The 1923 wheat penny emerged during a unique period in American minting history when only two facilities produced Lincoln cents. Within the wheat penny hierarchy, the 1923 occupies a distinctive position as both accessible to collectors and genuinely valuable in premium grades.

Overall, the Wheat Penny series is an affordable series for collectors looking to complete their project at a more accessible cost.

Current market values reflect this balanced appeal, with Philadelphia examples averaging $24.06 in AU condition and reaching $1024.86 in MS grade, while the scarcer San Francisco variant commands significant premiums from $35.06 in Good condition to $2332.50 in Mint State, making the 1923-S Penny a valuable addition to any rare coin collection.

 

1923 Wheat Penny Value By Variety

This value chart compares market prices for 1923 wheat pennies from Philadelphia and San Francisco across various condition grades, demonstrating the substantial premium commanded by the scarcer San Francisco variety in mint state condition.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Top 10 Most Valuable 1923 Wheat Penny Worth Money

The auction records from 2004 to present reveal the dramatic value hierarchy within 1923 wheat penny varieties, with the San Francisco mint mark creating a clear premium structure. The data demonstrates how condition dramatically impacts value, with the top-selling 1923-S MS65 Red example reaching $67,563, establishing it as the pinnacle achievement for this date.

Philadelphia mint examples also command substantial premiums in exceptional grades, with an MS68 specimen achieving $24,000. The chart illustrates the exponential value increases that occur at the highest preservation levels, where even single grade point improvements can result in thousands of dollars in price differences.

The pattern shows consistent collector demand across multiple grade levels, with 1923-S cents dominating the top positions due to their scarcity and production challenges.

The price progression reveals how both mint mark and condition work together to create value, with San Francisco examples consistently outperforming Philadelphia issues at comparable grades. These auction results reflect the sustained market recognition of 1923 as a key collecting date within the wheat penny series.

 

History of the 1923 Wheat Penny

The 1923 wheat penny emerged during a unique period in American minting history when only two facilities produced Lincoln cents. Denver Mint had suspended penny production to focus on striking gold and silver coins, leaving Philadelphia and San Francisco to meet the nation’s demand for small denomination currency.

Philadelphia maintained its traditional role as the primary producer, striking pennies without mint marks as it had since the series began in 1909. The facility ramped up production significantly in the final quarter of 1923 as the American economy continued recovering from World War I disruptions.

Production occurred using the established bronze composition of 95% copper with tin and zinc, following the design specifications that Victor David Brenner had created for the Lincoln cent’s debut.

San Francisco operated under different constraints, producing a much smaller quantity of pennies marked with the distinctive “S” mint mark. The facility faced challenges with die maintenance, resulting in many coins exhibiting weak strikes and shallow design details. This production difficulty would later contribute to the scarcity of high-grade examples that collectors prize today.

The year 1923 represented a transitional moment in wheat penny production, as the minting system adapted to post-war economic demands while dealing with resource allocation challenges.

The reduced number of active mints created the scarcity dynamic that defines collector interest in this date, particularly for the San Francisco issues that would become increasingly difficult to locate in premium condition as decades passed.

Also Read: Top 100 Rarest Pennies Worth Money (1787 – Present)

 

Is your 1923 Wheat Penny rare?

To determine the exact rarity ranking and current market value of your 1923 Wheat Penny, use our CoinValueChecker App for instant rarity assessment and comprehensive condition analysis.

 

Key Features of the 1923 Wheat Penny

The 1923 wheat penny showcases the established Lincoln cent design that had been refined over more than a decade of production. Understanding the coin’s key design elements, physical characteristics, and condition factors becomes essential for proper identification and valuation of these pieces that represent a unique year in wheat penny history.

The Obverse of the 1923 Wheat Penny

Lincoln’s right-facing portrait dominates the obverse, showcasing Victor David Brenner’s masterful sculptural work that revolutionized American coin design. The detailed profile captures Lincoln’s distinctive facial features with careful attention to hair definition and bone structure.

“IN GOD WE TRUST” arcs gracefully above Lincoln’s head, while “LIBERTY” appears on the left side of the coin. The date “1923” is positioned to the right of Lincoln’s bust, with the mint mark, when present, located directly below the date.

Notably absent during this period are Brenner’s initials, which had been removed following controversy over their prominence on early 1909 cents.

The Reverse of the 1923 Wheat Penny

The reverse displays Brenner’s elegant wheat stalks design that defined the series until 1958. Two wheat ears frame the central inscriptions, with “ONE CENT” prominently displayed in the middle.

“UNITED STATES OF AMERICA” curves along the bottom rim, while “E PLURIBUS UNUM” follows the upper edge. The wheat motif reflected America’s agricultural heritage and provided a distinctly American alternative to classical European coin designs.

Other Features of the 1923 Wheat Penny

The 1923 Lincoln cent consists of 95% copper with 5% tin and zinc, giving it the characteristic bronze appearance and reddish color when well-preserved. The coin measures 0.750 inches (19.05 mm) in diameter with a plain edge and weighs 0.109 ounces (3.11g).

Color designation becomes crucial for valuation, as coins can display Red, Red-Brown, or Brown surfaces depending on copper oxidation over time.

Also Read: 100 Most Valuable Wheat Pennies Worth Money (1909 to 1958)

 

1923 Wheat Penny Mintage & Survival Data

The 1923 wheat penny mintage and survival data reveals the stark contrast between Philadelphia and San Francisco production that defines this date’s collecting appeal. Philadelphia’s substantial output created widespread distribution, while San Francisco’s much smaller production established immediate scarcity that persists today.

The survival distribution demonstrates how original mintage figures don’t always predict current availability patterns. Despite Philadelphia producing nearly nine times more pennies, the absolute number of surviving examples from both mints creates different collecting dynamics.

Philadelphia survivors remain numerous enough to satisfy most collector demand, while San Francisco examples require patience and premium pricing to acquire. These survival patterns reflect both the natural attrition of circulated coins and the varying degrees of collector attention each variety received over the decades.

Also Read: 100 Most Valuable Indian Head Penny Coins Worth Money (1859 – 1909)

 

The Easy Way to Know Your 1923 Wheat Penny Value

To accurately assess your 1923 wheat penny, begin by locating the mint mark directly below the date on the obverse—”S” indicates San Francisco, while no mark signifies Philadelphia (Denver ceased penny production in 1923).

Understanding this distinction proves essential, as San Francisco coins faced production challenges with worn dies causing weak strikes, making well-preserved examples significantly more valuable than Philadelphia counterparts.

Next, evaluate condition by examining key areas: Lincoln’s temple region and coat details on the obverse, plus wheat stalk sharpness on the reverse—checking whether original mint luster remains intact.

Value ranges dramatically: Philadelphia examples span $0.50-$25 depending on grade, while San Francisco pennies command $6-$475 in comparable conditions, with top specimens exceeding $1,000. Finally, inspect for valuable minting errors including partial collar strikes and broadstrikes worth $100-$500.

The CoinValueChecker App eliminates complexity by instantly analyzing your coin’s mint mark, condition grade, strike quality, color designation, and potential errors—delivering professional-grade valuations within seconds through advanced image recognition technology.

 

1923 Wheat Penny Value Guides

• 1923 No Mint Mark Wheat Penny (Philadelphia)
• 1923-S Wheat Penny (San Francisco)

These two 1923 wheat penny varieties represent the complete production for this year, as Denver Mint suspended penny striking to focus on other denominations. The Philadelphia issue carries no mint mark and maintains the standard Lincoln cent specifications established since 1909. The San Francisco variety displays a small “S” mint mark positioned below the date on the obverse.

Both coins share identical designs featuring Lincoln’s portrait and the wheat stalks reverse, but differ in their original production quantities and current availability to collectors.

Also Read: Value Of Old Pennies By Year (1959-Present)

 

1923 No Mint Mark Wheat Penny Value

The 1923 No Mint Mark wheat penny represents Philadelphia’s concentrated production effort during the post-World War I economic recovery. Production focused heavily in the final quarter of 1923, resulting in over 74 million coins struck with consistent die maintenance and quality control standards.

The timing created favorable striking conditions that produced sharp details and clean surfaces across most examples. Red (RD) specimens retain their original copper surfaces and command premium prices based on preservation rather than scarcity.

Red-Brown (RB) examples show partial oxidation patterns that create transitional coloration, while Brown (BN) pieces reflect complete environmental exposure over the past century.

Philadelphia’s production methods during this period emphasized well-struck coins with attractive surfaces, making mint state examples relatively available compared to other early wheat penny dates. The substantial mintage ensures adequate supply for most collecting needs, though finding gem-quality pieces requires selective searching.

Current auction records show steady pricing patterns that reflect both condition sensitivity and color premiums across all preservation levels.

 Market activity demonstrates consistent collector participation with regular trading volume, indicating sustained demand for this foundational wheat penny date.

 

1923-S Wheat Penny Value

The 1923-S wheat penny represents a production challenge that defines its collecting appeal through scarcity combined with quality issues. The majority of 1923-S pennies were produced using worn dies, resulting in weak and incomplete strikes with shallow detail definition that collectors must navigate when seeking quality examples.

Red (RD) specimens command exceptional premiums when they overcome these production limitations, with top-grade examples reaching over $50,000 due to their rarity in fully struck condition. The combination of low mintage and striking problems creates a perfect storm for value appreciation among collectors willing to search for well-executed examples.

Red-Brown (RB) specimens offer substantial value opportunities, particularly when they display sharp strikes that escaped the typical production problems. Brown (BN) examples maintain strong premiums across all grades, reflecting the overall scarcity of this San Francisco issue regardless of preservation level.

Finding a fully struck 1923-S cent that retains original red surfaces with minimal carbon spotting represents a real prize among wheat penny specialists.

Historical auction records demonstrate the dramatic price variations that occur when exceptional examples appear on the market.

 Market activity shows sustained collector interest with periodic spikes reflecting the ongoing challenge of locating quality specimens that meet advanced collectors’ standards.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Rare 1923 Wheat Penny Error List

The substantial mintage of over 83 million 1923 wheat pennies across Philadelphia and San Francisco facilities created numerous opportunities for minting errors to occur. These production anomalies can significantly increase a coin’s value beyond its standard worth, making error detection an important skill for collectors examining 1923 pennies.

1. 1923 Penny Off-Center Strike Error

Off-center strikes occur when the coin blank is misaligned during the striking process, causing part of the design to be missing while leaving a blank crescent-shaped area on the coin. The value depends heavily on the percentage of displacement and whether the date remains visible.

A 15% off-center 1923 penny retains most design elements while showing clear evidence of the striking error, making it desirable to error coin collectors. Examples can range from $100 for minor off-center strikes to $1,000 or more for dramatic displacements that still preserve the date and mint mark.

2. 1923 Penny Struck Through Error

This error happens when foreign material becomes trapped between the die and planchet during striking, leaving an impression of the object on the coin’s surface. Thread strikes are particularly notable, creating raised lines that follow the path of the trapped material. The struck-through thread error on Lincoln’s chest area creates a distinctive diagnostic that makes authentication straightforward.

Values typically range from $100 to $500 depending on the prominence and location of the thread mark, with clearer impressions commanding higher premiums among error collectors.

3. 1923 Penny Broadstrike Error

Broadstrike errors result from the collar die failing to properly contain the planchet during striking, allowing the metal to spread beyond normal boundaries. The coin appears wider than standard while retaining the complete design, distinguishing it from off-center strikes. Uncentered broadstrikes show additional displacement that creates an asymmetrical appearance.

These errors demonstrate the importance of proper die alignment and collar function in the minting process. Values range from $50 for minor examples to $500 for dramatic broadstrikes, with mint state preservation significantly increasing desirability.

4. 1923 Penny Partial Collar Error

Partial collar strikes occur when the planchet sits askew on the collar die, causing uneven upsetting of the coin’s edge. This creates a distinctive “railroad rim” effect where part of the edge appears normal while other sections show raised, upset metal. The resulting coin has an irregular, stepped appearance that makes the error immediately apparent.

The mechanical nature of this error provides insight into 1920s minting equipment operation and quality control procedures. Examples typically sell for $100 to $400, with higher grades and more dramatic collar displacement commanding premium prices among error specialists.

Also Read: 42 Rare Penny Errors List with Pictures (By Year)

 

Where to Sell Your 1923 Wheat Penny ?

Whether you’re holding a common 1923 Philadelphia penny or a valuable San Francisco variety, understanding your coin’s specific grade and color designation through proper authentication will help you choose the most appropriate selling venue to maximize your return on this historically significant wheat penny.

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

 

1923 Wheat Penny Market Trend

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

 

FAQ about the 1923 Wheat Penny

1. What makes a 1923 wheat penny valuable? 

The value depends primarily on the mint mark and condition. San Francisco pennies (marked “S”) are worth significantly more than Philadelphia issues due to lower mintage. Color designation also matters – Red examples command the highest premiums, followed by Red-Brown and Brown specimens.

2. Why are 1923-S pennies often weakly struck? 

San Francisco used worn dies during 1923 production, resulting in shallow details and incomplete strikes on many coins. This production issue makes well-struck examples particularly valuable to collectors.

3. What should I look for when grading a 1923 wheat penny? 

Examine Lincoln’s temple area and coat details for wear, check the wheat stalks on the reverse for sharpness, and assess the overall color retention. San Francisco examples require special attention to distinguish original strike weakness from circulation wear.

4. What’s the most valuable 1923 wheat penny ever sold?

A 1923-S MS65 Red example sold for $67,563, representing the highest recorded price for this date. Top-grade Philadelphia examples have reached $24,000.