1923 Silver Dollar Value: Peace Dollars, D, S and No Mint Mark

In this article

Quick answer

A normal 1923 U.S. silver dollar is a Peace dollar containing 90% silver and approximately 0.7734 troy ounce of fine silver. No mint mark identifies Philadelphia; D and S identify Denver and San Francisco. The Philadelphia date is common enough that age alone does not establish rarity.

The PCGS guide checked October 22, 2026 lists Philadelphia regular strikes at $90 in Very Fine 20, $100 in Mint State 63 and $175 in Mint State 65. These are retail estimates for the stated mint and grade, not guaranteed offers. A D or S coin, surface problem or recognized variety calls for a separate comparison.

Coin photos

1923 Philadelphia Peace dollar: Liberty, the radiate crown and the date identify the design.

Same 1923 reverse: find the mint-mark area below ONE near the eagle’s tail.

Basics & coin story

Anthony de Francisci’s Peace dollar followed the Morgan design in 1921. Its Liberty portrait and resting eagle commemorate the peace after World War I. The 1923 coin belongs to the later lower-relief format rather than the first-year high-relief issue.

PCGS describes Philadelphia 1923 as one of the most available Peace-dollar dates. That availability makes it a useful type coin, but it does not eliminate grade differences or make other mints interchangeable. PCGS’s San Francisco discussion notes frequent strike weakness on the 1923-S, which is a reason to examine the exact issue rather than assuming every soft detail represents the same amount of wear. See the Peace-dollar series guide for the broader context.

Identification at a glance
Feature	What to check
Type / denomination	Peace dollar / $1
Designer	Anthony de Francisci
Metal	90% silver, 10% copper
Nominal weight / diameter	26.73 g / 38.10 mm
Fine silver	Approximately 0.7734 troy ounce
Edge	Reeded
Regular issues	No mark, D and S
Mint-mark location	Reverse, below ONE near the eagle’s tail

Identification

Confirm Peace rather than Morgan

The front has Liberty facing left with a radiate crown, and the reverse eagle rests above PEACE. Morgan dollars were not issued with a 1923 date. A different design in a seller’s photograph should be resolved before its title or price is accepted.

Read the small reverse mark

Look below ONE near the tail feathers for D or S. No letter is expected for Philadelphia. A blurred or dirty area needs a clear photograph under changing light; it should not be guessed from an online listing. The mint mark is not in the Morgan position above DOLLAR.

TRVST and soft detail need different interpretations

The classical V in TRVST is normal lettering, not an error. Soft central hair or feather detail may reflect the strike, especially on an issue known for weakness, while friction can break luster on high points. Do not turn either feature into an automatic variety or an uncirculated grade. An attributed die variety requires matching diagnostics.

Condition & value

Amounts are in U.S. dollars. PCGS retail-guide examples were checked October 22, 2026 and apply only to the stated issue, grade and designation. They are not guaranteed purchase offers; current market conditions and selling costs can change the amount received.

Value comparisons: match the issue before using a price
Issue	Grade / condition	Value or reference	Basis	Important condition
1923 Philadelphia regular	VF20	$90	PCGS retail guide	Problem-free circulated example
1923 Philadelphia regular	MS63	$100	PCGS retail guide	Ordinary uncirculated comparison
1923 Philadelphia regular	MS65	$175	PCGS retail guide	Correct grade and surfaces
Contained silver	Approximately 0.7734 troy oz	0.7734 × silver spot per oz	Metal-content calculation	Not a fixed retail price
1923-D / 1923-S / attributed variety	Exact mint, grade and attribution	Use matching evidence	Separate entries	Philadelphia values are not universal

Mint State (MS) means uncirculated. Inspect Liberty’s cheek and hair, the eagle’s high points and the open fields for rub, contact marks and hairlines. Toning alone does not determine grade, and cleaning can impair an otherwise detailed coin. Use grade definitions and surface-alteration checks before assigning a holdered comparison to a raw coin.

The metal reference is approximately 0.7734 multiplied by the silver price per troy ounce. Collector demand and transaction spreads are separate from that calculation. When comparing sales, match the mint and preservation rather than relying on the highest search result. The 1922 guide and 1924 guide keep neighboring dates in their own comparisons.

Summary

Identify the Peace design, read no mark, D or S, and assess the individual surface and grade. A common Philadelphia date can still have condition premiums, while an S coin needs its own strike and price evidence. TRVST is normal; preserve the coin and compare matching sales before seeking an offer.

FAQ

Is a 1923 silver dollar a Morgan or Peace dollar?

A normal 1923 U.S. silver dollar is a Peace dollar. Morgan dollars were not issued with that date.

Is a 1923 Peace dollar with no mint mark rare?

No mark is normal for Philadelphia, a common Peace-dollar issue. Exceptional preservation or an attributed variety can matter, but the missing letter alone is not an error.

Where is the mint mark on a 1923 Peace dollar?

It is on the reverse below ONE near the eagle’s tail. D identifies Denver and S San Francisco.

Why does my 1923 dollar say TRVST?

The design uses a classical V instead of U. This is intentional and does not establish a mint error or premium.

References

References and further reading

Sources and quoted guide evidence checked October 22, 2026. Guide estimates, historical sales, face value and metal-content calculations are identified separately.