Coin Value Finder » 1923 Silver Dollar Value: are “D”, “S”, No mint mark worth money?

1923 Silver Dollar Value: are “D”, “S”, No mint mark worth money?

The 1923 Silver Dollar is a coin many people are interested in. And for many good reasons: it has weird errors, an amazing design, and a great backstory.

Join us in this article about the 1923 Silver Dollar as we explore everything and anything that makes it special.

1923 Silver Dollar Details

1923 Silver Dollar Details

  • Category: Silver Dollar (1916 – 1947)
  • Mint(s): Philadelphia, Denver, San Francisco
  • Mintage: 56,631,000
  • Obverse Designer: Anthony de Francisci
  • Reverse Designer: Anthony de Francisci
  • Face Value: 100 cents ($1)
  • Composition: 90% silver – 10% copper
  • Weight: 0.942 oz (26.73 g)
  • Diameter: 1.5 in (38.1 mm)
  • Thickness: 0.094 in (2.4 mm)
  • Edge: Reeded
  • Fineness: 0.9
  • ASW: 0.7734 oz
  • Melt Value: $17.57


The obverse of the 1923 Silver Dollar is adorned with a beautiful depiction of the Goddess of Liberty looking to her left and wearing a crown that radiates sun rays.

Unlike many other depictions of Liberty, this one is based on a real person, Teresa de Francisci, the wife of the coin’s designer, Anthony de Francisci.

Liberty’s hair in the portrait is not still, which happened because de Francisci opened a window in his studio while he was drawing the portrait of his wife and let the wind blow inside.

The motto “IN GOD WE TRVST” is featured in the bottom half of the obverse. The part “IN GOD WE” is located to the left of the Liberty’s neck, while the “TRVST” part is to the neck’s right. Spelling the word trust with a v is a stylistic choice since the letter u is written as v in Latin.

The inscription LIBERTY can be found along the top rim of the obverse, while the mint year, 1923, is on the bottom one.

De Francisci added his initial also to the bottom half below the Liberty’s neck and above the mint year.


The reverse of the 1923 Silver Dollar, the eagle part, to be more precise, is a much more controversial side of this coin, but we will talk about that in more detail in the history section of the article.

For now, it is enough to know that the reverse features an eagle standing on an olive branch, which is a symbol of peace, and sun rays shining from the bottom of the coin towards the eagle and above it.

The reverse also has the writing PEACE beneath the eagle on the bottom rim.

The combination of the writing PEACE and the olive branch explains why the 1923 Silver Dollar is better known as the 1923 Peace Dollar.

On the reverse’s top rim are two inscriptions. The one for which a bigger font was used is the UNITED STATES OF AMERICA. “Out of many, one”, the traditional motto of the US, is written beneath it but, of course, in the original form in Latin, E PLURIBUS UNUM.

The denomination is split into two sections. The ONE part is on the bottom part to the left of the eagle’s tail, while the DOLLAR part is to the right of the eagle’s legs.

The mint mark for the coins produced in San Francisco and Denver is between the “ONE” and the tail.

1923 Silver Dollar Value Chart

Mint Mark Good Fine Extremely Fine Uncirculated Mint State 65
1923 No Mint Mark Silver Dollar $24 $32 $40 $50 $178
1944 S Silver Dollar $24 $32 $43 $61 $6,810
1944 D Silver Dollar $24 $32 $43 $84 $1,495

1923 Silver Dollar Value And Varieties Guide

1923 Silver Dollar was produced 56,631,000 times in three mints: Philadelphia, Denver, and San Francisco. It was the second-highest mintage for a Peace Dollar, behind 1922, which leads the way with more than 84 million coins.

These two years were the only two years where this coin was minted in what could be considered high amounts – in other years, it does go over 10 million pieces three times but is more in the 1 to 2 million range.

Even though the 1923 Silver Dollar was produced in abundance, the good thing about it is that it is, well, made out of silver, which means that even its melt value is worth something. That something is currently around 17 and a half dollars.

Now let’s take a look at each of the varieties and their values!

1923 No Mint Silver Dollar Value

1923 No Mint Silver Dollar

  • Type: Silver Dollar
  • Mint: Philadelphia
  • Mintage: 30,800,000
  • Mint Mark: No mint mark
  • Designer: Anthony de Francisci
  • Face Value: 100 cents ($1)
  • Composition: 90% silver – 10% copper
  • Weight: 0.942 oz (26.73 g)
  • Diameter: 1.5 in (38.1 mm)
  • Thickness: 0.094 in (2.4 mm)
  • Edge: Reeded
  • Fineness: 0.9
  • ASW: 0.7734 oz
  • Melt Value: $17.57

30,800,000 Peace Dollars were struck in Philadelphia in 1923. If we don’t count its value when melted, the least you can get for this coin is 24 dollars (Good state). 1923 Silver Dollars in Fine, Extremely Fine, and Uncirculated states are worth 32, 40, and 50 dollars, respectively.

The ones in MS67, 67+, and 68 are worth anywhere between $2,000 and  $40,000 on auctions.

1923 D Silver Dollar Value

1923 D Silver Dollar

  • Type: Silver Dollar
  • Mint: Denver
  • Mintage: 6,811,000
  • Mint Mark: D
  • Designer: Anthony de Francisci
  • Face Value: 100 cents ($1)
  • Composition: 90% silver – 10% copper
  • Weight: 0.942 oz (26.73 g)
  • Diameter: 1.5 in (38.1 mm)
  • Thickness: 0.094 in (2.4 mm)
  • Edge: Reeded
  • Fineness: 0.9
  • ASW: 0.7734 oz
  • Melt Value: $17.57

The Denver Mint struck 6,811,000 specimens of 1923 D Silver Peace Dollars. Even though this amount is considerably lower than the mintage at Philadelphia, it is not that low to add much value.

In fact, 1923 D Silver Dollars in Good and Fine states are worth the same as 1923 No Mint Silver Dollars and are 3 dollars more expensive in Extremely Fine state.

Things do change in the uncirculated category, where they cost around 80 dollars which is 30 more dollars than what the Philly ones cost.

The 1923 D Silver Dollar type is unique in one regard: two of the coins from this variety were bought for $120,000 and $76,375 at two separate auctions, which are the highest two prices 1923 Silver Dollars ever reached.

1923 S Silver Dollar Value

1923 S Silver Dollar

  • Type: Silver Dollar
  • Mint: San Francisco
  • Mintage: 19,020,000
  • Mint Mark: S
  • Designer: Anthony de Francisci
  • Face Value: 100 cents ($1)
  • Composition: 90% silver – 10% copper
  • Weight: 0.942 oz (26.73 g)
  • Diameter: 1.5 in (38.1 mm)
  • Thickness: 0.094 in (2.4 mm)
  • Edge: Reeded
  • Fineness: 0.9
  • ASW: 0.7734 oz
  • Melt Value: $17.57

The mintage of 19,020,000 coins struck in San Francisco was the highest ever for a Silver Dollar produced in this mint, leaving the 1922 edition behind by more than one and a half million pieces.

Despite this, it is worth the same as the Denver variety in the first three categories, Fine, Extremely Fine, and Uncirculated.

An interesting thing about 1923 S Silver Dollars is that there are many instances in which the ones in MS65 are worth the same or even more than, for example, 1923 No Mint Mark Silver Dollars in mint state 67.

One explanation for this is there are not many 1923 S Silver Dollars in MS66 and barely any in MS67 or higher.

The highest that a coin of this type was sold for was $49,200, which happened in August of 2021.

Also Read: Top 21 Most Valuable 2000 P Sacagawea Dollar Coin Worth Money

1923 Silver Dollar History

Silver Dollar is a coin that was struck in three different time periods: from 1921 to 1928, from 1934 to 1935, and recently from 2021 to the present day.

It goes by the name Silver Dollar because it was struck mostly in silver (90%), with the rest being copper. The US mint actually had to produce it using silver because The Pittman Act from 1918 mandated it to do so.

While we are on the topic of silver, we should point out that this coin was the last in the 20th century to be produced for circulation using this precious metal.

The 1923 Silver Dollar is also known by the name Peace Dollar since it was struck in the period after the end of the First World War when people felt like they should commemorate life’s return to normalcy.

The person who was probably most deserving that the Silver Dollar featured a design that memorialized peace was numismatist Farran Zarbe who stated his opinion on this topic in a paper named Commemorate the Peace with a Coin for Circulation.

The redesigning of the Morgan Dollar, the predecessor of the Peace Dollar, became a hot topic and even was discussed in the US Congress. Unfortunately, the bill did not pass with unanimous consent due to one person, James Mann, voting against it.

However, since 25 years had passed from the issue date of the Morgan Dollar, meaning the US Mint would not need congressional approval to change the design, they decided to hold a competition for the new coin.

The participants were required to include a head of Liberty on the obverse, an eagle on the reverse, inscriptions UNITED STATES OF AMERICA, E PLURIBUS UNUM, IN GOD WE TRUST, and the denomination of the coin.

The winner was Anthony de Francisci, Italian-American Sculptor. It is interesting to note that he was the youngest in the competition and also the person with almost no experience in coin design. His Peace Dollar design would become the most famous work in his life.

What is maybe even more interesting is that the de Francisci and the US Treasury wanted the reverse of the Silver Dollar to have a slightly different design initially. The design included an eagle perching on a broken sword and holding an olive branch with the word “peace.”

They even put out a press release with this information on December 19, 1921, and were ready to start the minting process in less than 10 days.

The public, however, objected to this design, claiming that the broken sword actually represents defeat and subjugation.

After receiving much backlash, the US Treasury decided to change the design. Even though de Francisci was there during the redesigning, it was the Mint’s Chief Engraver Morgan and the author of the design for the Morgan Dollar, of course, who did the work.

Another controversy, although a smaller one, occurred in January of 1922 when Mint officials noticed that the dies that were used to transfer the coin’s design onto planches were broking quickly due to the design’s high relief.

The coin’s design was modified once again, but this time, de Francisci was asked to do the task.

After this modification, the production of the Silver Dollar continued until 1928. It was started again in 1934 but halted just a year later due to a lack of demand.

Although Silver Dollar was produced in 200,00 copies in 2021 to celebrate the 100th year of the switch from Morgan to Peace Dollars, the minting was stopped yet again. This time it was because of problems relating to the supply chain, production capacity, shipping logistics, and the increased cost of silver.

Also Read: Top 19 Most Valuable Morgan Dollars Worth Money

1923 Silver Dollar Grading

Coin grading refers to the procedure of evaluating the grade or state of a coin, which is a significant aspect in calculating its worth, and learning how to do it is crucial for anyone interested in coins.

Also Read: Top 19 Most Valuable Silver Eagles Worth Money

1923 Silver Dollar List of Errors

The 1923 Silver Dollar has a lot of mint errors. We will outline only a few of them because it would take up too much space to talk about every single one.

1. 1923 Silver Dollar Double Die Error

A double die error occurs when the die is stamped with an extra image that is not aligned properly due to the hub’s imprinting. 1923 Peace Dollar has this error on both the obverse and reverse.

On the obverse, you can see this error the best in the Lady Liberty’s sunlight crown, while on the reverse, it is noticeable around the eagle’s head and olive branches and foliage.

2. 1923 Silver Dollar Planchet Lamination Obverse Error

1923 Silver Dollar Planchet Lamination Obverse

After the double die error, we have a planchet lamination error which is another relatively common thing that happens in coin production. It is characterized by a metal piece of coin slowly peeling off the surface.

The 1923 Silver Dollar has this error on its obverse. If you manage to get your hands on a piece with it, you can earn at least 100 dollars even if it is not in mint state (MS60+).

3. 1923 Silver Dollar Whisker On The Liberty’s Face Error

1923 Silver Dollar Whisker On The Liberty's Face

Dies that are used to imprint the design on the planchet tend to crack as time passes, but this is quite normal since they are used for tens of thousands of strikes.

Occasionally, one of these cracks goes unnoticed and ends up on some of the coins.

It is what happened with certain 1923 Silver Dollars since they have a depiction of the Liberty with a whisker on her cheek or jaw.

1923 Silver Dollar FAQ

What to look for on a 1923 Silver Dollar?

If you have a 1923 Silver Peace Dollar that is in pristine condition (MS65 or above), look for the mint mark since the ones that have “D” or “S” are worth well over a thousand dollars and a lot of times several thousand.

Besides that, look for the errors which we explained earlier or refer to the video that talks about them. You might be holding onto something precious!

What makes a 1923 silver dollar rare?

As we already said, the 1923 Silver Dollar is not a rarity because it was produced in tens of millions of copies. So, the things that make it rare are the same that make a lot of other coins rare: mint state and mint errors.

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