The value of a 1923 silver dollar, professionally known as a Peace Dollar, is determined almost entirely by its physical condition or grade. The 1923 issue from the Philadelphia Mint (which has no mint mark) is a very common date in the Peace Dollar series, with a large mintage of over 30 million coins. This high production number makes circulated examples quite common today.
For a 1923 Peace Dollar that shows signs of wear from being used as currency, its value is closely tied to its intrinsic silver content. These circulated coins typically trade in a range of approximately $30 to $35. This price range generally applies to coins in grades from Very Good (VG) through About Uncirculated (AU).
The value increases significantly for coins that were never circulated and remain in their original Mint State (MS) condition. For these uncirculated coins, a collector's premium is applied based on how well-preserved they are. For example, a lower-end uncirculated coin graded MS-60 is valued around $38. The price climbs substantially for higher grades, with a gem-quality MS-65 coin valued at approximately $115 to $125. For exceptionally well-preserved specimens in a grade of MS-67, the value can jump to over $3,000.
In summary, while a worn and circulated 1923 Peace Dollar is a common silver coin valued primarily for its metal, a pristine, high-grade uncirculated example is a valuable collectible with a much higher worth.
