[The following excerpt is published courtesy of DLRC Press and its author, Bruce Fox. This information was originally published in 1993 in The Complete Guide to Walking Liberty Half Dollars]

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The grading of Walking Liberty half dollars is not as difficult as some other United States coins.  In circulated condition wear, of course, is the major factor.  For mint state coins, luster, abrasions (bag marks), strike and eye appeal are considerations.  Even though strike and luster are perhaps not part of the “technical” grade, these factors do have a bearing on why coins of the same grade sometimes sell for vastly different amounts.

Striking problems plagued the series from the onslaught.  Several attempts were made throughout the history of the series to alleviate the problem, but all were unsuccessful.  The evaluation of strikes is broken into four areas:

LIBERTY’S SKIRT LINES – In general, skirt lines are weak from 1916 to 1921 and should be ignored when grading the coin.  The skirt lines directly above the foot are commonly visible on the early dates.  To be considered a full strike from 1916 to 1921, the specimens must have the lower lines near the foot stand out, and lines must be visible slightly above the knee, James Pryor, who analyzed Walkers for the November 1977 issue of the C.D.N. Monthly Summary, suggests the area to examine is below an imaginary line drawn from the top of the letter ‘L” in LIBERTY to the top of the ‘W’ in WE.  This skirt detail is more common in 1916 than In 1917 with 1918 having the least detail.  The 1919 through 1921 issues appear to be in the same category as the 1916 coins.  It gets a little easier to find skirt detail as you go from 1923 to 1929, and the 1933-S is markedly sharper, in general.  To be fully struck, a specimen from 1923 to 1947 must show full skirt line detail below as well as above.  Pryor’s imaginary line.

LIBERTY’S HEAD – While most commonly thought of in grading Standing Liberty quarters, head detail must be examined to determine if a Walker is fully struck.  For a “full head,” the hair area between Liberty’s face and bonnet must be rounded and not flat.  The areas separating Liberty’s forehead and cheek, the ear, her hair below the bonnet, and the areas above her eye and below her ear will all be separated.  The hair appearing as a curl over the eye and curving down around the back of the eye on the 1916 and 1917 issues does not show nearly as well as on coins struck in 1918.

HAND – Liberty’s hand at her side must be rounded and the thumb and finger split into an obvious “V” to be considered a fully struck specimen.  The branch carved in this hand will be split at the end of the thumb as well as between the thumb and forefinger.  There will also be a separation of the upper finger near the knuckles. When this appears it is called “knuckles showing.”

EAGLES BREAST (REV) – Pryor recommended the following way to isolate the area to be examined on the eagle’s breast.  Draw an imaginary line from the left side of “E” in STATES to the second “L” in DOLLAR.  Then draw another from the second “S” of STATES to the “H” in HALF. The area between these two imaginary lines must be rounded and detailed to be considered fully struck.

There are some dates for which a fully struck gem is nearly unheard of.  On some issues, a perfect hand may be found, but the head detail will be inferior.  For example, a 1940-S with a full head can be located, but try to find a 1940-S with a full hand or well defined eagle’s breast.  Finding a specimen with all the qualities discussed previously is not an easy undertaking.  In-depth studies have identified some interesting unexplainable phenomena.  The “S” mint coins of the 1930′s can be found with strong strikes while the “S” mint coins of the 1940′s are rarefy found struck nicely—with the possible exception of the 1946-S.  Table 3-1 lists dates and mints of issues that have major strike problems, as well as the specific areas of difficulty.

Other issues may also have striking problems.  However, the poor strikes of the listed issues are so prevalent that they may preclude the collector/investor from ever obtaining a fully struck example of those dates.

SURFACE LUSTER – In the early years (1916-1917) surfaces had a grainy, matte-like finish which was generally antiquish in appearance with a subdued brightness.  Later issues exhibited a brighter shine with a sometimes notable cartwheel effect when looking deep into the coin.  Some even appear minor-like. Both types of surfaces are artistically beautiful.

Surfaces are often disturbed by mishandling, toning or human interferences, such as artificial toning or cleaning.  Cleaning, whether by dipping in a silver polisher, wiping or whizzing, disturbs the luster giving it an artificial appearance.

Natural toning will not hide or ruin the appearance of natural luster.  It can be seen breaking through the color. Some exquisitely toned examples with beautiful underlying luster peaking through sell for a high premium.  Bright coins, sometimes referred to as “white,” are today’s favorites over specimens with dulled luster or unattractive toning.

EYE APPEAL – Eye appeal is really a combination of all the areas previously discussed.  It is the overall first impression one experiences when a coin is examined.  Luster, strike and perhaps color are the most significant factors.  Scratches and bag marks (in places where they show the most) are also a consideradon.  It is only natural that a coin with eye appeal will normally sell for a premium.  It is human instinct to pay more for something that is attractive and pleasing.  A specimen with a flat hand and no feathers on the eagles breast will not be pleasing to most nor will one with a large mark in the obverse field.  Generally speaking, it is better to buy the coin with the best eye appeal.  Most of the time, it will have the same eye appeal to the buyer when the time comes to sell that specimen.