1920 Walking Liberty half dollars are a great coin for both type collectors and those who assemble collections of the series by date and mintmark as they are relatively affordable in the lower circulated grades. However, for coin collectors who have a little extra money to spend and who enjoy a challenge, 1920 Walking Liberty halves in the upper grades are substantially more expensive and very difficult to come by.
In total, a little more than 12 million 1920 Walking Liberty half dollars were made, with about half of those being made at the Philadelphia mint. A breakdown of the 1920 issues by mintmark will tell a little more of the story:
1920, 6,372,000 minted; $10 in Good-4
1920-D, 1,551,000; $12
1920-S, 4,624,000; $10
Of the above dates, the 1920-D is the scarcest not only in terms of sheer numbers across all grades, but most particularly in the upper grades. An XF-40 costs around $450, whereas a Philadelphia specimen in that grade costs about $80 and a San Francisco example in that same condition sets collectors back about $240.
As with all early Walking Liberty halves, examples from 1920 simply were not saved in great numbers, and therefore many of these coins are very difficult to find above the middle circulated grades.