1921 Walking Liberty Half: Philadelphia Key Date Guide
Coin Encyclopedia · 8 min read · Published November 7, 2026
The 1921 Walking Liberty half is the Philadelphia key date of the series — the coin every Walking Liberty set needs and almost no one finds easily. Philadelphia struck only 246,000 of them in 1921, in a year of sharp recession, and most went straight into circulation. A century later, the 1921 is scarce in every grade, and the researched figures in the table below show the shape of its market: $99–$160 in Good, $379–$476 in Fine, $1,820–$2,684 in Extremely Fine, $3,600–$4,392 in About Uncirculated, and roughly $24,000–$32,000 in Mint State 65.
Those figures are the reason the 1921 is the key date. The jump between grades is steep because so few 1921 halves survived in high grade — the mintage was small, the coins were spent, and nobody saved them. This guide explains the 1921 check, the recession that made it scarce, and what to look for before you pay key-date money.
The recession of 1921 — why so few were struck
The year 1921 brought a sharp, short recession to the United States: prices fell, businesses closed, and demand for new coinage collapsed. The Mint struck far fewer coins across the board, and the half dollar was hit hardest — Philadelphia made 246,000 Walking Liberty halves, Denver 208,000, and San Francisco 548,000. Together, the three 1921 issues total barely a million coins, against the tens of millions struck in the years around them.
The recession also meant the coins that were struck were spent, not saved. In a hard year, a half dollar was spending money, and the 1921 halves circulated until they wore down. The survivors are the coins that happened to be kept — in a drawer, in a till, in a child's collection — and there are not many of them. That is why the 1921 is a key date: small mintage, hard use, and a century of attrition.
Reading the grade table — the steepest ladder in the series
The researched figures tell the story plainly. In Good the 1921 is a $99–$160 coin — already far above its silver. In Fine it is $379–$476. In Extremely Fine, $1,820–$2,684. In About Uncirculated, $3,600–$4,392. And in Mint State 65, roughly $24,000–$32,000. Each step up the ladder multiplies the figure, because each step up means fewer surviving coins, and fewer still survived well, and fewer still survived well.
The Mint State 60 cell is the honest gap in the table — our guide has not researched it yet, so it shows a dash rather than a guess. The shape of the ladder makes the direction clear, but the figure itself waits for research. That is the rule on this page: a researched figure is shown, an unresearched one is a dash, and nothing is invented to fill the space.
The no-mint-mark check — Philadelphia's quiet signature
The 1921 Philadelphia half carries no mint mark — Philadelphia never marked its coins in this era — and that absence is the check. The 1921-D carries a D below the eagle, the 1921-S an S, and the Philadelphia coin carries nothing. It sounds simple, and it is, but it matters: the three 1921 issues are three different coins, with three different mintages and three different markets, and the mint mark — or its absence — is what tells them apart.
The date is the second check. It must read 1921 clearly, with no tool marks around the digits. Altered dates are the classic fake for a key date: a 1928 or 1941 half with a changed digit becomes a 1921, and the difference is worth thousands. A loupe will show the tool marks, and a scale will confirm the weight — 12.5 grams, the 90% silver standard. If either check fails, the coin is not a 1921.
What to look for in a 1921 worth key-date money
Start with certification. A 1921 in any grade above Good is worth enough that certification pays for itself — it settles the date, the authenticity, and the grade in one step, and it is where the premium for a real 1921 is paid. A raw 1921 in high grade is a claim; a certified one is a fact.
Then look at the surfaces the way a grader does: original lustre on an uncirculated coin, honest wear on a circulated one, and no cleaning anywhere. A cleaned 1921 loses a large part of its premium, because the premium is paid for originality as much as for rarity. And check the strike — Weinman's design is demanding, and a sharply struck 1921 with full detail in the gown and the feathers is the coin to keep.
What a 1921 Walking Liberty Half Philadelphia key is worth by grade
The figures below are our researched collector estimates from the live guide, reviewed November 5, 2026. Grades our guide has not researched yet are shown as “—”, not guessed.
| Grade | Estimated value |
|---|---|
| Good (G-4) | $99–$160 |
| Fine (F-12) | $379–$476 |
| Extremely Fine (XF-40) | $1,820–$2,684 |
| About Uncirculated (AU-50) | $3,600–$4,392 |
| Mint State 60 (MS-60) | — |
| Mint State 65 (MS-65) | ~$24,000–$32,000 |
Five of the six grades carry researched figures, from $99–$160 in Good to $3,600–$4,392 in About Uncirculated, with Mint State 65 at roughly $24,000–$32,000. The jump between grades is steep because so few 1921 halves survived in high grade — the mintage was only 246,000, and most went straight into circulation.
Specs and the silver floor
Every Walking Liberty half from 1916 through 1947 is 90% silver. The coin weighs 12.5 grams and carries 0.36169 troy ounces of pure silver. The live metal floor for this coin is $18.83 — it moves with the live silver market, so the figure updates on every load rather than standing still.
Metal floor updates live from our Worker — last updated November 7, 2026.
Adolph A. Weinman's Liberty strides toward the rising sun on the obverse, draped in the American flag, while the reverse carries a perched eagle on a mountain crag. Diameter 30.6 millimetres, reeded edge. In 1916 and early 1917 the mint mark sits on the obverse, below the motto; from mid-1917 it moved to the reverse, below the eagle.
Verified auction records
Our auction data holds no verified historic record for this date yet — no figure here is guessed. The box below checks for newly reported results on every load, so the first verified result for this coin will appear there.
Latest reported results for this coin
Checking for newly reported results…
Your 1921 Walking Liberty Half Philadelphia key questions, answered
How much is a 1921 Walking Liberty half dollar worth?
Our researched figures run from $99–$160 in Good and $379–$476 in Fine, to $1,820–$2,684 in Extremely Fine and $3,600–$4,392 in About Uncirculated, with Mint State 65 at roughly $24,000–$32,000. The Mint State 60 grade is not yet researched and shows a dash.
Is the 1921 Walking Liberty half silver?
Yes — it is 90% silver, weighing 12.5 grams with 0.36169 troy ounces of pure silver. The live metal floor for this coin is in the specs section below and moves with the live silver market.
How many 1921 Walking Liberty halves were struck?
Philadelphia struck 246,000 Walking Liberty halves in 1921, in a year of sharp recession. Denver struck 208,000 and San Francisco 548,000 — the three 1921 issues together total barely a million coins.
Where is the mint mark on a 1921 Walking Liberty half?
The Philadelphia 1921 carries no mint mark. The 1921-D carries a D and the 1921-S an S, both on the reverse below the eagle. The absence of a mark is what identifies the Philadelphia key date.
Why is the 1921 the key date of the Walking Liberty series?
Small mintage, hard use, and a century of attrition: only 246,000 were struck in a recession year, most were spent, and few survived in high grade. The researched grade figures show the result — the ladder from $99 in Good to roughly $24,000–$32,000 in Mint State 65 is the steepest in the series.
Check your 1921
Run the date and mint mark through the free Coin Value Checker for an instant estimate, or get a Grade-or-Not verdict on whether your coin is worth certifying. The full series guide is here: Walking Liberty Halves Worth $25 to $188,000+.
Written for collectors facing the key date — the 1921 is the coin the set is built around, and the one to seek certified. This guide is for education — learn the coin first, and get a professional opinion before buying or selling.
