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Capped Bust Half Dollar - Lettered Edge vs. Reeded Edge Halves From 1807 to 1839 - 1815 Low Mintage, 1817/4 Overdate, 1838-O, and Overton Die Varieties - Money Metals

Mon, 21 Sep 2026 00:00:00 EST

The Capped Bust half dollar is one of the https://www.moneymetals.com/buy/silver/coins";>most popular silver coins from early American history. This series ran from 1807 to 1839. At that time, half dollars were a staple of everyday commerce across the growing nation.

The coin was designed by John Reich. It gets its name from the coin’s obverse, which depicts Lady Liberty wearing a soft cap on the front and a heraldic eagle on the back.

Today, collectors value Capped Bust half dollars for their history, silver content, and classic design. Many also enjoy building complete date sets or searching for rare die varieties. Because the series spans more than 30 years, there are several affordable and highly valuable coins for collectors to choose from.

A Capped Bust half dollar’s value depends on several factors. The date, condition, rarity, and eye appeal all affect its price. Original, well-preserved coins often sell for much more than cleaned or damaged examples. This guide explains the history of the series, how to grade these coins, and what they are worth today.

Quick Facts about the Capped Bust Half Dollar

The following table shows some quick information about the coin:

Quick Fact	Details
Years Minted	1807–1839
Designer	John Reich
Composition	89.24% silver through 1836; 90% silver beginning in 1837
Diameter	32.5 mm
Weight	13.48 g through 1836; 13.36 g beginning in 1837
Mint Locations	Philadelphia and New Orleans

What Is a Capped Bust Half Dollar?

The Capped Bust half dollar is a U.S. silver coin that the Mint produced from 1807 to 1839. The coin has a face value of 50 cents, which made it an important coin in everyday currency. People used half dollars to pay workers, buy goods, and settle business transactions. Their high silver content also made them popular in both domestic and international commerce.

The coin was designed by German-born engraver John Reich. His design replaced the Draped Bust half dollar in 1807 and gave the series a fresh look. The obverse shows Liberty wearing a soft cap with loose hair. The reverse features a heraldic eagle holding arrows and an olive branch, symbols of the nation’s strength and desire for peace.

Half dollars struck from 1807 through 1836 contain 89.24% silver and 10.76% copper. The Mint Act of 1837 changed the alloy to 90% silver and 10% copper while slightly reducing the coin’s weight. Every Capped Bust half dollar measures 32.5 millimeters across.

Today, collectors value these coins for their history, silver content, and beautiful design. The series also offers everything from affordable type coins to rare dates and varieties worth thousands of dollars.

History of the Capped Bust Half Dollar

The Capped Bust half dollar was introduced in 1807 during a period of change at the United States Mint. It replaced the Draped Bust half dollar, which the U.S. Mint had produced since 1796. Mint officials eventually wanted a design that looked more modern to reflect the nation’s growing confidence. To that end, they hired the German immigrant engraver John Reich.

Reich created a fresh portrait of Liberty wearing a soft cap with loose curls falling over her shoulders. The reverse featured a heraldic eagle holding arrows and an olive branch. The new design gave the half dollar a more natural appearance than earlier U.S. coins and marked an important step in the evolution of American coinage.

During the early 1800s, the half dollar became one of the country’s most useful coins. Large silver dollars were scarce, while smaller silver coins often did not provide enough value for larger purchases. As a result, merchants, banks, and ordinary Americans relied heavily on half dollars for everyday transactions. Many examples saw decades of circulation, which explains why high-grade survivors are much harder to find today.

The series also reflects important changes in the nation’s coinage system. Half dollars struck from 1807 through 1836 featured a lettered edge with the inscription “FIFTY CENTS OR HALF A DOLLAR.”

In 1836, the Mint introduced a reeded edge, making the coins more difficult to alter or counterfeit. The new edge also brought the series in line with improvements in minting technology.

Another major change came with the Mint Act of 1837. This law marked a change in the silver composition. Congress standardized the silver alloy used in silver coins to be an even 90% silver, as opposed to the former 89.24%. The Mint also made a slight reduction in the coin’s weight.

These changes simplified coin production and created a standard that remained in use for many decades.

Production of the Capped Bust half dollar ended in 1839. That year, the Mint replaced the coin with the new Seated Liberty half dollar. Although the design was retired, its popularity continued to endure.

Today, collectors appreciate the series for its connection to the early Republic, its stunning artwork, and its many collectible date and die varieties it offers. From affordable circulated examples to rare mint-state coins, the Capped Bust half dollar remains one of the cornerstones of classic American numismatics.

Where Were Capped Bust Half Dollars Minted?

Most Capped Bust half dollars were struck at the Philadelphia Mint, which was the nation’s only mint for much of the series. Like most coins from this mint, Philadelphia Capped Bust half dollars do not include a mintmark. Philadelphia struck the series from 1807 through 1839; the vast majority of surviving examples come from this mint.

The only branch mint issue is the 1838-O, which was struck at the newly opened New Orleans Mint. The “O” mintmark appears on the reverse and identifies the coin as a New Orleans issue. Because only a small number were produced, the 1838-O is one of the key dates in the series and is highly sought after by collectors.

No Capped Bust half dollars were minted in Carson City or San Francisco. Those facilities did not begin producing half dollars until years after the Capped Bust design had been replaced by the Seated Liberty half dollar.

Understanding where these coins were minted can help collectors identify key issues and better appreciate the history of early American coinage.

Capped Bust Half Dollar Design

When John Reich designed the Capped Bust half dollar, his goal was to replace the older Draped Bust design with a portrait that looked more natural. This coin aimed to reflect the young nation’s growing identity. The result was one of the most recognizable designs in early American coinage.

Obverse Design

The obverse features Liberty facing left. She wears a soft cloth cap, often called a “mob cap,” rather than a military or Phrygian cap. Her long hair flows over her shoulders, giving the portrait a relaxed and realistic appearance. The word LIBERTY appears on a band across the cap.

There are thirteen stars that surround Liberty, which represent the original thirteen colonies. The date is positioned below the portrait. Together, these elements create a balanced design that remained largely unchanged throughout the series.

Reverse Design

The reverse displays a heraldic eagle with its wings spread. The eagle holds an olive branch in one talon to symbolize peace and a bundle of arrows in the other to represent military strength. A shield covers the eagle’s chest. Above the eagle is a scroll which bears the national motto: E PLURIBUS UNUM, or “Out of many, one.”

The denomination appears around the edge on early coins and later as 50 C. beneath the eagle. Although the overall design stayed consistent, small changes were made during production as dies wore out or were updated.

Design Changes During the Series

Most Capped Bust half dollars struck from 1807 through 1836 have a lettered edge that reads FIFTY CENTS OR HALF A DOLLAR. The Mint replaced that edge with a reeded variety in 1836.

The change signified a significant change in minting technology driven by steam-powered presses, which improved the coining process. Reeded edges also helped discourage clipping and other forms of tampering.

Collectors often study the small differences between dies used to strike these coins. Slight changes in star placement, lettering, date position, and eagle details created hundreds of collectible die marriages, known as Overton varieties.

These varieties add another layer of interest to an already historic coin series and are one reason the Capped Bust half dollar remains a favorite among advanced collectors.

Understanding Overton Varieties

An Overton variety is a specific die marriage, or pairing of the obverse and reverse dies used to strike a Capped Bust half dollar. Each known die marriage has its own identification number, making it easier for collectors to study and catalog the series.

The system is named after numismatist Al C. Overton, whose reference book on Capped Bust half dollars remains the standard guide for identifying these varieties. Overton numbers begin with the letter “O” followed by a number, such as O-101 or O-102. These numbers do not indicate rarity or value. They simply identify a specific combination of dies.

Some Overton varieties are common and appear regularly on the market. Others are extremely rare because only a few examples are known to exist. Collectors often look for differences in date placement, star spacing, lettering, and small details in the eagle or Liberty’s portrait to identify a variety.

Specialists also use rarity ratings to describe how difficult a variety is to find. A rare die marriage can command a premium, especially when paired with a high-grade coin and original surfaces.

Collecting Overton varieties adds another level of challenge to the Capped Bust half dollar series. For many enthusiasts, identifying and assembling these die marriages is just as rewarding as completing a date set.

Lettered Edge vs Reeded Edge Half Dollars

One of the easiest ways to tell different Capped Bust half dollars apart is by looking at the edge. Coins struck from 1807 through most of 1836 have a lettered edge, while those minted from 1836 through 1839 have a reeded edge. This change marked an important step in the evolution of U.S. coinage.

Lettered Edge Half Dollars (1807-1836)

Early Capped Bust Half Dollars feature the inscription FIFTY CENTS OR HALF A DOLLAR impressed into the edge of the coin. The Mint added this lettering as a security feature. At the time, silver coins were worth close to their face value, making them a target for clipping.

Clipping was a practice in which people sometimes shaved small amounts of silver from the edge before spending their coins. It was easy to overlook the missing silver unless the edge was inspected.

Applying the lettering required a separate step during production, making the process slower and more labor intensive. Even so, the lettered edge became one of the defining features of early U.S. silver coinage.

Reeded Edge Half Dollars

The U.S. Mint adopted a reeded edge in 1836 after introducing modern steam-powered coin presses. These presses could strike the coin and form the edge in one operation, making production faster and more consistent.

The narrow grooves around the edge also made clipping easier to detect. If someone removed silver from the coin, the damaged reeds became immediately visible. Reeded edges are still used on many U.S. coins today for the same reason.

For collectors, the edge is more than a design detail. It quickly identifies whether a coin belongs to the earlier or later part of the series. Lettered-edge and reeded-edge half dollars also have different weights and silver compositions because the Mint Act of 1837 standardized U.S. silver coinage.

Many collectors choose to own one example of each type, while others build complete sets that include both edge styles and the many die varieties found within each series.

Capped Bust Half Dollar Specifications

As you can see from this history, the Capped Bust half dollar changed several times in its 33-year circulation. However, its basic size and purpose remained the same.

The differences that occurred between these coins mostly involved its silver content, weight, and edge design. The updates in these features reflected improvements in minting technology and changes to U.S. coinage laws, including the Mint Act of 1837.

The table below highlights the changes and key specifications for the Capped Bust Half Dollar series:

Specification	Details
Years Minted	1807–1839
Face Value	50 cents
Designer	John Reich
Obverse Designer	John Reich
Reverse Designer	John Reich
Metal	Silver-copper alloy
Composition	89.24% silver, 10.76% copper (1807–1836); 90% silver, 10% copper beginning in 1837
Weight	13.48 g (1807–1836); 13.36 g (1837–1839)
Diameter	32.5 mm
Edge Type	Lettered edge (1807–1836); reeded edge (1836–1839)
Mint Marks	None for Philadelphia; O for New Orleans (1838 only)

Key Dates and Scarce Capped Bust Half Dollars

The table below shows many of the key dates for the Capped Bust half dollar:

Date or Variety	Why It Matters	Approximate Availability
1811	Popular early issue with lower survival in problem-free grades	Scarce
1815	Lowest-mintage regular issue in the series	Rare
1817/4	Famous overdate variety created from a reused 1814 die	Rare
1823	Better date with lower surviving populations in higher grades	Scarce
1827	Difficult issue for collectors seeking attractive original examples	Scarce
1838-O	First half dollar struck at the New Orleans Mint	Key Date

Some Capped Bust half dollar iterations are more rare than others. While all Capped Bust half dollars are historical coins, and therefore often command a slight premium, rare issues can sell for significant premiums at auction.

Several factors beyond simple rarity can contribute to a historical coin’s value. Its low mintages, heavy circulation, and low survival rates all play a role in determining rarity and value.

One of the most sought-after coins in the series is the 1817/4 overdate. Mint workers reused a die from 1814 by punching a new “7” over the original “4.” Today, this overdate is one of the best-known varieties in early U.S. coinage and is highly prized by collectors.

Another key date is the 1815 Capped Bust Half Dollar. No half dollars were struck in 1814 because the Mint lacked enough silver bullion during the War of 1812. As a result, the 1815 issue had a low mintage of just over 47,000 coins. That low mintage makes the 1815 Capped Bust half dollar one of the rarest regular-issue iterations.

There are several other dates that the numismatics market considers scarce. Some of these include:

1811
1823
1827
1838-O

The 1838-O is especially important because it was the first half dollar struck at the New Orleans Mint. The New Orleans Mint only produced a small batch of these coins, which makes it a key coin for collectors of both the series and branch mint issues.

Beyond individual dates, many collectors focus on Overton varieties. Named after researcher Al C. Overton, these die marriages identify the specific obverse and reverse dies used to strike each coin.

Some Overton varieties are common, while others are extremely rare. Collecting these varieties has become a specialty of its own and adds another level of challenge to the series.

Condition can also affect rarity. Many Capped Bust Half Dollars circulated for decades before collectors began saving them. As a result, well-preserved examples with original surfaces are much scarcer than worn coins. Mint State examples often sell for several times the price of circulated pieces, especially for key dates.

For new collectors, the best approach is to focus on quality rather than rarity alone. A common date with strong eye appeal and original surfaces often makes a better long-term addition than a scarce coin with heavy wear or damage.

As your collection grows, you can pursue the more difficult dates and Overton varieties that have made the Capped Bust half dollar one of the most studied series in American numismatics.

How Much Is a Capped Bust Half Dollar Worth?

The value of a Capped Bust half dollar can range from a few hundred dollars to well over $100,000. The biggest factors are the coin’s date, condition, rarity, and originality. While silver content gives every coin a base level of value, collector demand usually has a much greater impact on price.

For most collectors, the first thing to consider is the coin’s date. Common dates are easier to find and usually cost less than low-mintage or scarce issues. Key dates, such as the 1815 and 1838-O, often sell for significantly higher premiums because of how few of these coins survive.

Condition also matters greatly. A heavily worn coin with readable details will usually be worth much less than one with sharp features and little wear. Collectors and grading services use a standard grading scale that ranges from Good (G) to Mint State (MS). As a coin moves up the grading scale, its value can increase dramatically.

A Mint State example of a common date may be worth several times more than the same coin in circulated condition.

Originality is another major factor. Coin collectors prefer coins that retain their natural surfaces and attractive toning. However, the key here is “natural.” Cleaned or polished coins often leave behind small hairlines on the surface, removing some of the natural surface. That can reduce its value, even if it still has a technically high grade.

The easiest way to avoid buying coins with such surfaces is to purchase your coins from certified grading services like PCGS or NGC. These bring stronger prices because buyers have much greater trust in their authenticity and condition.

Many new collectors ask about silver value. Although every Capped Bust half dollar contains a significant amount of silver, its numismatic value usually exceeds its melt value by a wide margin.

Even common, well-worn examples typically sell for much more than the value of the silver they contain. For most buyers, the coin’s history and rarity are far more important than its bullion content.

Market demand can also influence prices. Coins with strong eye appeal, original luster, or rare die varieties often attract competitive bidding at auctions. Popular Overton varieties and key dates may rise in value faster than more common issues, especially when demand increases among advanced collectors.

The table below provides general value ranges by grade. Keep in mind that these figures are estimates. Actual prices depend on the specific date, variety, certification, eye appeal, and current market conditions. Before buying or selling a Capped Bust Half Dollar, compare recent auction results from Heritage Auctions or Stack’s Bower, https://www.pcgs.com/prices/us";>along with the PCGS and NGC Price Guides:

Estimated Capped Bust Half Dollar Values by Grade

Grade	Typical Value Range	What Collectors Look For
Good (G-4)	$95–$250+	Heavy wear, readable date, major design visible
Fine (F-12)	$190–$650+	Clearer Liberty portrait, readable lettering, moderate wear
Extremely Fine (XF-40)	$800–$3,000+	Sharp details, light even wear, strong eye appeal
About Uncirculated (AU-55)	$1,350–$12,500+	Only slight high-point wear, partial luster, original surfaces
Mint State (MS-63+)	$7,000–$100,000+	No circulation wear, strong luster, premium rarity or variety

Please note that these are broad estimate ranges that can change due to date, variety, certification, originality, and eye appeal. This table provides a general range, not exact figures.

How to Grade a Capped Bust Half Dollar

https://www.ngccoin.com/coin-grading/grading-scale/";>Grading is one of the most important skills for anyone collecting Capped Bust half dollars. A small difference in condition can mean a large difference in value. When grading a coin, collectors look at the amount of wear, the sharpness of the design, the quality of the surfaces, and the overall eye appeal.

Start by examining the highest points of the design. On the obverse, look at Liberty’s hair above her forehead, the curls around her face, and the folds of her cap. These areas wear first as the coin circulates. On the reverse, check the eagle’s breast, the tops of the wings, and the shield. The more detail that remains, the higher the grade.

A coin graded Good (G-4) shows heavy wear. Most fine details are gone, but the date, lettering, and major design elements remain visible. These coins are affordable and often appeal to collectors who want an example of the series without paying a premium.

A Fine (F-12) coin has moderate wear, but many design details are still visible. Liberty’s hair curls become easier to see, and the eagle’s feathers show more definition. The coin has a stronger overall appearance than lower-grade examples.

An Extremely Fine (XF-40) coin shows only light wear on the highest points. Most of the original detail remains, and many coins still display traces of mint luster. These pieces are popular because they offer an excellent balance between quality and price.

An About Uncirculated (AU-50 to AU-58) coin has very little wear. Only the highest parts of the design show slight friction, while most of the original luster remains. These coins often look nearly new at first glance.

A Mint State (MS-60 and higher) Capped Bust Half Dollar has no wear from circulation. Instead, graders evaluate the strength of the strike, the quality of the luster, the number of contact marks, and the overall eye appeal. Original, problem-free Mint State examples are scarce because most Capped Bust half dollars circulated for many years.

Finally, inspect the coin’s surfaces carefully. Cleaning, scratches, corrosion, rim damage, or other problems can reduce a coin’s value, even if it has strong detail. When buying expensive examples, many collectors choose coins certified by PCGS or NGC. Professional grading provides added confidence in both authenticity and condition.

Collecting Capped Bust Half Dollars

The Capped Bust half dollar offers something for every type of collector. Whether you are buying your first early U.S. coin or building a specialized collection, the series provides a wide range of options.

Many collectors begin with a type coin. This refers to the practice of purchasing a single Capped Bust half dollar to represent the entire coin series. Common dates in circulated grades are often the most affordable choice and still display the coin’s classic design and historical appeal.

Others build a date set by collecting one example from each year of issue. This approach takes more time and patience because several dates are much scarcer than others. Key dates such as the 1815 and 1838-O often require a larger budget.

Advanced collectors frequently pursue Overton varieties. Each Overton number identifies a specific die marriage, or combination of obverse and reverse dies. Some varieties are common, while others are known from only a handful of surviving coins. Variety collecting has become one of the most popular specialties within the series and offers an added challenge beyond completing a date set.

Regardless of your collecting goal, quality should come before quantity. Look for coins with original surfaces, strong eye appeal, and minimal damage. A common date with attractive toning and natural wear is often a better purchase than a rare coin that has been cleaned or heavily damaged.

Many collectors also prefer coins certified by PCGS or NGC. Professional grading helps verify authenticity and condition, making it easier to buy, sell, and compare coins. As your knowledge grows, you can expand your collection by adding better grades, scarcer dates, or rare Overton varieties.

Common Counterfeits and Authentication Tips

Because Capped Bust half dollars can be valuable, counterfeit examples appear regularly in the marketplace. Some are cast copies made from cheap metals. Others are struck to resemble genuine coins.

Less common tactics include altering dates on existing, authentic coins, or else adding mint marks to make them seem more valuable. While buyers are less likely to encounter these, it’s still best to be aware of them. These are the most convincing coins and have deceived inexperienced buyers.

Start by checking the coin’s weight, diameter, and edge. Genuine Capped Bust half dollars have well-known specifications, and large differences may point to a fake. The edge is especially important. Earlier coins have a lettered edge, while later issues have a reeded edge. An incorrect edge is often a warning sign.

Next, examine the details of the design. Counterfeit coins often have signs of inauthenticity that rarely result from typical wear and weathering. Some of these include soft lettering, blurry stars, or weak features on Liberty and the eagle. Genuine coins should show crisp details, even when they are worn from circulation.

The next step is to inspect the surfaces. Cast copies may have small bubbles on the face. Grainy textures are another sign of inauthenticity. Be cautious of coins with unnatural color, bright polished surfaces, or signs of added damage meant to hide flaws.

When buying a valuable Capped Bust half dollar, choose examples certified by PCGS or NGC whenever possible. Professional grading confirms both authenticity and condition. If you are unsure about a raw coin, have it verified by a service like this before making a purchase or resale.

Frequently Asked Questions

The Capped Bust half dollar is a U.S. silver coin minted from 1807 to 1839. This coin replaced the Draped Bust half dollar with a fresh new design crafted by John Reich. The coin features Liberty wearing a soft cap on the front and a heraldic eagle on the back.

In the early 1800s, this was a heavily used denomination of coin in American commerce. Today, collectors value the series for its history, silver content, and many collectible varieties.

The silver content depends on the coin’s strike year. From 1807 to 1836, these coins contained 89.24% silver and 10.76% copper. In 1837, the Mint changed the alloy to 90% silver and 10% copper under the Mint Act of 1837.

While every Capped Bust Half Dollar contains a significant amount of silver, most examples are worth much more than their melt value because of their collectible appeal.

Several dates are considered rare, but the 1815 Capped Bust half dollars is one of the most sought-after coins in the series. Only 47,150 coins were minted, and far fewer survive today. Other scarce issues include the 1817/4 overdate and the 1838-O, the first half dollar struck at the New Orleans Mint. These coins can vary greatly in their value depending on their condition and rarity.

Capped Bust half dollars struck from 1807 through most of 1836 have a lettered edge that reads FIFTY CENTS OR HALF A DOLLAR. The Mint used this design to discourage clipping, a practice where people removed small amounts of silver from the edge. In 1836, the Mint adopted a reeded edge as new coin presses improved production and made tampering easier to detect.

Many collectors view Capped Bust half dollars as a long-term store of value because they combine precious metal content with historical and numismatic appeal. Like any collectible, prices can rise or fall with market demand. Buying original, problem-free coins with strong eye appeal generally offers the best long-term potential.

You can buy Capped Bust Half Dollars from reputable coin dealers, major auction houses, and established online bullion and numismatic retailers. For higher-value coins, many collectors prefer examples certified by PCGS or NGC. Buying from a trusted source helps reduce the risk of counterfeits and gives you greater confidence in the coin’s authenticity and grade.

Final Thoughts

The Capped Bust half dollar is more than an old silver coin. It represents an important chapter in the history of the United States. It also reflects the evolution of the U.S. Mint during the nation’s early years.

Its classic design, long production run, and many collectible varieties have made it a favorite among both new and experienced collectors. Whether you are looking for a single type coin or planning to build a complete collection, there is a Capped Bust half dollar to fit almost any budget.

Learning how to identify key dates, grade condition, and recognize original surfaces will help you make better buying decisions.

Then, you are prepared to make your purchase. Before deciding on a coin, compare prices from trusted dealers and review recent auction results. If you find rare or expensive coins, it is often best to compare examples certified by PCGS or NGC. With careful research and patience, a Capped Bust half dollar can become a rewarding addition to any collection and a lasting piece of American history.

Gold and Silver Defy a Hawkish Fed

Mon, 21 Sep 2026 00:00:00 EST

September 21, 2026 – Gold and silver managed to regain some ground last week despite facing what might sometimes be a difficult environment for precious metals.

Gold finished the week up roughly 0.5% at $4,385.90 per ounce, snapping a three-week losing streak. Silver performed considerably better, gaining 3.1% to $66.56.

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That relative strength is noteworthy considering what happened elsewhere in the financial markets. The U.S. dollar strengthened substantially, and Treasury yields remained elevated following the Federal Reserve’s first interest rate increase since 2023.

The Fed raised its benchmark rate by a quarter percentage point last Wednesday to a range of 3.75% to 4.00%. More importantly, the central bankers signaled they may not be finished.

The Fed’s updated projections point toward at least one additional rate hike this year as officials contend with the stubborn inflation they helped create. The 10-year Treasury yield finished the week near 5%, while inflation-adjusted yields also moved higher.

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Conventional wisdom, which is often flawed, says that a stronger Federal Reserve note and higher real interest rates will weigh heavily on gold and silver.

Yet both metals finished higher.

Gold's resilience suggests there remains substantial underlying investment demand even as leveraged futures traders have become somewhat less enthusiastic.

Gold-backed exchange-traded funds attracted $18 billion during August, according to World Gold Council data. That was the second-largest monthly inflow on record and pushed global ETF gold holdings to a record 4,189 tonnes.

Central banks haven't lost their appetite for the yellow metal either. China reportedly added another 20.2 tonnes of gold in August, its largest monthly purchase since 2023 and its 22nd consecutive month of reported buying.

Silver, meanwhile, continues to show relative strength.

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The gold-to-silver ratio has fallen into the mid-60s after reaching roughly 72 earlier this year. As long as the ratio remains below the 69 area, the technical picture continues to favor silver relative to gold.

For gold, $4,230 has emerged as an important support level. The metal tested that area last week before buyers stepped in aggressively. Silver similarly has important support around $62.30.

The metals are starting the new week quietly, with gold slightly down and silver flat.

One factor helping calm markets Monday morning is oil.

Brent crude fell roughly 2% toward $102 per barrel as traders reacted to hopes that this week's United Nations meetings could produce some diplomatic progress involving Iran.

But geopolitical risks are still extremely high. The Middle East conflict continues, while Russia and Ukraine intensified attacks over the weekend, including strikes involving energy infrastructure.

The Federal Reserve Is Shadowboxing Inflation

Mon, 21 Sep 2026 00:00:00 EST

Kevin Warsh and his minions at the Federal Reserve are shadowboxing.

Mind you, they should certainly be battling inflation. But instead, they seem to be fighting rising oil prices.

That's not the same thing.

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https://youtu.be/lmvFyBBJORM"; target="_blank" rel="noopener">Inflation, properly defined, is an increase in the supply of money and credit. Price inflation – rising consumer prices – is one symptom of this monetary inflation. However, other things can cause price inflation, including oil shocks.

The difference between a price shock and inflation is that a price shock only raises some prices. Monetary inflation causes a rise in the general price level, and it’s the only thing that produces such an effect. As economist Milton Friedman put it, “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

Don't get me wrong. There is plenty of inflation in the system, evidenced by the increasing money supply. By the M2 metric, inflation is running around 5 percent right now. However, Warsh and Co., along with the markets and pretty much everybody in the mainstream financial media, are fixated on oil prices.

I’m not saying rising fuel prices aren’t important. I’m not saying they won’t cause significant economic disruption. I’m not even saying the oil shock won’t drive up many other prices. It will, and https://www.moneymetals.com/news/2026/09/14/beyond-the-cpi-the-complete-inflation-story-august-2026-005198";>we’ll see it reflected in the CPI.

But I am saying this is not the kind of “inflation” the Fed can stop by hiking interest rates.

If you doubt me, ask yourself: how does a quarter-point interest rate hike pump more oil out of the ground? How does it increase refining capacity? How does it open the Strait of Hormuz?

I’m sure some folks reading this are confused. You’ve been programmed to think that rising prices = inflation. We fight inflation by hiking interest rates. Ergo, the Fed is doing what it needs to do.

What's the problem?

The Fed has gone to war with inflation's shadow. In effect, it's the right fight with the wrong opponent. The central bank needs to drive down monetary inflation, but it's focused on a price shock. If that's the actual problem, the central bank shouldn't hike rates because rising oil prices aren't truly inflationary. While monetary inflation drives every price higher, some prices inevitably fall during a price shock.

In https://www.moneymetals.com/news/2026/09/12/daniel-lacalle-rate-hikes-wont-fix-inflation-or-solve-the-debt-problem-005197";>a recent interview, economist Daniel Lacalle pointed out this confused thinking, noting that policymakers and Keynesian economists always try to center the argument around individual prices.

“Oil prices are up; therefore, inflation is up. No, that's not true. If that was the case in 2022, 2023, and 2024, we would've had deflation. So, we need to differentiate between individual prices and aggregate prices.”

Lacalle went on to explain why an oil shock doesn’t cause “inflation” in the economic sense.

“For the same amount of money, if oil prices go up due to an energy shock, whatever it is, et cetera, the amount of money in the system to purchase the remaining goods and services is lower. Therefore, high oil prices don't mean higher inflation because, for the same amount of money, you would have less units of currency to purchase other goods and services. Therefore, the price of other goods and services would remain stable or come down. A lot of people say a war is inflationary. Oil prices are inflationary. No, they're not. They are disinflationary.”

So, if Warsh & Co. just raised rates because oil prices are up, they made a big mistake. Lacalle said the hike has “zero impact” on energy prices or government spending. It will only hurt small businesses and families.

“The Fed is not going to bring down the price of oil or the price of natural gas, and obviously hiking rates would be completely useless as a tool on that front. But in terms of employment, it is going to be absolutely brutal because 90 percent of the job creation in the United States, as in the Euro area or any developed economy, comes from small and medium enterprises. We have already seen that job creation is significantly less robust than other macro indicators, and that comes mostly from the very aggressive levels of financing costs that small and medium enterprises suffer in the United States.”

All that said, there is plenty of inflation in the system. One can make a strong argument for raising interest rates based on the increasing money supply. But that just brings us back to https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>the Fed’s Catch-22.

All these things are simultaneously true:

The Fed rate hike last week won’t create more oil or lower energy costs
Nevertheless, one can argue for a rate hike based on the growing money supply and core CPI that continues to run warm.
In fact, you can further argue that a quarter-point rate hike is like spitting in the ocean given the level of inflation injected into the system during the pandemic (and the Great Recession before that). https://www.moneymetals.com/news/2024/02/15/the-fed-hasnt-done-enough-to-beat-price-inflation-002991";>The Fed never did enough to slay inflation to begin with.
At the same time, one can argue for a rate cut to keep the debt-riddled bubble economy floating along. An economy dominated by a Debt Black Hole does not function in a high-interest-rate environment.
If the Fed keeps rates higher for longer, it will almost certainly tip the economy into a recession, as Lacalle noted.
Failing to hold rates higher for longer will allow inflation to continue to run free.

What is a dutiful Fed person to do?

Apparently, deliver a token quarter-point hike and hope like hell the economy can hold together long enough for oil prices to ease so they can plausibly cut rates.

It will be interesting to see how it plays out.

In the meantime, all roads lead to inflation. Prepare accordingly.

7 Million Ounces of Silver Left COMEX Vaults Last Week With a Spike in Deliveries

Mon, 21 Sep 2026 00:00:00 EST

Over 7 million ounces of silver left COMEX vaults last week as demand for physical metal surged.

Meanwhile, CME recorded 6,168 September silver delivery notices through Sept. 18, representing a "delivery" of 30.84 million ounces, according to https://www.cmegroup.com/solutions/clearing/operations-and-deliveries/nymex-delivery-notices.html?utm_source=chatgpt.com"; target="_blank" rel="noopener">the CME’s delivery notice and warehouse report.

A “delivery” tied to a futures contract does not necessarily mean silver left the warehouse. Typically, it just involves transferring a warehouse warrant to the new owner without any physical movement of metal. That’s what makes 7 million ounces of physical metal leaving the warehouse in a single week notable.

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For perspective, the 7.2-million-ounce silver outflow equals about 223 tonnes, roughly 2.1 percent of the total COMEX inventory.

This doesn’t indicate a looming silver shortage, but it is a notable metal outflow. It could become significant if physical deliveries become a trend.

How Does COMEX Delivery Work?

Metal stored in a COMEX-approved warehouse can be categorized in one of two ways.

Registered silver has an active warrant attached, meaning it is available for immediate delivery against a futures contract.

Eligible silver meets COMEX standards and is stored in an approved warehouse, but without an active warrant attached. Eligible silver is not available for delivery. The owner can register it by asking the warehouse owner to issue a warrant.

When silver is reclassified from registered to eligible, registered inventory falls and eligible inventory rises by the same amount. Conversely, registered inventory rises, and eligible inventory falls when a warrant is issued for the metal. In both operations, total COMEX inventory remains the same. That only changes when metal enters or leaves the system.

During a contract delivery month, a short that intends to deliver issues a notice through its clearing firm. A long receives the warehouse warrant and becomes the legal owner of the metal. The new owner has several options:

Leave the silver as registered
Cancel the warrant and move the metal to eligible
Sell or transfer the warrant
Cancel the warrant and arrange to move the metal out of the warehouse

What Happened Last Week

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Last week (Sept. 10-17), registered metal increased by 1.4 million ounces to 97.3 million ounces. Meanwhile, eligible silver fell by roughly 8.6 million ounces to 232.8 million ounces.

Total inventory dipped from 337.2 million ounces on Sept. 10 to 330.1 million ounces on Sept. 17, indicating around 7.1 million ounces of silver physically left COMEX vaults in that seven-day period.

CME’s reports do not establish that the silver leaving warehouses was the same metal represented by September delivery notices.

For some perspective, the drawdown was roughly 25 percent larger than the 5.75-million-ounce decline from Oct. 3-9, 2025, in the early stages of the October squeeze. It was approximately half the 13.96-million-ounce total drawdown recorded between Oct. 9 and Oct. 16.

However, it’s important to note that unlike during the October squeeze, registered inventories (silver available for delivery) increased last week. The squeeze drained nearly 14.2 million ounces from the registered category. In other words, last week’s movement signals strong physical withdrawals from COMEX vaults. However, it is not putting the same pressure on COMEX’s deliverable supply as we saw in October because plenty of registered metal remains.

Looking at the big picture, last week’s drawdown does not indicate an imminent shortage of physical metal. It could be a one-off event. However, if this level of silver outflow becomes a trend, it could lead to another silver squeeze.

Gold Market Manipulation and the Paper System

Sat, 19 Sep 2026 00:00:00 EST

In a recent Money Metals podcast interview, host Mike Maharrey spoke with Chris Powell, secretary and treasurer of https://gata.org/"; target="_blank" rel="noopener">the Gold Anti-Trust Action Committee, or GATA. Powell has also served as a director of GATA and was managing editor of the Journal Inquirer in Manchester, Connecticut, from 1974 through 2018.

Powell said GATA was formed in late 1998 and incorporated as a tax-exempt 501(c)(3) organization in early 1999. Its original purpose was to investigate, expose, challenge, and litigate against what its founders believed was manipulation of the gold market. Silver was also part of GATA’s work from the beginning.

After consulting attorneys, Powell said GATA concluded that lawsuits against the U.S. government would be unlikely to succeed because the Gold Reserve Act of 1934 gave the government broad authority to intervene in markets secretly. GATA shifted its focus to gathering documents, publishing research, and exposing what it considers gold and silver price suppression.

Powell said the organization has now pursued that work for 26 years. GATA publishes daily dispatches covering precious metals, currencies, central banks, and related market developments.

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A Quarter-Point Rate Hike Against Massive Deficits

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Maharrey and Powell discussed the Federal Reserve’s https://www.moneymetals.com/news/2026/09/18/higher-rates-are-bad-for-gold-and-silver-or-are-they-005215";>recent 25-basis-point interest-rate increase. Powell argued that a quarter-point hike is insignificant when measured against the scale of https://www.moneymetals.com/news/2026/09/17/hut-hut-hike-the-fed-raised-rates-now-what-005211";>U.S. deficit financing and government borrowing.

He described the present financial system as one of https://www.moneymetals.com/news/2026/09/16/goldwin-smiths-dire-warnings-about-paper-money-matter-more-than-ever-005203";>ongoing money and credit creation. In Powell’s view, expanding deficits, inflation, government power, and corruption are interconnected. He argued that focusing on a single rate move distracts from the much larger issue of accelerating federal debt.

Maharrey said the https://www.moneymetals.com/news/2026/09/17/the-fed-meeting-isnt-the-main-story-005208";>Fed effectively manipulates the price of money. Powell agreed that the rate hike could make sense within the Fed’s own framework, but he questioned whether it could meaningfully affect the underlying fiscal trajectory.

Gold Price Suppression and Central-Bank Demand

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Powell contended that gold price suppression has served to obscure the consequences of government deficits and monetary inflation. He said this system has faced more pressure during the last year and a half as https://www.moneymetals.com/news/2026/09/03/central-banks-piled-in-more-gold-in-july-005182";>central banks and investors increasingly seek physical gold.

He argued that the coalition of central banks once aligned behind keeping gold prices low has fractured. Powell pointed to China and Russia as major countries that have sought alternatives to the U.S. dollar, while even some European nations have announced gold purchases for their reserves.

According to Powell, central-bank gold buying has helped drive gold prices higher in recent years. He also said some countries may be accumulating more gold than they report publicly, noting that Saudi Arabia was discovered 10 to 15 years ago to have purchased more gold than it had reported to the International Monetary Fund.

Maharrey cited analyst Jan Nieuwenhuijs for his work estimating China’s actual gold accumulation. The two agreed that China’s reported additions may understate its total purchases.

Tokenized Gold and the Risks of Paper Claims

The interview also examined efforts by London financial regulators to explore tokenized gold. Powell said tokenization may create another electronic claim on metal rather than a claim to gold held securely and readily available for delivery.

He argued that London and the United States already have vast paper gold markets. Futures contracts, unallocated accounts, and other instruments can represent claims on gold without ensuring that each claim is backed by immediately deliverable physical metal.

Powell said the paper gold system depends on holders of financial claims not demanding delivery at the same time. In his view, tokenized gold could create another layer of potentially oversubscribed claims.

Maharrey compared the issue to fractional-reserve banking. The system can function smoothly until too many people seek delivery of the underlying asset at once.

Asia Builds a Physical Gold Market

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Powell said Asia is building a more delivery-oriented gold-market infrastructure. He pointed to China’s gold futures market, vault development in Hong Kong and Singapore, and plans for additional facilities across the region.

He said the emerging Asian model is oriented toward physical metal and fast delivery, rather than extensive paper trading. Powell argued that gold has been flowing from West to East as Eastern buyers redeem Western paper claims for physical bullion.

Maharrey noted that Chinese holdings of U.S. Treasuries had reportedly fallen to their lowest level since 2008. The discussion framed China’s declining Treasury exposure, gold accumulation, and interest in commodities as part of a broader move away from dollar dependence.

Powell argued that countries seeking monetary sovereignty need an alternative to another nation’s currency. In his view, gold is uniquely suited to play that role.

Tether’s Gold Lending Raises Questions

Powell and Maharrey also discussed https://share.google/kmvEhzIgVz7iuncqF"; target="_blank" rel="noopener">Tether, a major stablecoin issuer that has said it holds gold as part of the assets backing its stablecoins. Powell said Tether had reported holding roughly 113 tons of gold.

A Bloomberg report discussed during the interview indicated that Tether was lending gold to bullion businesses, including coin manufacturers. Powell questioned how gold could simultaneously be available as stablecoin backing and be lent out elsewhere.

He argued that lending gold can recreate the same risks found in conventional paper gold markets. If multiple parties believe they have a claim to the same metal, the system can be strained when delivery demands rise.

The discussion also referenced delays at the https://finance.yahoo.com/markets/commodities/articles/central-banks-pull-gold-home-160905468.html"; target="_blank" rel="noopener">Bank of England in repatriating vaulted gold. Powell said such delays raise questions about how readily physical metal can be delivered when demand increases.

Why Physical Gold Still Matters

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Maharrey asked Powell why investors should own gold if they believe the market is manipulated. Powell responded that gold’s long-term price chart offers a strong argument for ownership despite periodic interventions and volatility.

He referenced a remark Jim Rickards made on CNBC roughly 15 years ago that owning gold meant fighting every central bank in the world. Powell said the situation has changed, arguing that investors now have many central banks on their side because they are actively buying gold.

Powell said https://www.moneymetals.com/buy/gold";>an investor owning physical gold is effectively positioned against what he views as a massive, uncovered short position created by the paper gold system. He added that some analysts expect an eventual official revaluation of gold.

Both Powell and Maharrey emphasized a long-term perspective. Maharrey said he views gold as a tool for preserving wealth rather than trading weekly price moves. Powell agreed, saying investors should expect attempts to discourage gold ownership but should maintain patience, conviction, and a long-term outlook.

The Fed Hiked. Gold Didn’t Get the Memo.

Fri, 18 Sep 2026 00:00:00 EST

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up, we’ll hear a tremendous interview with Chris Powell of the Gold Anti-Trust Action Committee, or GATA. Chris explains why his firm has concluded that the gold futures market in the United States was deliberately created some decades ago expressly to produce a vast imaginary supply of gold for price suppression purposes.

Chris also shares concerns on recently reported story about how stablecoin issuer Tether is now lending out some of its 113 tonnes of gold, which may undermine gold’s primary function as a backing asset.

And then Chris explains how even despite short term fluctuations and various corrections in gold, the massive, potentially uncoverable short position in the gold derivatives market, makes owning the metal a strong long-term bet for investors.

So, be sure to stick around for another wonderful interview between Money Metals’ Mike Maharrey and Chris Powell of GATA, coming up after this week’s market update. And as a reminder, if you enjoy this material, please do us a favor and like and subscribe to this podcast wherever you consume this content.

Well, so much for the idea that higher interest rates automatically mean lower gold and silver prices.

The Federal Reserve raised rates this week for the first time in three years. And if you listened to the conventional Wall Street wisdom, you might have expected precious metals to get clobbered. They did take an initial hit. But then something interesting happened. They turned around.

As we record this Friday morning, gold has pushed back toward $4,400 an ounce, while silver has climbed back to over $67. So, gold has bounced back the last couple of days since the Wednesday Fed announcement, while silver’s comeback is especially noteworthy.

Remember, silver got absolutely hammered during the correction earlier this month. It fell from above $70 an ounce all the way down into the low $60s. But silver has now bounced several dollars off those lows. More importantly, it is beginning to show some technical signs that the correction may have run its course.

Analyst Clive Maund recently took a close look at the silver charts, and he sees several encouraging developments. On the longer-term chart, the recent selloff still looks like a correction within the much larger advance that came before it. Selling pressure also appears to be easing. And on the shorter-term chart, silver appears to be forming what technicians call a “cup-and-handle” pattern.

I’m not going to turn this into a technical-analysis seminar. The basic idea is pretty simple. Silver sold off hard. It found buyers. It rebounded. And now it appears to be building a base from which it could potentially launch another move higher.

If silver can break convincingly above nearby resistance, Maund thinks that would provide additional evidence that a new uptrend is underway. Of course, there are no guarantees when it comes to charts. And if silver has taught us anything this year, it’s that the white metal can make some violent moves in both directions.

But the fact that silver is showing technical strength immediately after the Federal Reserve raised rates is particularly interesting. It flies in the face of one of the most persistent bits of conventional wisdom about precious metals.

You’ve probably heard it a thousand times. Gold doesn’t pay interest. Silver doesn’t pay interest. Therefore, when interest rates rise, investors should dump precious metals and move their money into interest-paying assets.

There is some logic to this. But there’s also a pretty big hole in the argument. It ignores inflation. What ultimately matters isn’t simply how much interest you’re earning. It’s how much purchasing power you’re gaining — or losing — after inflation.

Consider the 1970s. Interest rates rose dramatically during that decade. If higher interest rates were automatically poison for precious metals, gold should have been dead in the water. Instead, gold went on one of the greatest bull runs in its history because inflation was also running rampant.

In 1974, for instance, a 3-month Treasury bill yielded around 7.4 percent. That sounds pretty good — until you realize consumer price inflation peaked around 12 percent that year. That supposedly “high-yielding” Treasury was still losing purchasing power.

And there’s another problem with the higher-rates-equal-lower-gold narrative. Why is the Fed raising rates in the first place? Well, because inflation is becoming a big problem. And why do people buy gold? Well, one of the big reasons is because inflation is a problem.

So, the very conditions forcing the Fed to raise rates can also strengthen the case for owning precious metals.

And then we have the elephant sitting in the room. Debt.

The federal government is carrying roughly $40 trillion of debt. Higher interest rates make financing that enormous debt load more expensive. That means bigger interest payments. Bigger deficits. More borrowing. And eventually, even more pressure on the Federal Reserve and the monetary system.

This is why we’re skeptical when people confidently tell us the Fed is simply going to crank interest rates higher and leave them there until inflation disappears. There is a price to pay for doing that. And with this much debt sloshing around the system, that price gets very expensive very quickly.

So, while everybody obsesses over whether the Fed hikes another quarter-point at its next meeting, something much bigger is happening underneath the surface. Governments, central banks, institutions, and wealthy investors around the world continue positioning themselves for a monetary system in which gold plays an increasingly important role.

And one of the clearest signs is what’s happening in Asia.

Singapore is rapidly building itself into a major gold trading and storage hub. And apparently, they’re running out of room.

DBS Group, Southeast Asia’s largest lender, is expanding its bullion storage capacity because of growing demand from private-wealth and institutional customers. OCBC Bank has also reportedly been talking with precious-metals storage providers about securing additional space. Deutsche Bank is considering similar moves.

And Le Freeport — the giant high-security facility sometimes called “Asia’s Fort Knox” — is reportedly running short of premium basement vaulting space.

Think about that for a second. While Western investors debate whether they should sell gold because the Fed moved interest rates by a quarter of a percentage point, institutions in Asia are scrambling to find places to put physical bullion.

Singapore already has at least 2,200 tonnes of privately operated gold-storage capacity. And the Monetary Authority of Singapore plans to make its own vaulting facilities available to sovereign entities and foreign central banks.

Singapore is also preparing to launch an over-the-counter gold clearing system through the Singapore Exchange, designed to handle both the 400-ounce bars common in Western markets and the 1-kilogram bars favored in Asia.

Hong Kong is making similar moves. It has revamped its gold futures market, launched a clearing and settlement system, and plans to expand vaulting capacity to 2,000 tonnes over the next three years.

This isn't happening by accident. For decades, London, New York, and Switzerland have dominated the global gold trade. But gold has increasingly been moving from West to East. And now the infrastructure is following the metal.

New vaults. New clearing systems. More physical settlement. More capacity for central banks and institutional investors.

That strikes us as a much more important long-term story than whether the Fed funds rate goes up another quarter-point. And it also helps explain why gold has been so resilient.

The old playbook says higher interest rates should crush gold. But gold isn't trading solely on what the Federal Reserve does anymore. Central banks are buying. Asian demand remains strong. New physical gold infrastructure is being built. And governments around the world continue piling up debt and debasing their currencies.

Well before we get to this week’s interview let’s recap the market action here.

Gold, platinum and palladium are all seeing very small gains for the week. Gold is up about $30 or 0.7% to check in at $4,390 an ounce. Platinum is up less than 0.5% to come in at $1,818. And palladium is up 0.3% to trade at $1,330.

But silver, as we mentioned earlier, is outlier – having moved up more than $2 an ounce this week or 3.4% to come in at $67.37 an ounce as of this Friday late morning recording.

Next week will be telling for the white metal. Perhaps the rally will fizzle out after the big advances we’ve seen here each of the last couple of days of this week. Or maybe we will see some follow-through and another run at $70 and possibly beyond in the days ahead. Time will tell, so stay tuned.

Well now, without further delay, let’s get right to this week's exclusive interview.

Mike Maharrey: Greetings. I'm Mike Maharrey and I'm joined today by Chris Powell. Chris is the secretary and treasurer and one of the directors at the Gold Antitrust Action Committee, also known for GATA for short. He is a fellow journalist having served as the managing editor of the Journal Enquirer in Manchester, Connecticut from 1974 to 2018 and has been following the gold and silver markets for quite some time as well. How you doing today, Chris?

Chris Powell: Oh, I'm very glad to be with you, Mike.

Mike Maharrey: Well, it's a pleasure to have you on the show as well today. It's always fun to talk to you. You're one of the people that makes me laugh. I wish people could read our email exchanges because you're funny. But anyway, before we get into the current goings on in the markets, I really would like for you to just take a moment and let folks know what GATA does so they have some context about what you do. I know a lot of folks have heard you before, but for folks who don't know, just kind of give the elevator pitch for GATA's work.

Chris Powell: Well, we formed in late 1998 to investigate and expose and complain about and litigate against what we saw as manipulation of the gold market. We were also interested in silver. We, I guess, incorporated as a 501 tax exempt organization in early 1999. After a year or two, we figured that our original plan, which was to sue the bastards for rigging the market, was not likely to work because the bastards were the government and the government was fully authorized by the Gold Reserve Act of 1934 to rig not just the gold market in secret, but to rig any market in the world in secret. And our lawyers told us that we were probably out of luck suing for the manipulation that way. The government was fully authorized to manipulate market surreptitiously. We decided then that, well, all we could do is try to gather the documentation and expose the manipulation because it could work only in secret by deceiving people.

We figured if we could expose it widely enough, we would defeat it that way.

Well, we were a little naive thinking that we'd get much attention from mainstream financial news organizations, but 26 years later, we have gotten a fair amount of publicity around the world. I know we have brought our work to the attention of central banks, and I think all major central banks know about our work and know about the manipulation now and are responding to what they know and what they've learned from us. But manipulation of the gold and silver markets is not over. In fact, just the other day, the United States Secretary of the Treasury, Scott Bessent, boasted in public that he was manipulating the currency markets. He declared, "I am the house. Bet against me if you want." I don't know why we should have too much trouble now convincing people of gold market manipulation since the treasury secretary is admitting that he is the house.

I mean, that's basically what we've been saying for 26 years.

But anyway, we've done a good job, I think, exposing the manipulation. We have more challenges in getting the documentation around because mainstream financial news organizations do not want to cross the government on this issue, but we're still at it. We put out dispatches every day. We invite people to sign up for our mailing list, and we certainly welcome contributions since we're federally tax exempt in the United States. Donations to GATA are federally tax deductible in the United States. And of course, you may get on a troublesome list if you donate to GATA. I mean, we have to report our donors over, I guess, $5,000, but I don't think anything's happened to our donors yet. So, I'm still hopeful that we can make trouble without going to jail.

Mike Maharrey: Nice. Yeah, you guys do a fantastic job, and I can sympathize with the difficulty of getting mainstream attention. It's hard to even get them to pay attention to gold, much less manipulation. So you're definitely fighting an uphill battle, but fighting it well and appreciate all of the resources that you bring to the table. And it's also nice for folks who don't follow your work, you not only cover the manipulation, but you guys do a great job of just covering the gold market in general. You highlight a lot of the work we do over at Money Metals in reporting just regular market news. And so if you're not on GATA's mailing list, I would highly encourage you to get on it because you'll get a really good overview of what's going on in both the gold and silver markets as well as the currency markets too.

So, thank you for that. We appreciate the support that you guys give to us over at Money Metals. So before we get into the gold manipulation, I wanted to just touch on the Fed meeting that just wrapped up yesterday as we're recording this. So, it wrapped up on Wednesday and the central bank decided to raise interest rates by a quarter point, and I don't think anybody was shocked by that, but I just wanted to bring it up because I would argue that the Fed is the ultimate financial system manipulator because they're literally manipulating the price of money. What were your thoughts on the rate hike? What kind of effect do you think that it might have? And I guess maybe give your view on whether you think it was the right move or not, although I'm not sure that there is a right move when it comes to central banks playing with money prices, but I just … Yeah, go ahead.

Chris Powell: From the point of view of the way the Fed does business, of course they can see that as the right move. I just inclined to your commentary today that a quarter point increase in interest rates is nothing compared to the continuing explosion of deficit financing by the US government. I mean, practically every couple of weeks there's another trillion dollars on the deficit and a quarter point interest rate increase. I mean, that's nothing. In fact, hardly anything is something compared to the deficit spending in the United States. We're in an age now in the United States and really around the world too of infinite money creation and infinite money creation is infinite price inflation. It's infinite government power, it's infinite corruption. To bother with a quarter point increase in interest rates in these circumstances, it just strikes me as absurd.

Mike Maharrey: Yeah. It's almost like throwing a bucket of water in the ocean, right?

Chris Powell: Yeah.

Mike Maharrey: But it's interesting because I would argue, and I think you'll probably agree with me, that this massive expansion of the money supply that is really necessary when you have this level of government spending and borrowing, that's part of the reason that the powers that be feel the need to manipulate the gold market, right? Would that be a fair assessment?

Chris Powell: Yes. It's part of the deceptive purposes of gold price suppression policy. It was to conceal inflation, conceal the implications of government deficits, and they've been getting away with it for a long time, but they haven't been getting away with it terribly well over the last year and a half or so.

Mike Maharrey: Yeah, it's interesting because I think a lot of this attempt to hold things in place is starting to unravel a little bit. You mentioned Bessent and his efforts to manipulate the currency markets, and we saw him trying to poke around and push down the yields on the long end of the bond market and didn't work. I think maybe four or five years ago…

Chris Powell: Worked for a few hours…

Mike Maharrey: Well, yeah, that's true! I'm being a little bit unfair. Yes. Yeah, for a minute or so. But yeah, so it's interesting to watch them scramble to try to keep a lid on things. Let's talk a little bit about some of the other issues that are in the news that might lend to this or feed into this discussion. I wanted you to speak a little bit about the news that London financial regulators are starting to talk about tokenizing gold. Now, I don't think a lot of people really understands what that means, and I honestly haven't really followed closely this kind of tokenization thing that's going on. Can you explain first off, what are they talking about doing, and in your view, what are the ramifications?

Chris Powell: Well, I think it's just another mechanism, an entity that they give to people and say this represents gold and you can have it if you want to. London is full of paper gold. The United States is full of paper gold. It's gold that is not really gold, but it is a pledge by a financial institution to give you gold if you want it or to hold your gold for you. The problem with futures contracts and paper gold has been that the gold at the base of the system has been vastly oversubscribed. That was the whole purpose of creating the gold futures market in the United States was to create a vast imaginary supply of gold that could be used for price suppression and the confidence that people accepting paper gold would never turn it in for real metal and so that they could create an imaginary supply.

I think that's what we see with this pressure in London to have the financial authorities authorized tokenize gold. It might be just another electronic claim on gold that may or may not be in possession of the issuer of the token.

I don't know why anybody who really wanted to own gold would hold gold that way. I can imagine why bullion banks and central banks would want to create another ticket that merely says that you have gold or we owe you some gold. But yeah, they want to tokenizing gold in London, which was really the center of the paper gold business. And Asia's not buying this anymore. I mean, Asia has figured this out. I met a few years ago with a couple of central banks in Asia, and while they were playing their cards very close to the vest, I gave them all the documents of gold price suppression policy, and a lot of central banks in Asia refused to meet with me, but I still sent them the documents. They know what's going on. And for the last couple of years, they have been building their own gold trading infrastructure.

Certainly China has been ahead on this, but other countries are doing it too. They want out of the Western paper gold system, and everyone has seen gold flowing from the West to the East as Western paper is being redeemed by Eastern interests for real metal. Why would they do that? They would do this only if they realize that the paper gold system in the West is a sham, and they're doing it because they want an alternative to dollar hegemony. And gold is the only alternative to the dollar as a reserve currency. I mean, China knows that given its totalitarian form of government, that the UN is not going to function as a reserve currency, but it could gain value as an intermediary to a real physical gold market, and that's what they're building over there. This is also damn obvious. I don't know why London is talking about tokenizing gold.

I mean, that rig is up.

Mike Maharrey: Yeah. And I'm glad you brought that up because this was actually one of the questions I wanted to bring up, the build out of that infrastructure in Asia. So you just answered all my questions. You're leading into the future. That's very good. Impressive. But yeah, so there is a futures market in China, the Shanghai futures, they have a futures market in Shanghai, but it's much more oriented toward delivery of metal. Is that correct?

Chris Powell: Yes. And they are building vaults now in Hong Kong and Singapore and planting them in other places because they envision the gold business converting into a physical gold business where you get delivery in a day if you ask for it,

Not a lot of paper shuffling. I mean, this is obvious. This is happening in the open. Chinese officials were talking about really converting to gold years ago. If you read closely in the publications over there, the world, or at least the neutral and eastern central banks have figured that gold is the only alternative for national sovereignty against the US dollar. If you're going to use somebody else's currency, you're going to be a slave to that issue of the currency. The world is figuring out that if you want your own sovereignty, if you want your financial independence, you're going to have to rely on gold.

Mike Maharrey: Yeah. And I should note that the reasons that these central banks and these institutional investors in the east are piling up physical gold are the same reasons that investors here in the United States should. It's the currency debasement. It's the constant money printing and borrowing and spending and all of these things that we talk about, and they see the writing on the wall.

Chris Powell: Yeah. The Financial Times had a story this morning saying that the Chinese holdings of US Treasuries is at the lowest level it's been since 2008. And they even quoted a Chinese analyst as saying that China was unloading dollars and getting into gold and other commodities.

Mike Maharrey: So in your view, as this continues to evolve and Asia ostensibly gains ground in becoming more and more important and functional within the global gold market, do you think it's going to become increasingly harder? I know the answer to this, but I'm going to ask anyway because I want to hear your comment. Is it going to be increasingly harder for the powers that be in the West to continue to hold prices down?

Chris Powell: Yeah, look, it's already happening. I mean, the gold price has been going up the last couple of years precisely because the Central Bank anti-gold coalition has broken up. I mean, even European nations in the last few years have been purchasing gold for their reserves and announcing it, and we are reasonably confident that many countries are purchasing more gold than they're announcing. I mean, even 10 or 15 years ago, Saudi Arabia got caught purchasing more gold than it was reporting to the IMF. Gold is going up because central banks have divided on the gold issue. They most used to be united in keeping the gold price down in support of the dollar, but also in support of their own currencies. And now many central banks, very big ones, China and Russia particularly, have decided, no, we don't want to do that anymore. We need an alternative to the dollar.

We need an alternative to control by the United States, and there is no alternative except gold.

Mike Maharrey: Yep. One of the worst kept secrets in the entire world is the fact that China is accumulating gold far faster than they're announcing. And they're actually announcing pretty significant expansions to its gold supply, but it's far more than that. And Jan Nieuwenhuijs has done some great work in running the numbers and at least being able to estimate how much more gold that China's buying, and it's substantial.

Chris Powell: Yes, his work has just been essential to this issue for years. I mean, it's accepted now, but he was saying this years ago.

Mike Maharrey: Yeah. Yeah. And it's good because other people, as you say, at some point, the narrative starts to fall apart and you're starting to see a little bit. I mean, the Financial Times reported on the additional gold accumulation not too long ago. So some of the mainstream people are starting to at least whisper about it every once in a while. So I would say that's probably an improvement.

Chris Powell: Yes, but they still can't touch the long history of policy for suppressing the gold price. The government documents that show that this was Western policy was to keep the price down. They can no longer ignore the gold acquisition by more countries around the world and particularly by China, but they can't touch the policy issue.

Mike Maharrey: Now, this was an article that you guys featured in your GATA newsletter. And again, I'm going to encourage listeners to subscribe if you have not. It's one of my favorite emails that I get in my inbox, the various stories that you guys report on, and it's a great resource for what's going on out there in the market. And one of the things you guys reported on is that the stablecoin issue, Tether, is lending its gold. And so maybe first, if you can just give folks a little bit who may not be familiar, what is Tether? Why do they have gold? And what does it indicate by the fact that they're lending it?

Chris Powell: Yeah, well, it's this stablecoin issuing company, which I guess is the largest one in the world. They issue these so-called stable coins which are supposed to maintain a one-to-one value against the US dollar, and Tether to underwrite its stable coins. It purchased a lot of US treasuries and it purchased a lot of gold. I think they've said they've got something like 113 tons of gold, but there's a Bloomberg story today that we dispatched saying that they're now lending their gold to bullion houses, coin manufacturers and things like that. Well, if they're lending the gold, then it can't be in their treasury backing their stable coins. It's got to be in one place or the other. It sounded to me like they're kind of getting into the paper gold business just like the big bullion banks in the United States and London, where your gold can be in multiple places at the same time as long as nobody asks you to deliver it to them.

But that was the Bloomberg story today that Tether, the supposedly gold-backed stablecoin, is leasing its gold. There's no difference. I mean, it's JP Morgan or the Bank of England years ago or whatever. That's just going back to the original racket.

Mike Maharrey: Yeah. Yeah. And therein lies the rub, right? It's a lot like fractional reserve banking. It all works fine until everybody wants their money, and that's when things can get really wonky. And I think we saw that a little bit in the silver market this past year in January of this year, where a lot more people were wanting that physical metal, so delivery got difficult and you saw this price squeeze.

Chris Powell: We remember the Bank of England. They had to make an announcement that it was slow on repatriating gold to people who had been vaulting the Bank of England because there was logistical problems getting it out of the Bank of England basement. Well, they'd get the British Army Corps of Engineers over there if they wanted to, that would get the gold out of the basement in 24 hours. But even last year, even the Bank of England was saying, "Oh, it's bulky, it's heavy, it takes us a while to move it around." Oh, sure, guys.

Mike Maharrey: Right, right. Well, it's easy to move paper around, and they're doing an awful lot of that. So, I want to ask you this, and I'll wrap up on this one. And I probably asked you this question before, but I like to bring this question up anytime I talk to folks who are reporting on and who are aware of this type of manipulation in the gold market. Some people I know will say, "You know what? It's a manipulated market. I'm not getting involved in it. I don't want to have anything to do with it because how can I trust it if it's manipulated?" How would you respond to somebody like that who spurns gold because they're worried about this manipulation?

Chris Powell: Oh, it's a legitimate thing to wonder about, but I would certainly begin by referring them to the gold chart of the last few years, or if you want to take an even longer view, refer them to the gold chart over the last few decades. I mean, certainly the trend now is up. Secondly, if you own gold. Jim Reckard said, I don't know, 15 years ago on CNBC, he was permitted to say it, which surprised me. He said, "If you own gold, you're fighting every central bank in the world." Well, that was 15 years ago. Well, if you own gold today, you've got half the central banks on your side. They're buying gold. Presumably, they're better informed than we are about a lot of things. So, you've got some governments on your side now. And thirdly, if you're aware of what gold price suppression policy has done, has issued a lot of imaginary gold, has been part of a massive short position, uncoverable short position in gold, then if you're owning gold now, you're betting against the collapse of that short position.

And I think that's a good bet. Now, some of us, I mean, look, I'm 76, and while I'm still dressing myself, usually by dinnertime, I may not live to see the full collapse of the short position in gold. On the other hand, there's a lot of people who are following this issue think that gold is going to be officially revalued precisely to get out of this uncoverable short position. So there's a lot of reasons to own it, but if you're going to own it, you got to remember that while a lot of central banks now see gold's virtues again, there's still some powers in the world, including the US Treasury and Federal Reserve, and I suspect the Bank of England too, that don't want you to do well. And if they can knock you in the jaw every once in a while to discourage you, they will.

You've just got to have a backbone and a little bit of a long view.

Mike Maharrey: Yeah. And I think that long view is key. For me, I'm not one of these people that want to try to play the weekly move in gold price. That's just not my game. I'm looking to preserve my wealth over the long term. I think, as you mentioned, you can just look at the charts and you can see that despite whatever manipulation is going on, gold does that job and it does it very well. And it's a little bit, don't you think, like the old cartoons where the dam is springing holes and the guy's sticking his finger in the different holes? At some point, you lose control of that. And I think we're increasingly seeing in a lot of the trimmers in the markets that the powers that be are having a little bit more difficult job in trying to -

Chris Powell: Yeah, that's exactly what's happening. They are losing control. And look, if they were still in control, the prize in every Cracker Jack box would be a Louis d'Or (a historic French gold coin). I mean, that would be the ultimate objective of their policy, would be to devalue gold so much that it'd be a cheap cracker jack prize. Well, they're losing and every day they're losing faster.

Mike Maharrey: Yeah, that's a great analogy. So, let folks know where they can follow the work at GATA and give us your links and where we can follow the work.

Chris Powell: Sure. Our internet site is gata.org. If you'd like to subscribe to our daily dispatches, they're free. There's a little signup mechanism in the right top corner of the GATA homepage. I mean, you got to give us your email address, of course, so we can put you on the list, but no salesman will call. It's absolutely free. And as you said, we try to keep people informed about not only things that are touching on the rigging of the markets, but also things that I think bear on the future of the monetary metals, the future of money, and things that just might be interesting to people who are following gold and believe, as we do, that the monetary metals are crucial to human liberty.

Mike Maharrey: Yeah, absolutely. And again, you guys do a fantastic job of that. In some ways, you guys are one of my go-to places. Your dispatch has helped me find things to write about and report on over at Money Metal. So I encourage people again to get on that email list. I think you'll find a great deal of value in it and appreciate the work that you guys are doing. Do a fantastic job, and it's always a pleasure to chat with you. I'm sure we'll have you back on in the not too distant future. Until then, I hope all remains well and you continue to be able to dress yourself on a daily basis. That's a goal that we can all aspire to, right?

Chris Powell: I am wearing pants right now.

Mike Maharrey: Same, same. I'm not necessarily wearing pants that match the shirt though. I will confess that.

Chris Powell: Same here.

Mike Maharrey: Well, thank you again, Chris, and we'll stay in touch and we'll talk to you again soon.

Chris Powell: Thanks very much, Mike.

Always love hearing from our good friend Chris Powell at GATA and I hope you enjoyed that interview as I did.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And to check out any of our audio programs, including our second podcast, the Money Metals Midweek Memo, just visit https://www.moneymetals.com/podcasts";>MoneyMetals.com/podcasts or find them wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.

Until next time, this has been Mike Gleason with https://www.moneymetals.com/";>Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.

New Gold Scam Preys on Legitimate Fears

Fri, 18 Sep 2026 00:00:00 EST

Scammers want to scare you because scared people make bad decisions.

You often hear about scammers convincing people that their Social Security numbers have been compromised, their identities stolen, or that their computers were hacked. People get scared and become vulnerable to the suggestion that the scammer, often posing as a trusted government official, will protect their wealth.

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Now, the FBI is warning of a new approach. Scammers are leveraging fear and distrust of the financial system to scam people.

According to WSOC 9 in Charlotte, criminals prey on people’s worry that their dollars aren’t worth as much as they once were and fear that the financial system is about to collapse. They convince people the solution is to buy gold or silver.

So far, so good.

https://www.moneymetals.com/news/2026/07/28/inflation-pain-is-worse-than-the-cpi-indicates-005097";>Your dollar isn’t worth as much as it once was, and it will be worth even less next year. After all, https://www.moneymetals.com/podcasts/2025/11/05/inflation-is-the-plan-004459";>inflation is the plan.

And while I’m not predicting a financial collapse tomorrow, trouble is undoubtedly on the horizon given https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>$40 trillion in U.S. government debt and counting.

So, I actually agree with these scammers. You need gold (and silver)!

So, where’s the scam?

Well, these people aren't trying to protect your wealth. They're trying to increase theirs.

And what better way to grow their wealth than to get you to give them gold and silver!

You have to give these crooks some credit. At least they value sound money and recognize that gold and silver are accepted as such anywhere in the world!

According to WSOC, the scammers direct victims to legitimate bullion companies that ship gold and silver to your home. Once the victim agrees to purchase the metal, the scammers convince them to turn their gold and silver over to them for "safekeeping."

“They say, ‘As soon as it gets to your residence, let us know; we’re going to send a carrier by, collect your gold. We’re going to put it in our vault under safekeeping, so you don’t have to worry about that kind of money, value, stored in your house,” FBI Special Agent in Charge Reid Davis said.

Again, a legitimate concern. Storing precious thousands of dollars in precious metals in your Walmart safe might not be the best move. Many people feel more secure knowing their gold and silver is in a trusted depository.

But if somebody offers to drive by and pick up your gold, just say, "No!" You’re never going to see it again.

Ever.

Legitimate bullion companies partner with trusted vaulting facilities. Here at Money Metals, we have https://www.moneymetals.com/silver-gold-storage";>our own state-of-the-art depository. If you want to store your gold or silver away from your home, legitimate companies will send the metal straight to the depository. There is no reason for the gold and silver to come to your house, only to be picked up by a courier.

If some third party tries to insert itself into your gold and silver purchase -- beware.

If somebody is obviously trying to scare you -- beware.

If somebody says, "Meet me at the gas station to hand over your gold and silver" -- beware. (Yes. This has happened!)

Scammers are everywhere. Just Google “gold scam” and you’ll see what I mean. But it’s easy to avoid the crooks. Do your research and only do business with trusted companies with a strong track record.

Seated Liberty Half Dollar - Christian Gobrecht's Half in United States Seated Liberty Coinage, 1839 to 1891 - Arrows and Rays Varieties, Three Weight Standards, and the 1842-O Small Date - Money Metals

Fri, 18 Sep 2026 00:00:00 EST

The Seated Liberty Half Dollar is one of America’s most widely collected 19th-century silver coins. Minted from 1839 to 1891, the series includes affordable collector coins as well as rare issues that have sold for more than $100,000 at auction.

Whether you are researching the value of a Seated Liberty Half Dollar, identifying a family heirloom, or building a collection of 19th-century U.S. coins, this guide explains what makes these coins valuable. You’ll learn about their history, key dates, design changes, grading, and the factors that influence their market value.

How Much Is a Seated Liberty Half Dollar Worth?

Most Seated Liberty Half Dollars are worth much more than their https://www.moneymetals.com/buy/silver/junk-silver/90-silver-half-dollars";>50-cent face value. Their value depends on the coin’s date, mintmark, condition, rarity, and silver content. Common circulated coins often sell for less than $100. In contrast, rare dates and high-grade examples can sell for more than $100,000 at auction.

The best way to determine the coin’s value is to have it graded by a professional coin grading service. Companies like PCGS or NGC can make a coin easier to sell and may increase buyer confidence. They verify the coin’s authenticity and condition, which can enhance the coin’s liquidity and make it more desirable to collectors.

The table below provides estimated value ranges by grade:

Seated Liberty Half Dollar Value Ranges by Grade

Grade	Common Dates	Better Dates
Good (G-4)	$40–$80	$150+
Fine (F-12)	$75–$175	$300+
Very Fine (VF-20)	$150–$350	$700+
Mint State (MS-60+)	$600+	Thousands to six figures

Values are approximate and vary based on eye appeal, certification, market demand, and current auction results. Rare dates and exceptional examples may sell for substantially more.

Origin of the Seated Liberty Half Dollar

The Seated Liberty half dollar entered into circulation in 1839. Its obverse depicts Lady Liberty seated on a rock holding a shield and liberty pole. It was a design inspired by the surge of neoclassical art that became popular in the nineteenth century. Its reverse depicts an eagle holding a set of arrows.

The coin was designed by Christian Gobrecht, the third Chief Engraver of the United States Mint. The coin underwent several variations before it was retired in 1891.

Seated Liberty Half Dollar Design and Composition

The Seated Liberty half dollar has a standardized design, composed of the following factors:

Seated Liberty Half Dollar Specifications

Specification	Seated Liberty Half Dollar
Years Minted	1839–1891
Designer	Christian Gobrecht
Composition	90% silver, 10% copper
Diameter	30.6 mm
Edge	Reeded
Weight	13.36 g (1839–1853); 12.44 g (1853–1872); 12.50 g (1873–1891)

Key Factors Influencing Seated Liberty Half Dollar Value

The value of a Seated Liberty Half Dollar depends on several factors, including its condition, mintmark, rarity, and variety. Understanding these factors is essential to determining a coin’s value. Here’s an in-depth look at these elements:

Condition (Grading)

Grading is a crucial determinant of value, with coins ranging from heavily worn examples to pristine, uncirculated pieces. The table below shows the different grading and condition ranges.

Seated Liberty Half Dollar Grading Guide

Grade	What to Look For
Good (G-4)	Heavy wear is visible. Major design elements remain, but Liberty, the stars, and the eagle may appear faint.
Fine (F-12)	Moderate wear is present. Some details, including Liberty’s figure, the stars, and parts of the eagle, are easier to see.
Very Fine (VF-20)	Moderate wear appears on the high points. Liberty’s drapery and the eagle’s feathers show stronger detail.
Mint State (MS-60+)	No circulation wear is present. The coin may show original luster, sharper details, and stronger eye appeal.

Higher-grade coins, especially those graded by PCGS or NGC, command premium prices. Collectors often prioritize well-preserved coins with minimal wear or attractive toning.

Mintmarks

Seated Liberty Half Dollars were minted in several locations, each contributing to the coin’s collectibility and circulation. Mintmarks can be found on the reverse side, below the eagle.

Seated Liberty Half Dollar Mintmarks

Mint	Mintmark	Collectibility
Philadelphia	None	Generally the most common issues in the series.
New Orleans	O	Scarcer than Philadelphia issues and popular with collectors.
San Francisco	S	Later issues that become scarce in higher grades.
Carson City	CC	Low mintages and among the most desirable coins in the series.

Rarity and Key Dates

Certain dates and varieties are rarer than others, significantly increasing their value and affecting their circulation. These rare versions make valuable additions to your https://www.coincollecting.com/seated-liberty-half-dollars-key-dates-and-values";>collection. Some of those are as follows:

Key Seated Liberty Half Dollar Dates at a Glance

Date	Why It Is Important	Relative Rarity
1842-O Small Date, Small Letters	One of the most desirable New Orleans varieties, distinguished by its Small Date and Small Letters reverse.	High
1873-CC No Arrows	A key Carson City issue struck before the weight adjustment. Extremely scarce and highly sought after.	Very High
1873 Open 3	Popular Philadelphia variety identified by the shape of the numeral "3" in the date.	High
1874-CC	Low-mintage Carson City issue with strong collector demand and significant historical appeal.	Very High

Design Varieties

The Seated Liberty Half Dollar underwent five primary design changes throughout its minting period:

Seated Liberty Half Dollar Design Varieties

Variety	Years	Features	Weight	Significance
No Motto “In God We Trust”	1839–1853	Reverse design lacks the motto. Small reverse letters were used until 1842, followed by larger letters.	13.36 grams	Represents the early simplicity of U.S. coinage before later design changes.
Arrows at Date and Rays Around the Eagle	1853	Arrows flank the date, and rays appear around the eagle on the reverse.	12.44 grams	Reflects the Coinage Act of 1853, which reduced silver content and discouraged melting for bullion.
Arrows at Date, No Rays	1854–1855	Arrows remain at the date, but rays were removed from the reverse.	12.44 grams	Simplified the design for more efficient minting.
No Motto “In God We Trust” Resumed	1856–1866	Returned to the earlier no-motto design.	12.44 grams	Represents the transitional period before post-Civil War design updates.
Motto “In God We Trust”	1866–1873; 1875–1891	The motto “In God We Trust” was added on a banner above the eagle.	12.44 grams; later 12.50 grams	Marked cultural and legislative shifts in U.S. coinage after the Civil War.
Arrows at Date, No Rays	1873–1874	Arrows were reintroduced at the date to signal a slight weight adjustment.	12.50 grams	Aligns with the Coinage Act of 1873 and standardization of silver coinage.

How to Identify an Authentic Seated Liberty Half Dollar

Because Seated Liberty Half Dollars are valuable collector coins, they are sometimes counterfeited or altered. Before you buy or sell one, inspect the coin carefully and compare its physical features to official specifications.

A genuine Seated Liberty Half Dollar has a reeded edge and measures 30.6 mm in diameter. Its weight depends on its mint year. Coins struck from 1839 to 1853 should weigh 13.36 grams. Most coins minted from 1853 to 1872 weigh 12.44 grams. Coins struck from 1873 to 1891 weigh 12.50 grams.

Look for signs that the coin may not be genuine. Common warning signs include the wrong weight, weak or blurry details, soft lettering, casting bubbles, or a seam along the edge. Bright, polished surfaces may also indicate that the coin has been cleaned. Though it may seem counterintuitive, cleaning can reduce a coin’s value by leaving micro-scratches on the surface.

If you own a rare date, a Carson City issue, or a coin with a high market value, consider having it authenticated by a professional grading service. PCGS and NGC can verify that the coin is genuine, assign a grade, and seal it in a protective holder. Before you buy a certified coin, verify the certification number on the grading company’s website.

Notable Auction Sales

https://www.ngccoin.com/auction-central/top-ten-rare-coins-auction-results.aspx?SubCatID=40";>Seated Liberty Half Dollars have reached high values at auction in recent years. Here are three of the top auction prices these coins sold for in the 2010s:

Notable Seated Liberty Half Dollar Auction Sales

Date	Grade	Auction House	Sale Price	Sale Date
1853-O No Arrows	MS66	Stack's Bowers	$246,750	Oct. 31, 2014
1878-S	MS64	Heritage Auctions	$199,750	Jun. 23, 2014
1878-O No Arrows	MS65	Heritage Auctions	$199,750	Aug. 16, 2015

Auction prices are historical results and may include buyer's premiums. Market values change over time based on collector demand, rarity, and condition.

Tips for Collectors

Focus on Key Dates: Key dates like 1874-CC or rare varieties such as the 1853 Arrows and Rays can significantly enhance your collection’s value.
Condition is Key: Invest in higher-grade coins, as they retain their value better and are more desirable.
Authentication Matters: Rely on reputable grading services like PCGS and NGC to ensure authenticity and accurate grading.
Understand the Market: Keep an eye on market trends and auction results to make informed purchasing decisions.
Preserve Your Coins: Proper storage in temperature-controlled environments and protective holders will help maintain their value.

Frequently Asked Questions About Seated Liberty Half Dollars

The Seated Liberty Half Dollar is a U.S. silver coin series that ran from 1839 through 1891. The coin took its design from Christian Gobrecht, it features Lady Liberty seated on the obverse and heraldic eagle on the reverse. The series is popular with collectors because of its unusually long production run, design changes, and its numerous scarce dates and mintmarks.

All regular-issue Seated Liberty Half Dollars are composed of 90% silver and 10% copper. Prior to 1853, all issues of this coin weighed 13.36 grams. Coins struck from 1853 and onward weigh 12.44 grams due to a reduction in coin size.

Later, the coin underwent yet another design change in 1873. That year, the coin adjusted to accommodate current U.S. coinage standards, making it 12.50 grams. Although the coin's weight changed over time, its composition remained 90% silver and 10% copper throughout the series.

When a mintmark is present on these coins, it appears on the reverse of the coin beneath the eagle and above the denomination. Philadelphia issues do not carry a mintmark, while New Orleans (O), San Francisco (S), and Carson City (CC) coins display their respective mintmarks in this location.

Several factors determine value, including: date and mintmark; overall condition (grade); rarity and mintage; design variety; original surfaces and eye appeal; and professional certification by PCGS or NGC.

Even common dates can garner significant values if they are well preserved or still exhibit attractive, natural toning.

In most cases, yes. Improper cleaning can permanently damage a coin’s original surfaces and significantly reduce its collector value. Experienced collectors generally prefer coins with natural patina and original luster. If you believe your coin may have been cleaned, it is best to have it evaluated by a reputable grading service before buying or selling the coin.

Conclusion

The Seated Liberty Half Dollar is more than a collectible. It’s an antique piece of American history, reflecting the economic and cultural shifts of the 19th century. With a rich array of designs, mintmarks, and varieties, these coins offer something for every collector, from novices to seasoned numismatists.

By understanding the factors that influence value and focusing on key pieces, https://www.moneymetals.com/buy/rare-coins";>collectors can build a rewarding collection that blends artistry, history, currency knowledge, and investment potential.

Higher Rates Are Bad for Gold and Silver! Or Are They?

Fri, 18 Sep 2026 00:00:00 EST

Yields are rising as the bond market sells off, and https://www.moneymetals.com/news/2026/09/17/hut-hut-hike-the-fed-raised-rates-now-what-005211";>the Federal Reserve just hiked interest rates. Anticipating a high-interest-rate environment in the months ahead, many people are https://www.moneymetals.com/news/2026/09/14/strange-selloff-in-gold-005201";>selling gold and silver.

You can see the dip on this silver chart after the Fed announced its rate hike on September 16.

https://www.moneymetals.com/uploads/content/dr-img1-09-17-26.jpg"; width="400" height="257" class="mx-auto p-3" alt="" />

But should investors sell gold and silver just because interest rates are going up?

Conventional wisdom holds that because they are non-yielding assets, gold and silver become less attractive in a high-interest-rate environment and tend to face significant price headwinds. However, conventional wisdom isn’t always wise.

A higher-rate environment can indeed be bearish for gold and silver, but historically, that hasn’t always been the case.

Consider the 1970s, a period that seems parallel to today, with stagflation coupled with out-of-control government spending.

As Adam Sharp, a long-time financial writer and Fed watcher for https://dailyreckoning.com/gold-and-silver-vs-the-fed/"; target="_blank" rel="noopener">the Daily Reckoning, pointed out, “Investors who thrived did so by buying hard assets. Gold, silver, real estate, commodity producers.”

Gold rose by nearly 2,329 percent in the 1970s.

And bond yields rose at roughly the same rate.

https://www.moneymetals.com/uploads/content/gold-price-vs-10-year-treasury-yield-1969-1980.png"; width="700" height="409" class="mx-auto p-3" alt="" />

The conventional wisdom clearly broke down in the 1970s. A high interest rate environment was not bearish for gold. Interest rates and gold rose in tandem.

But why?

Because you must account for real interest rates.

What Are Real Interest Rates?

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When interest rates are higher, holding gold and silver has an opportunity cost: you could own bonds that generate interest income or stocks that pay dividends. However, when real interest rates fall or turn negative, those income-producing alternatives lose their comparative advantage. In such an environment, the relative cost of holding precious gold and silver diminishes, making the metals more attractive as safe-haven and wealth-preservation assets.

What do we mean by “real” interest rates?

The real interest rate is simply the stated rate you hear on the news adjusted for price inflation.

To calculate the real interest rate, you take the quoted nominal rate and subtract CPI.

For example, say a 10-year Treasury bond is yielding 4 percent. That seems like a pretty good return. But if the CPI is running at 3.5 percent, the real interest rate on that bond is only 0.5 percent (4-3.5=0.5).

Note that in a low-interest-rate environment or if price inflation is particularly high, real interest rates can go negative.

If that same 10-year Treasury only yields 3 percent and CPI is 5 percent, your real interest rate is -2 percent. That means you will lose money in real terms if you buy and hold that bond (Assuming everything remains static).

Sharp broke down the numbers using the 3-month T-bill. It yielded 7.4 percent in 1974, which sounds like a pretty darn good return. However, price inflation based on the CPI peaked at 12 percent that year.

In other words, the real interest rate on the 3-month T-bill was running in the neighborhood of -4.6 percent.

Adam also noted that “from August 1976 to January 1980, gold rose more than 7x!”

Meanwhile, interest rates exploded to a peak of nearly 20 percent in the early ‘80s as Paul Volcker initiated a real war on inflation.

“Clearly, gold can thrive during periods of rising interest rates. Because when the Fed is raising rates, it’s usually due to inflation. Which drives people into gold,” Adam said.

Gold also defied conventional wisdom during the gold bull market of the 2000s. The yellow metal took off in 2004 as interest rates began to spike. Gold continued to surge after the Fed slashed rates in the wake of the 2008 financial crisis.

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As Adam pointed out, “Gold rose steadily, almost throughout the entire period. As interest rates rose and fell, gold marched on. With a few brief dips, particularly during the global financial crisis.”

Adam is correct. It’s not as simple as “lower rates = higher gold” and “higher rates = lower gold.”

Sometimes it’s the exact opposite.

“When the Federal Reserve and other central banks raise rates, it’s almost always due to problematic inflation. The same reason people buy gold and silver. So, even if the Fed does continue to raise rates for the next few years, it’s not necessarily bad for precious metals.”

Notably, Adam agrees with me. He doesn’t think the Fed will be able to raise rates much higher because it would be “very problematic for our debt situation”

“No matter what they do from here, more inflation is coming. They can’t hike rates to the 10 percent-plus level they’d need to be to kill inflation. It’d kill our debt-bloated economy and end up making deficits soar even higher.”

The lesson here is: don’t sell your gold just because you think the Fed is going to raise rates. You might be sorry!

Franklin Half Dollar Value - 1948 to 1963 Prices From Circulated to MS65 by Year - Full Bell Lines Premiums, 1949-S and 1953-S Key Dates, and Proof Ultra Cameo Records - Money Metals

Thu, 17 Sep 2026 00:00:00 EST

Franklin Half Dollar values range from little more than their silver melt value to thousands of dollars for rare dates and high-grade examples. The value depends on the coin's date, mint mark, condition, and whether it qualifies for the Full Bell Lines designation.

This guide explains how to estimate a Franklin Half Dollar's value, identify key dates and mint marks, understand the Full Bell Lines designation, and compare your coin with current market values.

Franklin Half Dollar Value by Year (Last Updated: June 2026)

The table below shows general estimated values for Franklin Half Dollars by date and mint mark. Values vary based on silver spot price, grade, eye appeal, certification, and market demand.

Estimated Franklin Half Dollar Values by Date and Grade

Date / Mint Mark	G–VG	XF	MS63	MS65	FBL Premium
1948	Near melt	$12–$18	$35–$55	$90–$150	Moderate
1948-D	Near melt	$12–$20	$35–$60	$100–$175	Moderate
1949	$14–$22	$25–$45	$100–$175	$350–$700+	High
1949-D	$14–$25	$30–$55	$125–$225	$500–$1,000+	High
1949-S	$15–$30	$35–$75	$150–$300	$750–$1,500+	Very High
1950	Near melt	$12–$20	$35–$60	$100–$200	Moderate
1950-D	Near melt	$12–$20	$35–$65	$125–$225	Moderate
1951	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1951-D	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1951-S	Near melt	$12–$20	$35–$70	$125–$250	Moderate to High
1952	Near melt	$12–$18	$30–$50	$80–$140	Low to Moderate
1952-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1952-S	Near melt	$12–$20	$35–$75	$150–$300	High
1953	Near melt	$12–$18	$30–$55	$90–$175	Moderate
1953-D	Near melt	$12–$18	$30–$55	$90–$175	Moderate
1953-S	$14–$25	$25–$50	$100–$200	$600–$1,200+	Very High
1954	Near melt	$12–$18	$30–$55	$90–$175	Moderate
1954-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1954-S	Near melt	$12–$20	$35–$70	$125–$250	Moderate to High
1955	$14–$25	$25–$50	$75–$150	$250–$500+	High
1956	Near melt	$12–$18	$30–$60	$100–$200	Moderate
1957	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1957-D	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1958	Near melt	$12–$18	$30–$55	$90–$175	Moderate
1958-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1959	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1959-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1960	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1960-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1961	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1961-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1962	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1962-D	Near melt	$12–$18	$30–$50	$75–$125	Low
1963	Near melt	$12–$18	$30–$50	$75–$125	Low to Moderate
1963-D	Near melt	$12–$18	$30–$50	$75–$125	Low

Note: These are broad retail estimates, not guaranteed buy or sell prices. Common circulated Franklin Half Dollars often trade close to their silver melt value. Higher-grade coins, certified examples, scarce dates, and Full Bell Lines coins may sell for much more.

The Origins of the Franklin Half Dollar (1948–1963)

The https://www.moneymetals.com/pre-1965-90-franklin-half-dollar-silver/1285";>Franklin Half Dollar was introduced to honor Benjamin Franklin, one of America’s Founding Fathers and a symbol of ingenuity and independence. Designed by John R. Sinnock, the coin replaced the Walking Liberty Half Dollar.

This marked the first time a U.S. circulating coin featured a non-president. Instead, the coin aimed to celebrate Franklin's legacy as a statesman, scientist, and philosopher.

This series of coins showcases a significant shift in American currency. However, it also represents the nation’s evolving self-understanding.

As the nation rose in international prominence and technological advancement, Americans wanted to showcase its brilliant minds. Few in the nation’s history could compete with Benjamin Franklin.

The obverse (front) of the coin features a right-facing portrait of Franklin, accompanied by the inscriptions “LIBERTY,” “IN GOD WE TRUST,” and the year of minting.

The reverse (back) displays the Liberty Bell, a symbol of American independence, alongside a small bald eagle included to comply with the Mint Act of 1873. This act mandated the presence of an eagle on all silver coins.

The Franklin Half Dollar was minted at three locations:

the United States Mint at the Philadelphia Mint (no mint mark),
Denver Mint (“D” mint mark), and
San Francisco Mint (“S” mint mark) locations.

Each mint location produced a number of coins that have now become part of numismatic history. Today, the mint mark on a Franklin half dollar coin can affect its value. Different mints produced different quantities of coins, making some minted Franklin half dollars more rare than others.

The Franklin Half Dollar and Silver Composition

Here’s a quick overview of the Franklin Silver Half Dollar’s design:

Composition: 90% silver and 10% copper
Weight: 12.5 grams
Silver Content: 0.36169 troy ounces
Edge: Reeded
Diameter: 30.6 mm

The bullion coin’s silver content is critical for a collector to note. The coin’s intrinsic value is closely tied to the spot price of silver, ensuring a minimum value based on its metal content.

What does that mean? In short, it ensures the coin's worth beyond its use as currency. It possesses intrinsic value as part of a series of bullion coins.

Factors That Affect Franklin Half Dollar Value

The value of a Franklin Half Dollar depends on more than its date. Every coin contains 90% silver, but collectors also consider its condition, mint mark, rarity, and strike quality. Reviewing these factors can help estimate a coin’s market value.

Check the Date and Mint Mark

Start by finding the coin’s date and mint mark. Franklin Half Dollars were struck from 1948 through 1963 at three U.S. Mint facilities:

Philadelphia (no mint mark)
Denver (“D”)
San Francisco (“S”)

Some dates and mint marks are harder to find than others. Rare combinations often sell for more, especially in high grades.

Evaluate the Condition

A coin’s condition has a major effect on its value. Coins with little or no wear usually bring higher prices than heavily circulated examples.

Look for:

Wear on Franklin’s hair and cheek
Weak detail on the Liberty Bell
Scratches, rim damage, or signs of cleaning
Original mint luster on uncirculated coins

Professional grading services such as PCGS and NGC can confirm a coin’s condition. Certified coins are often easier to sell and may bring higher prices.

Look for Full Bell Lines

Collectors often look for Full Bell Lines (FBL) on Mint State Franklin Half Dollars. This designation means the horizontal lines at the bottom of the Liberty Bell are complete and unbroken.

Coins with the FBL designation are harder to find for some dates. As a result, they often sell for much more than similar coins without Full Bell Lines.

Calculate the Silver Value

Every Franklin Half Dollar contains 0.36169 troy ounces of silver. This gives the coin a base value that changes with the price of silver.

For many common-date circulated coins, the silver content makes up most of the coin’s value. Coins with better dates or higher grades can sell for much more than their melt value.

Compare Recent Sales

After identifying the coin’s date, mint mark, and condition, compare it with recent auction results and price guides. Looking at similar certified coins can provide a more accurate estimate than relying on a single value chart.

Key Franklin Half Dollar Dates to Watch

Some Franklin Half Dollars are more desirable because of lower mintages, scarcity in higher grades, or strong collector demand for special designations.

Key Franklin Half Dollar Dates and Collectible Features

Date or Type	Why It Matters
1949-S	Better date with lower mintage and strong collector demand in higher grades.
1953-S	Scarce in higher Mint State grades, especially with Full Bell Lines.
1955	Popular better date that often trades above common-date examples.
Proof Franklin Half Dollars	Cameo and Ultra Cameo examples can command strong premiums, especially in elite certified grades.

Notable Auction Sales for High-Value Franklin Half Dollars

The following https://www.ngccoin.com/auction-central/top-ten-rare-coins-auction-results.aspx?SubCatID=43";>auction records represent exceptionally rare Proof Franklin Half Dollars with elite grades and special designations. Common-date iterations of these coins may sell for their melt value or slightly more, but few reach these extraordinary highs:

1951 50C PF (PF 67 + Ultra Cameo) - this coin sold for $82,250.00 at Heritage Auctions in 8/6/2017
1953 50C PF (PF 68 Ultra Cameo) - this coin sold for $63,250.00 at Heritage Auctions on 8/13/2006
1957 50C PF (PF 69 Ultra Cameo) - this coin sold for $37,600.00 at Heritage Auctions on 8/6/2017

Why Collectors Love Franklin Half Dollars

Collectors are drawn to Franklin Half Dollars for their unique blend of history, design, and investment potential. These coins represent a pivotal era in U.S. numismatics, bridging the gap between the silver standard and modern coinage.

For many collectors, half the fun is in the chase. The thrill of finding coins with Full Bell Lines, mint errors, or rare mint marks makes them exciting additions to any collection.

For investors, the coin’s silver content ensures intrinsic value tied to the precious metals market. Even https://coinweek.com/10-coins-worth-more-than-face-value-you-can-find-in-change/#:~:text=In%20circulated%20grades%2C%20these%20coins,$4.07%2C%20and%20$1.67%2C%20respectively.">circulated coins often trade above face value due to their silver content alone, a testament to their enduring appeal and worth as part of the bullion coins market.

Conclusion

The Franklin Half Dollar holds a special place in U.S. coin history and remains a favorite among collectors. Whether you’re fascinated by its historical significance or interested in its silver content, understanding the factors that influence its value can enhance your appreciation for these iconic coins.

From hunting for rare Full Bell Lines examples to collecting key dates, the Franklin Half Dollar offers endless opportunities for discovery and investment. By collecting these coins, you’re not only acquiring a piece of history; you’re also preserving a tangible link to America’s legacy.

Franklin Half Dollars continue to attract collectors because they combine 90% silver content with historical significance and the potential for numismatic premiums. https://www.moneymetals.com/proof-franklin-half-dollar-90-silver-3617-oz-asw/2030";>These coins remain a timeless treasure for numismatists and investors alike, with appraisals often exceeding expectations at auction due to their cherished designs and rarity.

Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Capped Bust Half Dollar - Lettered Edge vs. Reeded Edge Halves From 1807 to 1839 - 1815 Low Mintage, 1817/4 Overdate, 1838-O, and Overton Die Varieties - Money Metals

Quick Facts about the Capped Bust Half Dollar

What Is a Capped Bust Half Dollar?

History of the Capped Bust Half Dollar

Where Were Capped Bust Half Dollars Minted?

Capped Bust Half Dollar Design

Obverse Design

Reverse Design

Design Changes During the Series

Understanding Overton Varieties

Lettered Edge vs Reeded Edge Half Dollars

Lettered Edge Half Dollars (1807-1836)

Reeded Edge Half Dollars

Capped Bust Half Dollar Specifications

Key Dates and Scarce Capped Bust Half Dollars

How Much Is a Capped Bust Half Dollar Worth?

How to Grade a Capped Bust Half Dollar

Collecting Capped Bust Half Dollars

Common Counterfeits and Authentication Tips

Frequently Asked Questions

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Final Thoughts

Gold and Silver Defy a Hawkish Fed

The Federal Reserve Is Shadowboxing Inflation

7 Million Ounces of Silver Left COMEX Vaults Last Week With a Spike in Deliveries

How Does COMEX Delivery Work?

What Happened Last Week

Gold Market Manipulation and the Paper System

A Quarter-Point Rate Hike Against Massive Deficits

Gold Price Suppression and Central-Bank Demand

Tokenized Gold and the Risks of Paper Claims

Asia Builds a Physical Gold Market

Tether’s Gold Lending Raises Questions

Why Physical Gold Still Matters

The Fed Hiked. Gold Didn’t Get the Memo.

New Gold Scam Preys on Legitimate Fears

Seated Liberty Half Dollar - Christian Gobrecht's Half in United States Seated Liberty Coinage, 1839 to 1891 - Arrows and Rays Varieties, Three Weight Standards, and the 1842-O Small Date - Money Metals

How Much Is a Seated Liberty Half Dollar Worth?

Origin of the Seated Liberty Half Dollar

Seated Liberty Half Dollar Design and Composition

Key Factors Influencing Seated Liberty Half Dollar Value

Condition (Grading)

Mintmarks

Rarity and Key Dates

Design Varieties

How to Identify an Authentic Seated Liberty Half Dollar

Notable Auction Sales

Tips for Collectors

Frequently Asked Questions About Seated Liberty Half Dollars

What is a Seated Liberty Half Dollar? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

How much silver is in a Seated Liberty Half Dollar? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

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Are cleaned Seated Liberty Half Dollars worth less? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

Conclusion

Higher Rates Are Bad for Gold and Silver! Or Are They?

What Are Real Interest Rates?

Franklin Half Dollar Value - 1948 to 1963 Prices From Circulated to MS65 by Year - Full Bell Lines Premiums, 1949-S and 1953-S Key Dates, and Proof Ultra Cameo Records - Money Metals

Franklin Half Dollar Value by Year (Last Updated: June 2026)

The Origins of the Franklin Half Dollar (1948–1963)

The Franklin Half Dollar and Silver Composition

Factors That Affect Franklin Half Dollar Value

Check the Date and Mint Mark

Evaluate the Condition

Look for Full Bell Lines

Calculate the Silver Value

Compare Recent Sales

Key Franklin Half Dollar Dates to Watch

Notable Auction Sales for High-Value Franklin Half Dollars

Why Collectors Love Franklin Half Dollars

Conclusion