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The Half Dollar of the United States, sometimes known as the fifty-cent piece, has been produced nearly every year since the inception of the United States Mint in 1794. The only U.S. coin that has been minted on a more consistent basis is the penny. However, the half dollar's circulation, aside from use in some casinos and movie theaters, has declined significantly.
This is primarily due to a confluence of two events: the silver crisis of 1963, and the assassination of U.S. President John F. Kennedy. The value of silver had risen by 1962-63 to the point that it became worthwhile to melt down U.S. coins for their bullion value. U.S. Silver coins (those of ten cent value and above, which contained 90% silver through 1964) began to disappear from circulation, leading the United States to change to layered composition coins made of a copper core laminated between two cupro-nickel outer faces for the 1965 - present coinage years. The Kennedy half-dollar design, however, continued to be minted in a 40% silver-clad composition from 1965–1970.
Initially the Kennedy halves were hoarded for sentimental reasons and because they were recognized as the only precious metal U.S. coin remaining in circulation. By the time mintage figures could match normal demand and the coin's composition was changed to match the rest of the (non silver) coinage in 1971, both businesses and the public had adapted to a world in which the half dollar did not generally circulate. Other uses had been found for the half-dollar section of the cash drawer. People had gotten used to depending on quarters as the major component of change.
Most coins enter circulation through the change drawers of businesses. Hardly any businesses stock their change drawers with half dollars or dollar coins, and many banks do not stock these coins and/or hand them out as normal business practice, so the coins do not see much circulation.
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