1928-S

San Francisco struck 1,940,000 Walking Liberty half dollars in 1928, the only mint to produce the design that year and another semi-key date in the long stretch of San Francisco-only issues that characterize the late 1920s. The coin lives in a difficult zone for Walker collectors because its mintage is low enough to create real scarcity but not so low that it carries the cachet of the 1921 keys, leaving it slightly underrated by buyers who chase headline rarities. Survival rates are higher than for the 1923-S, but original Mint State examples with sharp strikes are still demanding to locate, and gem-grade coins command real premiums when they appear at major auctions.

Strike characteristics on the 1928-S follow the San Francisco pattern, with Liberty's hand and the eagle's breast feathers most often showing softness. Some 1928-S examples come with reasonably full strikes, however, making the date a better candidate than its San Francisco siblings for a strong type coin from the era. Luster varies from satin to slightly prooflike on early die-state pieces. Authentication concerns are moderate, with the most common deceptions being altered mintmarks on common-date Philadelphia coins or repunched mintmark counterfeits. The S mintmark punch should sit cleanly above the rock at the lower-left reverse, with serifs matching documented genuine examples. Weight verification at 12.50 grams and diameter at 30.61 mm should be standard practice on any high-grade purchase. Cherrypickers' Guide notes a recognized small-S and large-S mintmark variety on the issue, and these can carry premiums when correctly attributed by Professional Coin Grading Service (PCGS) or Numismatic Guaranty Company (NGC). Original surfaces are critical, since dipped or cleaned coins lose significant value.

Heritage Auctions and Stack's Bowers have brought MS65 1928-S examples into the seven to fifteen thousand dollar range, with MS66 coins climbing higher when strike quality cooperates. Circulated grades remain accessible to working collectors, and XF to AU pieces are reliably available at modest premiums over melt. The date is required for any complete Walker run and rewards patient buyers willing to wait for strong strikes. For more design and production context, see the Walking Liberty Half Dollar series history.