The 1923 Lincoln Wheat penny’s value ranges from $0.50 to $67,000 depending on mint mark, condition, and errors. Philadelphia pennies (no mint mark) are worth $0.50-$5 circulated, up to $6,000 in MS-67 Red condition. The scarcer 1923-S (San Francisco) starts at $4-$6 in Good condition, reaching $67,000+ in high grades (MS-65 Red). Key errors increasing value include doubled die obverse, off-center strikes, lamination errors, and die cracks. The 1923-S is particularly valuable due to weaker strikes that year, making high-grade examples exceptionally rare. Professional grading is recommended for accurate appraisal.
That copper penny from 1923 sitting in your grandfather’s collection might be worth more than a few cents. While most circulated examples trade for pocket change, rare error varieties and high-grade specimens have sold for tens of thousands of dollars at major auctions. Understanding the difference between Philadelphia and San Francisco mint marks, along with specific errors to hunt for, can help you identify whether you’re holding a common coin or a valuable treasure.
The Philadelphia 1923 Penny: No Mint Mark Varieties
Pennies struck at the Philadelphia Mint carry no mint mark, which can initially confuse collectors. The absence of a letter below the date indicates Philadelphia production, where nearly 74 million Lincoln Wheat pennies were minted in 1923.
Grade-Based Value Chart:
| Grade | Condition | Value Range |
|---|---|---|
| G-4 | Good | $0.30 – $0.50 |
| F-12 | Fine | $0.75 – $1.50 |
| EF-40 | Extremely Fine | $5 – $12 |
| AU-50 | About Uncirculated | $15 – $22 |
| MS-63 | Uncirculated Red-Brown | $25 – $45 |
| MS-65 | Gem Uncirculated Red | $150 – $300 |
| MS-67 | Superb Gem Red | $4,000 – $6,000 |
The dramatic jump in value at MS-67 reflects the rarity of finding 100-year-old pennies with full original red luster and no contact marks. Heritage Auctions sold an MS-67+ Red example for $6,000 in January 2023, demonstrating strong collector demand for premium-quality specimens.
Critical Errors Found on Philadelphia Strikes
The doubled die obverse variety shows noticeable doubling on “LIBERTY” and the date. Unlike later famous doubled dies, the 1923 Philadelphia doubled die is subtle, requiring magnification to confirm. Authenticated examples in Extremely Fine condition trade between $150 and $400, while uncirculated pieces can exceed $800.
Planchet defects appear more frequently on 1923 Philadelphia pennies than other dates. Lamination errors, where the copper-tin-zinc alloy separates into layers, create visible flaking or peeling. A 1923 penny with significant lamination covering 25 percent or more of the surface sold for $275 at Stack’s Bowers in 2022, graded AU-53.
The faded or missing “L” variety occurs when die wear eliminated the first letter of “LIBERTY.” This is technically die deterioration rather than a true error, but collectors actively seek these varieties. Prices range from $35 to $95 depending on how completely the “L” has disappeared.
The San Francisco 1923-S Penny: The Key Date
With only 8,700,000 minted, the 1923-S penny represents one of the lower-production years for San Francisco in the 1920s. The small “S” mint mark appears below the date on the obverse side, between the date and the rim.
San Francisco strikes from this period are notorious for weak details, particularly on Lincoln’s shoulder and the wheat stalks on the reverse. This weakness resulted from overused dies and lower striking pressure, making high-grade examples exceptionally scarce.
1923-S Value by Grade:
| Grade | Value |
|---|---|
| G-4 (Good) | $4 – $6 |
| VG-8 (Very Good) | $8 – $12 |
| F-12 (Fine) | $15 – $20 |
| VF-20 (Very Fine) | $25 – $32 |
| EF-40 (Extremely Fine) | $40 – $55 |
| AU-50 (About Uncirculated) | $75 – $90 |
| MS-63 Brown | $125 – $175 |
| MS-64 Red-Brown | $450 – $700 |
| MS-65 Red | $3,000 – $8,500 |
| MS-66 Red | $15,000 – $35,000 |
| MS-67 Red | $50,000 – $67,000 |
The record price for a 1923-S penny reached $67,562 at a Heritage Auctions sale in April 2022 for an MS-67 Red specimen with exceptional eye appeal and strong strike quality—a rarity for this issue.
High-Value Errors on San Francisco Strikes
The 1923-S doubled die obverse is among the rarest Lincoln cent varieties. Only approximately 15 to 20 examples have been authenticated by major grading services. Doubling appears prominently on “IN GOD WE TRUST” and the date. An MS-63 Brown example sold for $11,500 in 2023, while lower-grade specimens in Very Fine condition still command $1,800 to $3,200.
Capped die strike-through errors occur when a previously struck coin adheres to the upper die, creating a “cap.” Subsequent strikes leave partial mirror images of the obverse design on what should be the reverse. A 1923-S penny with this error, graded Fine-12, realized $2,475 at Great Collections Auctions in November 2022. These errors are extraordinarily rare across all dates.
Lamination errors affect 1923-S pennies more frequently than their Philadelphia counterparts due to variations in planchet preparation at different mints. A lamination error covering more than 40 percent of the coin’s surface, graded VF-30, sold for $425 in 2023. Partial laminations on lower-grade coins typically add $50 to $150 to base value.
Errors Affecting Both Mint Marks
Several minting errors appear across both Philadelphia and San Francisco production, each impacting value differently based on severity and coin grade.
Off-center strikes happen when the planchet isn’t properly positioned between dies. The value depends on the percentage off-center and whether the date remains visible. A 1923 penny struck 15 percent off-center with a full date typically brings $75 to $150, while a 35 percent off-center strike with partial date can reach $300 to $600. Dramatic 50 percent or greater off-center strikes with visible dates have sold for over $1,000.
Die cracks manifest as raised lines on the coin’s surface, created when the die itself fractures under repeated striking pressure. Minor die cracks add minimal value, perhaps $5 to $20. However, major die breaks creating “cud” errors—where a piece of the die breaks away entirely—can add $100 to $500 depending on size and location.
The “woody” appearance results from improper alloy mixing, creating a dull, porous surface texture resembling wood grain. While fascinating, this manufacturing defect generally decreases value unless the coin possesses other desirable characteristics. Most woody pennies sell for $2 to $8 regardless of date or mint mark.
Repunched mint marks occur only on 1923-S pennies, when the mint mark punch was applied multiple times in slightly different positions. Strong repunched mint mark varieties add $45 to $125 to the coin’s base value, with the premium increasing in higher grades.
Authentication and Grading Considerations
Professional grading through PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) becomes essential for 1923 pennies worth more than $100. Grading fees typically range from $20 to $65 depending on service level, but authentication protects against counterfeits and establishes market value.
Color designation significantly impacts value for uncirculated specimens. Red (RD) coins retain 95 percent or more original mint luster, commanding the highest premiums. Red-Brown (RB) shows 5 to 95 percent red color, while Brown (BN) indicates less than 5 percent remaining. The same coin graded MS-65 can vary from $125 (Brown) to $3,500 (Red) based solely on color preservation.
Strike quality matters particularly for 1923-S pennies. Even high-grade examples often show weakness in Lincoln’s hair details and the wheat stalks. Specimens with full, sharp strikes command premiums of 50 to 200 percent over weakly struck coins in the same numerical grade.
Building Value Through Proper Storage
Environmental factors dramatically affect long-term value preservation. Store 1923 pennies in inert holders—either professional grading slabs or archival-quality coin flips made from Mylar or similar non-PVC materials. PVC-based holders release chemicals that create green corrosion spots, permanently damaging the coin’s surface.
Maintain stable conditions between 65 and 70 degrees Fahrenheit with 30 to 40 percent relative humidity. Extreme temperature fluctuations and high humidity accelerate oxidation, turning Red coins to Red-Brown and eventually Brown, decreasing value by hundreds or thousands of dollars for premium specimens.
Never clean vintage pennies. Even gentle cleaning removes microscopic amounts of original metal, creating hairline scratches visible under magnification. Professional grading services will designate cleaned coins as “Details” grades, typically reducing value by 40 to 70 percent compared to problem-free examples.
Making Your 1923 Penny Work for You
Start by examining your 1923 penny under good lighting with at least 10x magnification. Check for the mint mark below the date—its presence or absence immediately determines which category applies. Look for the specific errors mentioned: doubling on lettering, lamination cracks, off-center strikes, or unusual color patterns.
For coins that appear valuable based on condition or potential errors, photograph both sides using a smartphone camera with macro capability. Share these images with reputable coin dealers or online communities for preliminary opinions before investing in professional grading.
Track your coin’s characteristics against recent auction results on platforms like Heritage Auctions, Stack’s Bowers, and Great Collections. These sites maintain searchable archives showing actual selling prices for comparable specimens, providing realistic value expectations beyond generic price guides.
Consider professional grading for any 1923 penny that appears uncirculated or shows clear error characteristics. The $30 to $65 grading investment pays for itself many times over when authenticating a $500+ coin, and the encapsulation protects your investment while making it more marketable to future buyers.
What is a 1923 penny worth no mint mark?
Circulated condition: Coins that have been used in commerce typically range from about $0.50 to $5. Uncirculated condition: Coins that have never been used, sometimes called “Mint State,” can be worth $25 to $75 or more. Factors affecting value: The overall wear and tear, and any other imperfections, will determine the exact price within these ranges. No mint mark: The absence of a mint mark indicates the coin was minted in Philadelphia, which was a common and expected for the time.
How much is a 1923 S penny worth?
A 1923-S wheat penny’s value ranges from about $1 to over $67,000, depending heavily on its condition (grade) and whether it has a full strike. Circulated coins in poor condition can be worth as little as $1, while high-grade, uncirculated examples, especially those with a full red color and strike, can be worth tens of thousands of dollars.
What is the rarest S penny?
1944-S Lincoln Steel Penny The 1944-S Steel regular strike penny is considered a Mint Error coin, not a variety penny, for its extremely rare off-metal striking. This error took place when a steel blank left over from 1943 was struck in the normal production run for 1944-S Bronze Cents.