1923 Wheat Penny Value

The 1923 Wheat Penny had a total mintage of over 74 million from the Philadelphia Mint. While this is a relatively large mintage, comparatively, it was much smaller than the other Philadelphia 1920s mintages of the Wheat Penny. The Philadelphia Mint was known for producing coins that were well-struck with attractive surfaces, and this coin is relatively available in Mint State grades all the way up to full reds, making this an accessible and beautiful coin to add to any Wheat Penny series collection.

Image Source: PCGS

AUCTION RECORD: $11,500

History of the 1923 Wheat Penny

The 1923 Wheat Penny is available in most mid-range Mint State grades all the way up to full reds. It’s worthwhile to cherrypick through these coins and find ones that are as red as possible with minimal to no spots. The Wheat Penny was designed by Victor David Brenner. President Theodore Roosevelt wanted to prepare new coin designs that had more artistic merit. He chose Brenner based on a plaque he created with Lincoln’s profile. The Wheat Penny depicts a bust and profile of Abraham Lincoln on the obverse. The reverse features two stalks of durum wheat.

1923 Wheat Penny Worth

The 1923 Wheat Penny value ranges from a few hundred dollars to the low tens of thousands for some of the higher grade Mint State coins available. This is a very affordable coin compared to some of the others in the series, but this doesn’t detract from the value that it brings to a collection because the 1923 Wheat Penny is typically an attractive, well-struck coin. Overall, the Wheat Penny series is an affordable series for collectors looking to complete their project at a more accessible cost.

Type of coin: Penny

Year: 1923 Wheat Penny

Wheat Penny Mint Mark: Philadelphia

Total mintage: 74,723,000

Metal content: 95% Copper, 5% Tin and Zinc

Face value: 1 cent

Weight: 3.11 grams

Edge: Plain

Designer: Victor David Brenner

Diameter: 19.00 millimeters

1923 Wheat Penny For Sale

1923 Penny - Wheat Penny - Circulated VG Lincoln Cent

1923-S Penny - Wheat Penny - Circulated VG Lincoln Cent

1923 Wheat Pennies worth money (coin auctions data)

1923 MS65 Red (RD) were sold for around $300 at auctions.
1923 MS66 Red (RD) fetched between $600 and $1,000 at auctions.
1923 MS67 Red (RD) the highest grades, such as MS67 Red, have been known to sell for $4,000 to $6,000.

FAQ

1. How much is a 1923 Wheat Penny worth?

The value of a 1923 Wheat Penny depends on its condition:

Average Circulated Condition: Typically worth between $0.50 and $2.
Good to Fine Condition: Valued from $5 to $25.
Mint State (MS) Grades: Prices range from $30 to $100. High-grade examples (MS65 and above) can be worth significantly more, up to $4,000 to $6,000 for top-graded specimens.

2. Why is the 1923 Wheat Penny valuable?

While the 1923 Wheat Penny is relatively common, its value increases significantly in higher grades. Coins with excellent preservation, especially those with a Red (RD) color designation, are rare and highly sought after by collectors.

3. How can I tell if my 1923 Wheat Penny is real?

To determine the authenticity of a 1923 Wheat Penny:

Check for Wear and Damage: Consistent wear patterns and no signs of tampering or alterations.
Professional Grading: Have the coin graded by a reputable service like PCGS or NGC to confirm authenticity.

4. What are the key characteristics of a 1923 Wheat Penny?

Obverse: Features a portrait of Abraham Lincoln.
Reverse: Displays two wheat ears surrounding the words "ONE CENT" and "UNITED STATES OF AMERICA."
No Mint Mark: Coins minted in Philadelphia do not have a mint mark.

5. Where can I sell my 1923 Wheat Penny?

You can sell your 1923 Wheat Penny through various platforms:

Coin Dealers: Specialists in rare coins who often offer fair market value.
Auctions: High-profile auctions, especially for higher-grade coins.
Online Marketplaces: eBay, Heritage Auctions, and other numismatic websites.
Coin Shows: Events where collectors and dealers gather.

6. What is the highest price ever paid for a 1923 Wheat Penny?

High-grade 1923 Wheat Pennies, especially those graded MS67 Red, have fetched significant amounts at auction. For example, a 1923 MS67 Red sold for approximately $4,560 at a Heritage Auctions event.

7. How do I grade a 1923 Wheat Penny?

Grading a 1923 Wheat Penny involves evaluating its condition based on factors like wear, luster, and strike quality. Professional grading services like PCGS and NGC use a scale from 1 to 70, with higher numbers indicating better preservation and condition.

8. What are common errors to look for in a 1923 Wheat Penny?

Common errors in 1923 Wheat Pennies include:

Die Cracks: Cracks on the coin’s surface caused by a damaged die.
Double Die: Doubling of images or letters due to misalignment during striking.
Off-Center Strikes: Coins that are not centered properly during minting.

9. How many 1923 Wheat Pennies were minted?

1923 (Philadelphia): Approximately 74,723,000.

10. Is it worth getting my 1923 Wheat Penny graded?

Yes, it is generally worth getting a 1923 Wheat Penny graded if it is in good condition. Grading provides a professional assessment of the coin's condition and authenticity, which can significantly increase its market value.

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1923 Wheat Penny Value