1921 Walking Liberty Half Dollar

The 1921, 1921-D, and 1921-S Walking Liberty half dollars are the key dates in the series, thanks to a recession that drove mintages down to well below 1 million for the Philadelphia, Denver, and San Francisco issues. Today, even in Extremely Fine grades, this trio of coins are the only ones in the series to command prices in the thousands of dollars, according to the NGC Price Guide.

Numismatic Guaranty Company (NGC) recently received a purported example of a Philadelphia issue from 1921 that proved to be a counterfeit. In trying to mimic a coin with such a high numismatic premium, it is no surprise that the counterfeiter used the correct weight of 12.5g with the standard 90-percent silver content, though oddly, some zinc is mixed in with the expected copper in the remainder of the metal content. This contributes to the coin’s unnatural color and very dark luster.

In addition, the counterfeit has unexpectedly narrow rims as well as porous surfaces. The details overall are also poor. Take a look at the mushiness apparent on Liberty’s head and the flag behind her near the top of the obverse.

The problems continue with the misshapen date at the bottom of the obverse. The first “1” is particularly off the mark, and both “1”s widen considerably at the serif at their base, in contrast to those on the genuine specimen. Additionally, each end of the single stroke that constitutes the “9” on the counterfeit is dull, while this digit is sharp on the real example.

Collectors wishing to build a set of Walking Liberty half dollars should price key dates like the 1921 issues. If you acquire an uncertified coin, it is highly recommended that you get it authenticated and graded by an expert third party. NGC backs its determinations of authenticity and grade with the NGC Guarantee.

A version of this article appears in the February 2026 issue of The Numismatist (money.org).