MORGAN & PEACE DOLLAR BUYER GUIDE
1923-S Peace dollar vs. no mintmark: what buyers should check
A 1923 Peace dollar with a small S left of the eagle’s tail on the reverse was made in San Francisco; no letter is normal for Philadelphia. The 1923-S is often weakly struck, especially in central details, so identify the mint and examine wear, luster, and marks separately before comparing prices.
Locate the S before judging value
The date is on Liberty’s side. Turn the coin over and inspect the reverse to the left of the eagle’s tail feathers. An S identifies San Francisco; no letter identifies Philadelphia. Denver pieces carry a D in the same area. Ask for an in-focus reverse close-up if a seller calls a faint mark S but the image does not resolve it.
How common are the three 1923 issues?
NGC reports 30,800,000 struck at Philadelphia, 6,811,000 at Denver, and 19,020,000 at San Francisco. Those numbers describe original output, not the number surviving in a particular grade. No mintmark is an ordinary Philadelphia issue, not a missing-letter error.
Why the 1923-S can look flat
PCGS describes the typical 1923-S as poorly struck, with subdued luster and many contact marks. Weak central detail can be present from the moment of striking. It is different from circulation wear, which removes metal after the coin leaves the Mint. A single photo of flat hair or eagle detail cannot distinguish those causes by itself.
Separate strike, wear, and surface damage
Compare high points, protected design areas, and both sides in even and angled light. Wear tends to interrupt luster on exposed high points; a weak strike may leave detail incomplete while original mint texture remains elsewhere. Bagmarks are impact marks, while fine parallel hairlines may suggest wiping or polishing. These features can coexist, so avoid assigning a numeric grade from one blurry photograph.
Does an S always make it more valuable?
No. PCGS and NGC describe 1923-S coins as available in circulated and lower Mint State grades, with well-preserved high-grade examples much harder to find. A high-grade certified guide price is not a price for a raw circulated S coin. Compare completed sales for the same mint, similar grade, surface quality, and certification status.
A practical listing comparison
Confirm the date and reverse letter on the actual item; view both complete faces and an angled surface photo; read any cleaning or damage disclosure; and compare total delivered cost and return terms. If the seller’s title says S but the reverse shows no clear letter, request a better photo rather than paying an S-specific premium.
Compare real coins
Use these guides with actual listing photos. Confirm the current price, availability, and purchase terms on eBay.
Sources and real specimens
Related buyer guides
- 1921 silver dollar value: Morgan or Peace, mintmark, and condition
- Is my silver dollar real? A Morgan and Peace dollar checklist
- 1921 Morgan dollar mintmarks: compare Philadelphia, D, and S coins
- 1923 Peace dollar: photo checklist for no mintmark, D, and S
- 1921 Morgan dollar mintmark: no mark, D, or S
- 1921 Morgan or Peace dollar? Identify the two silver dollars
- Raw vs. graded silver dollars: what “ungraded” means online
- Is a 1922 Peace dollar high relief? Check the claim before buying
- Morgan dollar O mintmark: New Orleans coins and the 2021 privy mark