1950 Franklin Half Dollar Proof : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Franklin Half Dollar type replaced the Liberty Walking design of Adolph Weinman in 1948. With the adoption of the Franklin effigy, Liberty–and with her all references to femininity–was removed from America’s coinage. The American political experiment had become a powerful global empire, and the aspirational principles of its founding fathers strained under radically different modern interpretations. Our nation’s politicians had replaced our foundational goddess and in so doing had been elevated to gods themselves.

Abraham Lincoln replaced Liberty in 1909. George Washington did the same in 1932, and Franklin Roosevelt followed in 1946. An American Indian replaced Liberty in 1913 at a time when the likeness of American Indians had been appropriated by white artists to represent an idyllic version of American identity. Thomas Jefferson replaced the Indian figure in 1938.

Business strike Franklins were struck at Philadelphia and Denver in 1948 and Philadelphia, Denver, and San Francisco in 1949. The United States Mint, worried about increasing demand for circulation coinage, did not resume production of Proofs until 1950. The 1950 Proof Set saw record demand–51,386 sets sold–and this demand grew dramatically with each passing year. By the early 1960s, Proof Set demand had eclipsed three million per annum.

The 1950 Proof Set was the first set sold only as a set. Before this set, collectors could purchase individual coins or sets for a small surcharge plus postage–but this would not be the case going forward. The 1950 Proof coins, with their face value of 91¢, were sold at an issue price of $2.10 ($27.04 adjusted for inflation).

Along with the Franklin Half Dollar, the 1950 Proof Set contained a Lincoln Cent, a Jefferson Nickel, a Roosevelt Dime, and a Washington Quarter. Compositionally, only the 1950 Jefferson Nickel is struck from the same metallic content today as it was 74 years ago. The Lincoln Cent is no longer struck in bronze, and the 90% silver coins are now struck in copper-nickel clad.

The 1950 Franklin Half Dollar Proof: Key to the Series

For collectors of Franklin Proof issues, the 1950 Franklin Half Dollar Proof is unquestionably the key. Not only does the coin have the lowest mintage of all Franklin Half Dollar Proofs, but the coin’s quality was greatly impaired by the Mint’s production and packaging processes.

The 1950 Franklin Half Dollar Proof was struck with burnished dies but most exhibit shallow mirrored fields; few exhibit any degree of Cameo frost on the devices. These Cameo coins were the first coins produced by fresh dies and only fresh die pairs will exhibit Cameo or Deep Cameo/Ultra Cameo contrast on both the obverse and reverse of the coin. By contrast, today’s Proof coinage is produced using a method that imparts a uniform Deep Cameo/Ultra Cameo contrast to all coins struck.

Coin dealer Rick Tomaska, who has made markets for decades in both the Franklin Half Dollar and Proofs struck between 1950 and 1970, identifies only five Cameo-producing die marriages for the 1950 issue. These, Tomaska related on Episode #184 of the CoinWeek Podcast, produced Proofs of varying quality.

How Many Cameo 1950 Franklin Half Dollar Proofs Exist?

Thirty-eight years of third-party coin grading at PCGS (37 for NGC) have yielded a significant amount of data to query about the survival rate of Gem-quality 1950 Franklin Half Dollar Proofs.

1950 Franklin Half Dollar Proof NGC Certified Population

1950 Franklin Half Dollar Proof PCGS Certified Population

Data through July 11, 2024.

With over 11,000 grading events reported (including some upgrade/crossover duplication), the services have analyzed roughly 20% of the entire mintage with the largest share of coins grading between Proof 64 and Proof 66 and very few coins grading higher than Proof 67. Ten percent of the coins reviewed by NGC qualified for their Cameo designation, while 7.5% did at PCGS. PCGS has a slightly larger population of coins in their holders but has attributed only one-third of the Deep Cameo/Ultra Cameo coins that NGC has. Given that NGC has certified 13 coins at the top pop PCGS grade of PR66DCAM or higher and the additional arbitrage that would likely be derived from a crossover, it is a reasonable hypothesis that some of the NGC coins have been sent to PCGS for crossover and did not pass. As of this publication, we have no direct confirmation of any coin in this category.

The paucity of the Deep Cameo/Ultra Cameo populations at both grading services explains the high prices that these coins garner in their infrequent appearances at auction. The overall population of 1950 Franklin Half Dollar Proofs in any grade will continue at a slow but steady pace for at least the next 10 years, at which point (we believe) the bulk of easily accessible raw specimens will have been processed.

What Is a 1950 Franklin Half Dollar Proof Coin Worth?

The 1950 Franklin Half Dollar Proof is the most significant coin in the 1950 Proof Set and its state of preservation is of paramount concern for any collector who wishes to purchase an intact 1950 set. Each of these coins comes packaged in individual plastic sleeves that began to deteriorate and become brittle within the first two decades of issue. The breakdown of the sleeves released chemicals that sometimes reacted with the coins, transforming the shallow mirrored fields as struck to fields that were oily and cloudy. Furthermore, the adhesive used to seal these sleeves often spread to the coin’s surface, leaving stains. Careful curation can relieve Proof silver coins of these problems and lessen the risk of such conservation altering the coin’s surfaces or revealing flaws that would be hidden otherwise.

When it comes to buying 1950 Proof Sets, CoinWeek advises collectors to patronize reputable dealers who offer a fair return policy. Assume that most opened sets have been screened for Cameo coins and Gems and know that most dealers will not accept returns for sealed sets once they have been opened. Know what the seller’s buy-back price is for opened sets before you make a purchase.

In Proof 64, the 1950 Franklin Half Dollar Proof carries a current (July 2024) market value of about $400 per coin. In the past year, there have been several reported transactions that fall short of this number, but there have also been sales that exceed it. We believe that eye appeal has less impact on the sale price of coins in this grade than the fickle nature of the collector market.

In Proof 65 and 66, prices jump to between $500 and $700. At these prices, collectors can be assured that enough material cycles through the auctions that there is no reason to purchase a coin sight unseen. Coins at this level should have pleasing eye appeal but whatever issue holds them back from a higher grade may be apparent.

High-quality coins graded Proof 67 are probably the best value for the grade – even as prices have fallen to the $2,300 level over the past decade.

In Cameo, coins in the Proof 65 and 66 range are good values and we recommend their purchase at about $3,500 for a 66 Cameo. Proof 67 or better Cameos are investment-grade coins and are highly volatile. If a 67+ coin is not really a 68 or a borderline Deep Cameo/Ultra Cameo, then we recommend against a purchase as coins in this grade have lost over 50% of their value since 2018.

Deep or Ultra Cameos are rare and command high prices at auction. Only premium coins are worth pursuing over similarly graded coins with the step-down Cameo designation.

* * *

Market Data and Noteworthy Specimens

Top Population:  PCGS PR66DCAM; PR67+CAM (5 – CAM; 1 – DCAM, 7/2024), NGC PF67+UCAM (5, CAM; 1 UCAM, 7/2024), and CAC PR68CAM; PR65DCAM (1:0 – CAM; 3:0 – DCAM stickered:graded, 7/2024).

• NGC PF66+UCAM #4195643-003: Heritage Auctions, January 5, 2017, Lot 5683 – $15,275; GreatCollections, November 13, 2022, Lot 1250571 – $53,437.50.
• PCGS PR66DCAM #21000133: Stack’s Bowers, June 2023, Lot 2022 – $66,000; “The EBL III Collection,” Stack’s Bowers, March 26, 2024, Lot 4155 – View.
• NGC PF66UCAM #3810363-001: Heritage Auctions, August 10, 2016, Lot 4147 – $15,275.
• NGC PF65UCAM #4911039-001: GreatCollections, March 31, 2019, Lot 686287 – View; Heritage Auctions, January 10, 2024, Lot 3577 – $8,400.
• PCGS PR65DCAM CAC #84364372: “The Blue Ocean Collection,” Heritage Auctions, August 2017, Lot 3992 – $44,650. Blue Ocean on insert; Stack’s Bowers, June 18, 2024, Lot 3094 – $28,800.
• PCGS PR65DCAM #25630236: Heritage Auctions, May 3, 2023, Lot 3120 – $31,200.
• NGC PF65*UCAM CAC #4475134-001: “The Estate of Richard Kay,” Heritage Auctions, April 22, 2021, Lot 3533 – $21,600. Everest Collection on insert; Stack’s Bowers, November 23, 2021, Lot 4041 – $31,200. CAC added.
• PCGS PR65DCAM CAC #30732900: Legend Rare Coin Auctions, October 28, 2021, Lot 158 – $43,475.
• NGC PF65*UCAM #3127977-003: Stack’s Bowers, August 15, 2018, Lot 1164 – $7,800; Heritage Auctions, January 11, 2019, Lot 5069 – $12,000. Black and white contrast, but frost is much stronger on reverse, obverse is borderline.
• NGC PF65UCAM #5142226-001: Heritage Auctions, August 2, 2017, Lot 4008 – $9,9817.50; GreatCollections, January 14, 2024, Lot 1482431 – View. Milk spots in left field below L.
• NGC PF65UCAM #4195689-001: Heritage Auctions, April 28, 2016, Lot 4417 – $11,750; GreatCollections, September 25, 2016, Lot 387330 – View; Heritage Auctions, July 15, 2018, Lot 600952 – View. Russet rim toning on both sides.
• NGC PF65UCAM #4221104-002: Heritage Auctions, February 4, 2016, Lot 3262 – $12,925; GreatCollections, September 4, 2022, Lot 1212227 – View.
• PCGS PR65DCAM CAC #30732900: Heritage Auctions, November 6, 2014, Lot 3775 – $21,150.
• NGC PF68CAM #6274744-003: GreatCollections, June 5, 2022, Lot 887148 – View.
• NGC PF68CAM #4737813-003: GreatCollections, October 6, 2019, Lot 751635 – View.
• PCGS PR67+CAM CAC #43799437: Heritage Auctions, December 14, 2023, Lot 3044 – $15,600.
• PCGS PR67+CAM CAC #81270180: GreatCollections, March 13, 2022, Lot 1126968 – View; Heritage Auctions, January 12, 2023, Lot 3734 – $18,600.
• NGC PF67+CAM #4882832-001: Heritage Auctions, October 17, 2019, Lot 3120 – $12,600.
• NGC PF67+CAM #4349897-001: GreatCollections, December 18, 2016, Lot 414724 – View; GreatCollections, August 13, 2017, Lot 453438 – View; Heritage Auctions, January 4, 2018, Lot 4653 – $11,400; Legend Rare Coin Auctions, April 17 – May 14, 2020, Lot 214 – Passed.
• PCGS PR67+CAM CAC #25535768: Heritage Auctions, April 2012, Lot 5145 – $16,100; “The Eugene H. Gardner Collection, Part III,” Heritage Auctions, May 2015, Lot 98557 – $18,800; Heritage Auctions, April 23, 2020, Lot 3730 – $30,000. Rim toning with layer of golden toning over the centers.
• PCGS PR67+CAM CAC #19321119: Heritage Auctions, August 2011, Lot 7239 – $24,150; “The Jim O’Neal Collection of Proof Type Half Dollars,” Heritage Auctions, August 16, 2018, Lot 5161 – $40,800.
• PCGS PR67CAM CAC #33375258: “The Satterlee Collection,” GreatCollections, October 22, 2017, Lot 498317 – View; Stack’s Bowers, March 28, 2024, Lot 7193 – $7,800. PCGS Pop 22, 5 finer in the designation, (all PR67+CAM).
• NGC PF67CAM #1932898-013: Stack’s Bowers, March 28, 2024, Lot 7194 – $5,520. NGC Pop 25; 8 finer in CAM (PF68CAM finest).
• NGC PF67CAM CAC #4498338-001: Legend Rare Coin Auctions, October 28, 2021, Lot 157 – $9,693.75.
• NGC PF67+CAM CAC #4834445-003: GreatCollections, August 23, 2020, Lot 846488 – View; “The Pittstown Collection,” Stack’s Bowers, March 24, 2021, Lot 4110 – $15,600.
• NGC PF67+CAM CAC #4349897-001: Legend Rare Coin Auctions, May 14, 2020, Lot 214 – Passed.
• NGC PF67CAM CAC #6056087-005: Heritage Auctions, June 18, 2021, Lot 3498 – $9,000.
• PCGS PR67CAM CAC #84032821: Heritage Auctions, August 4, 2017, Lot 5220 – $11,162.50.
• NGC PF67CAM #1932898-013: Heritage Auctions, August 12, 2016, Lot 4998 – $5,875; Heritage Auctions, August 4, 2017, Lot 5219 – $5,875.
• PCGS PR67CAM #81473655: Heritage Auctions, September 8, 2016, Lot 5539 – $5,875.
• PCGS PR67CAM #25637522: Heritage Auctions, June 9, 2016, Lot 4601 – $8,225.
• PCGS PR67CAM CAC #25684538: Heritage Auctions, October 29, 2015, Lot 3559 – $9,987.50.
• NGC PF67CAM #4256320-003: Heritage Auctions, June 4, 2015, Lot 4028 – $9,987.50. Horizontal marks on jaw.
• PCGS PR67CAM #21641798: Heritage Auctions, January 12, 2005, Lot 30263 – $16,675. Pop 2 in PR67CAM with none finer when offered; “The Elite Cameo Collection,” Heritage Auctions, April 25, 2013, Lot 4306 – $8,812.50; Heritage Auctions, November 24, 2013, Lot 38086 – $8,342.50. Pop 6/0 when offered.
• PCGS PR67CAM #16899768: “The Atlanta Collection,” Heritage Auctions, January 10, 2013, Lot 5016 – $9,987.50.
• PCGS PR67CAM: Stack’s Bowers, August 7, 2012, Lot 11470 – $9,987.50. Lightly tarnished around rim.
• PCGS PR67CAM CAC #25518926: Heritage Auctions, June 1, 2012, Lot 4183 – $11,500. Weak cameo.
• PCGS PR67CAM: Stack’s Bowers, March 21, 2012, Lot 4108 – $12,075.
• PCGS PR67CAM: Stack’s Bowers, November 15, 2011, Lot 2477 – $11,500.
• NGC PF67CAM #3309892-015: Heritage Auctions, October 29, 2010, Lot 4175 – $7,475.
• NGC PF67CAM #2018756-007: “The Elite Cameo #1 NGC Registry Set for 1950 Proofs,” Heritage Auctions, May 6, 2005, Lot 7907 – $8,625.

* * *

Design

Obverse:

United States Mint Chief Engraver John R. Sinnock designed both sides of the Franklin Half Dollar. His obverse design was based on French artist Jean-Antoine Houdon’s 18th-century bust of Founding Father Benjamin Franklin. The date 1950 appears in the lower-right of the obverse, while the motto IN GOD WE TRUST curves beneath Franklin and the word LIBERTY curves around the top above Franklin. The designer’s initials JRS are located at the truncation of Franklin’s bust.

Reverse:

Sinnock and future Chief Engraver Gilroy Roberts designed the reverse, which depicts the Liberty Bell and a small eagle (mandated by law) at right.

The legend UNITED STATES OF AMERICA arcs above the Liberty Bell while the denomination HALF DOLLAR curves beneath it. The motto E PLURIBUS UNUM appears to the left of the bell and an eagle, its wings spread, stands to its right. Two sets of three parallel horizontal lines encircle the base and bottom of the bell.

Edge:

The edge of the 1950 Franklin Half Dollar Proof is reeded.

Designers

From 1925 through 1947, John R. Sinnock was the eighth Chief Engraver of the United States Mint. He is best known for the designs of the Roosevelt Dime and the Franklin Half Dollar.

Gilroy Roberts was the ninth Chief Engraver of the U.S. Mint, serving from 1948-1965. He is best remembered for his design of the Kennedy Half Dollar obverse.

Coin Specifications

* * *