1965-1970 Kennedy Half Dollar (40% Silver)

Between 1965 and 1970, the Kennedy half dollar was struck in a 40% silver clad composition rather than the 90% silver used in 1964, as part of a broader change to U.S. coinage caused by rising silver prices and coin shortages. These coins have outer layers bonded around a copper-silver core, giving them noticeably less silver content than earlier coinage while still retaining some precious metal value.

Collectors regard this series as a transitional issue bridging classic silver coinage and the copper-nickel clad half dollars that followed from 1971 onward. No mintmarks appear on coins from 1965 through 1967 as part of a Treasury effort to discourage hoarding, while 1968 onward coins resumed standard mintmark use.

By the early 1960s, rising industrial demand and the price of silver made it increasingly costly for the Treasury to strike coins with the traditional 90% silver alloy, especially as people began hoarding older silver coins for their metal value. The Coinage Act of 1965 addressed this by eliminating silver from dimes and quarters entirely and reducing the half dollar's silver content to 40%, a compromise that kept some silver in the largest circulating denomination while easing pressure on silver reserves.

During 1965 through 1967, the Mint also omitted mintmarks from all denominations and dated some coins without updating the date each year, a temporary measure intended to combat coin shortages and discourage collectors from pulling coins from circulation. Standard mintmark practices, including the reappearance of the "D" for Denver and "S" for San Francisco, returned in 1968.

The 40% silver half dollar was ultimately a short-lived compromise, and by 1971 the Mint moved entirely to the same copper-nickel clad composition used for dimes and quarters, ending regular silver content in circulating half dollars.

The design remains the same as the 1964 issue: Kennedy's portrait on the obverse with LIBERTY and IN GOD WE TRUST, and the presidential coat of arms on the reverse with UNITED STATES OF AMERICA and HALF DOLLAR. The key difference is the edge, which shows a visible copper-colored stripe sandwiched between two silver-colored outer layers, a hallmark of clad coinage.

Coins dated 1965 through 1967 lack a mintmark regardless of which facility struck them, while 1968 and later issues show a "D" for Denver or "S" for San Francisco (proof coins only) on the reverse near the eagle's leg. The coin's overall diameter and reeded edge match the earlier 90% silver version, so the clad edge stripe and slightly different weight are the most reliable identifiers.

Special Mint Sets from 1965 to 1967, struck with extra care in place of regular proof sets during that mintmark-free period, sometimes show sharper detail and can be distinguished by their finish quality.

Because these coins contain only 40% silver, their bullion value is lower than a 90% silver coin of the same size, though they still carry some premium over face value based on silver content. Well-circulated common-date coins are generally valued modestly above melt, while uncirculated or proof examples, particularly from Special Mint Sets, can bring higher prices.

As with the 1964 issue, most dates in this run are common due to large mintages, so condition and eye appeal matter more than rarity for typical collector value. Silver spot price fluctuations directly affect what these coins are worth at any given time.