It is a common point of confusion in numismatics, but the United States silver dollar minted in 1923 is a Peace dollar, not a Morgan dollar. The Morgan dollar series was produced from 1878 to 1904 and had a final issue in 1921. The Peace dollar design replaced it, beginning in late 1921 and continuing through 1935. Therefore, a 1923 silver dollar is a Peace dollar.
The value of a 1923 Peace dollar is highly dependent on its physical condition, or grade. The 1923 issue from the Philadelphia Mint is considered a very common date in the series, with a large mintage of over 30 million coins. Consequently, its value in lower, circulated grades is primarily tied to its intrinsic silver content, often trading for a small premium above its melt value. As of recent valuations, this typically places circulated examples in the range of $25 to $35.
For uncirculated specimens, also known as Mint State (MS) coins, the value increases significantly with the grade. An example in a lower uncirculated grade, such as MS 60, might be valued around $35 to $45. The price rises for coins in better condition with fewer surface marks. A coin graded MS 63 could be worth approximately $45 to $55, while a gem-quality example graded MS 65 could command a value of around $90 to $100. For coins in exceptionally high grades, such as MS 66 and above, the value can escalate into several hundred or even thousands of dollars due to their rarity in such a pristine state. The key determinant of value for this common coin is its state of preservation.
