The subject refers to a United States dollar coin minted from silver in 1923 at the San Francisco Mint. These coins are composed of 90% silver and 10% copper, and are a specific variety of the Peace Dollar series. Examples feature the “S” mint mark on the reverse, indicating their origin at the San Francisco Mint.

These coins hold numismatic value due to their historical significance, silver content, and relative scarcity depending on their condition and the specific mintage figures for the San Francisco Mint in that year. The coins represent a tangible piece of American history, produced during a period of economic recovery following World War I. Their existence reflects the nation’s transition and aspirations for peace.

The following sections will delve further into aspects such as the coin’s design, factors influencing its market value, notable varieties and errors, and its place within the broader context of US coinage history. These aspects are important for collectors, investors, and anyone interested in understanding the coin’s multifaceted nature.

1. San Francisco Mint

The San Francisco Mint played a crucial role in the production of the 1923 silver dollar, designated with the “S” mint mark. Understanding the mint’s operations and historical context is essential for appreciating the coin’s significance.

• Minting Volume and Capacity

  The San Francisco Mint’s capacity directly affected the number of 1923 silver dollars it could produce. Minting records reveal specific production figures, impacting the coin’s relative scarcity today. Higher mintage generally means lower individual value, though condition remains paramount.

• Minting Process at the Time

  The techniques employed by the San Francisco Mint in 1923 influenced the quality and characteristics of the coins. Factors such as die preparation, striking pressure, and quality control procedures all contributed to variations observed in surviving specimens.

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• Significance of the “S” Mint Mark

  The “S” mint mark is a direct indicator of the San Francisco Mint’s involvement. Its presence distinguishes these coins from those minted at other facilities, such as Philadelphia (no mint mark) or Denver (“D”). The mint mark serves as a provenance marker for collectors.

• Historical Context of the Mint

  In 1923, the San Francisco Mint was an established institution with a long history. Its role in producing coinage reflected the economic activity and needs of the Western United States. Understanding the Mint’s historical role provides insights into the broader context of coin production during that period.

In summary, the San Francisco Mint’s involvement in producing the 1923 silver dollar significantly influences its value, scarcity, and historical importance. The “S” mint mark, production volume, minting processes, and the Mint’s historical context all contribute to the coin’s overall appeal and collectibility. Understanding these connections provides a deeper appreciation for this specific coin.

2. Peace Dollar Design

The design of the Peace Dollar, of which the 1923 silver dollar from the San Francisco Mint is a prominent example, is intrinsically linked to the coin’s historical and aesthetic significance. Understanding the design elements is crucial for appreciating its place in numismatic history and assessing its collectibility.

• Obverse Depiction of Liberty

  The obverse features a left-facing portrait of Liberty, designed by Anthony de Francisci. This depiction, inspired by his wife Teresa de Francisci, aimed to capture a youthful and forward-looking image of freedom. The inclusion of flowing hair and a radiating crown adds to the symbolic representation of liberty. The artistic merit and cultural context of this design contribute to the coin’s overall appeal.

• Reverse Depiction of the Bald Eagle

  The reverse showcases a bald eagle perched on a rock, clutching an olive branch, with the word “PEACE” inscribed below. The eagle’s posture, facing the sunrise, symbolizes a new era of peace following World War I. The omission of arrows, typically held in the eagle’s other talon on previous coin designs, further emphasizes the theme of peace and reconciliation. This symbolic representation is central to the coin’s overall message.

• “IN GOD WE TRVST” Inscription

  The placement and spelling of the motto “IN GOD WE TRVST” are significant design elements. The Peace Dollar adopted the spelling “TRVST,” a deliberate artistic choice. Its prominent display on the obverse reflects the era’s emphasis on faith and national values. The unique spelling and its placement contribute to the coin’s distinctive character.

• Relief and Strike Quality

  The Peace Dollar’s high relief design, while aesthetically pleasing, presented challenges in striking. Incomplete strikes and softness in certain areas, particularly the high points of Liberty’s face and the eagle’s feathers, are common. The strike quality significantly impacts the coin’s condition and, consequently, its value. Well-struck examples command a premium among collectors.

These design elements collectively contribute to the 1923 silver dollar’s distinct identity. The Peace Dollar’s design is not merely decorative; it embodies a specific historical moment and set of ideals. The quality of execution, the symbolic imagery, and the artistic choices made by the designer all play a crucial role in shaping the coin’s value and enduring appeal.

3. Silver Content Value

The intrinsic value of the 1923 silver dollar minted in San Francisco is significantly influenced by its silver content. The coin’s composition, 90% silver and 10% copper, dictates a base value tied directly to prevailing silver market prices. This facet distinguishes it from purely face value or numismatic valuation, introducing a commodity-based factor that fluctuates independently.

• Spot Price Impact

  The “spot price” of silver, the current market price for immediate delivery, directly affects the minimum value of a 1923 silver dollar. As the spot price rises, the inherent worth of the silver within the coin increases correspondingly. Conversely, a drop in the spot price diminishes the silver content value. This dynamic interplay creates a floor value, irrespective of the coin’s condition or rarity.

• Calculating Intrinsic Value

  Determining the exact silver content value requires calculation. A 1923 silver dollar contains approximately 0.77344 troy ounces of silver. Multiplying this quantity by the current spot price yields the coin’s intrinsic silver value. This calculation provides a baseline against which its market price can be compared, revealing any numismatic premium.

• Melting Point Considerations

  While technically feasible, melting 1923 silver dollars solely for their silver content is generally discouraged. The numismatic value, even for coins in poor condition, typically exceeds the melt value. Furthermore, melting these historical artifacts removes them from the collector pool, potentially diminishing their long-term historical and cultural significance.

• Hedge Against Inflation

  The silver content of the 1923 silver dollar can act as a partial hedge against inflation. As the purchasing power of fiat currency decreases, the value of precious metals like silver tends to rise. Owning these coins provides a tangible asset whose value is somewhat insulated from inflationary pressures, offering a degree of financial security.

The silver content of the 1923 San Francisco-minted silver dollar establishes a fundamental valuation point. While numismatic factors often overshadow this intrinsic worth, the silver content remains a constant, underlying element. The spot price, calculation methods, melting point considerations, and potential as an inflation hedge all contribute to the complex relationship between the coin and its underlying material value, enriching its appeal to collectors and investors alike.

4. Circulation, Wear Grade

The condition of a 1923 silver dollar minted in San Francisco, assessed through its circulation and wear grade, significantly impacts its value and collectibility. This assessment involves a standardized grading scale to determine the extent of wear and damage on the coin’s surfaces. Condition is often the paramount determinant in establishing a coin’s market price.

• Grading Scales and Standards

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  Various grading scales exist, but the Sheldon scale, ranging from 1 (Poor) to 70 (Perfect Mint State), is commonly used. Professional grading services such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) assign these grades, providing a standardized and widely recognized assessment of a coin’s condition. Accurate grading requires expertise in identifying subtle wear patterns and surface imperfections.

• Impact of Wear on Design Details

  Circulation progressively erodes the design details of a 1923 silver dollar. High points, such as Liberty’s cheek and the eagle’s feathers, are the first areas to exhibit wear. As circulation continues, finer details become less defined, and the coin’s overall appearance deteriorates. Significant wear can reduce a coin’s grade to “Good” or “Fair,” substantially lowering its value.

• Mint State (Uncirculated) Examples

  A 1923 silver dollar in Mint State, also known as Uncirculated, shows no signs of wear. These coins retain their original luster and sharp details. Mint State coins are highly prized by collectors and command significantly higher prices than circulated examples. Even slight imperfections, such as bag marks or minor contact marks, can affect the assigned Mint State grade (e.g., MS63, MS65).

• Effect on Value and Collectibility

  The wear grade is a primary factor in determining the market value of a 1923 silver dollar. A coin graded MS65 can be worth hundreds or even thousands of dollars, while a circulated example graded “Very Good” might only be worth its silver content value plus a small premium. Collectors often prioritize coins in higher grades, as they represent a more pristine and visually appealing representation of the original design.

In summary, understanding the circulation and wear grade of a 1923 San Francisco silver dollar is crucial for determining its value and place within the numismatic market. Accurate grading requires expertise and adherence to established standards, as condition significantly influences both the coin’s price and its desirability among collectors.

5. Mintage Figures Data

The mintage figures for the 1923 silver dollar minted in San Francisco are a critical determinant of its scarcity and, consequently, its numismatic value. The specific number of coins struck at the San Francisco Mint during that year establishes a baseline for understanding the coin’s rarity in comparison to other Peace Dollars and other silver dollars in general. Higher mintage numbers typically correspond to lower individual coin values, assuming equal condition, while lower mintage figures often indicate greater scarcity and higher potential value for collectors. Examining official mint records provides the precise data necessary for assessing the relative abundance or scarcity of this specific coin.

Official mintage figures reveal that the San Francisco Mint produced a specific number of 1923 silver dollars marked with the “S” mint mark. This quantitative data allows collectors and investors to make informed decisions. For instance, if the mintage figures for the 1923-S Peace Dollar are significantly lower than those of the 1922 or 1924 Peace Dollars from the same mint, then the 1923-S example is inherently more scarce. Scarcity directly impacts market demand and pricing within the numismatic community. Auction records and price guides reflect the influence of mintage figures on the market value of this coin, with lower mintage examples typically commanding higher premiums.

In conclusion, mintage figures provide essential context for understanding the 1923 silver dollar from the San Francisco Mint. This data point, when considered alongside condition, historical context, and market demand, contributes significantly to determining the coin’s overall value and collectibility. Analyzing mintage figures remains a fundamental step in assessing the worth and potential of this historical coin, and supports better investment decisions by collectors. The availability and accuracy of these records are crucial for maintaining transparency and facilitating informed trading within the numismatic market.

6. Collectibility, Rarity Assessment

The collectibility and rarity assessment of the 1923 silver dollar minted in San Francisco are intrinsically linked to its appeal and market value within the numismatic community. Accurate assessment necessitates examining various factors influencing the coin’s scarcity, condition, and overall desirability among collectors.

• Survival Rate and Population Reports

  The number of 1923-S silver dollars surviving to the present day, relative to the original mintage figures, significantly impacts its rarity. Population reports compiled by grading services like PCGS and NGC provide estimates of the number of coins graded at each level. Lower survival rates, especially in higher grades, increase a coin’s rarity and enhance its collectibility. For example, a 1923-S Peace Dollar graded MS65 is significantly rarer than one graded AU55, contributing to a substantial price difference.

• Key Dates and Varieties

  While the 1923-S Peace Dollar is not considered a key date in the series, certain varieties or errors can significantly increase its collectibility. Minor variations in the die state, such as repunched mint marks or subtle design differences, can create niche collecting interests. The discovery of a notable and recognized variety would immediately elevate the coin’s desirability among specialist collectors, irrespective of its overall grade. The absence of any well-documented and widely recognized varieties for the 1923-S, however, can limit its potential collectibility to its base silver value.

• Market Demand and Collector Preferences

  Collector preferences and prevailing market demand play a pivotal role in assessing the collectibility of the 1923-S Peace Dollar. The overall popularity of the Peace Dollar series, historical interest in silver dollars, and general economic conditions all influence demand. Increased demand, driven by factors like renewed interest in coin collecting or broader economic trends, can inflate prices for scarce examples. Periods of economic recession often diminish demand, impacting market prices across the board.

• Certification and Provenance

  Professional grading and certification from reputable services like PCGS and NGC are essential for establishing the authenticity and condition of a 1923-S Peace Dollar. Certified coins are more readily accepted by collectors, as the grading service provides an impartial assessment of their condition. Coins with documented provenance, tracing their ownership back to notable collections or historical figures, can command premiums due to their enhanced historical significance and unique story. The presence of a well-documented pedigree further increases the coin’s overall desirability and value.

In summary, the collectibility and rarity assessment of the 1923 silver dollar from the San Francisco Mint is multifaceted, encompassing survival rates, the presence of notable varieties, market demand, and certification by reputable grading services. These factors, combined with a thorough understanding of the coin’s historical context and intrinsic silver value, contribute to an informed assessment of its overall worth within the numismatic market. The presence of documented information and high-quality graded examples is key for collectors to fully appreciate the coin’s value.

Frequently Asked Questions

This section addresses common inquiries regarding the 1923 silver dollar produced at the San Francisco Mint, providing concise and authoritative answers.

Question 1: What distinguishes a 1923-S silver dollar from other Peace Dollars?

The presence of the “S” mint mark on the reverse of the coin, indicating its production at the San Francisco Mint, is the primary distinguishing feature. Other Peace Dollars may lack a mint mark (Philadelphia) or bear a “D” mint mark (Denver).

Question 2: How does the silver content affect the value of the 1923-S dollar?

The coin contains approximately 0.77344 troy ounces of silver. Its intrinsic value fluctuates with the spot price of silver, establishing a minimum value floor. However, numismatic value often exceeds the melt value, particularly for coins in better condition.

Question 3: What factors influence the grading of a 1923-S silver dollar?

Wear, surface condition, strike quality, and the presence of any imperfections are key determinants. Professional grading services such as PCGS and NGC employ standardized scales to assess these factors.

Question 4: Are there any specific errors or varieties that significantly increase the coin’s value?

While major errors are relatively uncommon for the 1923-S Peace Dollar, minor die variations or repunched mint marks may exist. Recognized and documented varieties typically command a premium among specialized collectors. It is essential to consult specialist numismatic resources.

Question 5: How do mintage figures impact the rarity and value of the 1923-S dollar?

Lower mintage figures generally indicate greater scarcity and potentially higher value, assuming equal condition. Mintage data, available from official mint records, provides context for assessing the coin’s relative abundance or scarcity.

Question 6: Is the 1923-S silver dollar a worthwhile investment?

Investment potential depends on various factors, including market conditions, the coin’s condition, and personal investment goals. Consult with a numismatic expert before making any investment decisions. The coin combines the potential for appreciation in both silver value and numismatic worth.

In essence, understanding the mint mark, silver content, grading criteria, potential errors, mintage figures, and market dynamics is crucial for assessing the value and collectibility of the 1923 silver dollar from the San Francisco Mint.

The subsequent section delves into resources for further study.

Tips for Collectors

The following recommendations are for those interested in acquiring, preserving, or evaluating a 1923 silver dollar minted at the San Francisco Mint. These suggestions emphasize informed decision-making and responsible collecting practices.

Tip 1: Prioritize Certified Examples: Opt for coins graded by reputable services like PCGS or NGC. Certification ensures authenticity and provides a standardized assessment of condition, mitigating the risk of overpaying for misrepresented examples.

Tip 2: Research Mintage Figures: Investigate official mintage records to ascertain the coin’s relative scarcity. Lower mintage numbers, combined with high grades, typically correlate with increased value and collectibility.

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Tip 3: Scrutinize for Alterations: Examine coins carefully for signs of cleaning, polishing, or artificial toning. Such alterations can detract from a coin’s value and originality, rendering it less desirable to serious collectors.

Tip 4: Understand Grading Standards: Familiarize oneself with established grading scales and learn to identify subtle wear patterns that distinguish different grade levels. Accurate self-assessment enhances the ability to evaluate fair market prices.

Tip 5: Monitor Market Trends: Track auction results, price guides, and dealer offerings to gain insights into current market valuations. Market awareness enables informed bidding and purchasing decisions.

Tip 6: Store Properly: Preserve coins in archival-quality holders to protect them from environmental damage, such as humidity and oxidation. Proper storage maintains the coin’s condition and long-term value.

Tip 7: Seek Expert Advice: Consult with knowledgeable numismatists or dealers before making significant acquisitions. Expert guidance can provide valuable insights and prevent costly mistakes.

By following these guidelines, collectors can enhance their understanding of the 1923 silver dollar from the San Francisco Mint, increase the likelihood of acquiring worthwhile examples, and ensure the responsible preservation of these historical artifacts.

The subsequent section provides resources for further exploration of the topic.

Conclusion

This exploration of the 1923 silver dollar S has illuminated its multifaceted nature. Understanding the coin necessitates considering its San Francisco Mint origins, inherent silver content, design elements, condition grading, mintage figures, and collectibility within the broader numismatic market. These elements interact to determine the coin’s historical significance and monetary value.

Continued study and meticulous examination are crucial for informed acquisition and responsible preservation of these historical artifacts. A comprehensive understanding of the 1923 silver dollar S ensures its appreciation for generations to come. Further research into coinage history and numismatic principles is encouraged.