1923 Silver Dollar Value Guide

The 1923 Silver Dollar Value

The value of a 1923 silver dollar is consistent across its Philadelphia, Denver, and San Francisco versions. This begins to change in the About-Uncirculated grades and especially in the Mint-State grades when the Denver and San Francisco versions start to pull away.

All three have only circulation-strike silver dollars. 

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1923 silver dollar’s melt value is approximately $17.^7,8 The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1923 Silver Dollar	1923-D Silver Dollar	1923-S Silver Dollar
Good – G	$33	$33	$33
Very Good – VG	$33	$35	$33
Fine – F	$33	$35	$33
Very Fine – VF	$33	$36	$33
Extra Fine – XF	$36	$39	$37
About Uncirculated – AU	$39-$45	$43-$87	$39-$47
Mint State – MS	$48-$4,500 (67)	$100-$98,000 (67)	$60-$49,000 (66)

What Makes A 1923 Silver Dollar Valuable?

Many aspects contribute to making 1923 silver dollars (also known as peace silver dollars) valuable. These include their grading, error coins, and die varieties.

Let’s start with grading.

Grading

As with any coin, grading makes 1923 silver dollars valuable.

Even lower-grade 1923 silver dollars are valuable, such as a Good one being worth $33 across all three of its versions.

However, a 1923 peace silver dollar’s value will also hover around this number until the higher grades. Grades of 66 and 67 are especially valuable.

Rarity

The Mint minted 1923 silver dollars approximately 56,631,000 times across all of its versions. Please see the following list for the breakdown for each version:

• 1923: 30,800,000 minted in Philadelphia^1,4
• 1923-D: 6,811,000 minted in Denver^2,5
• 1923-S: 19,020,000 minted in San Francisco^3,6

The U.S. Mint minted 1923 peace silver dollars more than any other peace dollar except the 1922 silver dollar.⁴ As a result, their lack of rarity does not make them more valuable.

Mint Marks

The U.S. Mint minted 1923 silver dollars in Philadelphia, Denver, and San Francisco. 

It minted Philadelphia and San Francisco tens of millions of times, far more than the Denver version. The Mint minted this version less than 7 million times. 

As a result, the Denver version of the 1923 peace silver dollar is the most valuable at essentially all grades, especially the highest Mint-State grades. 

The San Francisco version is the next most valuable, followed by the Philadelphia version.

Strike Types

The 1923 silver dollar has no strike types other than the expected circulation-strike type.^9,10 This does not add to its value.

Additionally, this silver dollar does not have a high-relief version, such as the 1921 and 1922 silver dollars. The high-relief version of those coins sported a greater level of detail, which made the coin more appealing overall.¹¹

However, high-relief dies were prone to breaking, so the Mint switched to low-relief dies.¹¹

Design Variations

This coin has no design variations (such as the 2009 Lincoln penny’s four design variations). 

Special Designations

This coin has no special designations (such as a full-steps Jefferson nickel). 

Error Coins 

1923 silver dollars feature all kinds of errors, such as (but not limited to):¹²

• Lamination errors
• Off-center strikes
• Rotated-die errors

Most errors add to the value of a 1923 peace silver dollar since they’re unique.

Die Varieties

Many 1923 silver dollar die varieties make the coin valuable. 

Peace-dollar and Morgan-dollar varieties are known to collectors as VAMs. 

VAM is an acronym of the original researchers of these varieties, Leroy C. Van Allen and A. George Mallis. Their goal was to discover and label these varieties, resulting in several lists.¹³ 

Over the years, these lists have grown through additional research. These lists also organize VAMs by the most desirable versions.¹³

Valuable 1923 silver dollar VAMs include (but are not limited to):

• 1923 VAM-1B (hair die break, which many call “extra hair” since it resembles an extra strand of hair)¹⁴
• 1923 VAM-2A (doubled tiara rays on the obverse side and wing die break on the reverse side)¹⁵
• 1923-D VAM-1H (die break from the hair bun, which resembles a ponytail, leading into a crack to “Trvst,” plus die cracks in other locations)¹⁶

See more in the “Die Varieties” section below to identify these coins.

Composition

Silver certainly drives interest in this coin. However, it’s worth mentioning that melting down this coin for its silver results in significantly less value than selling even a low-grade version of the coin.

As always, the price of silver does fluctuate with the market. But we recommend avoiding melting your coin down until a professional certifies it. You can use that information to better make an informed decision

How Do You Know If You Have A Valuable 1923 Silver Dollar?

The best way to know if you have a valuable coin to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

1923 silver dollars are especially valuable at the highest Mint-State grades, specifically 66 and above. 

Look for coins with few to no imperfections or issues. Although we still recommend getting a second opinion from a professional, this is a good start to determining what kind of grade your coin has.

Mint Marks

1923 silver dollar mint marks appear on the coin’s reverse side. Look at the lower left of this side by the eagle’s tail feathers.^1-6 

The coin is a Philadelphia version if it has no letter there.^1,4

The coin is a San Francisco version if it has an “S” there.^3,6

It is a Denver version if it has a “D” there.^2,5

All 1923 peace silver dollars feature a merged “AF” on the front of the coin beneath Lady Liberty. This is not a mint mark. Rather, this is the designer’s initials, which do not add to the coin’s value.^1-6

Strike Types

Since all 1923 silver dollars are circulation strikes, you don’t need to look for anything in particular.

Design Variations

The coin has no design variations.

Special Designations

The coin has no special designations.

Error Coins

Look for anything unusual with your coin. Some features to help you identify the errors mentioned above include:

• Streaks in the metal¹⁷
• A coin pattern that isn’t centered¹⁸
• A rotated coin pattern¹⁹

Keep in mind that some coins that look like error coins are actually die varieties. This is why it’s essential to have a professional certify your coins.

Die Varieties

Determining if your 1923 peace silver dollar is a die variety comes down to working with a professional.

However, here are some things you can look for to get you started with the die varieties mentioned above.

Let’s start with the 1923 VAM-1B die variety.

1923 VAM-1B (“Extra Hair”)

The only feature distinguishing the 1923 VAM-1B die variety from other 1923 die varieties appears on the coin’s obverse side (the front).¹⁴

Look for a die break crossing over the back of Lady Liberty’s hair. It resembles an extra strand of hair.

Just in case you don’t know, a die break is a strip of raised metal on the coin. 

This happens when a piece of the die used to strike coins breaks, resulting in an opening in the die’s surface. Upon striking a coin, metal flows into the break, becoming the raised strip. 

1923 VAM-2A

The features distinguishing the 1923 VAM-2A die variety from other 1923 die varieties appear on the obverse and reverse sides of the coin.¹⁵

On the obverse and with the aid of magnification, look for doubling on the tiara rays.

On the reverse side, look for a die break along the middle of the eagle’s left wing.

1923-D VAM-1H (“Ponytail”)

All features distinguishing a 1923-D VAM-1H die variety from other 1923 die varieties are on the obverse side of the coin.¹⁶ 

First, look for a die break coming off the bottom of the hair bun. 

Second, look for a die crack descending from the die break to the word “Trvst.” 

You’ll also see additional die cracks. 

One curves from the bottom right of Lady Liberty’s neck up through the “L” in “Liberty.” Another one curves under the “R” and “T.”

Just in case you don’t know, a die crack is similar to a die break. Some even use these terms interchangeably. 

However, unlike a die break, a die crack resembles a thin line, such as a crack in concrete. Die cracks don’t feature the significantly raised metal of die breaks, nor do they raise the field (flat metal portion) of a coin on one side or the other.

Additional Information About The 1923 Silver Dollar

History

The U.S. started minting peace dollars in December 1921. This was to honor the end of World War I. 

The Mint launched a competition for its design, inviting several designers to submit. 

Anthony de Francisci, who ended up winning the competition, based his design of Lady Liberty on his wife, Teresa de Francisci.

The reverse side did require a rework, though. Originally, the bald eagle was on a broken sword, which many saw as something negative, like defeat. Ultimately, the Mint removed it.

Many view the peace dollar design as one of the most beautiful.

Minting continued in 1922 and again in 1923. In fact, it continued all the way to 1928, resumed from 1934 to 1935, and in 2021 onward to honor their 100th anniversary.

There is nothing notable about this silver dollar aside from the Mint minting it more than any other except the 1922 silver dollar.

^{Sources: 9,20-21}

The Coin’s Obverse Side

The obverse side for a 1923 peace silver dollar features Lady Liberty’s profile filling much of it.

The word “Liberty” curves around her head, following the rim. “1923” curves below.

“In God We Trvst” (more on that spelling below) flanks either side of her neck.

Additionally, the designer Anthony de Francisci’s initials, AF, appear merged below Lady Liberty’s neck.

^{Sources: 1,4}

The Coin’s Reverse Side

The 1923 silver dollar’s reverse side showcases a bald eagle holding an olive branch.

“United States Of America” curve above the bald eagle’s head, following the rim. The words “E Pluribus Unum” curve just below those. They mean “Out of many, one,” and are the motto of the United States Of America.

The words “One” and “Dollar” sit on either side of the eagle’s legs and tail feathers. The word “Peace” rests at the bottom of the coin by the rim.

^{Sources: 1-6}

Why Is “Trust” Spelled “Trvst” On The Obverse Side?

“Trust” is spelled “Trvst” on this peace dollar and others due to the Latin alphabet, which has fewer letters than ours.²²

As such, “v” in the Latin alphabet served as a “u.” You’ll see the same spelling on older buildings, too.

In short, the reason “Trust” is spelled “Trvst” is because of a stylistic choice. This is true whether it’s on a coin or a building.

Sources

1923 Silver Dollar Value Guide Sources