1923 Penny (Lincoln Cent): Mintage & What to Check

In 1923 the U.S. Mint struck about 83.4 million Lincoln cents for circulation: Philadelphia 74.7 million, San Francisco 8.7 million. That is 1065% more than 1922. Among the 117 years from 1909 to 2025, 1923 ranks number 109 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1923 issue by mintage is San Francisco (8,700,000); the most common is Philadelphia (74,723,000). Within the 1920s, 1923 ranks 8 of 10 years for mintage; the decade's high was 1920 (405.7 million) and its low was 1922 (7.2 million). Mint by mint: Philadelphia did not strike circulation cents in 1922; San Francisco did not strike circulation cents in 1922.

The mint mark, if any, sits under the date on the front of the coin. A 1923 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1923 circulation cents are S (San Francisco).

• From 1918 onward the initials V.D.B. sit in tiny letters on the truncation of Lincoln's shoulder on the obverse. They are normal and do not add value; they are simply a way to confirm the coin's era.
• Wheat cents were struck in bronze (3.11 g) except for 1943. Genuine coins show a plain edge and a slightly lighter, more reddish colour than modern zinc cents when uncirculated; a brown, evenly worn coin is the normal state for this era and is not damage.
• For any 1923 cent, check three things before anything else: that the date and mint mark are fully readable, that the surfaces have not been cleaned (unnatural brightness, fine parallel scratches), and whether any doubling on the lettering is true die doubling (rounded, separated) rather than flat machine doubling.

What a 1923 cent is worth depends on three things in this order: the variety (a recognised doubled die or transitional error is worth far more than a normal coin), the mint (San Francisco is the lowest-mintage 1923 issue), and the grade (an uncirculated coin with original red colour is a different market from a worn brown one). A normal, circulated 1923 cent from the most common mint is an available coin; published price guides from grading services list values by grade and variety, and they change over time. This page does not give prices. To get a reference range for the exact coin in your hand, photograph both sides in even light and let the app read the date, mint mark and visible varieties first.