Face Value: 1923 Peace Dollar

The Peace Dollar was struck from 1921 to 1935, with a five-year hiatus at the beginning of the Great Depression. Commemorating the peace that followed World War I, the acclaimed design by Anthony de Francisci has found new life in modern times.

In 2021, Morgan and Peace Dollars were minted to celebrate the 100th anniversary of the historic transition of silver dollars, when the Morgan series ended and the Peace began. Building on the resounding success of the 2021 issues, more Morgan and Peace Dollars are being issued starting this month, including the first Proofs of both series in over a century.

To celebrate these coins, we take a look back at the 1923 Peace Dollars of a century ago. The value of a 1923 Peace Dollar depends on its condition, whether it is an important variety and the mint where it was struck.

There are no 1923 Proofs; business strikes have either no mintmark (Philadelphia), the 'S' mintmark (San Francisco) or the 'D' mintmark (Denver). The mintmark is found on the reverse, to the left of the eagle's tail.

1923 Peace Dollar

The 1923 Peace Dollars struck in Philadelphia have the second-highest mintage in the series: 30.8 million. This is an excellent choice for a type coin, as 1923 Peace Dollars are affordable well into Mint State grades.

1923 Peace Dollar Click images to enlarge.

NGC has graded more than 357,000 examples of the 1923 Peace Dollar, with more than 80% in MS 63 and MS 64 grades. NGC Price Guide values include:

• NGC AU 55: $37
• NGC MS 62: $60
• NGC MS 64: $85
• NGC MS 66: $550

1923-D Peace Dollar

The 1923-D Peace Dollars have an above-average mintage of 6,811,000.

1923-D Peace Dollar Click images to enlarge.

NGC has graded more than 5,000 examples of the 1923-D Peace Dollar, almost half of them in MS 63 and MS 64 grades. NGC Price Guide values include:

• NGC AU 55: $50
• NGC MS 62: $150
• NGC MS 64: $425
• NGC MS 66: $4,000

1923-S Peace Dollar

The 1923-S Peace Dollars have a mintage of 19,020,000, the third-highest in the series and the highest for any of the nine San Francisco issues in the series. However, the coin is rarer (and more expensive) in higher grades compared to the Philadelphia and Denver issues from 1923. NGC has graded fewer than 100 1923-S Peace Dollars in NGC MS 65 or higher.

1923-S Peace Dollar Click images to enlarge.

NGC has graded more than 9,000 examples of the 1923-S Peace Dollar, with more than 50% in MS 63 and MS 64 grades. NGC Price Guide values include:

• NGC AU 55: $37
• NGC MS 62: $80
• NGC MS 64: $300
• NGC MS 66: $29,000

Varieties

There are several varieties that can add value to a 1923 Peace Dollar, including ones involving die breaks or doubled dies. They include:

• Die break: 1923 VAM-1A1 Whisker Jaw
• Die break: 1923 VAM-1A2 Whisker Jaw and Crack
• Die break: 1923 VAM-1B Extra Hair (an NGC MS 64 example realized $576 through Heritage Auctions in August 2007)
• Die break: 1923 VAM-1C Tail on 'O' EDS (an NGC MS 64 example realized $5,175 through Heritage Auctions in April 2010)
• Die break: 1923 VAM-1C Tail on 'O' LDS (an NGC MS 64 example realized $690 through Heritage Auctions in October 2010)
• Die Break: 1923 VAM-1D Whisker Cheek EDS (an NGC MS 63 example realized $517 through Heritage Auctions in July 2005)
• Die Break: 1923 VAM-1D Whisker Cheek LDS
• Die Break: 1923 VAM-1E Broken Wing
• Doubled die: 1923 VAM-2 DDO Tiara (an NGC MS 65 example realized $528 through Heritage Auctions in August 2022)
• Doubled die: 1923 VAM-2A DDO Tiara and Break
• Doubled die: 1923 VAM-3 DDR Leaves
• Doubled die: 1923 VAM-3A DDR Leaves and Break
• Doubled die: 1923-D VAM-2 DDR Eagle (an NGC MS 63 example realized $600 through Heritage Auctions in September 2022)
• 1923-S: VAM-1C Pitted Reverse
• 1923 VAM-1F Chin Bar
• 1923 VAM-1O Bar Wing EDS
• 1923 VAM-1O Bar Wing LDS

1923 VAM-1A1 Whisker Jaw (left) and 1923 VAM-1F Chin Bar Click images to enlarge.

All values are based on the NGC Price Guide as of July 2023.

Related Links:

• NGC Coin Explorer: Peace Dollars
• More Face Value columns
• NGC Variety Plus