1923 Lincoln Wheat Penny Value (S, No Mint Mark & Mint Errors)

Ever wonder how much that old 1923 Lincoln wheat penny in your coin jar might be worth? If not, then you’ll be surprised to know that one of these old small cents from 1923 sold for an eye-popping price of over $67,500 in an auction!

This coin was struck in limited numbers at only two locations, making it rarer than most of the pennies from this decade. Besides, the San Francisco Mint had just gotten new equipment in late 1922, and boy, creating sharper than ever 1923 pennies!

While not every 1923 wheat penny will make you rich, those in excellent condition or with a rare mint mark or error can easily earn $500 to $15,000! So, let’s find out what makes these 1923 pennies valuable and how you can identify if you’ve got a hidden gem!

Identifying a Genuine 1923 Wheat Penny (Design & Features)

Before you assess your 1923 Wheat Penny value, verify its unique design details and other physical features! Missing the following features can indicate a counterfeit!

1923 Lincoln Cent Obverse:

• A right-facing profile of Abraham Lincoln
• ‘IN GOD, WE TRUST,’ above Lincoln’s head
• ‘Liberty’ to Lincoln’s left (back)
• The mint date ‘1923’ to Lincoln’s right
• The mint mark, S, if present, below the mint date

1923 Lincoln Penny Reverse:

• The Latin phrase ‘E. PLURIBUS UNUM’ at the top
• The denomination ‘ONE CENT’ in the center upper side
• ‘UNITED STATES OF AMERICA’ right below the denomination
• Two wheat stalks surrounding the denomination and nation’s name

1923 Wheat Cent Composition, Size and Weight

The 1923 Lincoln wheat penny followed the traditional bronze composition and other dimensions set of the Lincoln penny in 1909!

How Much Is a 1923 Wheat Penny Worth? (3 Key Factors)

The value of a 1923 Lincoln Cent depends on several factors, including its condition and color, mint marks, and unique varieties or mint errors. Let’s understand the factors below:

1. Coin Grades and Color Designations

Your 1923 Lincoln penny’s condition and color are the first things that determine its value. Generally, the condition is assessed on a scale ranging from Poor to Mint State (P-1 to MS-70). Uncirculated 1923 pennies in mint state are much more valuable than circulated ones, fetching up to $12,000!

Similarly, the color of a Lincoln penny is categorized into three designations: Red (with at least 95% original mint luster), Red-Brown (5% and 94% original red color), and Brown (Less than 5% red color.

Among these, Red 1923 Lincoln pennies fetch the highest premiums, often reaching $65,000 or more in high mint state grades, like MS65 or MS67. And while Brown pennies typically aren’t worth a lot, those from 1923 can still fetch $25 to $1,000 in the mint state!

2. 1923 Lincoln Cent Mint Marks

The 1923 Wheat Cent was produced only at two locations: Philadelphia and San Francisco. Each facility produced different numbers of pennies with unique features, impacting its rarity and worth.

1923 No Mint Mark Lincoln Penny Value (Mintage – 74,723,000)

With a high mintage of over 74 million, the Philadelphia-minted 1923 penny is quite common. In mint state, a 1923 no mint mark penny can be valued at $40 to $11,000, with the highest value reaching $11,500 for an MS67 example at Heritage Auctions.

Here are the average values of a 1923 no mint mark penny based on grades:

• MS-60 to MS63: $40-$100
• MS-64: $90-$180
• MS-65: $200-$400
• MS-66: $600-$1,700
• MS-67: $1,500-$11,500

1923 S Lincoln Penny Value (Mintage – 8,700,000)

The San Francisco-minted 1923 Lincoln wheat cents are quite rare due to their low production. They can a few hundred dollars even in a circulated grade. The most expensive 1923 S Penny sold for a stunning auction record price of over $67,560 at Legend Rare Coin Auctions!

Here are the average values of a 1923 S Wheat penny based on grades:

• MS-60 to MS63: $500-$1,680
• MS-64: $1,500-$14,400
• MS-65: $7,000-$67,500+
• MS-66: Not Discovered
• MS-67: Not Discovered

3. Most Valuable 1923 Penny Errors

Apart from the S mint mark, a 1923 Lincoln wheat cent may exhibit some rare minting errors or flaws, which can significantly boost its final value.

Partial Collar Strike Error

This coin error happens when the collar die fails to fully engage during striking, resulting in part of the coin’s edge being upset (raised) while other parts remain normal.

The value of this penny error typically ranges from $100-$400, with dramatic examples fetching higher prices. A 1923 Lincoln penny in MS62 grade with this error sold for over $310 on Heritage Auctions!

Uncentered Broad Strike Error

Uncentered broadstruck 1923 pennies are those that are struck without the collar die but also slightly off-center, resulting in a wider-than-normal coin with some design displacement.

An XF45 example of 1923 1C Cent Uncentered Broadstrike sold for $50 in a coin auction. In mint state, you can expect the value to range from $100-$500, with exceptional examples bringing more.

Off-center Strike Error

Off-center strikes occur when the planchet is misaligned between the dies during striking, causing a part of the design missing. A 1923 penny with an off-center strike can fetch $100 to $1,000 depending on the percentage off-center and whether the date remains visible.

Obverse Struck Through Thread Error

This error occurs when a thread or piece of string becomes trapped between the die and planchet during striking, leaving a raised line on the coin’s surface.

The value of 1923 penny with obverse struck-through thread error can range from $100 to $500 depending on the prominence and location of the thread mark. An MS64RB example of this error sold for $156 on Heritage Auctions!

In addition to these, Double Die errors, Clipped Planchet errors, and Cud Die Errors can also hike the worth of your 1923 penny. So, make sure to spot them as well as the other features to assess your penny value!