1938 Oregon half dollars were issued at the Philadelphia, Denver, and San Francisco Mints, making it the first year of the long-running Oregon type during which the coin was made at all three operating mints during the same year. They were sold in three-piece sets for $6.25 each and proved quite popular with collectors.

The coins were designed by James Earle Fraser and Laura Gardin Fraser, a husband-and-wife coin design team known for producing some beautiful numismatic art. The Oregon half dollar was no exception, with many calling it one of the most beautiful commemorative coins ever produced in the United States. The obverse features a Native American standing tall before a geographical outline of the United States, itself tracing a wagon train path across the western portion of the map where the 2,000-mile Oregon Trail was charted in the early 19th century.

All 1938 Oregon Trail half dollars are relatively easy to find in nice uncirculated grades, as most were saved in the grades of MS64-66. However, above those levels this coin becomes extraordinarily scarce, with only small handfuls known in grades of MS67, MS68, or higher.