Annual Mint sets from the United States Mint have been popular since their inception. Collected for their affordability and range of denominations with mint marks from two different Mint facilities, it is easy to see why collectors set the demand each year. With over 75 years in production, it would be quite impressive if there was never a blunder, a mystery created over a coin or set during that long stretch of time. If it was a perfect scenario, then this next coin, as part of Whitman Publishing’s fourth edition of the 100 Greatest United States Modern Coins, would not be featured in our blog covering the series. Let us clarify that it is not necessarily a blunder, but a rather curious choice made by the Mint at the time that would later give this coin a rarity status. Authors Jeff Garrett and Scott Schechter will help us dissect the ins and outs of this middle of the road pick.
#50 – 1970-D Kennedy Half Dollar
The United States Mint has sold annual coin sets, or Mint Sets, nearly every year since 1947. From 1951-1981, they sold a set without interruption as the popularity of the sets went from 8,654 sold in 1951 to two million by the late 1960s. However, in 1970, the sets would contain a 1970-D Kennedy half dollar. This does not seem like it should be a questionable act, except for the fact that it was a coin that was never actually struck for general circulation. This makes it a 1970 Mint Set coin with a mintage of only 2.15 million. This seems like a lot, but the only earlier half dollar that had a similar low mintage was the 1938-D Walking Liberty half dollar. That coin is considered a rarity.
While the Kennedy half dollar was introduced in 1964 with a composition of 90 percent silver, The Coinage Act of 1965 would suspend the production of silver coins for circulation. However, they allowed for the half dollar to continue to be struck but demanded it to be in a silver-clad composition made of just 40 percent silver. This would last through 1970 and then the silver would be completely phased out. Despite the Act of 1965 coming down on silver production and changing the composition of the Kennedy half dollar, demand did not wane. A peak of 295 million coins were struck in 1967 with another 247 million struck in 1968 and 130 million in 1969. In 1970, not a single half dollar was struck for circulation.
Circling back around to the 1970-D Kennedy half dollar with context, this puts the coin in the rarity category. Because of the production surge before 1970, enough coins were minted to meet demand and half dollars were no longer needed for circulation.
This coin has only moved down one spot since the first edition.