Here are some factors that affect the value of a circulated Panama-Pacific half dollar:
Condition: The overall condition of the coin is the most important factor in determining its value. Coins that are well-preserved with minimal wear and tear will be worth more than those that are heavily worn or damaged.
Strike: The strike of a coin refers to the quality of the impression made by the dies. Coins with sharp, well-defined details will be worth more than those with weak or mushy strikes.
Color: The color of a Panama-Pacific half dollar can range from silver-gray to a more golden hue. Coins with attractive toning or patina will be worth more than those with a dull or washed-out appearance.
Rarity: Some Panama-Pacific half dollars are rarer than others. The rarest variety is the 1915-S, which was minted in San Francisco and has a low mintage of just over 1.2 million. Other rare varieties include the 1916-D and 1917-D, which were minted in Denver and have mintages of less than 2 million each.
If you have a circulated Panama-Pacific half dollar and you're interested in selling it, it's a good idea to have it evaluated by a professional coin dealer or numismatist. They will be able to give you an accurate estimate of its value based on its condition, rarity, and other factors.