Quick Answer: A circulated 1923 Peace dollar is worth $28-$38. Uncirculated 1923 Peace dollars fetch $40-$100. The 1923-S is the scarcest of the three mints and commands premiums: $50-$150+ uncirculated. All contain 0.7734 troy oz silver (melt ~$19 at $25/oz).
The 1923 Peace dollar is the second-most common date in the series after 1922. Over 30 million were struck across Philadelphia, Denver, and San Francisco. While common in circulated grades, high-grade examples—particularly from San Francisco—carry meaningful collector premiums. Silver content provides a solid value floor for every 1923 Peace dollar.
1923 Peace Dollar Overview
Design and Specifications
The Peace dollar features Anthony de Francisci's design: Liberty with a radiate crown on the obverse and an eagle perched on a rock with "PEACE" below on the reverse. By 1923, the U.S. Mint had switched from the 1921 High Relief to the standard lower relief used through 1935.
| Specification | Details |
|---|---|
| Composition | 90% silver, 10% copper |
| Silver Content | 0.7734 troy oz |
| Weight | 26.73 grams |
| Diameter | 38.1 mm |
| Edge | Reeded |
1923 Peace Dollar Value by Mint Mark
1923 (Philadelphia) Value
Philadelphia struck 30,800,000 Peace dollars in 1923. No mint mark.
| Grade | Value Range |
|---|---|
| Good (G-4) | $28-$32 |
| Very Good (VG-8) | $30-$35 |
| Fine (F-12) | $32-$38 |
| Very Fine (VF-20) | $35-$42 |
| Extremely Fine (EF-40) | $38-$48 |
| About Uncirculated (AU-50) | $42-$55 |
| Uncirculated (MS-60) | $48-$65 |
| Choice Uncirculated (MS-63) | $60-$85 |
| Gem Uncirculated (MS-65) | $85-$140 |
| Superb Gem (MS-67) | $250-$500 |
1923-D (Denver) Value
Denver produced 6,810,000 Peace dollars. The "D" mint mark appears on the reverse below the eagle.
| Grade | Value Range |
|---|---|
| Good (G-4) | $30-$35 |
| Very Good (VG-8) | $32-$38 |
| Fine (F-12) | $35-$42 |
| Very Fine (VF-20) | $38-$45 |
| Extremely Fine (EF-40) | $42-$55 |
| About Uncirculated (AU-50) | $48-$65 |
| Uncirculated (MS-60) | $55-$80 |
| Choice Uncirculated (MS-63) | $75-$110 |
| Gem Uncirculated (MS-65) | $110-$175 |
| Superb Gem (MS-67) | $350-$700 |
1923-S (San Francisco) Value
San Francisco struck 19,020,000 Peace dollars. The "S" mint mark appears below the eagle. Despite the mintage, 1923-S is scarcer in high grades than 1923 and 1923-D—many entered circulation.
| Grade | Value Range |
|---|---|
| Good (G-4) | $30-$36 |
| Very Good (VG-8) | $35-$42 |
| Fine (F-12) | $38-$45 |
| Very Fine (VF-20) | $42-$52 |
| Extremely Fine (EF-40) | $48-$65 |
| About Uncirculated (AU-50) | $55-$80 |
| Uncirculated (MS-60) | $65-$95 |
| Choice Uncirculated (MS-63) | $90-$140 |
| Gem Uncirculated (MS-65) | $140-$225 |
| Superb Gem (MS-67) | $500-$1,000+ |
Silver Content and Melt Value
Every 1923 Peace dollar contains 0.7734 troy ounces of pure silver.
| Silver Price (per oz) | Melt Value |
|---|---|
| $20 | ~$15.47 |
| $25 | ~$19.34 |
| $30 | ~$23.20 |
| $35 | ~$27.07 |
1923 Peace dollars consistently sell above melt. The CoinID app provides current silver prices and melt value estimates for quick reference.
1923 Peace Dollar Mintage Comparison
| Mint | Mintage | Relative Rarity |
|---|---|---|
| 1923 (P) | 30,800,000 | Most common |
| 1923-D | 6,810,000 | Scarcer |
| 1923-S | 19,020,000 | Common in circulated; scarcer in MS-65+ |
How to Grade Your 1923 Peace Dollar
Obverse (Liberty) Wear Points
- Cheek - Highest point, wears first
- Hair - Strands above ear and at crown
- Rays - Behind Liberty's head
- Neck - Shoulder area
Reverse (Eagle) Wear Points
- Breast feathers - Key detail area
- Wing feathers - Look for separation
- Claw and olive branch - Talon detail
- "PEACE" - Letter sharpness
Luster and Surfaces
- Uncirculated coins retain cartwheel luster
- Bag marks common on MS-60 to MS-64
- MS-65+ should have minimal distracting marks
- Proof-like examples exist; command premiums
1923 Peace Dollar Varieties
Normal Strike
Most 1923 Peace dollars have typical business-strike appearance. Strike quality varies by mint—San Francisco coins sometimes show weaker detail.
Proof-Like (PL) and Deep Mirror Proof-Like (DMPL)
Some 1923 Peace dollars exhibit mirror-like fields from special planchet preparation. These command significant premiums over normal strikes:
| Variety | MS-65 Value |
|---|---|
| Normal | $85-$175 |
| Proof-Like | $150-$350 |
| Deep Mirror Proof-Like | $400-$1,000+ |
Collecting 1923 Peace Dollars
Basic Set
- 1923 (P)
- 1923-D
- 1923-S
Budget
A circulated set of all three runs $90-$120. Uncirculated set: $200-$400. Gem set: $400-$600+.
Historical Context
1923 was a prosperous year—the Roaring Twenties were in full swing. Peace dollars circulated alongside Morgan dollars (last struck in 1921) and were used in commerce. Many were saved, but many more saw heavy use.
Where to Find 1923 Peace Dollars
- Estate sales - Common in older collections
- Coin dealers - All grades and mints
- Auctions - Heritage, Stack's Bowers, eBay
- Online dealers - APMEX, major numismatic retailers
Buying and Selling Tips
When Buying
- Verify authenticity—counterfeits exist
- Check for cleaning or artificial toning
- Consider certified coins (PCGS/NGC) for MS-65+
- Compare prices across multiple sources
When Selling
- Get multiple offers for valuable coins
- Professional grading recommended for Gem and above
- Document condition with clear photos
- Know melt value as your floor
Frequently Asked Questions
Is a 1923 Peace dollar worth anything?
Yes. Circulated 1923 Peace dollars are worth $28-$45. Uncirculated examples range from $48 to $225+ depending on mint mark and grade. All have meaningful silver content.
Which 1923 Peace dollar is most valuable?
The 1923-S in Gem Uncirculated (MS-65) or better commands the highest prices. Proof-like and DMPL examples of any mint also carry significant premiums.
How much silver is in a 1923 Peace dollar?
0.7734 troy ounces of pure silver (90% silver, 10% copper alloy).
Should I clean my 1923 Peace dollar?
Never. Cleaning destroys the surface and dramatically reduces value. Leave coins in their natural state.
Conclusion
The 1923 Peace dollar is an accessible and collectible silver dollar. While common in circulated grades, high-grade examples—especially 1923-S and proof-like varieties—offer meaningful value. Silver content ensures every 1923 Peace dollar has substantial intrinsic worth. Whether you inherited one or found it in an old collection, take time to assess grade and mint mark.
Use CoinID to identify your 1923 Peace dollar and get accurate valuation based on mint mark and condition.
Peace Dollar Production in the 1920s
The 1920s were boom years for the U.S. economy. The Peace dollar was struck in large quantities to meet demand for silver dollars—used in commerce, especially in the West, and for export. 1922 and 1923 saw the highest mintages of the series. By the late 1920s, production would drop dramatically (1928 saw only 360,000 struck). The 1923 was produced during the peak of Peace dollar output. Many entered circulation; many were also saved. Today, circulated 1923 Peace dollars are common; high-grade examples, especially from San Francisco, are scarcer and command premiums.
1923 Peace Dollar Strike Quality
San Francisco 1923-S Peace dollars are known for variable strike quality. Some show weak detail on Liberty's hair and the eagle's feathers. This is a mint characteristic, not a flaw. Sharply struck 1923-S examples are worth more than weak strikes in the same grade. When buying, examine the coin in hand or via high-resolution photos. A sharp 1923-S in MS-65 can command the high end of the value range; a weak strike might sit at the low end.
Peace Dollar Set Building
A complete Peace dollar set (1921-1935) requires 24 coins in the basic date set, plus key varieties like 1922 High Relief. The 1923 is one of the more affordable dates—you can acquire all three mint marks (P, D, S) for $200-$400 in uncirculated. This makes 1923 a good place to start if you're building a Peace dollar set. The 1921 High Relief and 1928 will be the expensive keys; 1923 helps fill the set without breaking the bank.