The city of Vancouver is of course in Canada, but Fort Vancouver is in the state of Washington. The Vancouver half dollar was struck to commemorate the 100th anniversary of the founding of Fort Vancouver. The coins were sold at $1.00 each in August and September 1925. But the founding of Fort Vancouver was not really an event of national significance and sales were relatively limited. The original sales were only 14,994 pieces, which in subsequent years made the Vancouver half dollar one of the rarer commemorative half dollar types. In fact, by 1928-29, Vancouvers were fetching as much as $10 in the numismatic marketplace, though they settled back down to the $6 to $7 range by the 1930's.
Today, the Vancouver is considered one of the more desirable coins in the 1892-1954 classic era series. And indeed, Vancouvers are scarce in Gem condition. There was a hoard of about 500 original mint state coins disbursed in 1982. Interestingly, Vancouvers were struck at the San Francisco Mint, but through some Mint production error, the "S" mint mark was not put on the coins. Though scarce, Vancouvers are found in Gem and SUperb Gem condition. This beautiful coin usually has a brilliant looking, frosty luster.