David Hall: The 1938 is the lowest mintage Philadelphia Mint Walking Liberty half dollar of the 1934 to 1946 time span. It is rarer in uncirclated and Gem condition than the other P-Mints of those years. I certainly saw many more uncirculated rolls of the other P-Mints back in the 1970s than I did of the 1938. In fact, I probably only saw a few dozen BU rolls of 1938 Walkers while I literally saw hundreds and hundreds of rolls of the other dates.
The typical 1938 is well struck. It usually has either satiny white luster of a nice light golden color. This is an issue that does come nice.