When, if ever, will production of Kennedy Halves cease?
SanctionII
Posts: 12,494 ✭✭✭✭✭
45 years old now and counting, though from 2002 forward, they have been made only for sale to collectors and dealers at a premium.
Ted Kennedy is getting up in age (approaching 80?) and is not in the best of health. His life expectancy can not be much longer (10 years tops?). Once he passes away and the last living brother of JFK is gone, do you think the powers that be may decide it is time to put the Kennedy half to rest?
Or will Kennedy halves be produced until the USA is no longer the USA (it merges with Canada and Mexico to create Amero; or some such other event)?
Ted Kennedy is getting up in age (approaching 80?) and is not in the best of health. His life expectancy can not be much longer (10 years tops?). Once he passes away and the last living brother of JFK is gone, do you think the powers that be may decide it is time to put the Kennedy half to rest?
Or will Kennedy halves be produced until the USA is no longer the USA (it merges with Canada and Mexico to create Amero; or some such other event)?
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Comments
Russ, NCNE
system is preferable to one that's obsolete or they'll eliminate currency altogether.
Shouldn't be more than a couple generations.
<< <i>When did the half stop circulating and why? >>
It hasn't circulated well since 1964 when the Kennedy was introduced.
The coin has continued to be made largely because there was demand
for it by casino operators. The government made a lot of money pro-
ducing it and the casinos had the convenience of just ordering them from
the banks. Customers tend to prefer coin since they can just walk away
with their winnings.
Eventuall the casino operators realized they could make a lot more money
when winners and losers both walked away with chips that had no value
except coining cost. The last casino demand was in the deep south and
ended in '98.
<< <i>When did the half stop circulating and why? >>
The death of the half dollar as a true circulating coin still amazes me today. I lived through it happening.
Until the introduction of the Kennedy in 1964 the half had been a regular circulating coin that saw a great deal of actual use. When the Kennedy was introduced it was hoarded by the general public in massive quantities. At the same time this was happening, the silver price was rising and the older Walking Liberty and Franklin halves began to be hoarded as well (for their silver content.)
Within a very short time after the introduction of the Kennedy all halves just disappeared from circulation. The 40% silver versions were hoarded as well. They never saw much circulation. By the time the copper-nickel clad halves appeared the half had ceased to circulate except for special uses (such as casinos or cities with transit fares of 50 cents.)
I really don't see why they continue to make it even for collectors. It's not a commemorative, and it's not bullion, It seems strange to make a coin for circulation when there is no intention to circulate it.
Of course I could say the same thing about the Billion+ presidential dollars.
<< <i>
<< <i>When did the half stop circulating and why? >>
The death of the half dollar as a true circulating coin still amazes me today. I lived through it happening.
Until the introduction of the Kennedy in 1964 the half had been a regular circulating coin that saw a great deal of actual use. When the Kennedy was introduced it was hoarded by the general public in massive quantities. At the same time this was happening, the silver price was rising and the older Walking Liberty and Franklin halves began to be hoarded as well (for their silver content.)
Within a very short time after the introduction of the Kennedy all halves just disappeared from circulation. The 40% silver versions were hoarded as well. They never saw much circulation. By the time the copper-nickel clad halves appeared the half had ceased to circulate except for special uses (such as casinos or cities with transit fares of 50 cents.) >>
At the risk of sounding like I'm nitpicking; the half dollar never really stopped
circulating, the velocity merely slowed. Velocity ramped down quickly starting
in 1965. Probably halfs were preferentially saved to other silver since they're
larger. Certainly the silver dollars all disappeared at this time.
The 40% silver halfs were available at the banks but they were barely used.
Vending machines were in widespread use in those days and they few accep-
ted half dollars. While the public seemed to ignore the metallic change in the
dimes and quarters they did seem a little more likely to notice the change to
40%. Collectors hated it and those who noticed it didn't like them, generally.
By 1970 enough 40% coins had been made to replace every silver half that had
been in circulation, but the demand for them was low and the '70 was made for
mint sets only. There was still enough demand that a switchover to clad was
undertaken in '71. This demand was for circulation though velocity was contin-
uing to drop. By 1978, it was very unusual to see one in normal circulation. Where
I'd once gotten three or four a year it dropped to once every few years. Mintages
plummeted after 1976 and trended lower for years.
Even today one must consider a the movement of half dollars to be a sort of "cir-
culation". Granted the movement is tiny and they rarely change hands but each
half dollar probably changes owners about every five years on average.
In the '80 it was closer to every two years, one year in the '70's, and 30 times per
year in 1963.
OK, I'm nitpicking.
Dan
">Franklin Halves
">Kennedy Halves
about it. NEVER.
JFK and images of camelot are great facets
of Liberal idolatry and liberal media imagery.
Regards, STK.
Vietnam Vet 1968-1969
<< <i>45 years old now and counting, though from 2002 forward, they have been made only for sale to collectors and dealers at a premium. Ted Kennedy is getting up in age (approaching 80?) and is not in the best of health. His life expectancy can not be much longer (10 years tops?). Once he passes away and the last living brother of JFK is gone, do you think the powers that be may decide it is time to put the Kennedy half to rest? Or will Kennedy halves be produced until the USA is no longer the USA (it merges with Canada and Mexico to create Amero; or some such other event)? >>
That dude must have 2 livers, I can't believe someone that has been a walking drinking problem for most of his life could live to 70?????
<< <i>When Russ says so... >>
In that case, cancel them now!
Russ, NCNE
That said, wouldn't it's major use be casinos (as previously mentioned) or buying items that actually cost 50 cents or 1 dollar? Maybe because of inflation, etc through the years, there isn't much left to buy for 50 cents. Even most newspapers are now 75 cents!
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<< <i>As long as the Democrat party has anything to say
about it. NEVER.
JFK and images of camelot are great facets
of Liberal idolatry and liberal media imagery.
Regards, STK. >>
I'm all for making a Ronald Reagan half.
<< <i>As long as the Democrat party has anything to say about it. NEVER. >>
<< <i>I'm all for making a Ronald Reagan half. >>
A perfect example of why there will probably always be dead presidents on our coins.
Velocity is the economic term for how quickly money changes hands. The velocity of halves was very low and since the casinos stopped using them it has gotten even lower.
Just because I spend them regularly doesn't mean much. I do wonder if anything happens to them after I spend them. I mean, does the cashier give them back out as change?
I tend to think that even if several thousand people began to spend halves, it wouldn't be noticable to the general economy unless those thousands were all in one small area.
I'll echo the sentiment to revamp the U.S. coinage system. It would help savings as coins are physical and saving them is psychologically helpful. e.g. you would notice the piles of coins growing and feel their weight. Small numbers on a computer screen aren't the same.
<< <i>As long as the Democrat party has anything to say
about it. NEVER.
JFK and images of camelot are great facets
of Liberal idolatry and liberal media imagery.
Regards, STK. >>
I could not have said it better.
Mark
The strange thing is that they didn't circulate that much before 1964. It was an illusion. They seemed to be everywhere. Yet the cash register drawers would have rolls of quarters in them and the number of halves could be counted on the fingers of one hand. But usually they were there, though sometimes not. I started cashiering in the local supermarket in 1952. Never ever did we go to the bank and get halves. I don't know of any merchant that did.
I think the source of the few halves were the banks. It was like since time immemorial they had them and they used them regularily to make change. Thus a small but regular stream entered ciculation. We did not give halves as change to women since many had little slotted change purses that wouldn't accept a half.
In 1964 with the double popularity of both the Kennedy halves and silver, the halves disappered from circulation and the banks for some time. The 1965 halves weren't even counted at the mint until 1966. The banks got out of the habit of using halves. When mintage resumed, they didn't use them and thus the supply for circulation dried up.
<< <i>
Just because I spend them regularly doesn't mean much. I do wonder if anything happens to them after I spend them. I mean, does the cashier give them back out as change?
>>
I hope not. I spend these at fast food drivethrus and tollbooths, but I hate it when my coin dealer gives me one in change. It's an albatross. The last time I tried spending 2008 Kennedys, the parking attendant wouldn't take them. (He had no idea they were legal tender.) Because they don't work in vending machines and you have to explain yourself every time you spend them, I try not to pass these as tips or to any place that doesn't use a bank every day.
<< <i>When they stop making a profit on them? >>
Makes sense to me.
<< <i>I'm all for making a Ronald Reagan half. >>
Not a bad idea.
edited to add: Ah, I see the '07's are NLA....but the '01's are...incredible.
<< <i>Hell, they are STILL selling 2001 Kennedy's.....2001!!!!! It's easy math...they been selling those suckers for 7 years now? There just seems to be something wrong with that on so many levels. They will NEVER stop making Kennedy's. See how long the 2007 stays on sale. "Itsh a racket, I tell ya....yeah, shee, itsh a racket, boysh. We'll make ush a forchoon, shee, the collectorsh, they'll neva know what hit 'em, shee"
edited to add: Ah, I see the '07's are NLA....but the '01's are...incredible. >>
The reason for that is they minted something like 40 million Kennedys -- for circulation -- in 2001. Then they decided to cool it and produce only about 2 million -- just for collectors -- in subsequent years. (Some folks don't realize that when they get all excited about the amazingly "low mintages" for recent Kennedys.)
After sorting through a bag of disappointing examples in this year's production, I'm probably not going to bother paying the Mint 30% over face again.
<< <i>
<< <i>Hell, they are STILL selling 2001 Kennedy's.....2001!!!!! It's easy math...they been selling those suckers for 7 years now? There just seems to be something wrong with that on so many levels. They will NEVER stop making Kennedy's. See how long the 2007 stays on sale. "Itsh a racket, I tell ya....yeah, shee, itsh a racket, boysh. We'll make ush a forchoon, shee, the collectorsh, they'll neva know what hit 'em, shee"
edited to add: Ah, I see the '07's are NLA....but the '01's are...incredible. >>
The reason for that is they minted something like 40 million Kennedys -- for circulation -- in 2001. Then they decided to cool it and produce only about 2 million -- just for collectors -- in subsequent years. (Some folks don't realize that when they get all excited about the amazingly "low mintages" for recent Kennedys.)
After sorting through a bag of disappointing examples in this year's production, I'm probably not going to bother paying the Mint 30% over face again. >>
Another thing to remember with the "low mintage" is that since 1998
these numbers do not include examples made for mint sets. Of course
since 2005 the mint set coins are Satin Finish. They are an interesting
situation. I can't help but believe a lot of the late dates in circulation
are coins that were checked for gems and varieties. Some of these
could be far less available in the future than we think.
<< <i>
Another thing to remember with the "low mintage" is that since 1998
these numbers do not include examples made for mint sets. Of course
since 2005 the mint set coins are Satin Finish. They are an interesting
situation. I can't help but believe a lot of the late dates in circulation
are coins that were checked for gems and varieties. Some of these
could be far less available in the future than we think. >>
Which halves do you think have the potential to be seen as relatively rare?