Collectors Corner^SM: The Collectibles Marketplace

The 1925-S California Diamond Jubilee Half Dollar. Courtesy of PCGS TrueView. Click image to enlarge.

In 2025, we will be celebrating the centennial anniversaries of four of the most iconic U.S. commemorative half dollars. A century earlier, in 1925, the United States Mint issued four different commemorative half dollars, including the California, Lexington, Stone Mountain, and Vancouver issues.

The 1925 California Half Dollar: A Truly Classic Coin

Let’s first look at the 1925-S California Half Dollar – a coin with which I’ve been fascinated for decades. One of the first truly high-grade coins I ever bought and sold was a California commemorative half dollar.

That I have such strong memories and fondness for the 1925-S California Half Dollar is no surprise. Despite deprecation of the initial design, Joseph-Jo Mora’s California Half Dollar is one of the most beautiful and coveted U.S. classic commemorative half dollars. All of the California Half Dollars were struck in August of 1925, and although 300,000 were authorized, only 150,000 were struck. Of that, many were melted resulting in a distribution of 86,394 total pieces.

The obverse of this iconic coin features a California Gold Rush “49er” kneeling as he washes gravel in his pan looking for golden colors. The reverse features a grizzly bear, which is the California state emblem. Curiously on a separate note, famed numismatist B. Max Mehl actually commented during the period, “I have traveled and toured California from one end to the other and have never yet seen a bear.” Mehl also mistakenly thought the bear depicted was a polar bear – not a Grizzly bear!

This ribbon recognizes the distribution of the 1925 California Diamond Jubilee Half Dollar in 1925. Courtesy of Vic Bozarth. Click image to enlarge.

In 1925, Albert Vestal, who was chairman of the House Committee on Coinage, Weights, and Measures, stated that the Bureau of the Mint opposed making “these special coins,” referring to commemorative issues. Despite Vestal’s objection, California Congressman John E. Raker, with some support from the advocates for both the Vermont and Vancouver Commemorative Half Dollars, was able to gain approval for the issue of the California Half Dollar.

Among the most attractive features of the coin itself are the unfinished fields that perfectly frame the 49er and grizzly bear in their natural element – nature. The surfaces of the California Half Dollar are somewhat unique in that die polish is also present and the texture of the surfaces is unique to the issue. The upshot of this “difference” is that the California Half Dollar presents more challenges for the novice especially when determining the grade.

Choosing the Right Specimen for Your Collection

High-grade California Half Dollars are always in high demand. The California is part of both the 50-piece classic U.S. commemorative type set as well as being part of the complete 144-piece classic U.S. commemorative set.

Let’s look at some of the great information we can find on PCGS Coinfacts using the coin’s unique PCGS spec number, 9281.

The original mintage of the 1925-S California Half Dollar is 86,394, and PCGS has graded 6,201 total examples as of this date ranging in grade from FR02 to MS68+. Like many commemorative half dollars the majority of PCGS graded examples of the California are PCGS graded MS63 through MS65+, with coins in those grades representing 4,268 of the 6,201 total pieces graded.

PCGS-graded California Half Dollars exist in fairly large numbers in the most popularly collected grades of MS63 to MS65, but the supply of higher-end MS66 and better examples includes 511 MS66/66+, 184 MS67/67+, and six MS68, as well as three MS68+, including the coin pictured above. But for the MS68 issues, a collector has a realistic shot of finding a really fabulous PCGS-graded California Half Dollar in all grades from MS63 through MS67+.

The most recent auction prices realized for the California in grades MS66 through MS68 are all from 2023 and include:

• MS66: $1,469 – Legend Rare Coin Auctions, December 2023
• MS66+: $1,200 – Heritage Auctions, July 2023
• MS67: $1,968 – Heritage Auctions, October 2023
• MS67+: $4,560 – Stack’s Bowers Galleries, March 2023
• MS68: $10,200 – Stack’s Bowers Galleries, March 2023

There were no MS68+ auction prices realized during that time frame. Analyzing the latest auction prices realized for the California Half Dollar illustrates the disparity that can result from premiums paid for exceptional eye appeal and/or colorfully toned examples, like a MS66 PCGS example that sold in the Legend Rare Coins Auction sale in December 2023.

There are nice PCGS graded California Half Dollars available in most of the popular collector grades. The incredibly strong demand for this beautiful, historic, and popular commemorative half dollar will endure for many years past its 100th birthday.