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This is a solid Gem Mint State Hawaiian, which is no longer a given for certified MS-65 Commemorative Silver of any issue. Lustrous and fully original, the surfaces show only a thin veil of icy blue and yellow toning. Some faint contact marks set the grade, with a shallow scuff in the upper left obverse field, and a thin scratch across Capt. Cook's jaw the most prominent.

With only 10,000 minted, including 50 Proofs, 1928 Hawaiian Sesquicentennial Half Dollars have long been considered a key to the Silver Commemorative series.

This is very likely one of the 137 Hawaiian Half Dollars sold by Bowers and Merena on January 23, 1986, on behalf of the Bank of Hawaii. However, as this example has no notable toning, and few of the auction catalogue photos are clear enough to match contact marks, we cannot identify for certain which lot this would have been.