In memory of Frank:

In an effort to contribute something of numismatic value to the boards, I’ve decided to start a series of posts on the subject I know best, the Franklin Half Dollar. Each week (hopefully) 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!

Much of what I've learned in this series comes from "An Analysis of Gem Franklins" by Jack Ehrmanntraut and from "The Complete Guide of Franklin Half Dollars" by Rick Tomaska - both of these tomes are must reads for Franklin collectors. I hope I can add a few tidbits of my own - if there's any point of contention as to references I'll be more than glad to clarify

1948P

Born in the spring of 1948, the 1948P half made its debut in Philadelphia at a gala event held by mint director Nellie Tayloe Ross. Generally found well struck and with Full Bell Lines, this issue is one of the few that was stored away by collectors in some significant numbers due to it being the first issue of the series.
Current population numbers from PCGS read as follows:

MS63 and lower - 188 in non FBL and 73 in FBL
MS64 - 586 in non FBL and 886 in FBL
MS65 - 313 in non FBL and 923 in FBL
MS66 - 7 in non FBL and 147 in FBL
MS67 - 1 in FBL

As can be seen, approximately two thirds of the population has been graded FBL. Many of the ones not graded FBL are probably due to distortions on the bell line due to contact marks.

This date is generally found with typical brown/gold mint set toning which may or may not be appealing to the collector, depending on the toning pattern and the amount of toning. White pieces are difficult to locate, and if you can find one in MS65FBL or above you should certainly consider buying it. Monster toned Franklins with extremely vibrant mint set toning of blues, reds, greens, and golds, are known to exist but are extremely difficult to find and extremely expensive. You’ll want to look for a nice clean piece with no distracting marks on Franklin’s face, on the field immediately in front of and behind the bust, or on the bell.

Prices for MS64FBL coins will range in the $35-$50 range depending on eye appeal. MS65FBL’s can range from $100-$250, again depending on whether these are toned with an appealing pattern or white. MS66FBL pieces are tougher to find, but not prohibitive, and will generally start from $350 for the typically toned pieces, to $600 and up for white pieces and attractively toned pieces which are very difficult to find.

Generally speaking PCGS graded pieces will offer the best overall quality of grade, but look carefully at the bell lines, as you will want to find those pieces which have fully formed upper and lower bell lines. PCGS only grades FBL coins based on the bottom set of bell lines and therefore some pieces may exhibit weakness on the top set of bell lines. NGC grades tougher on the bell lines, but sometimes their grading standard will be between ½ and 1 point below an equally graded PCGS coin. ANACS Franklins are generally on a par with NGC coins, and again you’ll want to judge the overall eye appeal and technical quality of the coins. Coins graded by third tier grading services (SEGS, PCI, NTC, etc.) should not be judged by the grade on their slab and should be evaluated on the coin’s merit as if it were a raw piece.