Minted during the early period of America’s Coolidge prosperity in 1923 when unemployment had fallen to 4.8 percent and the nation was experiencing unprecedented economic growth.
Meanwhile, San Francisco served as the sole mint producing Walking Liberty half dollars in 1923, striking just 2,178,000 specimens during this transformative period when America’s economy was expanding rapidly with new construction, automobile production, and technological innovations. The coin represents a fascinating numismatic witness to America’s golden age of prosperity and cultural renaissance.
Understanding what makes these silver coins valuable requires examining their rarity, condition, and historical significance in today’s collector market.
1923 Half Dollar Value By Variety
Based on the value chart, the 1923-S Half Dollar demonstrates the dramatic impact of condition on value.
1923 Half Dollar Value Chart
| TYPE | GOOD | FINE | AU | MS | PR |
|---|---|---|---|---|---|
| 1923 S Half Dollar Value | $45 | $714 | $2,983 | $21,649 | — |
1923 Half Dollar Market Trend
Market Interest Trend Chart – 1923 Half Dollar
The market interest data for 1923 half dollars reveals a highly volatile pattern characterized by dramatic peaks and sharp corrections over the past decade.
The chart displays four distinct surge cycles, with the most prominent spikes occurring in mid-2016, early 2017, mid-2018, and a notable resurgence around 2023.
The early years (2015-2019) demonstrated extreme volatility, with interest levels fluctuating wildly between near-zero lows and peaks exceeding 4,500. These dramatic swings reflect as collectors discovered the scarcity of high-grade examples, periodic buying frenzies drove intense market activity. The sharp drops following each peak suggest profit-taking behavior and market corrections typical of condition rarities.
From 2019 onward, the pattern stabilized into more moderate but sustained activity levels, maintaining consistent engagement between 1,500-2,500 range with occasional spikes.
For deeper insights into how the 1923 half dollar compares to other actively traded coins, explore our US Coin Market Trend Ranking (Top 100), which tracks performance metrics across America’s most collected denominations.
History Of The 1923 Half Dollar
The 1923 Walking Liberty half dollar emerged during a pivotal moment in American economic recovery, when the nation was transitioning from post-World War I recession to the prosperity of the Roaring Twenties. With unemployment falling to 4.8 percent and industrial production surging, the United States experienced renewed commercial activity that drove demand for silver coinage.
San Francisco served as the sole production facility for half dollars in 1923, striking 2,178,000 coins featuring Adolph Weinman’s acclaimed Walking Liberty design. This elegant composition, introduced in 1916, depicted Liberty striding toward the dawn with flowing robes and outstretched arms, symbolizing America’s march toward progress and prosperity.
The 1923-S represents part of an unusual production pattern in the Walking Liberty series. And production remained sporadic through the mid-1920s. This limited production occurred as the Treasury focused on smaller denominations during the economic transition, with Peace Dollars abundant for larger transactions.
The coins entered circulation during America’s cultural renaissance, carrying citizens through the jazz age and technological revolution that defined the decade before the 1929 stock market crash reshaped the economic landscape.
Also Read: 10 Most Historic Years of Walking Liberty Half Dollar (1916-1947)
Is Your 1923 Half Dollar Rare?
1923-S Half Dollar
The 1923-S half dollar achieves “Mythic” rarity status with a score of 80, ranking 14th among all Walking Liberty half dollars. This classification reflects its position as a true condition rarity—while over two million were originally minted, finding examples in higher grades becomes increasingly challenging.
The coin’s rarity stems from typical San Francisco Mint striking characteristics and decades of heavy circulation during the 1920s economic boom.
Use our CoinValueChecker App to instantly assess your specific coin’s rarity grade and current market position based on condition.
To discover how the 1923-S compares against other scarce dates in the series, explore our comprehensive Walking Liberty Half Dollar Rarity Ranking (Top 100) for complete market perspective.
Key Features of The 1923 Half Dollar
Minted during the height of Coolidge prosperity and America was experiencing unprecedented economic growth, the 1923 half dollar showcases Adolph Weinman’s masterful artistic vision within the Walking Liberty series.
The Obverse Of The 1923 Half Dollar
The obverse features Liberty’s full figure wearing a flowing gown, with her right hand outstretched toward the rising sun and her left holding a bouquet of olive branches symbolizing peace. She appears draped in the American flag flowing behind her like a cape, striding over rocky terrain that represents America’s rugged foundation.
The inscription “LIBERTY” is widely spaced above the central figure, “IN GOD WE TRUST” appears to the right, and the date “1923” is positioned below along the rim. The sun’s rays emanate dramatically from the lower left, creating depth and movement in Weinman’s sculptural composition.
The Reverse Of The 1923 Half Dollar
The reverse depicts an American eagle perched on a rocky crag with wings raised in a defiant stance, while a mountain pine sapling springs from the rock symbolizing America’s strength and growth.
The inscription “UNITED STATES OF AMERICA” curves above the eagle, with “E PLURIBUS UNUM” positioned to the left and the denomination “HALF DOLLAR” below.
Weinman’s initials “AW” appear beneath the eagle’s right wing, while the mint mark “S” for San Francisco is located on the left side of the rocky base, indicating the coin’s exclusive production at that facility.
Other Features Of The 1923 Half Dollar
The 1923 Walking Liberty Half Dollars are lovely round coins consisting of 90% silver. There are 11.25 g (0.36169 troy ounces) of precious metal in a coin weighing 12.5 g (0.40188 troy ounces). Each piece has a diameter of 30.63 mm (1.2059 inches) and is 1.8 mm (0,07086 inches) thick. Reeded edge protects it from fraud and illegal silver layer removal.
1923 Half Dollar Mintage & Survival Data
1923 Half Dollar Mintage & Survival Chart
Survival Distribution
| Type | Mintage | Survival | Survival Rate |
|---|---|---|---|
| S | 2,178,000 | 105,000 | 4.8209% |
The 1923-S half dollar explains its condition rarity status. From an original mintage of 2,178,000 coins struck exclusively at San Francisco, only approximately 105,000 examples are estimated to survive today—a mere 4.82% survival rate that reflects nearly a century of heavy circulation and melting.
The survival data reveals why collectors and dealers recognize the 1923-S as a true condition rarity despite its substantial original production. As the vast majority of survivors show substantial wear from circulation during the Roaring Twenties economic boom, when half dollars saw extensive commercial use.
To discover how these survival patterns compare across the entire half dollar series and identify other dates with similar scarcity characteristics, explore our comprehensive Walking Liberty Half Dollar Survival Ranking (Top 100) for complete preservation insights.
1923 Half Dollar Grading
The 1923-S becomes scarce in higher circulated grades above Extremely Fine and transforms into genuine rarity in mint state condition, making precise condition assessment essential for collectors.
Professional grading requires careful attention to typical San Francisco mint characteristics, including weak strike problems that affect Liberty’s hand and central reverse devices.
The 90% silver composition creates unique preservation challenges, with most survivors showing substantial circulation wear from the Roaring Twenties economic activity.
Use our CoinValueChecker App to get an instant grade assessment and current market value based on your coin’s specific condition and strike quality.
For comprehensive grading techniques covering all aspects of condition evaluation, consult our detailed guide on How to Grade Walking Liberty Half Dollar.
1923 Half Dollar Value Guides
The 1923 Walking Liberty half dollar presents a unique collecting proposition, representing the half dollar production during America’s Coolidge early prosperity boom. This San Francisco-only issue transforms from an affordable silver collectible in circulated grades to a genuine condition rarity commanding substantial premiums in mint state preservation.
1923 Half Dollar Categories:
- 1923-S Half Dollar (San Francisco)
1923-S Half Dollar Value
The 1923-S Walking Liberty half dollar stands as a premier condition rarity within American numismatics, with only 2,178,000 coins struck exclusively at San Francisco.
According to survey statistics, this issue ranks as the one of rarest among the Walking Liberty half dollars minted between 1921-1929, becoming genuinely scarce in higher circulated grades above Extremely Fine and transforming into authentic rarity in mint state condition.
The coin presents unique striking challenges characteristic of San Francisco production, with many specimens exhibiting weak detail on Liberty’s hand and central reverse devices, making sharply struck examples exceptionally valuable.
Market performance reflects this scarcity dramatically. Auction records show a spectacular $48,875 realized for an MS-66 example in November 2006.
1923-S Half Dollar Price/Grade Chart
Price by 1-70 Grade (Latest Auction Records Included)
