The Complete 1923 Penny Value Guide: See How Much A 1923 Lincoln Cent Is Worth + A List Of Rare And Valuable 1923 Wheat Penny Errors

If you’ve got a 1923 penny, you’re probably wondering how much this old Lincoln wheat cent is worth.

I remember when I found my first 1923 Lincoln cents in pocket change (before the rise of the Internet)… I had to look up coin values in books and magazines. So, it’s wonderful that I get to share my knowledge of old Lincoln wheat pennies and what they’re worth online. It’s so convenient!

Honestly, you’ll find penny values all over the board. Some sites say a 1923 wheat penny is worth only a few cents. Others suggest it’s worth thousands of dollars. Who’s correct?

The truth is, while some 1923 Lincoln cents have values into the thousands of dollars, not all of them do. So the real question is… how much is your 1923 penny worth?

You came to the right place. I’ve got the definitive answer you’re looking for…

Today, I’m going to show you how much your 1923 Lincoln cent is really worth. Plus, answer many other questions about 1923 wheat cents, including:

• What’s the most valuable 1923 penny?
• How many 1923 Lincoln cents were made?
• What’s the rarest 1923 wheat penny?
• Who designed the 1923 Lincoln cent?
• And more!

To determine the value of your 1923 Lincoln cent, we first need to know if your 1923 wheat penny has a mintmark or not.

Where Is The Mintmark On A 1923 Penny?

A mintmark will appear on a 1923 Lincoln cent as a little letter under the date.

Here’s what to look for:

• If you see a “D” on a Lincoln cent, that means the coin was made at the Denver Mint. Except… the Denver Mint didn’t make any 1923 Lincoln cents. So you won’t find a 1923-D penny.
• If you see an “S” on your 1923 penny, then it was made at the San Francisco. Mint.
• If you don’t see any mintmark at all, that means your 1923 wheat penny was made at the Philadelphia Mint (which did not place mintmarks on its coins for the first time until 1942).

Many folks think a coin without no mintmark letter is an error coin.

Yes, it’s true that some Lincoln cents without a mintmark are rare pennies with errors (and they’re worth a lot of money) — like these:

• 1922 plain cent
• 1990 no-S cent

But 1923 Lincoln cents without a mintmark letter are made in Philadelphia — and they are generally quite common.

So now you know… there are 2 types of 1923 Lincoln cents:

• Those with no mintmark, made in Philadelphia.
• Those with an “S” mintmark, made in San Francisco.

The U.S. Mint struck more than 83 million pennies in 1923.

The mintage numbers for 1923 Lincoln cents break down as follows:

• 74,723,000 at the Philadelphia Mint
• 8,700,000 at the San Francisco Mint

How Much Is A 1923 Penny Worth?

If you have a circulated 1923 penny (one that was used as money), the value falls within these ranges:

• 1923 Lincoln cent with no mintmark — 75 cents to $1.50+
• 1923-S penny made in San Francisco — $3 to $5+

*Values are for coins that are well worn (in average circulated grades, like coins found in pocket change) and have no holes, signs of cleaning, or other forms of damage. Coins that are cleaned or otherwise damaged are worth significantly less.

If you have an uncirculated 1923 penny (one that was never used as money), it’s worth more:

• A typical uncirculated 1923 Lincoln cent with no mintmark and chocolate-brown surfaces is worth about $15 and up.
• An uncirculated 1923-S penny in the same condition is worth around $200… or more! 

What’s The Most Valuable 1923 Penny?

Are you curious how much the most valuable 1923 wheat penny sold for?

Hang on to your hat — because it probably cost more than your car!

A 1923-S penny graded MS-65 Red by Professional Coin Grading Service and given a quality seal of approval by the Certified Acceptance Corporation sold in 2018 for a whopping $66,000.

Talk about a pretty penny!

IMPORTANT: What Is The Grade Of Your 1923 Penny?

To determine the true value of your 1923 wheat penny, you first need to know what condition (or grade) your coin is in.

A List Of Rare 1923 Wheat Penny Errors

The answer to this question depends on the specific error and the individual coin itself.

Here are values for the 1923 error pennies you are most likely to come across:

• 1923 penny that is off-center — $10 to $50+
• 1923 penny with a die crack — $3+
• 1923 penny with “BIE” error in “LIBERTY” — $15+

These next two are the most valuable 1923 penny errors…

1923 Doubled Die Penny Error

There’s at least one known type of 1923 Lincoln cent with a doubled die.

On the 1923 doubled die penny, Lincoln has a doubled eyelid.

Since these doubled die error coins don’t trade often, market data is scarce. But similar doubled die pennies are worth anywhere between $25 and $100… or more.

1923 Missing Letters Penny Error

OK, so as you now know… a 1923 wheat penny with no mintmark was made at the Philadelphia Mint and is totally common. But what about a 1923 penny where part of an inscription or date is missing?

Here are the approximate values of 1923 pennies with missing letters:

• If the penny just has excessive wear that obliterated the lettering, then that penny with missing letters isn’t worth much at all — at least less than the values listed above.
• If the penny was struck by a die with grease, or something happened with the die when it struck the coin causing it to have less pressure at the strike… that 1923 penny with missing letters is worth much more. A grease-filled error may be worth anywhere from $50 to $150, whereas a die-adjustment strike (which struck the coin with less pressure than normal) could be worth as much as $500.

When we’re talking this kind of money, it’s best to have the coin evaluated in-hand by a qualified numismatic professional (like a coin dealer) — to make sure you have a real error coin and not one that simply has post-mint damage.