1940

Philadelphia coiners produced 9,167,279 half dollars in 1940, the larger of the two mintages from that year given the notable absence of any Denver production. The Denver facility struck no half dollars during this calendar period, leaving only the Philadelphia and San Francisco issues for the date and creating a two-coin year that complicates set assembly compared to the typical three-mint structure elsewhere in the run. Survivors of the Philadelphia issue are widely available in all circulated grades and through MS65, with a healthy population continuing into MS66.

Strike quality on the date is generally regarded as average for Philadelphia output of the period, with the customary softness on Liberty's left hand and skirt thumb appearing on a substantial portion of certified examples. The Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) both report robust population totals at MS65 and MS66, and the date is one of the more readily available late-Walker Philadelphia issues at the gem-plus level. Original surfaces with intact cartwheel luster carry meaningful premiums, particularly when paired with a sharper-than-average strike on the central design elements. Die marker variation across the Philadelphia 1940 working dies is documented, with consistent obverse field characteristics helping confirm authenticity on any high-grade purchase where premium pricing applies. Strike-quality variation within the year produced a range of business strikes from sharp to muted, and selective buyers wait for examples with intact luster and crisp central detail.

For collectors assembling the late Walker run, the 1940 Philadelphia issue tends to function as a straightforward pickup, while the absence of a 1940-D shifts collector attention to the San Francisco coin and removes one common entry from the year. Date-set and short-set assemblers approach the 1940 Philadelphia as a comfortable middle-of-the-run pickup, with original-luster MS66 examples typically available at reasonable price levels. For the broader history of branch-mint allocation patterns through the series, see the Walking Liberty Half Dollar series history.