1923-D $1 MS65+ Certification #25174891, PCGS #7361

A remarkably characterful Denver Mint Gem, combining variegated natural toning, substantial luster, strong definition, and an intriguing network of obverse die breaks. The obverse is enveloped in mottled shades of rose, copper, burgundy, slate-blue, and charcoal, with lighter silver-gray texture remaining visible through the left field and across Liberty’s profile. Fine raised die cracks traverse portions of the upper obverse, threading among the coronet rays and lettering and providing unmistakable evidence of an advanced die state. Liberty’s central hair is unusually well defined, with distinct separation through the waves and lower curls. The reverse is exceptionally vibrant, displaying an impressionistic mixture of gold, orange, rose, pale green, turquoise, violet, and silver-gray over lively mint frost. The eagle is strongly rendered, with particularly pleasing definition through the wing, tail, talons, and olive branch. Minor contact is largely absorbed by the complex toning, leaving the focal areas attractive and well balanced. One of 6,811,000 struck, this distinctive MS65+ exhibits the color, technical quality, and individual mint-made character that make original Peace dollars so compelling. The obverse die cracks establish a second history beneath the toning. The patina records what happened to the coin after striking; the raised cracks record what was happening to the die during production. That gives the surface two distinct layers of evidence—one created at the Mint and another acquired over time. The obverse color is dense but surprisingly nuanced. Rose and burgundy dominate Liberty and the central field, while cool blue-gray and charcoal emerge toward the left and around the border. The toning has a finely fractured or stippled quality, yet Liberty’s profile remains clearly readable. Her hair is impressively brought up for a 1923-D, particularly through the central waves and the curls behind the ear. Then the reverse changes everything. It is brighter, more luminous, and extraordinarily colorful. Gold and pale green occupy much of the field, interrupted by flashes of coral, red, blue, lavender, and turquoise. The eagle is beautifully detailed and seems to rise above that mottled color. The strongest saturation near the lower rays and rock gives the composition additional depth without enclosing it in a conventional ring. The CAC approval suggests that the dense obverse toning and die-state features were properly understood rather than viewed as distractions, while the strike, luster, preservation, and especially the remarkable reverse comfortably support the “plus” designation. This is a premium Gem with genuine personality—not merely a colorful coin receiving an eye-appeal allowance.

Ron Guth

The 1923-D Peace Dollar has the second highest mintage of all the Peace Dollars made at the Denver mint.  Like the 1922-D, the 1923-D sometimes comes weakly struck in the centers, but it is possible to find fully struck examples with a little bit of luck and effort.  Most of the examples certified by PCGS are fairly equally distributed between the MS63 and MS64 grades, mostly because of strike and mark issues.  MS65 examples are fairly scarce, though not rare.  In MS66, the population drops off dramatically.  PCGS has not graded any 1923-D Peace Dollars in MS67.  Luster ranges from frosty white to chrome-like.  Many 1923-D Peace Dollars show spidery die cracks on both sides.

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Q. David Bowers

The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).

Coinage Context

When minted, the 1923-D dollars were not needed in the channels of commerce. Most were sent to storage vaults.

Numismatic Information

The first Peace dollar rarity: In an article in The Numismatist, July 1925, collector E.S. Thresher stated' that in June 1919 he embarked on a search to find each and every date of coin variety believed to be available in circulation. In the Peace dollar series, still a relatively new series when he wrote his letter in 1925, he had located every issue from 1921 through 1925 except for 1923-D, 1925-D, and 1925-S, the first being non-existent and the second not having been released yet. From this it is apparent that the 1923-D was rare in its own time, and may not have been released in 1923 or 1924, through early 1925 (for the article to have appeared in the July 1925 issue, it was probably received in April or May).

In due time, the 1923-D became the first coin to be considered a rarity in the Peace dollar series. Today, this makes curious reading, as 1923-D is not even remotely in the same context now. By 1938, the elusive nature of the 1923-D in Uncirculated grade was recognized, and in that year specimens sold for $12.50 to $20. As a point of contrast, a comparable 1934-S cost less than $1.50. However, fame was fleeting for the 1923-D, and in late autumn 1938 the Treasury turned a number of bags loose. Within a month or two the price plummeted to the $2 range or even less.

Hoard coins: Many bags were paid out by the Treasury Department from the late 1930s through at least the 1950s, after which time the government stock of mint-sealed bags of this issue was largely depleted.

Circulated grades: The 1923-D is among the commonest mintmarked Peace dollars in VF-20 to AU-58 grades. In EF and AU condition it is very plentiful, probably the result of bags having been released into circulation in the 1940s.

Mint State grades: The 1923-D is plentiful in Mint State. Most are in lower ranges such as MS-60 through 62, at which level probably several tens of thousands exist. In MS-63 grade, I believe that 5,000 to 10,000 exist, and in MS-64, 2,500 to 5,000. In comparison to the number of collectors desiring Peace dollars for their collections, these numbers are small. At the MS-65 level, probably fewer than 1,000 survive.

Most Mint State 1923-D dollars seen on the market today are well struck and lustrous on the obverse. The reverse is often lightly struck at the center, due to the dies being spaced too far apart. Some are weakly struck on the rims and at the date. The situation of careless minting was endemic at the Denver Mint in the mid-1920s, and Buffalo nickels and Lincoln cents of the era were often poorly struck as well.

As most Mint State dollars were shuffled hither and yon in storage vaults for years before being released, the typical 1923-D dollar is apt to show bagmarks, sometimes severe. Cherrypickers can profit by searching for high-grade, well struck, bagmark-free examples of this date. These are very beautiful and are very rare.

It is not unusual to see 1923-D dollars with multiple fine die cracks on the obverse, the result of dies having been employed beyond their normal useful life.

Varieties

Business strikes:

1. Breen-5719. Hub combination II-B2. VAM-I.

Micro D mintmark. One standard variety. Minor mintmark positional varieties are not collected.

Dies prepared: Obverse: Unknown; Reverse: Unknown.

Business strike mintage: 6,811,000

Estimated quantity melted: Unknown

Characteristics of striking: Most show light striking at the center of the reverse.

Known hoards of Mint State coins: A few bags exist today, but most contain coins in the lower Mint State ranges.

Commentary

Mint State coins are usually heavily bagmarked. High-grade, well-struck coins are rare.