Few early Walking Liberty Half Dollars tell a clearer story than the 1917-S Reverse Mintmark issue. It represents a turning point in Mint policy, a subtle design change that created one of the most studied varieties in the series.
Now, a PCGS MS-65 example with a CAC Green sticker brings that history to market in a GreatCollections auction ending December 14 at 5:45 PM Pacific Time.
For collectors of early Walkers, this is the kind of coin that deserves close attention.
A Year of Transition for the Walking Liberty Half Dollar
When Adolph A. Weinman’s Walking Liberty Half Dollar debuted in 1916, branch mint coins carried their mintmarks on the obverse. That placement did not last long.
On February 14, 1917, Mint Director F.H. von Engelken ordered the mintmarks moved to the reverse. He believed the obverse mintmarks looked like die defects and appeared too prominent. As a result, 1917 became the only year in which Walking Liberty halves were struck with mintmarks in two different locations.
San Francisco produced both varieties. The later issue, the 1917-S Reverse Mintmark, features the “S” below the eagle on the reverse, where it would remain for the rest of the series.
The 1917-S Reverse: Big Mintage, Real Scarcity
At first glance, the numbers suggest availability. The 1917-S Reverse Mintmark boasts a mintage of 5,554,000 coins, the highest among the 1917 Denver and San Francisco issues.
Survival tells a different story.
PCGS notes that while circulated examples remain plentiful, Mint State coins are scarce, and true Gem examples are rare. Strike softness, contact marks in the open fields, and impaired luster eliminate many coins from contention at the MS-65 level.
According to the PCGS Population Report, only 61 examples grade MS-65, with just four coins finer at MS-65+ (as of December 2025). That places this issue firmly in condition-rarity territory once Gem is reached.
Why MS-65 Is the Sweet Spot
MS-65 represents the grade where Walking Liberty specialists begin to demand balance. The coin must show:
- Strong overall luster
- Minimal marks in the fields
- Respectable detail on Liberty’s head and hand
- Honest surfaces without over-processing
The 1917-S Reverse rarely delivers all of these traits at once. That reality explains why advanced collectors often wait years to secure a Gem they truly like.
The CAC Green Sticker Advantage
The featured coin carries a CAC Green sticker, signaling that CAC considers it solid for the MS-65 grade.
That distinction matters. For early Walking Liberty halves, especially dates known for strike and surface challenges, a CAC endorsement provides confidence that the coin meets strict quality standards for the grade. While not a rarity multiplier on its own, CAC approval often separates “acceptable” Gems from those with long-term desirability.
The Coin Headed to Auction
The specific example drawing attention appears in a current GreatCollections sale:
- Date: 1917-S Walking Liberty Half Dollar (Reverse Mintmark)
- Grade: PCGS MS-65
- Sticker: CAC Green
- Certification Number: 50106917
- GreatCollections Item: #1998710
- Auction End: December 14 at 5:45 PM Pacific Time
Coins of this quality do not surface often, particularly with both PCGS and CAC approval. For collectors building a high-end Walking Liberty set, opportunities like this tend to be few and far between.
Final Thoughts
The 1917-S Walking Liberty Half Dollar, Reverse Mintmark, occupies a unique position in the series. It reflects a one-year design decision, combines historical interest with collector demand, and becomes legitimately scarce at the Gem level.
When a PCGS MS-65 CAC example appears at auction, it commands attention, not because of hype, but because of math, survival, and standards. This GreatCollections offering brings all three together.
For serious Walker collectors, that combination is hard to ignore.
Such a beautiful coin, they should make circulating designed coins like this today.
Yes indeed.
I would love to own this!!!
An elusive coin that I can’t afford.
gorgeous coin..continue to truly enjoy your articles.
Such an elegant design!
I agree with Gary Darrar, I wish they would design circulating coins like this. I see from the Mint’s newsletter that at least 2026 circulating coinage reflects this design symbolism. I like the designs.
A coin I would like to have in my collection.
I have 1933 s liberty walking s on both sides and got a few 1941 1944 with D on them good shape read everything great
It makes one wonder why more collectors didn’t secure mint state examples early on. With millions minted, you would think that thousands would have ened up in collections by 1920.
That’s an interesting question, perhaps WW1–for the U.S., 1917-1918, had something to do with it?
my favorite coin design
Great information n this site
Sweet coin
Went to the bank a few years ago,the tellers knew I coin searched,handed me 47 Walking Liberties,all circuitlated.Tried very hard contain myself
Interested to see where collecting goes with silver price going crazy.
I have a lot to learn, this website is wonderful!
Such an elegant coin.
This rarity is beautiful. I love the ASE extreme detail of Weinman’s masterpiece!
Classic design and very similar design to that used for the silver dollar coin too
I also agree with Gary. This coin is just beautiful. Would love to have a coin like this. I guess this is what makes coins such a great hobby – reading about their origins, their histories – even if some of us can only look, but not own.
I have a handful of walking liberties. Nothing of great value , but I’m wondering if I should get them graded.
Amazing coin!