Kennedy's Coin

"You're looking at a living legend, Lilly. The only active agent who ever lost a president.”
--Frank Horrigan (In the Line of Fire)

This Thursday, Thanksgiving Day, will mark the 55th anniversary of John F. Kennedy’s assassination in Dallas. Within hours of the president’s death, there was already discussion of depicting JFK on one of the larger U.S. coins in circulation. Jackie Kennedy preferred that her late husband appear on the half dollar, a denomination previously occupied by Benjamin Franklin.

 In less than a week, the project was authorized. Mint engravers Gilroy Roberts (obverse) and Frank Gasparro (reverse) collaborated to modify designs previously developed for the Mint’s Presidential series. By the time the congressional bill passed in late December to authorize striking of the Kennedy half dollar, work on the dies was already underway.

1964-D 50c PCGS MS66

Coins for circulation were first minted on January 30, 1964—barely two months after JFK’s death. Initial release to the public through the Treasury Department and large banks were quickly sold out. Although production increased throughout 1964, the coins were rarely seen in circulation as people hoarded great quantities for both their link to JFK and for their 90% silver content. Production of 1964 Kennedy halves continued into early 1965. Nearly 430 million pieces were struck at the Philly and Denver mints—more than the quantity struck for the entire sixteen years of the Franklin half. In 1965, the silver content of the Kennedy half was reduced from 90% to 40% on its way to its 0% silver content today. Per Gresham’s Law, that reduction virtually guaranteed that those hundreds of millions of 1964 Kennedy halves would disappear from circulation.  The sheer number of hoarded Kennedys keeps their premiums over spot silver low today, making 1964 Kennedy halves one of the best ways to put back silver bullion—while still contemplating the Camelot that was. position in silver