1923 Wheat Penny Value: Price Chart by Grade & Mint

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.
• Before anything else, confirm the date and mint mark are fully readable and that the surfaces have not been cleaned; the dates and mint marks guide shows what cleaning and machine doubling look like.

PCGS Price Guide values for 1923 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1923: $2–$10 in circulated grades (G4 to XF40); $80 in MS63 RD and $375 in MS65 RD.
• 1923-S: $8–$45 in circulated grades (G4 to XF40); $1,750 in MS63 RD and $43,500 in MS65 RD.

San Francisco is the lowest-mintage 1923 issue (8,700,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1923 cent usually sells for less than the lowest figure above, often a few cents in bulk wheat-cent lots. RD means full original red copper, RB red-brown, BN brown; the color grade can multiply the price. How grade and variety turn into a number is explained in what makes a coin valuable.