1923 Quarter Value Checker: Errors List, “S” & No Mint Mark Worth

The Standing Liberty Quarter series (1916–1930) is one of the most actively collected silver series in American numismatics, and within it, the 1923 Quarter holds a notably special place. Both the Philadelphia and San Francisco issues are recognized as scarce dates, with weak strike characteristics that make high-grade examples particularly hard to find.

That striking challenge is a big part of what drives 1923 Quarter value today. The Full Head (FH) designation commands a sharp premium over standard strikes, pushing MS-grade examples from around $466 up to over $4,000 for a well-struck Philadelphia FH coin.

The San Francisco issue is even more coveted, as few have survived in nice condition — with MS-grade FH specimens reaching over $8,698. Understanding this rarity gap is the first step to making sense of what your coin is truly worth.

 

1923 Quarter Value By Variety

The table below breaks down 1923 Quarter value by mint, strike quality, and condition, so you can see how each factor affects what your 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 10 Most Valuable Quarter Coins In Circulation Worth Money (With Pictures)

 

Top 10 Most Valuable 1923 Quarter Worth Money

When collectors talk about the most valuable 1923 quarters sold since 2010, a clear pattern stands out: the top prices are dominated by Full Head examples in the highest grades.

The 1923-S leads the list by a wide margin. A MS67+FH specimen fetched $48,469 at auction, while a MS66+FH example reached $33,600. Even on the Philadelphia side, a MS67FH coin sold for $29,375, showing how much strike quality matters at the top end.

Further down the chart, FH examples in mid-range grades still command strong prices. A 1923-S MS64FH brought $8,400, and a MS63FH sold for $5,400. These figures show that the Full Head premium holds up well across grade levels, not just at the very top.

 

History of the 1923 Quarter

The Standing Liberty Quarter debuted in 1916, born out of a broader artistic revival in American coinage. Sculptor Hermon A. MacNeil won a Treasury design competition with his classically inspired motif, and his design reflected America’s evolving position on the world stage as World War I raged in Europe.

By 1923, the series had settled into its Type II form, and the country itself was in a different place. Most sectors of the American economy had recovered strongly, and unemployment had dwindled to less than 3 percent by 1923 — the early pulse of what would become the Roaring Twenties boom.

Driven by recovery from wartime devastation and rapid growth in consumer goods, the U.S. was becoming the richest country in the world per capita.

It was in this optimistic, fast-moving era that the 1923 Quarter circulated. Coins passed through hands quickly, and few were set aside in top condition — which is part of why well-preserved examples are so scarce today and why understanding 1923 Quarter value starts with appreciating the world it was made in.

Also Read: Top 100 Most Valuable Modern Quarters Worth Money List (1965-Present)

 

Is Your 1923 Quarter Rare?

You can check your coin’s exact rarity score instantly with the Coin Value Checker App.

 

Key Features of the 1923 Quarter

The 1923 Quarter belongs to the Standing Liberty series, one of the most artistically celebrated designs in American coinage history. Knowing what to look for on each side helps you read the coin more accurately and appreciate what makes certain examples stand out.

The Obverse of the 1923 Quarter

The obverse features Liberty striding forward through a gateway, holding a shield in her left hand and an olive branch in her right, symbolizing readiness for defense while preferring peace. By 1923, the coin was in its Type II form, with Liberty wearing chain mail across her chest following the design revision of 1917.

“LIBERTY” arcs along the top edge, and “IN GOD WE TRUST” appears on the gateway wall. The mint mark sits on the obverse to the left of Liberty’s foot, next to the bottom-most star, while the designer’s initial “M” appears on the opposite side. The date is positioned at the base of the pedestal — notably unrecessed on 1923 issues, making it prone to wear on circulated examples.

The Reverse of the 1923 Quarter

The Type II reverse, introduced in 1917, positions the eagle higher and more centered on the coin, with three stars placed below the eagle and five to each side. This was a refinement from the original 1916 layout, giving the reverse a more balanced, open composition.

“UNITED STATES OF AMERICA” arcs around the top, “QUARTER DOLLAR” runs along the bottom, and “E PLURIBUS UNUM” is positioned above the eagle. The eagle in full flight remains one of the most naturalistic bird depictions in U.S. coin history.

Other Features of the 1923 Quarter

The 1923 Quarter measures 24.30mm in diameter, weighs 6.30 grams, and is struck in 90% silver and 10% copper. The edge is reeded. These physical specifications remained consistent throughout the Standing Liberty series from 1916 to 1930.

Also Read: Top 30 Most Valuable State Quarter Coins Worth Money List

 

1923 Quarter Mintage & Survival Data

The Philadelphia Mint produced 9,716,000 quarters in 1923, while the San Francisco Mint struck just 1,360,000 — a significant gap that already hints at why the 1923-S is the more sought-after coin today.

What makes the survival data worth paying attention to is the rate, not just the numbers. Of the nearly 9.7 million Philadelphia coins struck, only around 15,000 are estimated to survive, a survival rate of just 0.1544%. The 1923-S, despite its smaller original production, has a comparatively higher survival rate of 0.5882%, with roughly 8,000 examples remaining.

That contrast reflects how heavily both issues circulated during the Roaring Twenties. Coins were used, worn down, and rarely set aside. The survivors we see in collections today represent a very small fraction of what was once in everyday circulation.

Also Read: Top 20 Most Valuable Bicentennial Quarter Worth Money List

 

The Easy Way to Know Your 1923 Quarter Value

Three factors work together to determine 1923 Quarter value: the mint mark, the condition, and whether the coin carries a Full Head designation. Wear patterns show first on the highest points of the design, and these different stages of wear are used to assign a grade.

The absence of a mint mark just above and to the left of the date identifies a Philadelphia coin, while an “S” confirms a San Francisco issue — and that distinction alone can mean a significant difference in value. From there, condition does much of the heavy lifting, with the gap between a circulated example and a well-preserved MS-grade coin often running into the thousands of dollars.

The Coin Value Checker App lets you check your coin’s grade and value in seconds.

 

1923 Quarter Value Guides

The 1923 Quarter was produced at two mints, and each issue has its own character when it comes to rarity and value. Knowing which one you have is the first step toward an accurate assessment.

• 1923 No Mint Mark Quarter: The Philadelphia issue is the more accessible of the two, though Full Head specimens still command solid premiums.
• 1923-S Quarter: A recognized key date in the Standing Liberty series, scarce in any grade and significantly more valuable than its Philadelphia counterpart.

Together, these two varieties cover the full range of 1923 Quarter value — from an approachable entry point for newer collectors to one of the more coveted coins in the entire series.

 

1923 No Mint Mark Quarter Value

The 1923 No Mint Mark Quarter is often viewed as the more approachable side of the 1923 date, but that reputation only covers part of the picture. In circulated grades it remains accessible, with worn examples starting around $21. Things shift considerably once you move into Mint State territory.

In Full Head, the 1923 Philadelphia issue is genuinely rare and underrated — a fact that seasoned collectors have come to appreciate. A MS67FH example has realized $29,375 at auction, reflecting just how scarce sharp, fully struck specimens are at the top of the grading scale.

For collectors building a Standing Liberty set, this coin offers a practical entry point at lower grades while leaving real room for discovery at the high end. The gap between a standard strike and a Full Head example can be substantial, making strike quality one of the most important things to evaluate before buying or selling.

See the auction records below for a closer look at what this coin has actually sold for across different grades.

The market activity chart gives you a sense of how collector interest in this coin has moved over the past year.

 

1923-S Quarter Value

Among the scarce dates in the Standing Liberty series, the 1923-S holds a well-earned reputation. Even low-end examples still fetch $500 or more at auction, which tells you something about the floor this coin commands regardless of condition.

The 1923-S is collectible across all grades, with value increasing gradually from circulated to uncirculated, where it becomes truly scarce. Gem examples in MS65 and MS66 are very scarce, and MS67 examples are considered rare. At the very top, the auction record stands at $48,469 for an MS67+FH example sold at Stack’s Bowers.

With a Full Head designation, the 1923-S is scarce across all potential grades from mid-range AU through high-grade gems, with anything finer than MS66FH considered a great rarity as just a handful exist. For collectors who appreciate the depth that strike quality adds to a series, this coin is one of the most rewarding to pursue.

The auction records below highlight what buyers have actually paid for this coin across a range of grades.

If you’re curious about how collector demand for this coin has shifted over time, the market activity chart below offers a useful reference.

Also Read: 22 Rare Quarter Errors List with Pictures (By Year)

 

Rare 1923 Quarter Error List

Finding a 1923 Quarter with a documented error takes a sharp eye and some patience, but two specific errors have been recorded for this date. Both appear on the Philadelphia issue and are recognized within the Standing Liberty Quarter collecting community. Knowing what to look for can make a real difference when examining your coin.

1. 1923 Quarter Die Clash

This error occurs when the obverse and reverse dies strike each other without a coin blank in between, transferring a faint mirror image of one die’s design onto the other. On the 1923 Philadelphia issue, traces of the “E” from “E PLURIBUS UNUM” have been spotted on the obverse field near Liberty’s knee.

To spot it, examine that area under good magnification and look for a faint, raised letter that appears out of place against the flat field. The clearer and better-defined the clash impression, the more attention it tends to attract from specialist collectors — particularly on problem-free coins in Fine to Extremely Fine condition.

2. 1923 Quarter Interior Die Cud

This error, known as the “Big Brother Teardrop,” features a dramatic obverse interior cud in the recessed area on the left side of Lady Liberty by her right knee. It is documented in Robert H. Knauss’s reference guide Standing Liberty Quarter Varieties and Errors (2nd Edition), indexed as K-0178.

Die cuds form when a section of the die breaks away, leaving a raised, blob-like area on the coin’s surface. Late die stage examples show a noticeably larger cud than early die stage coins, and that difference in die stage is one of the key factors that influences desirability and value among collectors of this error.

 

Where to Sell Your 1923 Quarter?

Now you have a solid understanding of what your 1923 Quarter is worth. When it comes to turning that knowledge into action, finding the right platform to sell matters just as much as knowing your coin’s value. We’ve put together a full guide covering the best places to sell coins online, complete with pros and cons for each option.

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

 

1923 Quarter Market Trend

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

 

FAQ about the 1923 Quarter

1. How much is a 1923 Quarter worth?

It depends on which mint struck it and what condition it’s in. A circulated Philadelphia issue starts around $21.80 in Good grade, while a 1923-S in the same grade is worth around $345.90. At the top end, MS-grade Full Head examples can reach well into the thousands — a MS67FH Philadelphia coin sold for $29,375 at auction.

2. What makes the 1923-S Quarter so valuable?

The 1923-S is a recognized key date in the Standing Liberty series, scarce in any grade. Most examples that survived show heavy circulation wear, and well-struck Full Head specimens are particularly hard to find. The auction record for an MS67+FH example stands at $48,469, reflecting the premium collectors place on this coin.

3. Is a 1923 Quarter made of silver?

Yes. The 1923 Standing Liberty Quarter is 90% silver and contains 0.1808 troy ounces of pure silver. This gives even a heavily worn example an intrinsic metal value beyond face value, though collector value typically exceeds melt value for any problem-free coin.

4. What is the Full Head designation on a 1923 Quarter?

The Full Head designation refers to whether Liberty’s head shows complete detail — specifically the hairline, the three leaves in her hair, and the ear indentation. These details are often weakly struck on 1923 issues, making FH examples scarce and worth substantially more than standard strikes.

5. How do I find the mint mark on my 1923 Quarter?

The mint mark is found on the obverse, to the left of Liberty’s foot, next to the bottom-most star. A small “S” identifies a San Francisco coin. No mint mark means it was struck at the Philadelphia Mint, which did not use mint marks on quarters during the 1920s.

6. Why does the date wear off on some 1923 Quarters?

Until 1925, the Standing Liberty Quarter’s date was not recessed into the design, making it the first area to wear down on circulated examples. Many 1923 quarters in lower grades show weak or partially missing dates as a result. The U.S. Mint addressed this by recessing the date on all issues from 1925 onward.

7. How many 1923 Quarters are known to survive today?

Based on survival estimates, roughly 15,000 Philadelphia examples and around 8,000 San Francisco examples are thought to exist today. Those numbers represent a tiny fraction of original production, which is one reason even circulated survivors attract collector interest, particularly for the 1923-S.

8. What errors exist on the 1923 Quarter?

Two documented errors are known on the 1923 Philadelphia issue: a die clash error showing a faint “E” from “E PLURIBUS UNUM” near Liberty’s knee, and the “Big Brother Teardrop” interior die cud, catalogued as K-0178 in Robert Knauss’s reference guide.

9. Is the 1923 Quarter a good coin to collect?

It’s a solid choice at multiple levels. The Philadelphia issue offers an accessible entry point into the Standing Liberty series, while the 1923-S rewards more advanced collectors with a genuine key date. The Full Head premium adds another layer of depth, giving both beginners and experienced collectors room to build a meaningful pursuit.

10. How does cleaning affect the value of a 1923 Quarter?

Many specimens have been improperly cleaned over the years, destroying their natural luster and significantly reducing their value. A cleaned coin will typically grade lower and sell for a fraction of what an original-surface example commands. When buying, always look for coins with natural toning and undisturbed surfaces.