1923 Peace Silver Dollar Value (VAMs, Errors & More)

If you love collecting old coins, I’m sure you’d have an old 1923 peace silver dollar in your dollar coin collection. Now, this iconic coin is known for its high mintage. But did you know that a 1923 silver dollar can be worth thousands today?

In fact, a rare 1923 peace dollar coin sold for a mind-boggling price of 120,000! Interesting, right?

In this article, I will explain all about the 1923 Peace Silver Dollar, exploring its history, current value, popular VAM varieties, common mint errors to watch for, and how to spot counterfeit coins!

Interesting History of the Peace Dollar Coin

The first Peace dollar with the Liberty on the obverse and the eagle on the reverse emerged in 1921, replacing the previous Morgan Dollars after World War II. The minting started in Philadelphia and then reached San Francisco and Denver the next year.

The production of Peace dollars in different varieties, like high relief and low relief, continued until 1928 when the coin’s demand totally diminished. However, due to the congressional law that required the Mint to buy silver bullion, it resumed the minting for a year in 1934.

But, once again, due to no demand, the production finally stopped in 1936. In 2021, President Donald Trump inaugurated the re-release of modern Peace Dollars and Morgan Dollars as uncirculated coins.

How to Spot a 1923 Silver Dollar (Design & Composition)

You can identify a real 1923 peace dollar coin with the following design details on the obverse and reverse of the coin:

1923 Dollar Obverse (Heads):

• The left profile of Lady Liberty (based on Anthony’s wife, Teresa de Francisci)
• Tiara spikes on Lady’s head
• The word “LIBERTY” along the upper half rim
• The words “IN GOD WE” of the US motto on the bottom left side and “TRVST” on the right
• The mint date “1922” on the bottom

1923 Dollar Reverse (Tails):

• A huge heraldic eagle sitting on a rock right at the center
• The words “UNITED STATES OF AMERICA” along the upper edge
• The US motto, “E. PLURIBUS UNUM,” below the country’s name (the letters “S” and “U” partially hidden behind the eagle’s head)
• An olive branch in the eagle’s talons/claws
• The word “PEACE” on the bottom
• Rays emerging from the bottom-right in the background

Coin Composition:

The 1923 Peace Dollar coin has a silver composition of 90% silver and 10% copper and 0.77344 oz of silver content. It weighs 26.73 grams, has a diameter of 38.1 mm, and is 2.4 mm high/thin. It also has a reeded edge.

4 Factors to Find the Value of the 1923 Silver Dollar

Generally, an old 1923 Peace Silver Dollar is worth only $1 to $20 in average condition. But rare 1923 dollar coins in a high-grade mint condition or with unique VAMs or coin minting errors can be worth hundreds and thousands of dollars.

Let’s find out the four key factors that determine the final worth of a vintage 1923 Peace silver dollar coin.

1. Coin Grade & Condition

The condition of an old coin greatly impacts its monetary value. As for the 1923 silver dollar coin, it can be valued at around $1 to $50 in poor to average condition, while in mint condition, it can be worth up to $1,000 or even more.

2. Important VAMs on 1923 Peace Dollar

A VAM error can highly impact the value of an old coin. There are several VAM errors found on a 1923 silver dollar. Some of the most popular and valuable VAMs are:

• Whisker Jaw: This VAM features a cut on Liberty Lady’s jaw. It can double the value of the 1923 dollar coin. For example, a 1923 $1 MS66+ Whisker Jaw sold for almost $2,000 on Heritage Auctions!

• Whisker Cheek: The error shows a crack or die break on the Liberty Lady’s cheek. A 1923 dollar coin with Whisker Cheek VAM can sell for up to $1,500 in mint condition, with high grades like MS65. 

• Tail on O: This coin displays a cut or die break at the bottom of the letter “O” in the word “DOLLAR” on the reverse. In low-mint states, like MS63, this coin can be worth up to $300 – $400. 
• Doubled Eagle Head: This VAM causes doubling on the eagle’s head on the reverse. The value of this 1923 VAM dollar can range from $100 to $500, depending on the coin’s condition. I found a 1923 $1 Double Eagle Head VAM coin that sold for about $430 on eBay.

• Broken Wing: You can spot this VAM by the small cuts on the eagle’s wings—a 1923 $1 MS63 Broken Wing coin sold for over $1,000 on Heritage Auctions. 

• Bar Wing: This VAM shows an irregular bulge on the top of the eagle’s wing on the 1923 dollar reverse. A 1923 VAM error silver dollar can sell for up to $1,500 in high mint states, like MS65. 

• Doubled Tiara: You can identify this VAM by the doubled tiara lines above Liberty Lady’s head. The separation line between the doubled tiara lines is strong enough to be noticed. According to PCGS, the highest value of a 1923 $1 MS64 Doubled Tiara coin is $5,000, sold via eBay auction.

3. Rare Mint Errors in the 1923 Peace Dollar

A common 1923 silver dollar worth $5 can become extremely valuable if it has a rare mint error. The three most valuable coin errors found on a 1923 dollar coin are:

75 Degree Rotated Reverse

This unique error coin has its reverse rotated to around 75 degrees. This coin error is rare to find in high-grade mint states. I found an MS62 grade Rotated Die coin on eBay that sold for $500.

Die Adjustment Error

This error occurs when the mint die is adjusted to get the right amount of pressure, which causes some areas to have sharp relief and others to have worn-out details (even in mint state). One of these rare error coins was sold for a whopping $2,820 on Stacks Bowers.

1923 Silver Dollar Doubled “TRVST”

As the name suggests, this mint error caused the doubling of the letters “TRVST” on the obverse of the 1923 peace dollar. Although rare to find, this error coin can sell for around $500 in a high-grade mint state.

4. Mintage & Rarity

The 1923 Peace dollar mintage is the second largest in the series, after the 1922 dollar. Here are the exact mintage figures of this coin: 

As the numbers suggest, due to a lower mintage than the 1923 dollar and 1923-S dollar, the 1923-D silver dollar is rarer and worth more. For example, the highest value of a 1923 $1 coin in MS67 grade was around $40,000, whereas the highest price of a 1923-D $1 coin in MS67 grade is $120,000. 

Spotting a Fake 1923 Peace Silver Dollar

While hunting a rare 1923 Peace silver dollar, you may also come across some counterfeits worth nothing. In this case, follow the given steps to identify a fake 1923 silver dollar:

• Check the weight: The real 1923 Peace Dollar is heavier due to its 90% silver content. Significant deviations from the weight and diameter mean it’s fake. 
• Examine the silver luster and color: Genuine silver coins have a distinct luster and color. On the other hand, fakes appear dull, have an off-color, or show signs of plating wearing off.
• Inspect the design details: Look for sharp, well-defined details, especially on Liberty’s hair and the eagle’s feathers. Fake 1923 dollars often have mushy or poorly defined details.
• Verify the reeding on the coin’s edge: Authentic 1923 dollar coins have evenly spaced reeds on the edge. If you notice uneven or missing reeds, it’s a fake coin.
• Use a magnet. The real 1923 dollar coin, being 90% silver, is not magnetic. If it is attracted to a magnet, it’s fake.

The 1923 Peace Dollar is considered common in most grades, but high-grade specimens can be valuable. As we’ve explored its design, composition, and various features, it’s clear that it is more than just an old coin. Whether you want to sell or purchase this collectible dollar coin, use this guide to find its best value.

Like the 1923 dollar, the proceedings coin, like the 1921 peace dollar and 1922 peace dollar are also highly valuable and popular among coin collectors. Learn how to spot these hidden gems in my detailed guides.