Release: October 18, 2024
Until just over a century ago, US coins were almost entirely allegorical. Other than some scant commemoratives, images on our coins were made up of figurative representations of Lady Liberty in one form or another. An exception would be copper pennies of the late 1800s. Those cents included the “Indian Head,” representing the still burgeoning and romantic western frontier....
At the turn of the 20th century, someone decided we might want to change gears and, as on our paper money, feature some notable political figures. It started in 1909 with Lincoln on the penny. In time, Abe would be followed by Jefferson, Roosevelt, Washington, Franklin and Eisenhower.
In those earlier years, such choices seemed innocent enough. After all, great statesmen had helped build the country. Today, it would be a different matter. Our politically correct climate surrounding most everything would make it difficult.
For instance, if proposed today, Washington would be eliminated for having owned slaves. So too for Jefferson who would also be vilified for having caved to southern colonials by removing a section in the Declaration of Independence prohibiting slavery. Even Lincoln would be disparaged for suspending habeas corpus.
Ben Franklin is a special case. As children, we had an understandable reverence for him. He was a multitalented inventor, patriot, publisher and historically colorful character. In the 1950s and ‘60s, his portrait on the rarely seen and coveted $100 bill dazzled kids. As a youngster, just to touch such a bill was incredible.
As for Franklin’s “special case” status, I’m not referring to his political or entrepreneurial prominence. Rather, it’s from a moral perspective. In that regard, Ben Franklin now probably wouldn’t make the first cut on any list of coin or currency prospects.
His reason for exclusion is that we’re obsessed with finding whatever fault we can with an individual. It’s become the negative fabric of local, state or national elections. In Franklin’s case, to call him a womanizer would be to say the very least. While far from being a stylish or a handsome “man about town,” Franklin’s lady-killer success is still legendary, rivaling that of Casanova.
It’s well known he fathered at least one child out-of-wedlock. Some believe that number is much higher. He also published numerous ribald and often humorous pamphlets and articles about bedding women including the sexually-charged, “Advice On The Choice Of A Mistress.” Franklin’s sex-life has become the stuff of legend. It was even hinted at in the modern musical 1776.
Naturally, as young kids we were shielded from such racy details. We merely viewed him as the guy on the half dollar. In the early-1960s, Franklin halves circulated freely in retail change drawers. Other than having a noticeably high denomination, most kids didn’t pay much attention. It was just another circulating silver coin.
In 1964, John Kennedy replaced Franklin on the coin after being assassinated in 1963. That circulating coin was somewhat short lived. Full silver coins ceased production in 1965 when copper/nickel clad coinage was introduced. Speculators and people in-the-know immediately began snapping up all the silver coins they could find. Almost overnight, the Franklin half disappeared. Soon, due to their size, half dollars in general went out of favor.
For some years, Franklin halves were just collectible curiosities – too modern for serious consideration. Now that 60+ years has passed, collectors look at them differently. In nice, uncirculated condition many can still be purchased for as little as $21. Of course, as with all collectibles, condition is key. The nicer the condition, the higher the price. Much higher.
In Mint State-65 condition (on a scale of 1 to 70), most Franklins sell for $50 to $150.
With each grade of improvement, prices climb. For earlier-dated Franklins – first struck in 1948 – MS-66 coins climb to the $500 to $1200 level. MS-67 halves can eclipse $2,000.
There’s another aspect. On the reverse of the coin is an image of the Liberty Bell with several small lines at the bottom of its bell rim. That detail was often poorly struck and barely visible. For Franklin halves with full bell lines, or “FBL,” prices can soar. 1953 was a curious year for those bell lines. Few 1953 halves had good ones. Today, an MS-65 1953 Franklin with full bell lines lists for $27,000. In MS-66, it soars to $50,000. But, 1953 isn’t magic. In 2019, a common date 1963 Franklin in MS-63+ condition sold for a staggering $85,000.
As Franklin once said, “An investment in knowledge pays the best interest.” I’d wager he’d agree, this is pretty good knowledge to have.
For more collecting information and advice, log on to: http://prexford.com/.