Design & History
The story behind 40% silver Kennedy half dollars and the end of silver in U.S. circulating coinage.
U.S. Kennedy half dollars (1965-1970) containing 40% silver
The Last Silver Half Dollars
The 40% silver Kennedy half dollars represent the final chapter of silver in U.S. circulating coinage. Minted from 1965 through 1970, these coins were produced during a transitional period when rising silver prices forced the U.S. Mint to dramatically reduce the precious metal content in American currency.
Today, these coins are traded in bulk as "40% silver bags," typically sold by face value (such as $1,000 face value bags). They offer investors an affordable way to acquire physical silver with lower premiums than bullion coins or 90% silver bags.
The Kennedy Half Dollar Design
The Kennedy half dollar was introduced in 1964, just months after President John F. Kennedy's assassination. Designed by Gilroy Roberts (obverse) and Frank Gasparro (reverse), the coin became an instant collectible.
- •Obverse: A portrait of President Kennedy facing left, with "LIBERTY" above and the date below
- •Reverse: A heraldic eagle based on the Presidential Seal, with "UNITED STATES OF AMERICA" and "HALF DOLLAR"
- •Edge: Reeded (grooved)
The 1964 Kennedy half dollars were struck in 90% silver. Starting in 1965, the composition changed to 40% silver, which continued through 1970. After 1970, circulating Kennedy halves contained no silver at all.
The Coinage Act of 1965
By the early 1960s, the market price of silver had risen to a point where the metal in U.S. coins was worth more than the coins' face value. This created a situation where people began hoarding silver coins, melting them down, or selling them for their metal content.
President Lyndon B. Johnson signed the Coinage Act of 1965 on July 23, 1965, which made several significant changes to U.S. coinage:
- • Dimes and quarters: Silver eliminated entirely, replaced with copper-nickel clad composition
- • Half dollars: Silver content reduced from 90% to 40%
- • Dollar coins: No longer minted for circulation
The half dollar retained some silver as a compromise, largely due to public sentiment about the newly introduced Kennedy design. However, this too would end after 1970 when even the reduced silver content became economically unsustainable.
Understanding the 40% Silver Composition
The 40% silver Kennedy half dollars have a more complex composition than their 90% predecessors:
Outer Layers
80% silver, 20% copper. These visible layers give the coin its silver appearance.
Inner Core
20.9% silver, 79.1% copper. This core provides structure and reduces overall silver content.
Total Silver Content: Each 40% Kennedy half dollar contains approximately 0.1479 troy ounces of actual silver weight (ASW). A $1,000 face value bag (2,000 coins) contains approximately 295 troy ounces of silver.
Learn more about 40% silver coin pricing and availability.
Key Dates in Kennedy Half Dollar History
President Kennedy assassinated in Dallas, Texas
Kennedy half dollar introduced with 90% silver content
Coinage Act reduces half dollar silver content to 40%
40% silver Kennedy half dollars minted for circulation
Silver eliminated from circulating half dollars entirely
40% silver halves traded as "junk silver" for their metal content
Why 40% Silver Matters Today
While often overlooked in favor of 90% silver or modern bullion, 40% silver bags offer distinct advantages:
Lower Entry Point
40% silver typically commands lower premiums than 90% silver or government bullion, making bulk silver more accessible.
No Counterfeiting Concerns
As genuine U.S. Mint products, Kennedy half dollars are easily authenticated and carry no counterfeiting risk.
Historical Significance
These coins represent the end of an era in American monetary history, adding collectible interest to their silver value.
Divisibility
A bag of thousands of individual coins allows for partial sales without breaking into a single larger piece.
Identifying 40% Silver Kennedy Half Dollars
Not all Kennedy half dollars contain silver. Here's how to identify the 40% silver versions:
Date Range
1965-1970: These dates contain 40% silver.
1964: Contains 90% silver (more valuable).
1971 and later: No silver content (copper-nickel clad).
Visual Tip: When examining the edge of a Kennedy half, 40% silver coins show a silver band with a faint copper line in the middle. Post-1970 clad coins show a distinctive copper stripe on the edge.
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