1948 50C, FBL MS63FBL Certification #05727203, PCGS #86651

Charles Morgan

The 1948 Franklin Half Dollar

First issued in 1948, the Franklin Half Dollar was the final circulating U.S. coin series to adopt the portrait of a historical individual rather than the allegorical Lady Liberty. Because this design replaced the iconic Walking Liberty Half Dollar, which, even at the time, was widely considered one of the most beautiful coins ever struck by the United States Mint, it was met with a lukewarm reception from collectors who found the new design uninspired.

The Franklin design was championed by Mint Director Nellie Tayloe Ross, an ardent admirer of Benjamin Franklin. In 1946, less than a year before his untimely death, Ross tasked Chief Engraver John R. Sinnock with creating the designs for the new half dollar series.

Ironically, Benjamin Franklin himself was strongly opposed to placing portraits of real-life individuals on coinage. History records that Ross countered this fact by stating, “It was royal heads he objected to,” believing that Franklin would have understood the immense honor of appearing on U.S. currency.

The Official Launch

While the Mint promoted the new design well ahead of its release, a final promotional push occurred on April 29, 1948, the night before the coin's official debut. The Franklin Institute in Philadelphia hosted an exclusive dinner party for 200 guests, each of whom received a place card signed by Director Ross containing a brand-new Franklin Half Dollar.

The following day at noon, coinciding with the 159th anniversary of George Washington’s first presidential inauguration, the new halves were released to the general public. The New York Times reported that the first coins were sold on the steps of the Sub-Treasury building at Wall and Nassau Streets by four employees of the Franklin Savings Bank, all dressed in Continental Army uniforms.

Collecting the 1948 Franklin Half Dollar

The 1948 Philadelphia mintage of 3,006,814 pieces represents the third-smallest production run of the entire series, eclipsed only by the 1953-P (#6664) and 1955-P (#6670). All of these coins were struck across 12 coin presses at the Philadelphia Mint. Unlike the vast majority of later dates in the series, these first-year 1948 halves are generally extremely well struck, boasting sharp features and crisply defined details.

Despite its lower mintage, the 1948-P is not a rare coin. As is common with first-year type coins, many collectors and dealers hoarded them in original bank rolls. This has resulted in a top-heavy certified population where PCGS MS65 examples are highly abundant, and a staggering 86% of all submissions have earned our coveted Full Bell Lines (FBL) designation.

The hands-down finest-known example for the date is a magnificently toned PCGS MS68 FBL. This piece initially sold in 2022 for $26,400 in an NGC MS68? FBL holder before crossing to PCGS. It subsequently realized a record-shattering $84,000 at Stack's Bowers in April 2024. PCGS Set Registry collectors can find much more affordable options at the PCGS MS67+ FBL level, with available specimens ranging from blast-white to moderately toned. The LOR Collection example remains a standout, featuring intense coppery-gold toning across its entire reverse.

While the Franklin half dollar series is brief, it remains highly dynamic. The Proof series possesses its own distinct character, and the early 1950s branch-mint issues offer a significant challenge to collectors building any type of registry set. Furthermore, original Double Mint Sets add immense flavor to the series; coins housed in these sets over time tend to develop highly diverse and occasionally spectacular toning.

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