In memory of Frank:
Franklin Half Instructional Series #8: 1951P Half Dollar.
This is the eighth installment of my instructional series on Franklin Halves. As I have time, I will add an excerpt on one of the coins of the series, and hopefully those of you who are interested in Franklins will add your own observations and pictures. By the end of the series we should wind up with a pretty comprehensive study of the Franklin series, along with some nice pictures as well. And who knows, maybe some other folks will do the same for other series!
Sources for this series generally include “An Analysis of Gem Franklins” by Jack Ehrmantraut and “The Complete Guide for Franklin Halves” by Rick Tomaska – two books which I feel every serious Franklin collector should read
1951P
This issue represents one of the first large Franklin mintages in the series with over 16 million examples being made. One of the results of this fact was that the dies tended to be used longer than recommended and as such, strike and luster characteristics for this date vary from very good to bland. This is the first year where a definite softening of the features on the Franklin half starts being evident. The master die started wearing out after the completion of 1950 mintage thus; the sharpness of the dies for 1951 was starting to deteriorate. A 1951 issued coin did not generally have the same richness as their 1950 counterparts. Luster for these coins tends to range from good to dull, and a larger number of coins than previous issues come without Full Bell Lines. Toning tends to be lackluster as well in 1951. Most toned examples are gold and grey toned with not spectacularly toned examples coming from mint sets as in future years. An additional side note, this is the first year where the dies clashed, thus creating the first “Bugs Bunny” variety for the series. Later examples, in 1954 and 1955 would be encountered, but it wasn’t until B. Max Mehl began promoting the 1955 issue that the coin became a popular variety (though not worth much of a premium). For more information on the Bugs Bunny variety you can click HERE for additional information on these coins.
Current population numbers from PCGS read as follows:
MS63 and lower 192 in non FBL and 43 in FBL
MS64 - 559 in non FBL and 479 in FBL
MS65 - 385 in non FBL and 370 in FBL
MS66 - 31 in non FBL and 66 in FBL
MS67 – 1 in FBL
The population numbers confirm the virtual split in availability between FBL and non FBL coins, as well as the fact that this issue is in the mid-range as far as rarity in higher grades for the series. MS64FBL coins are becoming more illusive, and though still rather inexpensive (around the $50-60 range generally), they are a very good buy, especially in brilliant white or nicely toned. MS65FBL examples are that much more illusive. Well struck specimens, when found, can go for $150-$200 and are well worth the money in my opinion. Generally the lesser toned examples should be avoided, wait for a nice lustrous example, or one with pleasing eye appeal. In MS66FBL these coins become much more illusive, particularly with acceptable toning. These will generally go for well over $1,000. There has only been one coin graded MS67FBL, and it is a beauty. I’m not sure what the sale price for it was, but as with most pop 1 coins in this series, I have no doubt that it went for significantly well over 5 figures. For more information on this date you can look the coin up in the Coinfacts page, which also sites significant sales appearances over the past few years. This information can be found HERE. I will continue to post the COINFACTS site for reference, but I am in no way promoting their products or services.
The 1951P half in my opinion is an underrated coin in the series, and if you can find a pleasing example of the coin in MS64FBL or above, it represents a very worthwhile acquisition. Have fun collecting Frankies!
