1946-S

San Francisco's 3,724,000-piece contribution to the 1946 Walker output sits between the heavy Philadelphia run and the low Denver figure, occupying a middle position both in production and in modern auction availability. The 1946-S benefits from generally consistent strike quality compared with earlier S-mint Walkers, which had a long-running reputation for soft central detail traceable to die preparation practices at the branch facility through the 1930s and early 1940s.

Examination under magnification typically reveals well-defined separation in Liberty's gown folds and crisp eagle plumage on the reverse, although some examples still show the subtle weakness on the left hand and skirt lines that characterizes the series broadly. The mintmark sits at the lower left of the reverse, and authentication of the S punch position against reference photographs is a standard checkpoint, since the relatively low premium has historically not attracted heavy alteration attempts. Both Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) certify the date routinely. Die marker references published by both major grading services document the specific S punch position and reverse rock detail that distinguishes genuine 1946-S strikes from altered Philadelphia hosts.

Luster tends toward bright satin with occasional examples showing a frosty mint bloom that reflects light cleanly across Liberty's striding figure. Gem-quality 1946-S Walkers in MS-65 are obtainable with patience, but the date jumps in price at MS-66 and grows genuinely scarce at MS-67. For collectors assembling a Denver-Philadelphia-San Francisco set of the 1946 issue, this coin is typically the middle expense rather than the headline rarity. Original-roll material from postwar Treasury releases supports adequate gem supply through MS65, though MS66 and finer pieces remain scarcer than the corresponding Philadelphia date at the same grade level. Background on the final years of Weinman's design is available in the Walking Liberty Half Dollar series history.