While the 1938 Arkansas half dollars, commemorating the 100th anniversary of the admission of Arkansas to the Union in 1836, marked the fourth year of this long-running type, these late-1930s issues were not necessarily very popular. This may be due to the deluge of commemorative coins struck during the mid-1930s, many issued for relatively minor occasions and a few coins even struck amid allegations of financial abuses.

Arkansas half dollars were struck from 1935 through 1939. They were designed by Everett Burr and their dies were prepared by Emily Bates of Arkansas. The 1938 Arkansas half dollar obverse features an eagle and rays, while the reverse depicts a jugate portrait of a Native American chief of 1836 and an American woman of 1935. The 1938 Arkansas commemorative half dollars were struck at the Philadelphia, Denver, and San Francisco Mints and sold in three-piece sets at an issue price of $8.75.

The 1938 Arkansas halves are among the scarcest of the five different dates among this type, yet they are encountered on a relatively frequent basis in the marketplace. Most were saved in uncirculated grades, and the vast majority are found in the grades of MS60-65. All are scarce in grades of MS66 and higher, though in MS66 or higher the San Francisco issue is certainly the rarest of the three 1938 issues.