Oscar Roty’s famous “The Sower” — a design common on French coins — and posited that Weinman derived significant inspiration from that work. The similarity in composition and movement helps explain why both designs, despite their artistic appeal, present similar striking challenges.

The Pittman Act of 1918 further complicated production, as the legislation required massive silver dollar output from the Mint to replace silver purchased from Britain during World War I. This shifted Mint resources and contributed to a decade of sporadic Walking Liberty Half Dollar production throughout the 1920s.

Throughout that era, the San Francisco Mint was responsible for striking nearly 60% of all Walking Liberty Half Dollars produced — and in 1928, it handled the entire year’s issuance alone.

The coins entered circulation at the tail end of prosperity. Within months, the stock market crashed and the Great Depression set in, ensuring that most of these half dollars were spent and heavily circulated rather than set aside by collectors.

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

 

Is Your 1928 Half Dollar Value Affected by Rarity?

The short answer is yes — dramatically so. The 1928-S is one of the most conditionally challenging issues in the entire Walking Liberty series, ranking rarer than the 1927-S but not quite as elusive as the famous 1923-S in gem condition.

PCGS CoinFacts notes that “strike can be a real problem with this issue” and that even a “decent strike is very rare” — a remarkable assessment that underscores why high-grade examples command such extraordinary prices.

Collectors can access detailed survival statistics and comparative analysis through the Coin Value Checker App to understand these rarity dynamics across the complete series.

 

1928 Half Dollar Value: Key Features and Design Details

The 1928-S Half Dollar features Adolph Weinman’s mature Walking Liberty design at what collectors consider its most challenging period for strike quality. These coins display characteristics that reflect both the genuine artistic excellence of the series and the specific production difficulties that make high-grade examples so scarce and valuable today.

One critical point for collectors: unlike other popular 20th-century series, the Walking Liberty Half Dollar has no official “Full Strike” designation from PCGS or NGC. Compare this to Full Steps (FS) for Jefferson Nickels, Full Bands (FB) for Mercury Dimes, or Full Bell Lines (FBL) for Franklin Half Dollars.

This means strike quality on Walking Libertys is assessed informally and reflected in the grade itself — but a coin’s visible strike sharpness can still command meaningful premiums beyond what its assigned grade might suggest.

A 2025 quantitative strike analysis published in the Greysheet by researcher Glenn A. Jones confirmed that even on the most “well-struck” Walking Liberty dates, only about 5% of certified MS65+ coins can be considered truly fully struck on both Liberty’s head and her outstretched hand. For the notoriously weak-struck 1928-S, that percentage is thought to be far lower.

The Obverse of the 1928 Half Dollar

The obverse presents Liberty in full stride, moving confidently toward the rising sun with her right arm extended in a gesture of open welcome. Her flowing gown and the American flag draped around her create dramatic movement that captures the era’s optimistic spirit — though on the 1928-S, this is also the face where striking weakness is most visible.

“LIBERTY” curves along the left border, with Liberty’s figure actually obscuring portions of the lettering — a deliberate design choice by Weinman to emphasize the allegorical figure. Liberty holds laurel and oak branches in her left arm, symbolizing the civil and military glories of America respectively.

“IN GOD WE TRUST” appears above Liberty’s trailing foot, while the date “1928” sits below her striding form. The critical area to examine is Liberty’s outstretched right hand — on most 1928-S examples, the fingers blend together due to insufficient striking pressure, and a coin showing clear separation of the individual fingers is exceptionally rare.

Weinman’s design bears a notable resemblance to The Sower by French sculptor Oscar Roty — a similarity that numismatic historian Roger Burdette addressed in his 2007 book, noting that while Weinman did not directly copy Roty’s work, he drew significant artistic inspiration from it.

The Reverse of the 1928 Half Dollar

The reverse features a majestic bald eagle perched on a rocky mountain crag, wings partially spread as if about to take flight. A small mountain pine sapling grows from the rocky outcropping beside the eagle, symbolizing America’s natural resilience — a compositional detail that gives the reverse a sense of permanence and depth.

“UNITED STATES OF AMERICA” arcs along the upper rim, with “E PLURIBUS UNUM” to the left of the eagle and the denomination “HALF DOLLAR” spanning the bottom. Weinman’s initials “AW” appear beneath the eagle’s right wing, though they are often faint on circulated examples.

The “S” mintmark is located at the lower left of the reverse, at approximately the 7:30 position. Note: the mint mark was moved from the obverse to the reverse for all 1917 and later dates, following a February 14, 1917 order from Mint Director von Engelken, who felt the obverse placement had the appearance of a die defect.

The eagle’s central breast feathers and legs — directly opposite the high points of the obverse — are almost always the weakest areas on 1928-S examples. A coin showing clear, individual breast feather detail is among the most prized in the entire series.

Other Features of the 1928 Half Dollar

The 1928-S maintains the standard Walking Liberty specifications: 90% silver and 10% copper composition, weighing 12.5 grams with a diameter of 30.6 millimeters. This silver content equates to approximately 0.36169 troy ounces of pure silver, giving the coin a current melt value of approximately $22.51 based on recent silver spot prices near $62 per ounce.

The edge features reeding — vertical lines running around the coin’s circumference — which served both to prevent clipping of the silver and to provide tactile identification. This reeding is the same specification used on the coin throughout the entire 1916–1947 series.

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

 

1928 Half Dollar Value: Mintage and Survival Data

The 1928-S was produced with a total mintage of 1,940,000 pieces — one of the lowest mintage years for the entire Walking Liberty Half Dollar series (1916–1947). Philadelphia and Denver struck no half dollars at all in 1928, leaving San Francisco as the sole source of the year’s entire production.

Current survival statistics suggest approximately 95,000 specimens remain in collectible condition, yielding a survival rate of approximately 4.9%. This figure, while relatively moderate compared to other Walker dates, is misleading because the vast majority of survivors are in heavily worn lower circulated grades.

The distribution of surviving coins by grade tells a stark story. Collectors during the Great Depression years circulated these coins heavily as genuine economic tools, and the few who might have set aside uncirculated examples faced a decade of hardship that discouraged numismatic preservation.

The result today is an extreme grade-distribution imbalance — in circulated grades from VG through XF, the 1928-S is scarce but acquirable, while in Mint State grades it becomes genuinely rare. Only 15 examples have been certified MS66 by PCGS, with a single coin at the pinnacle MS66+ level, a direct legacy of the economic turmoil that prevented preservation in the first place.

Also Read: What Half Dollars Are Worth Money?

 

The Easy Way to Know Your 1928 Half Dollar Value

Determining your 1928-S Half Dollar’s value requires assessing two critical factors: grade and strike quality. First, confirm the “S” mintmark on the reverse at the 7:30 position — all 1928 half dollars were struck exclusively at San Francisco, so there is no Philadelphia (no mint mark) or Denver (“D”) version.

Next, examine the two most critical areas for strike quality: Liberty’s outstretched right hand on the obverse and the eagle’s central breast feathers on the reverse — these are the opposite high points where striking weakness appears most severely. Even a coin graded MS63 or MS64 with unusually clear finger separation and defined breast feathers can command a meaningful premium over a softly struck example in the same grade.

Values range dramatically by condition: heavily worn examples are worth approximately $25 in silver value alone, Fine-grade pieces average $275, AU specimens reach $1,591, and mint state coins command $9,150 or more. Well-struck MS65 examples have sold for $4,500 to $11,000, while the MS66 auction record stands at $31,200 from Heritage Auctions in May 2025.

For accurate preliminary grading and instant value assessment, use the Coin Value Checker App, which provides professional-grade evaluation tools and current market pricing based on your coin’s specific condition and strike characteristics.

 

1928 Half Dollar Value Guides

The 1928-S is a key date in the Walking Liberty series due to its low mintage and severe striking issues, carrying meaningful premiums in all grades with even worn examples trading well above silver melt value. Well-struck specimens are particularly scarce and sometimes exceed what a higher-graded but softly struck coin would bring at auction.

 

1928-S Half Dollar Value

The 1928-S Half Dollar was struck at the San Francisco Mint with a mintage of 1,940,000 pieces — the entire national production for the year. No other mint contributed a single coin to 1928’s half dollar output.

The 1928-S is exceptionally special within the Walking Liberty series for a combination of reasons that make top-grade examples extraordinarily difficult to obtain. Very few coins were saved in pristine condition when first issued — the coins entered circulation just as the Great Depression was beginning — and San Francisco’s striking quality during this period was notoriously poor, with most production displaying soft, flattened detail in Liberty’s outstretched hand and the eagle’s breast feathers.

Together, these factors created a situation where MS66 examples — meaning only 15 certified by PCGS — are among the rarest of all Walking Liberty Mint State coins. The current auction record of $31,200 (Heritage Auctions, May 4, 2025, PCGS MS66) surpassed the previous record of $28,800 set in January 2018, also at Heritage Auctions, for the single PCGS MS66+ CAC coin known — a specimen with distinctive all-over orange and violet toning from “The Ally Collection.”

For grade-by-grade pricing context: the coin trades around $25 in Good-4, climbs to approximately $60 in Fine-12, reaches about $175 in VF-20, and hits $350 at the XF-40 threshold. In Mint State, the entry point exceeds $2,200 even at MS60, rising to approximately $4,500 in MS63, $6,500 to $11,000 in MS65, and $20,000 or more in MS66.

The auction record chart below tracks the substantial premiums associated with higher grade examples of this date.

Current market activity indicates continued and growing collector interest in this San Francisco half dollar.

Also Read: Rare Half Dollar Coins to Look For

 

Rare 1928 Half Dollar Value Errors and Varieties

Error coins and varieties from the 1928-S Walking Liberty Half Dollar are genuinely scarce, the result of the coin’s limited mintage, the challenges of 90% silver planchet production, and the fact that most errors from this era were spent and lost to time. However, several documented error types can add meaningful premiums to the right example.

1. Large “S” and Small “S” Mintmark Varieties

The 1928-S Walking Liberty Half Dollar presents collectors with two distinct mintmark varieties, though both are accessible and neither commands a significant premium over the other. San Francisco used two different mintmark punches in 1928: the first type, designated MMS-002 “Small,” was the standard punch used from 1917 until 1942, while worn dies were re-punched using an older-style punch similar to 19th-century Barber Quarter marks, creating the larger “S” variety.

While the variety is of genuine academic interest to specialists, condition and strike quality remain the primary value drivers for this key date. Collectors assembling a complete date-and-variety set of Walker S-mint issues may wish to acquire both punch types, but for most buyers the grade matters far more than which mintmark punch was used.

2. Lamination Errors

Lamination errors occur when foreign substances — such as gas oxides or embedded impurities — become trapped in the metal strip during the rolling process, causing the coin’s surface to peel, flake, or split after striking. On the 90% silver planchet of the 1928-S, such errors are notably rare. Examine your coin carefully for areas where the surface appears to be separating, lifting, or showing unusual depressions not consistent with normal wear. Minor lamination errors on Walking Liberty Half Dollars typically add $20–$75 in premium value, while dramatic examples showing significant surface separation can reach $100–$200 or more.

3. Die Scratches and Die Cracks

Die scratches appear on coins as fine raised lines running across the surface — because the scratch was on the die itself, every coin struck from that damaged die will show the same raised line in the exact same location and orientation. This distinguishes them from post-mint scratches, which are incused (recessed) into the metal rather than raised above it.

Die cracks appear as raised, irregular lines often following the contour of design elements. Minor die scratches add modest premiums of $15–$50, while dramatic cracks through major design elements can command $75–$150 or more on choice examples.

4. Off-Center Strikes and Clipped Planchets

Off-center strikes occur when the planchet is not properly centered between the dies, resulting in part of the coin being unstruck and showing a blank arc where the die missed. Clipped planchets result from a cutting-press malfunction, leaving a curved or straight area missing from the coin’s edge.

Both error types are documented on Walking Liberty Half Dollars across the series but are extremely rare on 1928-S examples specifically. Significant off-center and clipped planchet examples on 1920s San Francisco issues can realize hundreds to over a thousand dollars depending on the severity and drama of the error.

5. Wrong Planchet Errors

Wrong planchet errors occur when a blank intended for a different denomination is accidentally fed into the half dollar dies. Numismatic researcher Saul Teichman documented only approximately 14 examples of Walking Liberty Half Dollars struck on quarter planchets across the entire 1916–1947 series.

Any confirmed 1928-S example on a wrong planchet would be extraordinarily rare and worth thousands of dollars. If your coin seems unusually lightweight or small in diameter, have it authenticated immediately by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).

 

Where to Sell Your 1928 Half Dollar for Top Value

Now that you understand the compelling value dynamics of your 1928 Half Dollar, selecting the appropriate selling venue will help you capture premium prices and connect with collectors who recognize this coin’s scarcity.

For circulated examples worth $100 or less, online platforms like eBay or direct dealer offers provide the most efficient path. For higher-grade examples — particularly any coin grading AU58 or better — consider consigning to Heritage Auctions, Stack’s Bowers Galleries, or Legend Rare Coin Auctions, all of which have recent sales records with this specific issue.

Professional grading by PCGS or NGC before sale is essential for any coin you believe may grade MS62 or higher. The certification cost is easily justified by the premium a graded coin commands over a raw, unverified example.

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

 

1928 Half Dollar Value Market Trend

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

 

FAQ About the 1928 Half Dollar Value

1. What is the 1928 Half Dollar value range in circulated condition vs. mint state?

In circulated condition, the 1928 Half Dollar value ranges from approximately $25 in heavily worn Good-4 grade up to about $1,000 in choice AU (About Uncirculated) condition. Once a coin crosses into Mint State (MS) — meaning no wear whatsoever on the high points — the value jumps dramatically, starting above $2,200 even in the lowest MS60 grade and reaching $31,200 at the current auction record for MS66 (Heritage Auctions, May 2025).

2. Is the 1928-S Half Dollar a key date in the Walking Liberty series?

Yes — the 1928-S is considered a key date in the Walking Liberty series, specifically in Gem (MS65+) condition, ranked by PCGS CoinFacts as rarer than the 1927-S but not quite as elusive as the 1923-S in high grades. Its key date status stems from the combination of a low mintage of 1,940,000 pieces, notorious striking difficulties, and the fact that the Great Depression prevented meaningful collector preservation of new coins.

3. Are there 1928 half dollars from Philadelphia or Denver?

No — all 1928 Walking Liberty Half Dollars were struck exclusively at San Francisco, so any coin without an “S” mintmark is either heavily worn or has had the mintmark removed. Any piece presented as a “1928-P” or “1928-D” is either an altered coin or an outright counterfeit.

4. Why do most 1928-S half dollars have weak strikes?

The technical challenge stems from Adolph Weinman’s design having the highest points of the obverse and reverse in opposite but corresponding positions — Liberty’s hand on the front and the eagle’s breast feathers on the back. Achieving a fully struck coin required simultaneously forcing metal into both extremes of the die cavity, which the Mint’s press technology of that era could rarely accomplish. The Mint ordered redesigns in 1918 and again in the 1930s, but neither fully resolved the problem.

5. What should I look for when evaluating a 1928-S half dollar?

Focus first on strike quality in two key areas: the definition of Liberty’s individual fingers on her outstretched right hand (obverse), and the separation and detail of the eagle’s central breast feathers (reverse). Original toning with attractive color and strong underlying luster is desirable — artificially cleaned coins show unnatural brightness and hairlines that destroy value regardless of the technical grade.

6. What is the current silver melt value of a 1928-S Half Dollar?

The 1928-S Walking Liberty Half Dollar contains 0.36169 troy ounces of pure silver (90% silver and 10% copper, total weight 12.5 grams), giving it a melt value of approximately $22.51 at current silver spot prices near $62 per ounce. Even the most heavily worn examples should not sell for less than this silver floor value.

7. What are the Large S and Small S mintmark varieties on the 1928-S?

San Francisco used two different mintmark punches on 1928 half dollar dies: the standard “Small S” (MMS-002), used from 1917 through 1942, and a larger punch used when worn dies were re-punched using an older-style tool similar to 19th-century Barber Quarter mint marks. Both varieties are collectible but neither commands a significant premium over the other — they are primarily of interest to specialists building variety sets.

8. How many 1928-S Half Dollars have been graded MS65 or higher by PCGS?

As of the most recent PCGS population data, only 15 examples have achieved MS66, with a single specimen at the summit MS66+ level — meaning the price spread between MS65 and MS66 is enormous. MS65 examples sell in the $4,500–$11,000 range while MS66 coins have brought up to $31,200, all reflecting just how few gem-quality 1928-S coins were ever preserved.

9. What is the all-time auction record for the 1928-S Walking Liberty Half Dollar?

The current auction record is $31,200, achieved on May 4, 2025 at Heritage Auctions for a PCGS MS66 example. This surpassed the previous record of $28,800, set in January 2018 also at Heritage Auctions, for the single PCGS MS66+ CAC specimen — a coin with distinctive all-over orange and violet toning that had passed through several notable auctions going back to “The Ally Collection” sale in 2002.

10. Should I get my 1928-S Half Dollar professionally graded by PCGS or NGC?

Professional grading by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) makes strong financial sense if your coin appears to grade AU58 or better. The grading fee is easily recovered many times over at the MS62+ level, where the 1928-S trades above $2,000 as a certified coin versus significantly less as an unverified raw coin. For circulated examples in VF or lower condition, grading costs may exceed the potential value gain — start with the free Coin Value Checker App evaluation to get a preliminary assessment before committing to professional services.