David Hall: The 1923-S is scare in circulated grades, rare in mint state, and extremely rare in Gem condition. In Gem MS65 or better condition (there are only a couple of MS66s and none better), this is one of the major rarities of the series. Only the 1920-S, 1925-S, 1926-S, and 1927-S are rarer. Strike can be a major problem with this issue and in the early 1970s I actually saw an original roll (40 coins) of strictly uncirculated coins of this date and every coin was as flat as a pancake...literally...with no horn or tail detail on the buffalo whatsoever! A Gem MS65 coin has to be a decent strike and that's the major stumbling block. Most examples have a subdued light frosty luster.