David Hall: The 1916-S is the 4th lowest mintage of the Walking Liberty half dollar series. It is a tough coin in all grades. Even the lowest grade examples are relatively expensive. In Gem condition this issue, while rare, is not as rare as the mintage would suggest, probably because a number were saved as first year of issue.
Typical mint state examples are well struck (for an early Walker). In fact, this is one of the better struck of the the early date (1916-1929) Walkers. Luster is usually soft white and somewhat satiny.