David Hall: The 1938-D is the third lowest mintage of the entire Walking Liberty half dollar series, behind only the 1921 and 1921-D. It is definitely a rare coin in circulated grades. But because coins were saved by the roll starting in about 1934, this is an issue that's quite a bit easier to find in uncirculated than it is in circulated condition. In Gem condition, the 1938-D is rarer than the 1936-D, about as rare as the 1937-D, but not nearly as rare as the 1935-D or 1934-D. This issue is usually quite well struck. And there are many frosty white gem examples.