Is impossible to know for sure if its 40% without a pic from the rim ! I have couple bicentenial S mint mark that is clad but yours realy looks 40% though .
An uncirculated S-mint Bicentennial Kennedy can only be 40% silver clad, there is no CuNi clad version. The white band on the cello can only be found on the Mint Set cello for the three coin 40% silver Bicentennial set. The cellos from the regular CuNi clad Mint Set were either blue or red, depending on the mint.
Based on the cello color, biokemist6 is correct. There were CuNi clad 1976-S Kennedy halves issued, along with quarters and dollars, but they would not be in cello like what's shown here.
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