Few events have shocked the American psyche as profoundly
as the assassination of President John Kennedy on November 22, 1963. In the age
of modern communication, news of the shooting spanned the entire globe in mere
moments.
Less than one week after the tragedy, a high-level decision was made to honor
Kennedy by placing his image on the half dollar. The quarter had been
considered, but Mrs. Kennedy requested that her late husband not remove the
portrait of George
Washington from U.S. coinage.
The Mint’s goal of producing Kennedy Half Dollars by January 1964 necessitated a
very condensed timeline. Chief Engraver Gilroy Roberts was tasked with modeling
Kennedy’s profile for the obverse. His assistant, Frank Gasparro, was
responsible for adapting the presidential seal to the new half dollar reverse.
On December 17, 1963, Roberts and Treasury Secretary Douglas Dillon met with
Mrs. Kennedy and Attorney General Robert Kennedy. The designs were approved,
though Mrs. Kennedy requested that the part in the president’s hair be less
pronounced, plus a few other small changes.
Work began quickly on tooling up for production of Kennedy Half Dollars.
Congress also had matters to address. The current law required that coin designs
not be changed for a minimum of 25 years. The
Franklin Half Dollar had been
around for only 15 years and could not be retired without the intervention of
Congress. Legislation authorizing the Kennedy Half Dollar was finalized with
bipartisan support on December 30, 1963.
Proof dies were ready on January 2, 1964. Coining of the first Kennedy Half
Dollar Proofs commenced immediately thereafter. Production of regular business strikes
began at the Denver Mint on January 30. The following week, the
Philadelphia
Mint started regular half dollar coinage.
Highly publicized ceremonies were held on February 11, 1964 at both the Denver
and Philadelphia Mints, to commemorate striking of the new half dollars. The
prevailing sentiment surrounding the occasion was that the coin was both an
enduring memorial and an expression of sorrow for the sudden loss of
President John Kennedy.
By March, tens of millions of Kennedy Half Dollars were being distributed, but
that wasn’t enough to meet worldwide demand. No United States coin has ever been
more greatly hoarded than the 1964 Kennedy Half Dollar, as nearly every example
released was set aside as a cherished memento in the emotional aftermath of
November 22, 1963. In all, about 430 million of the 1964 half dollars were
issued (more than half of these were actually struck in 1965 and 1966), many of
which never saw the light of day.
In response to increased coinage needs and looming silver shortages, the dime
and quarter were composed of a cupronickel clad alloy, beginning in 1965.
Seemingly overnight, coins containing 90% silver disappeared from view. The
silver content of Kennedy Half Dollars was not completely eliminated, but was
reduced to 40%, to partially appease silver mining states. The 40% silver alloy
was utilized 1965 through 1970. From 1971 to the present, Kennedy Half
Dollars intended for general circulation have been made of the cupronickel clad
alloy.
The United States observed its 200th birthday in 1976. The reverse of the
quarter, half dollar, and dollar coin were replaced by bicentennial themes in
1975 and 1976, in keeping with the nation’s celebratory mood. Philadelphia’s
Independence Hall, the place where the Declaration of Independence was signed on
July 4, 1776,
was depicted on the Kennedy Half Dollar. The familiar reverse
bearing the presidential seal reappeared in 1977.
Kennedy Half Dollars have never circulated to the extent of its half dollar type
predecessors. The explanations for this are varied, but the most logical
argument is that for several years following its release, the Kennedy Half
Dollar was venerated as a souvenir and not meant to be spent. Under this
mindset, the half dollar vanished from everyday pocket change as the American
public simply got out of the habit of using the coin. Some merchants today react
as if they don’t know what to do if handed a Kennedy Half Dollar.
There really are not any Kennedy Half Dollars that can be classified as key
dates, per se. This is not to say there are not valuable coins belonging to this
series, however. Some MS-70DC examples, which, by definition are perfectly
preserved and complemented by a Deep Cameo luster, have risen astronomically
over time. Leading the way are the
1968-S,
1973-S,
1974-S, and
1776-1976-S (40% silver type). All of them are worth at least $3000 each.
Other MS-70DC Kennedy’s that have done well include the
1988-S,
1996-S clad,
1999-S clad, and
2000-S clad. This is just a partial listing; there are a few more.
Point of
Understanding: We are talking Deep Cameo (abbreviated DC or DCAM), not
just Cameo (abbreviated C or CAM). There is a difference.
Anything short of MS-70DC seriously dampens the value for members of the
Kennedy Half Dollar class. If you set your sights on obtaining utter
perfection, you absolutely must not settle for coins described as such, but
which have not been certified by either of the most respected third party
certification services: PCGS, NGC, ICG, or ANACS. An MS-70DC label
applied by anyone else will not garner the same respect. The challenge of
finding a flawless example, especially of the dates listed above, is
significant. After all, how often does one ever discover perfection in
anything?
It was 12:40 CST on Friday November 22, 1963,
that CBS interrupted its soap opera As The World Turns with a news
bulletin: shots had been fired at President Kennedy's motorcade in Dallas
and that first reports indicated the president was seriously wounded.
Less than one hour later, an emotional Walter Cronkite announced the death
of President Kennedy. For the next three days, the TV networks
broadcast non-stop, as the nation watched in collective grief. With
Kennedy's death, much of America's self-confidence and optimism perished
with him. The remainder of the 1960's were filled by social
turbulence, fueled by opposition to the Vietnam War, the civil rights
movement, and the rise of the counterculture.
