A gem MS66 example sold for $31,200 at Heritage Auctions in May 2025 — making this single-mint San Francisco issue one of the premier conditional rarities in the entire Walking Liberty series. Your circulated coin is worth $25–$1,000+; uncirculated examples start above $2,200. Use the free tools below to pinpoint your coin's value in under 60 seconds.
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→ Run the Free CalculatorThe Large S vs. Small S mintmark is the most discussed variety on the 1928-S. Use this visual guide to identify which punch your coin carries. While neither commands a large premium, knowing your variety is essential for complete attribution.
The standard San Francisco punch used continuously from 1917 through 1942. The S is compact with thinner strokes and a relatively modest overall height. Serifs are well-defined but slender. This is the variety you're statistically more likely to find. No special premium over a standard 1928-S.
Created when worn obverse dies were re-punched using an older-style mintmark tool similar to those used on 19th-century Barber Quarter dies. The S appears noticeably larger and bolder, with heavier strokes and more prominent serifs. Primarily of interest to specialists building complete 1928-S variety sets. Carries no significant market premium but is desirable for attribution-focused collections.
Check each box that applies to your coin's mintmark:
Values below represent the range of prices realized at auction and retail markets as of 2026. For a complete in-depth breakdown of grading points and condition-specific pricing, see this illustrated 1928 half dollar identification walkthrough and reference guide. The signature variety row (Large S) is highlighted in gold; the rarest error row (off-center/wrong planchet) is highlighted in red.
| Variety / Type | Worn (G–F) | Circulated (VF–AU) | Uncirculated (MS60–63) | Gem MS (MS64+) |
|---|---|---|---|---|
| 1928-S Standard (Small S) | $25 – $275 | $350 – $1,591 | $2,200 – $4,500 | $6,500 – $31,200 |
| ⭐ Large S Mintmark Variety | $25 – $275 | $350 – $1,591 | $2,200 – $4,500 | $6,500 – $31,200 |
| Lamination Error | $45 – $350 | $400 – $1,700 | $2,300 – $5,000 | $7,000+ |
| Die Scratch / Die Crack | $25 – $325 | $375 – $1,741 | $2,275 – $4,650 | $6,500+ |
| 🔴 Off-Center / Clipped Planchet | $150 – $500+ | $600 – $2,500+ | $3,500+ | $8,000+ |
⭐ Gold row = signature variety | 🔴 Red row = rarest error. Values are ranges based on auction records and market data; individual coins may vary based on strike quality, toning, and surface preservation.
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The 1928-S Walking Liberty Half Dollar is not a die variety collector's paradise — it has no famous doubled dies or repunched dates like some other series dates. However, several significant mint error types and the distinctive Large S / Small S mintmark varieties are documented. Any coin displaying an error beyond a standard strike commands a premium above the already-elevated 1928-S market values. The five varieties and errors below represent the most collectible and most discussed examples on this issue. Examine each carefully with a quality 10× loupe under strong, raking sidelight before drawing conclusions.
The Large S mintmark variety arises from an unusual situation at the San Francisco Mint in 1928. When working dies became excessively worn, mint workers needed to re-punch the mintmark into the die face. Rather than use the standard MMS-002 "Small S" punch used universally from 1917 through 1942, they reached for an older-style punch whose dimensions and serif design closely resemble those used on 19th-century Barber Quarter dies.
The resulting mintmark is visually distinct: the S appears taller, wider, and bolder, with noticeably heavier outer strokes and more exaggerated serif feet at the terminals. Under a 5× to 10× loupe, the difference in stroke weight alone is enough to identify the variety without needing a direct comparison specimen.
Despite its historical interest and the fact that it is actively pursued by variety specialists, the Large S commands no consistent premium over the standard Small S in most grade ranges. Value is primarily driven by grade and strike quality. It remains a fascinating attribution point for collectors building complete 1928-S variety sets.
A lamination error occurs when foreign substances — gas oxides, embedded impurities, or dirt — become trapped within the silver alloy strip during the rolling process at the planchet production stage. As the metal is worked, these pockets of contamination remain hidden until post-striking, when stress causes the coin's surface to peel, flake, or split along the contamination boundary.
On the 90% silver planchet of the 1928-S, such errors are notably uncommon. Look carefully across all fields and design elements for areas where the metal surface appears to be lifting, separating, or showing irregular depressions that do not match normal die-struck detail loss or post-mint wear. A partially attached flap of silver, or an obvious void where material has separated, is a diagnostic indicator.
Value scales dramatically with the size, location, and visual impact of the lamination. Minor edge or field examples add $20–$75 above standard market value. Large, dramatic splits that affect major design elements — Liberty's face, the eagle's wings, or the date — can command $100–$200 or more in lower grades and significantly higher premiums on mint state survivors. Third-party grading services will note the error on the holder label.
Die scratches appear on coins as fine raised lines running across the surface in a consistent pattern. They originate when a mint worker accidentally scratches the face of a working die during handling, transport, or storage. Because the scratch is incused into the die, every coin struck from that die thereafter displays the same raised lines in the same location and orientation — a key diagnostic that distinguishes mint-caused scratches from post-strike contact damage.
Die cracks are a related but distinct phenomenon, occurring when cumulative striking pressure causes the hardened steel die to crack along stress lines. The crack appears on struck coins as an irregular, slightly raised line that often follows the contour of nearby design elements before reaching the coin's rim. Advanced die states show more prominent cracks; terminal die state cracks may run across the entire coin face.
On the 1928-S, minor die scratches add a modest $15–$50 above standard value depending on location. Prominent scratches cutting through primary design elements such as Liberty's face, the date, or the eagle's head command stronger premiums of $75–$150 on choice circulated or lower mint state examples. Significant die cracks add similar premiums scaled to visual impact and grade. Both types are detectable with a quality loupe under raking light.
An off-center strike occurs when the planchet is not properly centered in the collar before the dies close. The result is a coin where the design is shifted toward one edge, with a corresponding blank arc of unstruck planchet metal visible on the opposite side. The more dramatically off-center the strike, the rarer and more valuable the resulting coin — provided the date remains visible.
Off-center strikes on early Walking Liberty half dollars are significantly rarer than on later, higher-mintage dates. The 1928-S production of just 1,940,000 coins means that even at a typical error rate, surviving off-center examples represent a tiny fraction of the original mintage. Collectors specifically seek examples where the date and key design elements remain readable despite the misalignment.
Value depends on two primary factors: the degree of misalignment (commonly expressed as a percentage of the coin's diameter) and grade. A 10–15% off-center example with full date visible starts around $150–$500 in circulated grades. Dramatic 30–50% off-center strikes with date intact can command $1,000 to over $3,500. Mint state off-center examples of any 1920s Walking Liberty date are extreme rarities worth multiples more. Professional attribution by a major grading service is essential before selling.
A clipped planchet error results from a malfunction in the planchet cutting press that punches coin blanks from silver strip stock. When the punch overlaps a previously punched hole in the strip, the resulting blank is missing a curved (oval) section along its edge — this is called a curved clip, by far the most common type. A straight clip results when the strip is not fed far enough between punches, leaving a flat straight-edge missing section.
On a clipped planchet, the missing edge area means the corresponding rim section is absent after striking. The Blakesley Effect — a weak or missing area of design directly opposite the clip — is a useful diagnostic: if the area 180° opposite the clip also shows weakness or flatness, that strongly confirms a genuine planchet clip versus a post-mint gouge or damage. The 1928-S clipped planchets are uncommon given the low overall mintage.
Collector value depends on clip size as a percentage of the coin's diameter, type (curved clips are more common and command less than straight or double clips), and overall grade. A modest curved clip of 10–15% diameter in circulated condition typically adds $100–$250 to base value. Dramatic large clips, double clips, or straight clips on mint state 1928-S examples represent significant rarities in the error coin market and should be professionally graded before any sale.
Run the calculator above to get an instant value estimate that accounts for your specific error type and condition grade.
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| Mint | Mintmark | Mintage | Estimated Survivors (all grades) | MS65+ Census (PCGS) |
|---|---|---|---|---|
| San Francisco | S | 1,940,000 | ~50,000–100,000 est. | ~70 in MS65; ~15 in MS66; 1 in MS66+ |
| Philadelphia | (none) | — | Not produced in 1928 | — |
| Denver | D | — | Not produced in 1928 | — |
| Total 1928 Issue | 1,940,000 | Single-mint issue — S only | Gem survivors extremely scarce | |
Survival context: The 1928-S had the lowest mintage of any Walking Liberty half dollar struck between 1927 and 1933, yet Depression-era economics meant most survivors were spent into heavy circulation. The Great Depression destroyed numismatic interest in half-dollar collecting, so almost no examples were set aside as new coins. Combined with the chronic weak-strike problem at San Francisco in this era, gem-quality (MS65+) survivors are among the rarest in the entire 32-year Walking Liberty series.
Liberty is mostly an outline with flattened high points. Her left arm is flat and merges with the sun rays. The date is clear but may touch design elements. The eagle on the reverse is mostly an outline with few internal feather details. Worth approximately $25–$275. The inherent weak strike of the 1928-S means even lightly worn examples show little hand or feather detail.
VF examples show Liberty's breast outline, most major gown folds, and partial eagle wing detail. At XF, her collar is visible, skirt lines descend cleanly, and the eagle's wing coverts retain most detail. AU-55/58 examples show trace wear only on Liberty's left leg and breast and the eagle's upper breast. Cartwheel luster may survive in protected areas. Worth $175–$1,591 depending on specific grade.
No wear anywhere, but contact marks and bag abrasions will be visible without magnification. Full cartwheel luster present, though breaks in luster may be noted in fields. The 1928-S in MS60–MS63 almost universally shows the characteristic weak strike on Liberty's left hand and the eagle's breast and leg — this is a die/strike issue, not a grade penalty. Worth $2,200–$4,500.
Exceptionally few marks and above-average eye appeal required. At MS-65, only minor blemishes are acceptable. The unique challenge of the 1928-S is that even MS-65 coins may show weak strikes — a coin with both gem surfaces AND a better-than-typical strike is extraordinarily rare. MS-66 examples (only ~15 PCGS-certified) are among the series' most coveted. Worth $6,500 to $31,200+.
🔎 CoinHix helps you match your coin's surface preservation and luster pattern to certified reference examples for a confident condition estimate — a coin identifier and value app.
The right venue depends heavily on your coin's grade. A circulated Fine example belongs in a different market than an MS65 gem. Match your coin to the venue that reaches the most motivated buyers.
Best for: AU-55 and above, especially MS63+, error coins, and attributed varieties.
Heritage reaches the deepest pool of Walking Liberty specialists who understand the 1928-S's conditional rarity and will compete aggressively for gem examples. The auction record ($31,200 in May 2025) was set here. Their numismatic team provides professional cataloguing that highlights strike quality, toning, and surface preservation — all critical value factors for this date. Expect 15–20% buyer's premium. Contact their consignment desk for any coin appearing MS63 or finer.
Best for: Circulated examples (Good through XF), bullion-grade pieces, and lower MS coins.
eBay's broad audience generates competitive prices for circulated 1928-S half dollars, particularly for buyers who want a raw (ungraded) piece at a slight discount. Review recently sold prices for 1928-S Walking Liberty half dollars on eBay before setting your asking price. Filter for "sold" listings only to see real transaction prices — not wishful asking prices. Ship registered mail with insurance for any coin worth $100+.
Best for: Quick cash sales of circulated examples near silver melt value.
A reputable local dealer (look for ANA or PNG membership) will buy your 1928-S quickly but at wholesale — typically 60–75% of retail value for circulated examples. This is appropriate when speed matters more than maximum return. Dealers may pay closer to retail for higher-grade coins if they need inventory. Always get quotes from at least two shops. Never let a dealer pressure you into an immediate decision on a potentially valuable coin.
Best for: Collectors-to-collectors sales of mid-grade examples, variety attributions.
r/CoinSales and r/Coins4Sale connect sellers directly with knowledgeable collector-buyers. For 1928-S examples in VF through AU grades — where eBay fees eat significantly into margin — peer community sales often yield 10–20% more. Established selling reputation and payment via PayPal Goods & Services (for buyer protection) are essential. Never sell a coin worth over $500 without a PCGS/NGC certification or substantial photographic documentation.
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