The 1954-P Franklin Half Dollar is one of the more common dates in the series. It's mintage is over 13 million coins struck, which is considered to be on the high end for Franklin Half Dollars. Many examples were saved in nice quality, therefore, many examples still survive in uncirculated condition. Examples in MS65 condition or lower, are more common and can be purchased inexpensively for the most part. In MS66 condition they become scarce and command a significant premium. In MS67 condition they are very scarce with less than a dozen known and none being in finer condition.
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