According to the data provided by the United States mint, only the Philadelphia mint had the resources to produce 13.5 billion coins annually. A coin that was struck by this mint is the 1923 Peace silver dollar which is one the most valuable and recognized among passionate collectors.

Almost 100 years old, the 1923 silver dollar has iconic symbolism and a design that represents for peace. However, its value depends on the coin’s condition and mint mark.

As you can imagine, the prices can range widely from tens of dollars to thousands of dollars. The auction record for the most expensive 1923 peace silver dollar was $120,000 USD for a 1923-D silver dollar with a PCGS grade of MS67!

But before you start auction-hunting for coins, you need to know more about their history, standard features, value charts, grading systems, and particular errors. Lastly, prepare for a short Q&A session where we will answer all your queries.

The History Of 1923 Peace Silver Dollars

Well, the first thing you should know is that the 1923 silver peace dollars are loaded with symbolism. These coins are mark one of the key days in America’s history – the peace silver dollar symbolizes the peace brought to America after World War I.

The coin was issued five years after the end of the World War I. If you look at the coin’s design, you can see that it carries an image of the bust of the Liberty Statue in New York.

The 1923 peace dollar is an iconic coin produced by the US from 1921-1928, and in 1934 and 1935. The designer of these unique coins was Anthony de Francisci, a famous sculptor.

His work on this coin greatly impacted his personal life. Anthony de Francisci had a great relationship with his wife, Teresa and created the 1923 silver dollar based on a portrait of his wife as the model for the coin’s design.

Interesting Fact: The 1923 silver dollar was the last silver coin struck for circulation in America, making its even more significant on the coin market today.

Most Common Features Of 1923 Silver Dollars

The Obverse

The obverse side of the peace dollar displays the dominant image of the designer’s wife posing as Lady Liberty, popularly known as “Miss Liberty.”

If you look a bit closer, right over her head you can see the inscription LIBERTY. The 1923 date appears underneath Miss Liberty’s head, along the lower rim. Another essential detail is the motto “IN GOD WE TRUST,” written in a straight line on the lower side of the coin.

If you look more carefully at the “TRUST” word, you will see the letter “U” written as the letter “V.” This was done on purpose to represent the letter “V” for victory following World War I. The artist’s initials are also inscribed as “AF.”

The Reverse

1921 silver dollar The Reverse
Credit: @puredichotomy

The reverse side of the coin features a bald eagle. The bird is perching on a mountain peak, holding an olive branch in its claws. The American eagle is a universal symbol of peace. Therefore its presence on this coin is not surprising.

The 1923 silver dollar lacks specific arrow bands, an element mainly associated with military power. The American eagle’s gaze is also directed towards the sunrise.

These little details are meant to symbolize hope and peace. In the same patriotic style, the designer left a “UNITED STATES OF AMERICA” inscription along the top of the coin. Also, on the reverse, collectors may notice the “E PLURIBUS UNUM” motto, written right below the country’s name.

According to research by Harvard University, the Latin motto means “one out of many“. It illustrates the power and perseverance of the US to bring together multiple states and create one great nation.

Moving forward with the design, you will notice “ONE DOLLAR” inscribed in a single line of text at the lower part of the reverse side. Next to the eagle, the word “PEACE” is written.

Size and Composition

The 1923 silver dollar weighs only 26.73 grams and has a diameter of 38.10 millimetres. The composition is made of 90% silver and 10% copper. According to multiple sources that verified the composition of these coins, there is an estimated 0.77344 ounces of silver in each 1923 dollar.

1923 Silver Dollar Value

Before moving on to the value chart, let’s discuss the main factors influencing the 1923 silver dollar value.

Be aware that recognizing all aspects of an old coin might take years to master. Coin grading is a skill gained over time by the most experienced collectors.

Luckily, these tips will help you determine the basic condition of a 1923 silver dollar. Check the principal specifications for grading a silver peace dollar:

  • Very Fine – Look at Lady Liberty’s hair; if it looks pretty worn, while some strands of hair are well defined, then the grading is outstanding. You may also notice little parts of the eagle’s feathers that are more clearly visible.
  • Extremely Fine – If the eagle’s feathers are visible but a bit faint, and the hair lines of Lady’s brows are strong, then your coin has an excellent condition. Usually, this stage of wear displays minimal damage on images, words, and the texture of the coin.

The coin is likely to have parts that have been worn during use and when passed from collector to collector. Despite little flaws, such an outstanding silver coin is still very attractive to collectors.

  • MS60 uncirculated – You can see no signs of wear, and the coin lacks abrasions, stains, and even surface marks. Regardless of the fact that these coins are pretty old, they should still appear fresh and clean. The tone and shade of the silver coin may also be a helpful indicator of its level of wear.
  • MS 65 gem uncirculated – It is easy to recognize the MS 65 grading due to the eye-catching effect and wear which is barely visible to the naked eye.

The chart below will help you estimate the 1923 Silver Dollar Value based on its condition and mint marks. All information is correct according to the USA Coin Book.



Very GoodVG-8 Fine


Extremely Fine








1923 Silver Dollar (no mint mark) $22 $25 $30 $37 $47 $172
1923 Silver S Dollar $22 $25 $30 $40 $57 $6,690
1923 D Silver Dollar $22 $25 $30 $37 $80 $1,461

Editor’s Note:

This chart was updated based on today’s market values. Please check the prices from trustworthy sources before making a purchase or selling.

Today, the 1923 silver dollar’s value can go up to thousands of dollars. Passionate coin collectors and investors always participate in online auctions and keep track of the most trustworthy vendors. If you want unique 1923 silver dollars, I suggest you start researching the PCGS market. eBay is also an excellent marketplace where you can sell and buy precious coins like this one.

TIP: The most valuable 1923 silver dollars are those in uncirculated condition. The auction record for a 1923 silver dollar with no mint mark (i.e. from the Philadelphia mint) was $39,950 in 2021! Even more impressive was the auction record for a 1923 S silver dollar – $49,200 in 2021! But topping both these records is the record for the most expensive 1923 silver dollar ever sold, the 1923 D silver dollar which sold for $120,000 in 2021!

1923 Silver Dollar Error

In 1922, the workers at the Philadelphia mint attempted to fix a deterioration. Hence, a metal blob is quite easy to notice right below the eagle and above the word “dollar”. This error happened due to a crack mint workers found on the reverse side of the die. Seeing silver dollar coins with this error is quite easy even without a magnifying glass.

Old coins with rare errors can sell for very high amounts. It is worth finding out more about notable errors specific to the 1923 silver dollar to either get your hands on a rare coin or to sell your coin for a tidy sum.

This video offers a complete analysis of the 1923 peace dollar’s most common errors.


Q: What is the rarest ever silver dollar coin?

A: If you want to complete a set of peace dollars, then you must know that there are 24 coins in total. However, some are rare and difficult to find, especially if you prefer high-grade coins. The rarest silver dollar coin is definitely the 1964-D peace dollar, followed by the 1921 and 1928 peace dollars. Even rarer are editions of the coins with errors.

Q: Which are the most precious peace silver dollars?

A: In terms of popularity, the peace silver dollar occupies second place after the Morgan silver coin. Here is a list of the most valuable peace dollars:

  • 1921 Philadelphia Mint
  • 1922 Die Break in Reverse
  • 1928 Philadelphia Mint
  • 1934 Double Die Obverse

Q: Is there any 1923 silver dollar shortage?

A: Definitely not. It is quite manageable to find all grades of 1923 peace dollars, including MS 65. However, their quantity might be limited for very high grades. Therefore, you need to do a little more research on different suppliers and coin holders.

Q: How do you know what a 1923 silver dollar is worth?

A: The easiest way to tell if a 1923 silver dollar is worthy is by checking the mint. The “D” on the reverse means the coin is from Denver mint, while the “S” mark stands for San Francisco mint. However, if there are no mint marks, most likely, the coin was struck in Philadelphia. Once you get a basic idea of the condition of the coin and how rare it is, you can start to get a basic understanding of the value. Alternatively you can take your coin to an expert for evaluation.

Also Read: 1923 Penny Value Chart: How Much Is A 1923 Penny Worth Today?

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