1915-S Panama-Pacific Half Dollar: What’s It Worth?

Specifications

Denomination: Half dollar
Designer: Obverse: Charles E. Barber; reverse: George T. Morgan
Weight: 12.5 g
Diameter: 30.6 mm
Edge: Reeded

Struck for San Francisco’s 1915 exposition celebrating the Panama Canal: Charles Barber’s Columbia obverse, George Morgan’s eagle reverse — and only 27,134 ever distributed (PCGS).

History

Authorized by an Act of Congress on June 16, 1915, the Panama-Pacific half dollar was a fundraiser for San Francisco’s Panama-Pacific International Exposition — held to celebrate the opening of the Panama Canal and the city’s rebirth after the 1906 earthquake. Congress authorized up to 200,000 pieces, but only 60,030 were struck, including 30 set aside for assay (PCGS).
The coins were sold individually for $1, as well as in complete sets and presentation cases, largely through the efforts of Farran Zerbe, the exposition’s coin and medal promoter. Some 32,866 unsold pieces were later destroyed, leaving a net mintage of 27,134 (PCGS; CoinWeek).
The design pairs two giants of the Mint: Chief Engraver Charles E. Barber’s obverse shows Columbia scattering flowers, with a child and cornucopia and the Golden Gate behind her, while George T. Morgan’s reverse shows an eagle with a shield amid oak and olive branches (CoinWeek).
Before the “S” mintmark was added to the dies, a small number of trial pieces were struck at Philadelphia in gold, silver, and copper — no proof strikings are officially recorded (PCGS). This entry is part of the Classic U.S. Commemoratives series.

What is it worth

PCGS notes that many uncirculated examples exist, with MS-64 the most frequently encountered grade, followed by MS63 and MS65 — gem examples are scarcer and bring the real premiums (PCGS).
Elite examples generate strong demand: CoinWeek covered a PCGS MS-68 with CAC approval heading to GreatCollections in September 2026 as evidence of what top-population Pan-Pac halves can do (CoinWeek).
With only 27,134 distributed, the issue is genuinely scarce in absolute terms — check current eBay sold listings via the market box below for what each grade is actually bringing (PCGS).

What drives the premium

Gem grades: MS65 and finer are where the price curve steepens, since MS64 is the typical survivor grade (PCGS).
CAC approval and original packaging: coins were sold in $1 individual envelopes and in cased sets (a $7.50 cased set held the half dollar with the gold dollar and quarter eagle), and survivors with original holders draw extra interest (PCGS; CoinWeek).
Eye appeal: well-struck examples with clean fields are prized, as the broad open areas of Barber’s design show marks readily (CoinWeek).

How to identify the valuable variety

Every regular-issue coin carries the San Francisco “S” mintmark; the only reasonably obtainable reported variety is a double-punched mintmark (CoinWeek).
Trial pieces struck at Philadelphia without the mintmark exist in copper, silver, and gold — extreme rarities that require expert authentication, not coins to expect in ordinary commerce (PCGS).

Specifications

Composition: 90% silver, 10% copper (CoinWeek)
Weight: 12.5 g (CoinWeek)
Silver content: 0.3617 troy oz (CoinWeek)
Diameter: 30.6 mm (CoinWeek)
Edge: Reeded (CoinWeek)
Alignment: Not verified in consulted references
Designers: Obverse: Charles E. Barber; reverse: George T. Morgan (CoinWeek)
Mint: San Francisco (S) (PCGS)

Collector notes

Mintage context: 200,000 authorized; 60,030 struck including 30 assay pieces; 32,866 melted; 27,134 net distributed (PCGS).
The Pan-Pac half dollar was one of five denominations in the exposition program — alongside the gold dollar, quarter eagle, and the famous round and octagonal $50 pieces — and it was the most popular seller of the group (PCGS).
Because Zerbe sold an estimated 40,000 halves before striking even began, many survivors were carefully kept from the start — which is why mint-state examples are more available than the low net mintage might suggest (CoinWeek).