The 1923 silver peace dollar is an iconic American coin that is highly prized by collectors. Minted in the years following World War I, the peace dollar symbolized the country‘s hopes for a new era of prosperity and unity.
Today, 1923 silver dollars can be quite valuable, with prices ranging from under $50 for a circulated common date to over $100,000 for the rarest mint state examples. If you‘re curious what your 1923 silver dollar is worth, or are interested in starting a collection, this in-depth guide will tell you everything you need to know.
The History and Significance of 1923 Peace Silver Dollars
After the end of World War I in 1918, there was a strong public sentiment in the United States to create a coin that would commemorate the restoration of peace. The American Numismatic Association began a campaign to convince the U.S. government to authorize a new silver dollar with a design symbolizing the post-war peace.
Congress answered the call in 1921 by passing the Peace Dollar Act, which provided for the minting of a new silver dollar. A design competition was held, and the winning entry came from a young Italian immigrant sculptor named Anthony de Francisci.
De Francisci‘s design featured a profile portrait of Liberty on the obverse, modeled after his wife Teresa. The reverse depicted a majestic American eagle perched on a rock, clutching an olive branch of peace.
The first peace dollars were struck in December 1921 and the series continued until 1928, then again for two more years in 1934-1935. No peace dollars were minted in 1929-1933 due to low demand for silver dollars during that time.
1923 saw a high mintage of peace dollars, with over 30 million produced between the Philadelphia, Denver, and San Francisco mints. This made the 1923 a relatively common date, although certain mint marks are scarcer.
Over a century later, the 1923 peace dollar remains a beloved classic American coin. It is avidly collected for its stunning design, historical significance, silver content, and potential for high value.
Design Features of the 1923 Silver Peace Dollar
The 1923 peace dollar has a bold, iconic design with a lot of symbolism. Knowing the key features can help with grading and authenticating a coin. Here‘s a close look at the major design elements:
Obverse (Front)
The obverse features a left-facing profile portrait of a youthful Lady Liberty, with flowing hair and a radiant crown. According to designer Anthony de Francisci, the portrait was modeled after his wife Teresa, capturing her "dream of the future, her ardent sympathy for the struggling unknown, her fearless challenge to the universe."
Key obverse inscriptions include:
- LIBERTY – Arched above the portrait
- IN GOD WE TRUST – Lower left field
- 1923 – Below the neck
Reverse (Back)
The reverse depicts a powerful bald eagle perched on a rocky crag, facing to the right. The eagle clutches an olive branch of peace in its talons. The eagle was intended to symbolize America‘s readiness to defend freedom while seeking peace.
Reverse inscriptions include:
- UNITED STATES OF AMERICA – Arched above the eagle
- E PLURIBUS UNUM – Directly below UNITED STATES OF AMERICA
- PEACE – Below the eagle
- ONE DOLLAR – At the bottom
Other Specifications:
- Composition: 90% silver, 10% copper
- Diameter: 38.1 millimeters
- Weight: 26.73 grams
- Edge: Reeded
1923 Silver Dollar Value by Mint Mark
An important factor in determining the 1923 silver dollar value is the mint mark. In 1923, peace dollars were struck at three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark, if present, can be found on the reverse of the coin below the eagle.
Here is a breakdown of each mint and the relative scarcity and value of their issues:
1923 (P) Philadelphia – No Mint Mark
- Mintage: 19,020,000
- Total Value Produced: $19,020,000
The Philadelphia mint had the largest output of peace dollars in 1923. As a result, 1923 (P) silver dollars are the most common and least expensive, although high-grade examples can still be very valuable.
1923-S San Francisco
- Mintage: 6,980,000
- Total Value Produced: $6,980,000
San Francisco produced far fewer peace dollars than Philadelphia in 1923. The 1923-S is scarcer across most grades and commands higher premiums.
1923-D Denver
- Mintage: 4,861,000
- Total Value Produced: $4,861,000
Denver had the lowest mintage of peace dollars 1923. The 1923-D is considered a semi-key date and is the rarest of the 1923 peace dollars. Even circulated examples can sell for hundreds of dollars.
1923 Silver Dollar Value by Grade
Another major aspect of a 1923 silver dollar‘s value is its condition or grade. Coins are graded on a scale from 1 to 70, with higher numbers indicating a better condition. Here are the main circulated and uncirculated grades you may encounter and the typical value ranges for each:
Circulated Grades
- Good (G-4) – $22-$25
Heavy wear, design details heavily worn but visible - Very Good (VG-8) – $25-$30
Moderate to heavy wear, slightly more detail visible - Fine (F-12) – $30-$40
Light to moderate wear, most details visible, moderate luster - Very Fine (VF-20) – $33-$45
Minor wear, design bold, slight luster - Extra Fine (EF-40) – $37-$57
Slight wear on high points, considerable luster
Uncirculated Grades
- Mint State 60 (MS60) – $47-$80
No wear, blemishes or marks, dull luster - Mint State 63 (MS63) – $55-$260
No wear, minor marks, imperfections, above average luster - Mint State 65 (MS65) – $172-$6,690
No wear, minor imperfections visible only under 5x magnification, exceptional luster, eye appeal
The value ranges above are only general estimates. The actual 1923 silver dollar value can vary widely based on the specific coin‘s condition, mint mark, and current market conditions. Coins that approach flawless gem uncirculated condition (MS66-MS68) can be worth many multiples more.
Notable Rare Varieties and Errors
Certain 1923 silver dollars are rare varieties or have notable errors that make them particularly valuable. The most famous is the "broken die" variety that occurred on some 1923-P silver dollars.
During production, a die break developed on the reverse, resulting in a prominent raised lump below the eagle‘s tail feathers and above "ONE DOLLAR". Coins struck by this broken die are popularly known as the "Broken Tail Feather" variety.
While the 1923 broken die coins are relatively scarce, they don‘t command huge premiums over normal examples in most grades. The variety is most collectible and valuable in higher uncirculated grades.
Other more minor die breaks, doubling, and repunched mint marks can be found on some 1923 peace dollars. Collectors prize these varieties and they can boost the coin‘s numismatic value.
1923 Silver Dollar Auction Records
In recent years, some extraordinarily rare and well-preserved 1923 silver dollars have fetched enormous prices at auction. Here are a few notable examples:
- 1923-D MS67 PCGS – $120,000 (Rare coin in superb condition)
- 1923-S MS66+ PCGS – $49,200 (Finest known survivor)
- 1923 MS67 PCGS – $39,950 (Virtually flawless gem example)
These record prices illustrate the "ceiling" of 1923 silver dollar values. Of course, most non-collectors will be thrilled to find any 1923 peace dollar in their possession, even one worth a small fraction of these amounts!
Tips on Collecting and Investing in 1923 Silver Dollars
1923 silver peace dollars make an excellent collecting pursuit for numismatists of all skill levels. Putting together a complete 3-coin set of 1923-P, D, and S is very doable although the 1923-D may take some patience to locate.
For investors and those on a budget, circulated common date 1923 dollars are an affordable way to own classic 90% silver U.S. coinage. A nice Extra Fine 1923-P can be had for under $50 – not much more than its basic silver value.
More advanced collectors may want to focus on high-grade uncirculated coins, which have much more potential for price appreciation. For the ultimate crown jewel, you could even seek out an elusive 1923-D in MS65 or higher!
Regardless of your collecting goals or budget, be sure to only purchase 1923 silver dollars from reputable dealers. For expensive coins, insist on a example certified by a top grading service like PCGS or NGC. With careful study and an eye for quality, you can assemble a valuable collection of these beloved coins!
1923 Silver Dollar FAQs
Q: Why is the 1923-D silver dollar more valuable than other 1923 peace dollars?
A: The Denver mint produced far fewer peace dollars in 1923 than the Philadelphia or San Francisco mints. As a result, the 1923-D is scarcer in all grades and trades for significant premiums over the 1923-P or 1923-S.
Q: Are 1923 silver dollars rare?
A: In general, 1923 silver dollars are very common in circulated grades, due to a high overall mintage that year. However, certain issues like the 1923-D are relatively scarce. All 1923 peace dollars are rare in the higher uncirculated grades.
Q: How much silver is in a 1923 peace dollar?
A: All silver dollars minted from 1921-1935 contain 0.77344 troy ounces of pure silver. They were struck in 90% silver, 10% copper composition and weigh a total of 26.73 grams.
Q: Where is the mint mark located on a 1923 peace dollar?
A: The mint mark, if present, is found on the reverse (back) of the 1923 silver dollar just below the eagle. "D" indicates the Denver mint, "S" the San Francisco mint. The Philadelphia mint did not use a mint mark.
Hopefully this 1923 silver dollar value guide has armed you with the knowledge to confidently collect or sell these remarkable pieces of American history. Although often overlooked versus Morgan dollars, 1923 peace dollars have a unique appeal and offer collectors opportunities in all grades and price ranges. Happy collecting!
