1923 Dime Value (2026 Guide): Errors List, “S” & No Mint Mark Worth

The Mercury dime series is one of the most beloved in American numismatics, and coins from the early years tend to be significantly harder to find in well-preserved condition than later issues. That’s what makes understanding 1923 dime value more nuanced than it first appears.

Condition plays an enormous role here. A circulated 1923 Philadelphia dime starts around $5 in Good grade, but a mint-state example can climb to $112.50 or beyond.

The Full Bands (FB) designation adds another layer of complexity. It refers to the sharpness of the struck bands on the torch’s reverse, and coins that meet this standard consistently command notable premiums across all grades, as seen in the 1923 S Dime (FB) reaching over $16,000 in MS condition.

 

1923 Dime Value By Variety

The table below breaks down 1923 dime value by type and grade, giving you a clear picture of how condition and mint mark affect what each coin is worth. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 70+ Most Valuable Mercury Dimes Worth Money (Chart By Year)

 

Top 10 Most Valuable 1923 Dime Worth Money

When auction records are examined, the 1923-S with Full Bands designation stands in a league of its own. The top sale on record reached $105,750 for a 1923-S graded MS66FB, making it the most valuable 1923 dime ever sold at auction.

The Philadelphia issue can also reach impressive heights in top condition. A 1923 graded MS68+FB sold for $47,000, while a 1923 MS67+FB brought $2,040, showing how dramatically value climbs as grade increases.

The 1923-S dominates the upper end of this list across multiple grades and designations. A 1923-S MS65+FB realized $17,000, and even lower FB grades like MS63FB and MS64FB sold for $1,680 and $3,600 respectively, reflecting strong collector demand for sharply struck San Francisco examples.

These auction results make one thing clear: the combination of the S mint mark, Full Bands designation, and high grade consistently produces the strongest prices for 1923 dimes.

 

History of the 1923 Dime

The Mercury dime, officially known as the Winged Liberty Head dime, was introduced in 1916 when sculptor Adolph Weinman’s design was selected over other submissions, featuring a young Liberty wearing a winged Phrygian cap that the public quickly mistook for the Roman messenger god Mercury. The nickname stuck, and it remains one of the most recognized coin designs in American numismatic history.

Weinman’s reverse design, combining a fasces with an olive branch, carried a clear message: a desire for peace alongside readiness for war — a sentiment that resonated deeply with Americans still processing the aftermath of World War I when the coin first entered circulation.

By the time the 1923 dime was struck, the country was in a very different place. After a sharp economic contraction in 1920 and 1921, the U.S. had largely recovered, with unemployment returning to levels consistent with full employment by 1923.

This period of reduced economic activity had also lowered the demand for circulating coinage, which is why mintages from 1921 through 1923 were notably lower than in the years before and after.

That combination of a rebounding economy and tighter coin production makes 1923 a particularly interesting year in the Mercury dime series — and helps explain why these coins carry the premiums they do today.

Also Read: Mercury Dime Coin Value (1916-1945)

 

Is Your 1923 Dime Rare?

Use the CoinValueChecker App to instantly check where your 1923 dime ranks in the Mercury dime series and discover just how rare it really is.

 

Key Features of the 1923 Dime

The 1923 Mercury Dime showcases the artistry of sculptor Adolph A. Weinman, whose design had already earned widespread admiration since its debut in 1916. Seven years into production, the design remained one of the most visually striking coins in everyday American circulation.

The Obverse of the 1923 Dime

The obverse presents a left-facing portrait of Liberty in a winged Phrygian cap — a look so reminiscent of the Roman deity Mercury that the nickname became permanently attached to the series.

“LIBERTY” arches along the upper rim, with “IN GOD WE TRUST” appearing in smaller lettering to the lower left of the portrait. The date “1923” sits beneath Liberty’s neck truncation at the lower right. Weinman’s initials “AW” appear on the obverse, midway between the date and the letter Y in “LIBERTY”.

The Reverse of the 1923 Dime

At the center of the reverse stands a fasces — a bound bundle of rods with an axe blade — conveying unity and strength. An olive branch winds around the fasces, representing peace.

“E PLURIBUS UNUM” is inscribed to the right of the fasces. “UNITED STATES OF AMERICA” curves around the upper rim, and “ONE DIME” appears along the bottom. The mint mark — “S” for San Francisco — is located at the lower left base of the fasces.

Other Features of the 1923 Dime

The 1923 Mercury Dime is a round coin with a reeded edge. It is composed of 90% silver and 10% copper, with an official weight of 2.5 grams and a diameter of 17.90 mm.

Also Read: Top 100 Rarest Dimes Worth Money (Most Expensive)

 

1923 Dime Mintage & Survival Data

The mintage gap between the two 1923 dime issues is substantial. The Philadelphia Mint produced 50,130,000 coins, while the San Francisco Mint struck just 6,440,000, meaning the 1923-S began with a much smaller original mintage.

Survival rates add another layer to the picture. Despite its far larger original mintage, the Philadelphia issue has an estimated survival rate of just 0.012%, with around 6,000 examples known today. The 1923-S survives at a rate of 0.0621%, with approximately 4,000 examples accounted for.

What this means in practical terms is that neither issue is easy to find in collectible condition. The 1923-S may have fewer survivors in absolute numbers, but its higher survival rate suggests a greater proportion of its original mintage was preserved, likely because collectors took more notice of the lower-mintage San Francisco issue early on.

Also Read: Top 100 Most Valuable Roosevelt Dimes Worth Money List (Year Chart)

 

The Easy Way to Know Your 1923 Dime Value

Three factors shape the value of a 1923 dime: the mint mark, the grade, and whether the coin qualifies for the Full Bands designation. The mint mark is found on the reverse, just located at the lower left of the fasces, and its presence or absence is the first thing worth checking.

Condition matters just as much. Collectors examine the amount of wear on a coin and assign it a grade, which directly influences what it is worth. A heavily worn example may be valued close to its silver content, while a well-preserved coin in higher grades can command a significant premium.

For a quicker and more precise result, use the CoinValueChecker App to check your coin’s grade directly.

 

1923 Dime Value Guides

The 1923 Mercury dime was produced at two mints, each resulting in a distinct collectible issue with its own value profile.

• 1923 No Mint Mark Dime: struck at the Philadelphia Mint, this is the more commonly encountered of the two issues and generally the more accessible entry point for collectors.
• 1923-S Dime: produced at the San Francisco Mint, this issue is harder to find in well-preserved condition and tends to command stronger premiums across all grades.

Both coins share the same iconic Weinman design, but their differences in availability and collector demand make each one worth evaluating on its own terms.

 

1923 No Mint Mark Dime Value

The 1923 No Mint Mark Dime is the Philadelphia issue and, as a circulated coin, it is one of the more accessible Mercury dimes for collectors just entering the series. Most examples in lower grades are affordable, which makes it a practical starting point for building a complete set.

That said, values shift considerably in higher grades. The coin becomes scarce in MS66 and above, and the Full Bands designation adds another tier of difficulty entirely.

The auction record for a standard (non-FB) example stands at $1,087 for an MS67, sold at Legend Rare Coin Auctions in May 2023. For the FB version, the record reaches $47,000 for an MS68+FB, also achieved at Legend Rare Coin Auctions in March 2019.

The auction records below offer a closer look at how prices have played out over time for this issue.

Auction activity for the 1923 No Mint Mark Dime reflects a market that remains actively traded among collectors.

 

1923-S Dime Value

The 1923-S Dime carries a reputation that goes well beyond its circulated value. San Francisco-mint specimens are common in circulated condition but considerably harder to obtain in uncirculated grades, particularly at the Gem Mint State level. That gap between what is easy to find and what collectors actually want is where much of this coin’s appeal lies.

Strike quality is a defining factor for this issue. Weak strikes at the San Francisco Mint mean that genuine Full Bands examples are extremely scarce, and those that exist command strong premiums. Even coins that avoided heavy circulation often fall short of the Full Bands standard, which makes certified FB examples genuinely hard to come by.

At the top of the market, prices reflect that scarcity directly. The auction record for the 1923-S stands at $105,750 for an MS66FB, sold at Legend Rare Coin Auctions in September 2018. For non-FB examples, a 1923-S in MS67 realized $4,313 in 2011, underlining that even standard mint-state coins can command serious money at the right grade.

Here is a look at the historical auction data for the 1923-S Dime across different grades.

Collector demand for the 1923-S Dime remains active, as the market activity data below illustrates.

Also Read: 16 Rare Dime Errors List with Pictures (By Year)

 

Rare 1923 Dime Error List

Like most Mercury dimes, the 1923 issue is not known for a long list of named varieties or dramatic mint mistakes. The errors that do surface tend to be production-related rather than die-specific, and they are scarce enough that finding one in any condition is already noteworthy.

1. 1923 Dime Off-Center Strike

An off-center strike occurs when the coin blank shifts out of position before the dies come down, resulting in part of the design being missing or pushed toward one side. The date is the most critical detail to preserve — a 1923 dime struck off-center with a fully visible date is worth considerably more than one where the date has been cut off.

The degree of misalignment also plays a role. A mild 5–10% off-center error is relatively common, but strikes that are 20%, 30%, or more off-center while still retaining the date are far scarcer and tend to attract stronger collector interest at auction.

2. 1923 Dime Lamination Error

A lamination error results from impurities or gas pockets trapped within the metal planchet during production. As the coin ages, these weak spots can cause the surface to crack, peel, or flake away, leaving behind visible disruptions to the coin’s fields or design elements.

The value of a lamination error depends on how prominent and visually striking the flaw is. A large, dramatic peel across the obverse or reverse tends to be more desirable than a minor surface crack, and coins that retain good overall detail despite the error are generally preferred by collectors.

3. 1923 Dime Broadstrike Error

A broadstrike happens when a coin is struck outside the retaining collar that normally keeps the planchet in place and gives the coin its round shape and reeded edge. Without that collar, the metal spreads outward freely, producing a coin that is wider and thinner than normal, with a smooth, unfinished edge.

On a 1923 Mercury dime, a well-defined broadstrike that still shows clear design detail on both sides is the most desirable type. Coins where the design has spread too far and become distorted tend to be less sought after, while examples that display the full date and a clean, even spread command the best prices.

 

Where to Sell Your 1923 Dime?

Whether you are sitting on a well-worn circulated example or a high-grade mint-state coin, knowing its true value is the first step. If you are ready to take the next step, I have put together a guide on the best places to buy and sell Mercury dimes online, complete with pros and cons for each platform.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1923 Dime Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1923 Dime

1. How much is a 1923 dime worth?

It depends on the mint mark, condition, and whether the coin qualifies for the Full Bands designation. A circulated 1923 Philadelphia dime starts around $5 in Good grade, while a mint-state example can reach $112.50 or more. The 1923-S commands considerably stronger premiums, with MS grades starting much higher across the board.

2. What makes the 1923-S dime more valuable than the Philadelphia issue?

The 1923-S began with a far smaller original mintage, and San Francisco specimens are considerably harder to obtain in uncirculated grades, particularly at the Gem Mint State level. Strike quality also plays a role — weak strikes from the San Francisco Mint mean that Full Bands examples are genuinely scarce, pushing prices significantly higher in top grades.

3. What does “Full Bands” mean on a 1923 dime?

Full Bands refers to the sharpness of the horizontal bands on the torch depicted on the reverse. When these bands are fully and clearly defined, the coin earns the FB designation. It signals a superior strike, and coins that qualify consistently sell for notable premiums over standard examples at the same grade level.

4. Is a 1923 dime made of silver?

Yes. The 1923 Mercury dime is composed of 90% silver and contains .0723 troy ounces of pure silver. This means even heavily worn examples carry a base value tied to the silver spot price, making them worth more than face value regardless of condition.

5. What is the highest price ever paid for a 1923 dime?

The auction record for any 1923 dime belongs to a 1923-S graded MS66FB, which sold for $105,750 at Legend Rare Coin Auctions in September 2018. For the Philadelphia issue, the record stands at $47,000 for an MS68+FB, also sold at Legend Rare Coin Auctions in March 2019.

6. Is a 1923 dime a good coin for beginning collectors?

The 1923 Philadelphia dime in circulated grades is one of the more accessible Mercury dimes, starting around $5, which makes it a reasonable entry point. The 1923-S is a step up in difficulty and price, but both issues are well-documented and actively traded, making them practical choices for collectors at various levels.

7. How can I tell the condition of my 1923 dime?

Collectors closely examine the amount of wear on a coin and assess any imperfections to determine its grade, which directly influences value. Key areas to check on the 1923 Mercury dime include the hair detail above Liberty’s ear, the feathers on the wing, and the bands on the torch reverse. For a more precise result, professional grading is recommended.

8. Were any 1923 dime errors documented?

No named die varieties or overdates are specific to the 1923 issue. The errors that have surfaced are production-related, including off-center strikes, lamination errors, and broadstrikes. A documented example is a 1923-S struck 10% off-center, which appeared in a Heritage Auctions sale. Coins that retain a visible date despite the error tend to be the most sought after.

9. What makes 1923 dime mintages lower than surrounding years?

After a sharp economic contraction in 1920 and 1921, demand for circulating coinage dropped significantly, and the Mint produced no dimes at all in 1922. By 1923, production resumed but remained modest compared to earlier and later years in the series. That reduced output is part of why well-preserved 1923 dimes are harder to come by than coins from more productive years.

10. How does the 1923 dime compare in value to other Mercury dimes from the same era?

Within the early Mercury dime series, the 1923-S stands out as one of the more sought-after issues, particularly in higher grades. The Philadelphia issue is more affordable in circulated condition, but both coins carry premiums above many later-date Mercury dimes. For context, years like 1934 and beyond are generally far more common and command lower prices across the board.