1918-S

San Francisco struck 10,282,000 Walking Liberty halves in 1918, the highest of the three 1918 mintages and one of the larger branch-mint outputs of the early series. The S mintmark sits on the reverse along the lower-left rock beneath the eagle's tail feathers, in the same position adopted across all branch issues from 1917 forward. Despite the generous mintage, the 1918-S behaves like a semi-key in upper mint state grades because so few examples were preserved with full strike detail and minimal bagmarks. Most surviving pieces entered circulation immediately and saw heavy commerce use through the 1920s.

Strike weakness on 1918-S Walkers concentrates in the familiar trouble zones: Liberty's left hand, the thumb area of the skirt, the eagle's central breast feathers, and the talon gripping the rocky perch. San Francisco dies that year tended to soften quickly under production pressure, and fully struck examples are condition rarities even at MS64. Surfaces typically show the frosty luster characteristic of San Francisco silver of the period, although bagmarks from extensive shipment and circulation are common. Authentication checks include confirming the 12.50 g weight and 30.61 mm diameter, examining the S mintmark style for the correct serif-style punch with rounded curves consistent with 1918 dies, and inspecting the reeded edge for evidence of filing or modification. Added-S counterfeits on Philadelphia hosts are uncommon for this date given the relatively higher mintage but still warrant a check whenever a coin appears suspicious.

Population data from Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) reveals a steep cliff above MS64, with MS65 examples bringing significant premiums and MS66 coins genuinely difficult to source. Type collectors often pass on 1918-S in favor of higher-grade later dates, leaving the gem market relatively thin. Date-set builders, however, treat 1918-S as a satisfying intermediate target between common dates and the 1919 semi-keys. For a full overview of design, specifications, and mint history, see the Walking Liberty Half Dollar series history.