1923 Silver Dollar: Everything You Need to Know

The 1923 silver dollar, more commonly known as a representative of the Peace dollar series, is a unique numismatic creation with a symbolic appearance and historical significance behind. Nowadays, these coins may fetch over dozens of thousands of dollars per piece, just because of how well-preserved and appealing a unit can be.

In this material, our readers may learn more about the history of the Peace series, understand the main characteristics of this instance, and check coin value, according to auction records and other relevant sources, too. Explore the realm of coin collecting: what if something valuable is hidden in your purse? 

For Curious Readers: The Origins of the Peace Dollar Series

The Peace Dollar series was launched so as to commemorate the end of World War I, the war that many nations were regrettably involved in, and symbolize the nation’s hope for future peace and prosperity.  Prior to its debut, there was another coin that was seen as the main silver dollar –  the Morgan Dollar, which had been in use since 1878. However, as the world was recovering from the destruction of war, people needed a new coin that would honor this significant historical event.

A Quick Note: One may wonder that coins are just tiny relics that do not mean anything. However, even the smallest item may both reflect and influence the state of those who utilize it, i.e., the nation. 

In 1921, numismatists and patriotic organizations successfully pushed the US government to issue a coin commemorating peace. This is how Congress authorized the creation of a new silver dollar to replace the Morgan Dollar in the end. The US Mint, on its part, promptly proceeded with the plan, and by the very end of 1921, the first Peace Dollars were finally struck. 

The production lasted from 1921 to 1928, then briefly resumed in 1934 and 1935 before being discontinued for good. Despite its relatively short life, the Peace dollar is still one of America's most treasured coins that can be easily incorporated into any collection (if you are lucky enough so far).

Design and Features

In contrast to other US coins, the 1923 Silver dollar, like all Peace dollars, may boast a unique and significant design. On the obverse, one may see a beautiful left-facing portrait of Lady Liberty with her hair windblown and her head decorated with a radiant crown of spikes (just like the one of the Statue of Liberty). What is interesting is that the author of the design, i.e., Anthony de Francisci, modeled the face of Liberty after his wife, Teresa. This gives the coin a deeply personal, intimate artistic touch.

The reverse side features a bald eagle perched on a rock with an olive in its claws and the rays of sunshine extending outward behind the eagle. In contrast to previous coin designs that featured an eagle in a more aggressive pose, this one displays an eagle looking toward the horizon in a more serene and reflective manner. The Peace dollar is the first US coin to specifically mention peace in its design, by the way!

Anyway, the design can be outstanding, but what makes a 1923 silver dollar rare and that valuable in fact?

Minting and Variations (1923 Silver Dollar Errors Included)

The 1923 dollar coin was minted at three major US Mint facilities, i.e.:

• Philadelphia (1923 Peace Dollar No Mint Mark) – 30,800,000 pieces

• Denver (1923 D Peace Dollar) – 6,811,000 pieces

• San Francisco (1923 S Peace Dollar) – 19,020,000 pieces

Though we can definitely call this iteration one of the more common dates in the series, particular errors make it overly valuable. According to the auction websites (e.g., the GreatCollection and Heritage Auctions), these may include: 

• Lamination Errors – Flaking or peeling surfaces.

• Double-Struck – An overlapped or shifted design.

• Die Gouge Through "S" in "STATES" – A raised mark or gouge running through the "S" in "STATES" on the reverse.

• Extra Hair – The illusion of additional hair strands on Lady Liberty’s portrait.

• Doubled Die – Doubled features on the reverse or obverse (typically affects letters or Liberty’s profile).

• Obverse Struck Thru – An indentation or irregular mark on the obverse.

How Much Is a 1923 Silver Dollar Worth

The 1923 silver dollar value is primarily determined by its condition; for circulated coins, the typical price range is fairly accessible for most collectors, with lower-grade coins (Good to Fine) typically ranging from $25 to $50 and better-grade coins (Extremely Fine to About Uncirculated) costing from $50 to $180.

For Mint State coins, which are in nearly perfect condition, collectors are ready to pay $100 or more and (this may increase with the beauty and exclusivity of an instance. A few 1923 one dollar coins, especially those with high grades and rare features at the same time, have achieved impressive auction records.

Auction records can be unpredictable, as they are influenced by various factors such as the current demand, the rarity of the coin in that grade, and the psychological nature of bidding. Collectors may sometimes pay more than expected due to emotional factors, making each auction unique.

It is important to remember that the 1923 peace dollar value is not solely determined by its rarity, grade, and historical significance, for it is also defined by the current rates on the silver market. As of the latest data, the price of silver is around $31.44 USD per ounce. Since each 1923 Silver Dollar contains 0.7734 troy ounces of pure silver, the intrinsic value of the silver itself can be calculated by multiplying the silver content by the current price.

Example: 0.7734 troy ounces × $31.44 (current silver price) = approximately $24.30. This is the intrinsic value of the Peace dollar. 

To check the rates and identify the approximate worth of your coin, you can always consult the Coin ID Scanner app, a tool that provides real-time market values and detailed information on various coin types, errors, backgrounds, etc.

When exploring the 1923 Liberty silver dollar value, it is clear that while the silver content provides a foundation, the true worth lies in the details, i.e., the rarity, attributes, errors, and the like. This is why it is vital to opt for a combined approach and assess the value from different perspectives. Good luck on your numismatic hunt, and let you find a captivating relic that holds a lot more than average metals do.

Sources: 

1. https://www.pcgs.com/coinfacts/coin/1923-1/7360 

2. https://en.wikipedia.org/wiki/Peace_dollar