USA Coin Album: The US Mint Coins Dated 1964 – Conclusion

My study of the remarkable coinage dated 1964 concludes this month with a look at the two highest denominations.

Being such widely used coins, it was essential that there be no shortage of quarter dollars in circulation. Silver pieces dated 1964 were struck right into the early months of 1966, even though the new copper-nickel-clad edition already had been released in large numbers during November of 1965. Due to the date freeze authorized in 1964, all of the silver coins bore that date alone.

This backdated coinage was believed necessary to maintain the illusion that silver coins were not being hoarded by speculators. President Lyndon B. Johnson proclaimed that the two issues would circulate side by side for years to come, but most of the newly minted silver coins ended up in the hands of those very hoarders. Entire $1000 bags of uncirculated 1964(P) and 1964-D quarters survived for decades afterward, though many were lost to smelters during the record silver prices of 1979-80.

1964 25C MS Click images to enlarge.

The Philadelphia Mint produced 258,132,000 silver quarters during 1964 and another 282,388,000 the following year. This number was supplemented by the recently reactivated San Francisco Mint, which struck 15,229,720 during 1965 and 4,640,865 early in 1966, all without a mintmark. These four numbers give us the grand total of 560,390,585 1964(P) quarters found in catalogs. While mintmarks had been suspended for the new clad issues, the Denver Mint continued its distinctive "D" for the silver coins. Of the 704,135,528 quarters dated 1964-D, just 123,801,308 were produced during that year, the greater balance being made in 1965.

Both the 1964(P) and 1964-D quarters are plentiful through the certified grade of MS 66, but they are genuinely rare in higher grades. Having been traded by the bag for many years, they acquired numerous contact marks from frequent movement. Though many of the 1964(P) pieces were struck from retired proof dies and are thus faintly prooflike, just a single example has been certified by NGC as MS 66 PL (Prooflike).

1964-D 25C MS Click images to enlarge.

Several doubled-die reverse varieties are known for the 1964(P) quarter, and the 1964-D offers both doubled-dies and repunched mintmarks. Also sought by specialists are 1964(P) quarters displaying the Type B reverse hub. This was used to create dies for proof quarters, but these same dies were later used for currency strikes and retained some of their original polish. On the Type B reverse, the letters ES of STATES are clearly separated, and the motto E PLURIBUS UNUM is in higher relief. Another scarce oddity is the 1964-D quarter having the Type C reverse intended for the new clad issue. This is in much lower relief yet has sharpened details.

1964 25C Type B Reverse Detail Click image to enlarge.

Proofs of the 1964(P) quarter are very common through the grade of PF 69, and NGC has certified another five as PF 70. One of these is further designated as Cameo for its contrasting devices. Coins graded as Ultra Cameo are available through PF 68 but become very scarce above that grade. The mysterious quarters certified by NGC as SP (Specimen) and by PCGS as SMS (Special Mint Set) are very rare. What I said about such coins in last month's column applies to the quarter dollar as well, of which the NGC Census currently shows just a single entry graded SP 67.

1964 25C PF Click images to enlarge.

The assassination of President John F. Kennedy on November 22, 1963, prompted almost immediate action to honor him on a United States coin. Congress was very opposed to new commemorative issues after their production ceased in 1954, so one of our circulating denominations would have to be changed. Only the cent, nickel and quarter dollar had been in production for the statutory minimum of 25 years, but no one wanted to displace an honored president, so it was Benjamin Franklin who took the fall. The Franklin half dollar had been in production just 16 years inclusively, so special legislation was required to override the existing 1890 law respecting the 25-year minimum.

1964 50C MS Click images to enlarge.

The new Kennedy half dollar was released to an extremely eager, worldwide public on March 24, 1964. This signaled the death knell for the half dollar as a circulating issue because nearly every example was set aside as soon as it left a bank. In a futile effort to keep the coins in commerce, the Philadelphia Mint struck 87,448,004 during 1964, another 144,182,000 the following year and a final 41,674,000 during 1966, all dated 1964(P). Denver contributed 114,411,608 1964-D halves in 1964 and an additional 41,793,838 in 1965. Both issues are plentiful in grades through MS 66, but examples certified as MS 67 are quite scarce, and none have been graded higher than that by NGC. Prooflike pieces from both mints exist but are very rare.

There are numerous varieties for 1964 halves of both mints, and these are illustrated at NGC's VarietyPlus^® webpage. Included are doubled-dies and repunched mintmarks.

Nearly four million proof sets were produced for 1964, as collectors were in a frenzy to get the first proofs of the new half dollar. Gems are plentiful of this issue through PF 69, and even Cameo or Ultra Cameo proofs are fairly available for the advanced collector. Some of the 1964 proof halves feature a retouched obverse hub and are known as the Accented Hair variety. While not rare, they are nonetheless highly sought and carry a premium. NGC has certified seven examples of the so-called Specimen (SP) 1964(P) half dollar, the finest of these grading SP 68.

David W. Lange's column, “USA Coin Album,” appears monthly in The Numismatist, the official publication of the American Numismatic Association.