How Much is a 1923 Penny Worth (Price Chart)

The Lincoln penny is one of the rare American coins that has been in use for more than a century. As expected, the US Mint changed pennies’ composition and design during that long period. Even though pennies minted in 1923 have a similar look to modern coins, it is slightly different, making them desirable for collectors.

The 1923 penny value is lower than the one struck a year before because of higher mintage. Two mints, Philadelphia and San Francisco produced 83,423,000 pennies in total, so you can effortlessly find even pieces in the mint state. However, there are a few pricey pennies you would like to have. Let’s see.


1923 Lincoln Penny History

1923 Lincoln Penny History

The US Mint first began the Lincoln (wheat) penny production in 1909 when Theodore Roosevelt decided to redesign American coinage. The idea was to mint the coin to commemorate Lincoln’s 100th birth anniversary.

1923 Lincoln penny

Location Year Minted
Philadelphia 1923 74,723,000
San Francisco 1923 S 8,700,000
Total / 83,423,000

The honor to create a new coin design got engraver, Victor Brenner. Interestingly, this penny brought two innovations. It was the first American coin with the President’s image on the obverse. Plus, the engraver added his full initials (VDB) to the coin reverse instead of only the last name initial.

Since this novelty with initials was not well received, they were quickly removed, making the 1909 S VDB Lincoln’s penny rare and expensive. The US Mint brought them back in 1918 and struck them under President’s shoulder on the coin obverse, but with a small font.

1923 Lincoln penny

Face value $0.01 (one cent)
Compound 95% copper – 5% tin and zinc
Coin weight 0.10970 ounces (3.11 g)
Coin diameter 0.74803 inches (19 mm)
Coin thickness 0.05984 inches (1.52 mm)
Shape Round
Edge Plain

The 1923 Lincoln penny is quite similar to the modern coin variety. You can see the Abraham Lincoln bust in its central part with the date in front. The motto IN GOD WE TRUST is above his head, while the word LIBERTY is struck behind his back.

1923 Lincoln penny value

Quality 1923 1923 S
Good $0.4 $4.5
Very good $0.5 $6
Fine $0.7 $7.9
Very fine $1.1 $11
Extra fine $5.7 $45
AU $10 $102
MS 60 $17 $242
MS 65 $34 $435

(USA Coin book)

The denomination ONE CENT and the inscription UNITED STATES OF AMERICA are placed in the center of the coin reverse. They are surrounded by two stalks of wheat on both sides.

They are the reason why this coin is popularly named Wheat penny. Finally, you can notice the phrase E PLURIBUS UNUM along the top coin rim.


1923 Lincoln Penny Types

1923 Lincoln penny

1923 Lincoln penny

The Philadelphia mint struck a high number of Lincoln pennies in 1923, almost 75 million pieces. These coins are cheap nowadays, and you can buy the one that spent time in circulation for $0.25 to $12.

Pieces in the mint state are more expensive, and those in an MS 65 grade will cost you up to $120. Remember that these coins come in different shades since copper has reacted with oxygen over time.

1923 Lincoln penny value

Year Quality
Good Fine Extra fine Uncirculated
1923 $0.35 $0.65 $5 $9.5
1923 S $4 $7 $40 $90

(JM Bullion)

The less popular red-brown species with an MS 66 rating are worth       $350 to $400, but red ones of the same quality can reach $950. However, a rare red penny in an MS 67 grade is costly, and you can expect to pay $1,350 to $1,600 for it.

The most pricey is the 1923 MS 67 Lincoln penny with the wheat reverse. It reached an auction record of an unbelievable $11,500 in 2005.

1923 S Lincoln penny

1923 S Lincoln penny

Even though 8,700,000 Lincoln pennies were struck in San Francisco in 1923, they are moderately rare nowadays, particularly in higher grades. You can find a decent circulated piece for $4.5 to $100, depending on its condition.

1923 Lincoln penny value

Quality 1923 1923 S
Good $0.25 $1.75
Very good $0.3 $2.15
Fine $0.45 $3.25
Very fine $1 $6.25
Extra fine $5.25 $33.5
Uncirculated $9.25 $85
Brilliant uncirculated $15.5 $200


On the other hand, specimens in the mint state will be more pricey and typically cost $240 to $440. The 1923 S MS 65+ RD Lincoln penny with the wheat reverse is the most expensive piece in the series. One collector paid $67,562.50 for it at an auction in 2019.


1923 Lincoln Penny Errors

1923 Lincoln Penny Errors

You can find several 1923 error Lincoln pennies that significantly affect their value. The most intriguing are:

Discolored 1923 Lincoln penny

Copper quickly discolors in contact with oxygen, leaving three penny types based on their surface shade. You can find red coins with original luster, red-brown pieces, and the least attractive brown ones.

1923 Lincoln penny value

Quality 1923 1923 RB 1923 RD
Good $0.25 to $0.3 / /
Very good $0.25 to $0.3 / /
Fine $0.25 to $0.4 / /
Very fine $0.8 to $3.6 / /
Extra fine $5 to $7.2 / /
AU $8.5 to $12 / /
MS 60 $11 to $13.2 / /
MS 61 $12.7 to $15.2 / /
MS 62 $13.8 to $16.6 / /
MS 63 $16 to $19.2 / $55 to $66
MS 64 $30 to $36 / $80 to $96
MS 65 $100 to $120 $115 to $138 $250 to $287.5
MS 66 / $350 to $402.5 $750 to $950
MS 67 / / $1,350 to $1,600


You will first notice an uneven toning when a broad dark shade band appears on the coin reverse. Such a change will significantly decrease the coin value. For instance, the 1923 RD Lincoln penny is worth roughly twice or three times more than the red-brown piece.

The 1923 Lincoln penny with the missing date or letters in inscriptions

Such coins will be worth differently, depending on the piece that misses. The excessively worn specimens without visible lettering will cost less than regular ones in higher grades.

The penny struck by the dirty, often greasy dies appeared without some letters. Such a piece is worth $50 to $150 nowadays. Pennies made with less pressure than standard can reach at least $500.

You can also find pennies with often errors, like:

  • The 1923 off-center Lincoln penny is typically worth $10 to $50
  • The 1923 Lincoln penny with die cracks costs $3
  • You should pay at least $15 for the 1923 Lincoln penny with a BIE error in the word LIBERTY
  • The rare 1923 doubled die Lincoln penny with a doubled President’s eyelid can cost $25 to $100


1923 Lincoln Penny Grading

1923 Lincoln Penny Grading

The crucial factor in determining the Lincoln penny value is its grade. It will show each piece’s preservation level. You should always check its surface for possible imperfections, but the color change is not a flaw. Since copper changes the shadow in contact with oxygen, such a thing is expected.

However, the type of color will determine the coin price. The brown specimens exposed to humid air for long are less expensive, while those with the red-brown surface are a bit pricey. The most costly are red coins kept in bags for years.

Uncirculated – When noticing a mint luster over the entire coin surface, you can be sure it is in the mint state. The rule of thumb is that shine is the first feature to disappear on circulated pieces. You will also be delighted by the delicate texture and sharp details, confirming that no one used it for paying and look like the day it was minted.

1923 Lincoln penny value

Quality 1923 1923 S
Good $0.3 $1.6
Very good $0.4 $5.6
Fine $0.6 $5.6
Very fine $0.9 $5.6
Extra fine $2.4 /


Extra fine – This piece spent a short period in circulation so that you can see only slight imperfections on its surface. In most cases, you will need a magnifying glass to see minor scratches and possible stains since this coin looks almost perfect at first glance.

Fine grade – Long time in circulation left visible traces of use on this coin surface. You can see signs of wear in its central area and moderately worn rim, but the most prominent details still exist. Legends and the date are readable, but Lincoln’s coat is a bit flattened.

1923 Lincoln penny value

Year Quality
Good Fine Extra fine Uncirculated
1923 $0.3 $0.4 $4.6 $10
1923 S $3 $6 $34 $178


Good – This coin spent years in heavy circulation, leaving numerous traces of wear on its surface. You can notice deep scratches and smooth President’s image without delicate details, particularly on his hair. As long as the date and letters in inscriptions are visible, this coin is considered a collectible.



The 1923 Lincoln penny is a century-old and among the most popular American coins ever minted. Even though some dates are rare or with famous errors, those minted this particular year are neither scarce nor highly valuable. However, many collectors enjoy adding such a piece to their collections because of its historical significance.

Sharing is caring!

Similar Posts