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Franklin Half Instructional Series #5: 1949S Half Dollar

Franklin Half Instructional Series #5: 1949S Half Dollar.

After a brief hiatus from my Frankies for various and sundry reasons, here we are again, and this time with my favorite coin of the series!

This is the fifth installment of my instructional series on Franklin Halves. 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!

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

1949S

With a mintage of 3,744,000 the “S” mint Franklins made their debut in 1949, just in time for the California centennial and the ANA Convention, which was held that year in San Francisco. Long considered the key date in the Franklin series, it is actually a very interesting and desirable coin, though it has been surpassed as a key by various dates and mints, most noticeably the 1953-S. Of all the “S” mints, the 1949 is the best struck, and easiest to find in MS65FBL of the “S” mint grouping from 1949-54. Of the early mint offerings in the Franklin series, the 1949S is one of the first ones, which are known to have outstanding toned examples, although the great majority will sport typical mintset toning of the gold/brown/grey/speckled violet variety.. Luster on the coin is generally good, although the strike is generally considered below average for the series.

Current population numbers from PCGS read as follows:

MS63 and lower - 352 in non FBL and 22 in FBL
MS64 - 1029 in non FBL and 194 in FBL
MS65 - 868 in non FBL and 301 in FBL
MS66 - 117 in non FBL and 73 in FBL
MS67 – 2 in non FBL and 2 in FBL

An unusually high number of MS64 and MS65 coins in non-FBL points to the fact that even though this is the easiest “S” mint to obtain in FBL, it is not common y any stretch of the imagination. Even though the number of MS66FBL coins is 73, it is in the midrange price wise, landing somewhere between the 1950P (97 pieces graded in 66FBL) and the 51P (65 pieces graded in 66FBL)

Another unusual aspect of this date is the existence of prooflike specimens. Resulting from highly polished dies, these pieces sport a highly reflective field and sometimes even slightly frosted devices. No one has documented exactly why these pieces exist, but theories abound. One theory has it that then Mint Director Nellie Tayloe Ross, requisitioned between 20-200 pieces from the mint to celebrate the inauguration of mintage of the Franklin at a gala event hosted by her. Another theory has it that mint employees had been experimenting with ways to make proof mintage process and the result of these experiments were these pieces.

Having the good fortune of owning probably one of the highest graded prooflike pieces, I can say that these coins have a remarkable appearance. The fields are highly die polished, but turning the coin into the light, they become highly reflective. In addition, the piece I own, which was formerly owned by fellow board member Oldcameoproofsguy, has slightly frosted devices as well. This coin is all but devoid of significant hits, making it all the more impressive, as it is well known that flaws are amplified against a prooflike field. Although theses coins are well documented by respected Franklin researchers, at least one of the major grading services has refused to officially issue the prooflike designation for the coin, because in their words, “coins which attain their prooflike qualities by way of die polish are not viewed as true prooflikes”. Well, be that as it may, I still feel that this is a highly prized coin and very rare in high grade.

Prices for MS64FBL coins will range in the $200-250 range depending on eye appeal. MS65FBL’s oddly enough for the series, range from $400 to perhaps $600 and up, again depending on whether you are talking about a typically toned piece, an outstanding toner, or a blast white specimen. MS66FBL have a population of only 73 coins and command anywhere from $900 and up. I found an interesting site which provides not only mintage information on each date/mint mark, but also 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.

According to Jack Ehrmantraut’s book, two of the finest specimens of date/mint were sold in 1982 for $1,000 and $3,500 respectively. Both of these examples were thought to be fully struck MS67 coins (before the advent of certified grading or the FBL designation). Also according to Ehrmantraut, the two of the finest prooflike pieces, changed hands around the same time. One sold for $3,500, and the other, which Ehrmantraut considered the finest specimen he had ever seen, sold for $1,500. This particular piece was described as “deeply prooflike, virtually mark free, toned a magnificent red and blue, and had a superior strike”. That would be one heckuva coin to drool over I think!

Once considered the king of the Franklin series, the 1949S has been surpassed in price and rarity by other coins in the series, yet it still holds its own special place as being one of the few “S” mint coins in the series. In addition, because of the existence of prooflike specimens, this particular date adds a dash of mystery and intrigue to this very interesting series.

Below are a few of examples of 1949S Frankies in pristine condition including your humble servant’s prooflike piece.

Happy collecting!

1949S MS65FBL - Mintset Toning

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1949S MS65FBL - Mintset Toning - but more colorful

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1949S MS66FBL - Typical Mintset Toning

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1949S MS66FBL (Prooflike) From The Birmingham Collection

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