The 1916-S is a first-year key to the Walking Liberty half dollar series: San Francisco struck 508,400 of them in 1916, and the S mintmark sits on the front of the coin, a placement used only that year and part of the next. A worn, problem-free example sells for $65 and up, against $19.10 in silver melt for a common date.
That premium — real money for a worn coin that shares its silver with a $19.10 common date — comes from first-year demand meeting a small mintage. Below: how the 1916 issues compare, how to tell a genuine 1916-S, and what each grade is worth. Prices checked November 8, 2026; melt figure from silver spot of $52.81/oz, Data by Bullion Price Check, data as of November 8, 2026, 7:57 PM ET.
The 1916 Issues Side by Side
The Walking Liberty design debuted in 1916 at all three mints, and all three first-year issues are collected as keys or semi-keys — none is common. San Francisco’s sits in the middle on mintage, and its obverse mintmark makes it the easiest of the three to attribute at a glance.
| 1916 issue | Mintage | Typical worn value |
|---|---|---|
| 1916 (Philadelphia) | 608,000 | $40–$70 |
| 1916-D | 400,000 | $95–$150 |
| 1916-S | 508,400 | $65–$110 |
How to Tell a Genuine 1916-S
Look at the front of the coin, low at the left near the date: that is where the S belongs on a 1916. Partway through 1917 the mintmark moved to the back of the coin, lower left near the rim, where it stayed for the rest of the series — so a 1916-dated coin with its mintmark on the back, or a front mintmark that looks raised, blobby or off-center in its punch, is a warning sign. Added and altered mintmarks exist for every Walking Liberty key date, and the 1916-S is no exception; in higher grades, buy certified or from a dealer who guarantees authenticity. The full date checklist is in the Walking Liberty key dates guide.
What Each Grade Is Worth
| Grade | Typical value |
|---|---|
| Good to Very Good (worn) | $65–$100 |
| Fine to Very Fine | $110–$185 |
| Extremely Fine | about $300–$385 |
| About Uncirculated | $550–$750 |
| Mint state (MS-60 and up) | $1,350+ |
The ladder climbs because the survivors thin out fast: 1916-S halves went into circulation and stayed there, so sharp examples were scarce even before collectors wanted them. For the series-wide picture — how this date’s prices compare with every other date — see Walking Liberty half dollar value by date and grade, and the 1921-D and 1921 Philadelphia guides for the other great keys. If you are working out what an ordinary circulated example is worth as silver, the silver content and melt value guide does that math. Common dates trade in bulk: $1 face-value Walking Liberty lots show the going format.