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The United States coinage and production issues a lot of unique gems; however, the 1923 quarter with Lady on back forced a large number of professional collectors to pay attention to them.
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1923 Standing Liberty Quarter Overview
Mint – Philadelphia and San Francisco
Total Mintage – 11,076,000
Period | 1916–1930 |
Edge | Reeded |
Composition | Silver |
Weight | 6.25 g |
Diameter | 24.3 mm |
Designer | Hermon A. MacNeil |
The Designer: Hermon A. MacNeil
MacNeil was, first and foremost, a master of public monuments, the Justice pediment on the U.S. Supreme Court. When he won the 1916 competition for the new item, he approached it like a bronze statue.
The Philosophy
His Liberty doesn't just sit or walk; she stands guard. Stepping through a gate, a symbol of the nation’s borders, she holds an olive branch of peace, but her left arm grips a shield.
Created during the shadow of World War I, MacNeil’s design was a visual manifesto: "Peace if possible, but defense if necessary."
The Item Varieties: Type I & Type II
In his original vision, The Lady had an exposed right breast—a standard classical convention in European art meant to symbolize nurturing and truth in 1916–1917.
While folklore says the public was outraged, MacNeil himself was actually the one pushing for changes. He was unhappy that the Mint’s engravers had altered his eagle on the reverse.
When he finally got permission to redesign it in late 1917, he added chain mail to Liberty’s chest. This wasn't just for modesty; it was a thematic shift.
As America entered WWI, MacNeil felt his Lady should be armored for war rather than purely allegorical in 1917–1930.
"Herman MacNeil’s full figure of Liberty striding forward with a shield and olive branch is an iconic design, and one of the most beautiful and admired seen on U.S. coinage."
– Unnamed opinion piece “Standing Liberty Quarter”
Stack’s Bowers Galleries
Identifying the 1923 Standing Liberty Quarter
Following several design refinements, the Mint released the item. Observers note that Liberty’s figure displays enhanced detail relative to earlier dates.
The date itself is set in a recessed format, a feature that increases its resistance to wear. The silver composition matches the standard alloy prescribed for the entire series.
This uniform production framework permits straightforward comparison with later issues. Notably, the 1923 Standing Liberty quarter value serves as a common reference point for collectors assessing value.
Mint Marks, Varieties, and Notable Errors
1923 P quarter – Philadelphia items show no mint mark
San Francisco items display an S (1923 S quarter)
The San Francisco Mint produced 1,360,000 examples of the 1923 Liberty quarter S. This mintage level was adequate for the period.
At that time, the United States was still recovering from the economic recession that followed World War I. The recession limited the demand for large‑scale gem production.
The 1923 D quarter never existed; people always confused this one with the 1926-D item. The popular errors are:
Weak Strikes
Minor Die Cracks
Unlike the famous 1916 or the 1918 overdate, there is no major, widely recognized dramatic error for the 1923 Standing Liberty quarter Doubled Die that is listed in standard guidebooks like the Red Book.
1923 Quarter Value by Condition and Mint
How much is a 1923 quarter worth nowadays? Market data often compares circulated and higher-grade item levels in the context of the 1923 S Standing Liberty quarter value, though the two dates follow separate supply curves.
Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
Philadelphia (None) | $15 | $30 | $55 | $100 |
San Francisco (S) | $280 | $740 | $1,500 | $2,000 |
Official records and market data show a substantial discrepancy between mints. In particular, the cost range for a Good‑grade specimen of the S mintmark variety is close to twenty times higher than equivalent examples from other production facilities.
Factors Influencing the Value of a 1923 Standing Liberty Quarter
Toning
Condition
Grading
Certification
Die Crack
1923 Quarter Errors
Full Head (FH)
Of all the factors listed that affect the quality and value of a coin, it is the latter that requires a detailed explanation. The Professional Coin Grading Service (PCGS) reports that fewer than 9,000 examples of the S Standing Liberty survive today.
This total includes coins in all grade levels and covers both Full Head (FH) and Non‑Full Head designations. This number represents a very small portion of the original mintage, which exceeded 1 million coins.
Collector Tips and Where to Buy 1923 Quarters
Every collector should make a checklist of important numismatic steps. Below is the table with steps and descriptions.
Step | Details |
Information | Books, guides, websites |
Professional Community | Events, lectures, forums, articles, apps |
Certification | PCGS, NGC |
Professional Caring | Special equipment |
Online Platforms
In the online world, these platforms are most popular among beginners and professional collectors:
eBay
Stack’s Bowers
Heritage Auctions
Facebook 
X (Twitter) 
Pinterest 
LinkedIn 
