The typical 1923-S Peace Dollar is characterizerd by a poor strike, lackluster appearance, and excessive bagmarks. This is pretty typical of any S-Mint Peace Dollar, but especially so on the 1923-S. The PCGS Population Report reflects the poor quality of the 1923-S Peace Dollar, with the majority of those certified falling into the MS-63 grade level. A fair amount of MS-64 1923-S peace Dollars have been certified, but Gems are rare. Even in MS-65, this date approaches valkuations of five figures. As of this writing (11/8/2010), PCGS has certified only two 1923-S Peace Dollars in MS-66 and only a single example in MS-67. The value of these Gems is highly speculative, as none of them has appeared at auction since PCGS began keeping track of such things in 1994; one can only imagine the records that any one of these coins would set.
According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1923-S Peace Dollars for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."