The 1938 Walking Liberty Half Dollar is worth anywhere from $15 in heavily worn condition to well over $500 in high-grade mint state — and certain rare varieties can push even higher. If you’ve found one of these beautiful silver coins, you’re in luck. This guide breaks down exactly what yours might be worth.

What Makes the 1938 Walking Liberty Half Dollar Special

The Walking Liberty Half Dollar is widely regarded as one of the most beautiful coins ever minted in the United States. Designed by Adolph A. Weinman, the obverse features Lady Liberty striding toward the sunrise, draped in an American flag — a symbol of hope and freedom. The reverse shows a proud bald eagle perched on a mountain crag.

The 1938 issue is particularly interesting to collectors because it was produced during the Great Depression era, when coin mintages were relatively low. Lower mintage numbers generally mean fewer coins survive today, which tends to push values up.

If you want a quick way to check what you’re holding, try using a free coin identifier app right on your phone — it can give you an instant read on the coin’s details before you even start researching.

1938 Walking Liberty Half Dollar Mintmarks and What They Mean

In 1938, Walking Liberty Half Dollars were struck at two mints: Philadelphia (no mintmark) and San Francisco (S mintmark). The mintmark appears on the obverse, just below the “IN GOD WE TRUST” motto.

The Philadelphia mint struck just 4,110,000 coins in 1938 — a relatively modest number compared to earlier years in the series. The San Francisco mint produced an even smaller run of only 491,600 coins, making the 1938-S one of the key low-mintage dates in the entire Walking Liberty series.

Because of that small San Francisco production, the 1938-S commands a significant premium over the Philadelphia issue. Collectors actively seek it out, and even worn examples in Good-4 condition regularly trade for $80 or more. In higher grades, the price climbs steeply.

1938 Walking Liberty Half Dollar Value Chart

Here’s a look at approximate market values for both the 1938 and 1938-S based on coin grade. These figures reflect current collector demand and recent auction trends.

For the most up-to-date figures, you can check the latest 1938 Walking Liberty Half Dollar MS grade price data to see how the market is moving right now.

How to Grade Your 1938 Walking Liberty Half Dollar

Grading is everything when it comes to coin value. A well-preserved coin can be worth ten times more than a worn one of the same date. On the Walking Liberty design, the high points that show wear first are Liberty’s hand and head, as well as the eagle’s breast feathers on the reverse.

A coin graded Good will show a flat, heavily worn design with major details still visible. Very Fine pieces will show most major lines, with some flatness on the high spots. About Uncirculated coins will have just a trace of wear on the highest points, with most mint luster still showing. Mint State coins have never been circulated — they’re pristine.

If you’re unsure about what grade your coin falls into, CoinKnow offers a simple way to photograph your coin and get an instant grade estimate from your smartphone. It takes the guesswork out of one of the trickiest parts of coin collecting.

Is Your 1938 Walking Liberty Half Dollar Silver?

Yes — absolutely. All Walking Liberty Half Dollars minted between 1916 and 1947 are composed of 90% silver and 10% copper. Each coin contains 0.3617 troy ounces of pure silver.

That means even a well-worn 1938 Walking Liberty Half Dollar has meaningful silver melt value. With silver prices fluctuating around $28–$30 per troy ounce, the raw silver in your coin is worth roughly $10–$11 at minimum. Collector value almost always exceeds melt value, so it pays to check the numismatic worth before selling.

You can explore a detailed breakdown of the 1938 Half Dollar value including silver content and collector premiums to get a full picture of what your coin is truly worth.

CoinKnow is also a handy tool for quickly calculating the silver melt value of any coin in your collection based on live metal prices.

Where to Sell Your 1938 Walking Liberty Half Dollar

Once you know what you have, selling is straightforward. Options include local coin dealers, coin shows, online platforms like eBay, and auction houses for high-grade pieces. For everyday circulated examples, a local dealer will give you a quick and fair offer.

For MS-65 and above coins — especially the 1938-S — consider professional grading through PCGS or NGC before selling. A certified high-grade 1938-S can fetch dramatically more at auction than a raw (uncertified) coin, and the grading cost is easily justified. CoinKnow can help you figure out whether professional grading makes financial sense for your specific coin before you spend the money.

FAQ

Q: How do I tell if my Walking Liberty Half Dollar is from Philadelphia or San Francisco?
A: Look on the obverse (front) of the coin, just below the motto “IN GOD WE TRUST” near the bottom left. If you see a small “S,” it’s from San Francisco. No mintmark means it was struck in Philadelphia. The San Francisco 1938-S is significantly more valuable, so this is an important check.

Q: My 1938 Walking Liberty Half Dollar looks shiny and clean — is it worth more?
A: Not necessarily. If someone polished or cleaned the coin, it can actually reduce its collector value significantly, even if it looks bright. Numismatists can spot artificial cleaning easily, and cleaned coins are graded separately with a lower value. Natural, original surfaces — even if they look a little dull — are preferable to a scrubbed coin.

Q: What is the most valuable 1938 Walking Liberty Half Dollar ever sold?
A: Top-grade examples of the 1938-S in MS-67 condition have sold at auction for over $25,000. These are exceptional specimens with virtually perfect surfaces and full mint luster. For the Philadelphia 1938, MS-67 examples have crossed $10,000 at major auction houses. Most coins you encounter will fall well below these levels, but they’re still worth real money.