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 $15,000! So, let’s find out what makes these 1923 pennies valuable and how you can identify if you’ve got a hidden gem!
Identifying a Genuine 1923 Wheat Penny (Design & Features)
Before you assess your 1923 Wheat Penny value, verify its unique design details and other physical features! Missing the following features can indicate a counterfeit!
1923 Lincoln Cent Obverse:
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- A right-facing profile of Abraham Lincoln
- ‘IN GOD, WE TRUST,’ above Lincoln’s head
- ‘Liberty’ to Lincoln’s left (back)
- The mint date ‘1923’ to Lincoln’s right
- The mint mark, S, if present, below the mint date
1923 Lincoln Penny Reverse:
- The Latin phrase ‘E. PLURIBUS UNUM’ at the top
- The denomination ‘ONE CENT’ in the center upper side
- ‘UNITED STATES OF AMERICA’ right below the denomination
- Two wheat stalks surrounding the denomination and nation’s name
1923 Wheat Cent Composition, Size and Weight
The 1923 Lincoln wheat penny followed the traditional bronze composition and other dimensions set of the Lincoln penny in 1909!
| 1923 Lincoln Penny | Key Features |
| Material Composition | Bronze (95% Copper, 5% Tin & Zinc) |
| Minting Location | Philadelphia, Denver & San Francisco |
| Year of Minting | 1923 |
| Face Value | 0.01$ or 1 Cent |
| Weight | 3.11 grams |
| Diameter | 19 mm |
| Thickness | 1.52 mm |
| Designer | Victor David Brenner |
| Mint Marks | No Mint Mark-Philadelphia D-Denver Mint S-San Francisco Mint |
| Total Mintage (All Mints) | 83,423,000 coins |
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.
