1823 Capped Bust Half Dollar Value: Price Guide & Varieties
The 1823 Capped Bust Half Dollar ranges from $68-$75 in G-4 to over $125,000 in MS-67. Broken 3, Patched 3, and Ugly 3 varieties command significant premiums.
The 1823 Capped Bust Half Dollar is worth $68 to $125,000 depending on grade and variety.
- Circulated (G-4 to XF-45): $68 – $375
- About Uncirculated (AU-50 to AU-58): $550 – $700
- Mint State (MS-60 to MS-63): $1,400 – $4,250
- Top business strikes (MS-64+): $5,000 – $125,000
- Major varieties (Broken 3, Patched 3, Ugly 3): 2x–10x premium
- Proof strikings: $44,000 – $90,000+ (extremely rare)
Values are heavily influenced by the specific Overton die variety, with 18 cataloged marriages ranging from common to extremely rare.
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1823 Capped Bust Half Dollar: A Die Variety Collector's Prize
The 1823 Capped Bust Half Dollar represents one of the most fascinating issues in early American silver coinage. Struck exclusively at the Philadelphia Mint with a reported mintage of 1,694,200 pieces, this coin belies its common-date status through an extraordinary array of 18 documented die varieties cataloged by the Overton system. Values range from under $100 for worn examples to over $125,000 for the finest known specimen, with die variety playing a crucial role in determining price.
Three famous date varieties—the Broken 3, Patched 3, and Ugly 3—command significant premiums and are recognized even in mainstream collecting references. The extremely rare Proof striking elevates this date to legendary status among advanced collectors. This comprehensive guide covers identification, grading, variety attribution, and current market values for all 1823 Half Dollar issues.
How to Identify an 1823 Capped Bust Half Dollar
Proper identification of an 1823 Capped Bust Half Dollar requires attention to several distinctive design elements and production characteristics unique to this era of American coinage.
Mint Mark: All 1823 Half Dollars were struck at the Philadelphia Mint and carry no mint mark. According to minting practices of the period, the main facility did not apply mint marks to its coinage. Any example bearing a mint mark should be considered suspicious and examined carefully for authenticity.
Obverse Design: The obverse features German-born engraver John Reich's distinctive left-facing Liberty portrait, often called the "Turban Head" due to the appearance of her cap. Key diagnostic features include a mobcap with a high, puffy crown securing Liberty's curly hair, a headband inscribed with LIBERTY, thirteen stars surrounding the portrait (seven left, six right), and the date 1823 positioned centrally below the bust.
Reverse Design: The reverse displays Reich's naturalistic eagle with spread wings, replacing the earlier Heraldic Eagle design. A Union shield is superimposed on the eagle's breast, while the bird's talons grasp a bundle of three arrows (left) and an olive branch (right). A scroll above the eagle's head is inscribed E PLURIBUS UNUM. The legend UNITED STATES OF AMERICA encircles the upper periphery, with the denomination 50 C. located below the eagle.
Edge: A defining authentication feature is the lettered edge. Before striking, planchets were passed through a machine that impressed FIFTY CENTS OR HALF A DOLLAR around the circumference. Because this was a separate process, the appearance, spacing, and orientation of edge lettering varies from coin to coin—this natural variation is a key point in authenticating genuine examples versus cast counterfeits.
Specifications: Genuine examples weigh approximately 13.48–13.50 grams, measure 32.50 mm in diameter, and consist of 89.2% silver and 10.8% copper. The coin contains 0.3866 troy ounces of pure silver.
1823 Half Dollar Value: Complete Price Guide
The market for 1823 Capped Bust Half Dollars is highly segmented, with values driven by grade, variety, and strike quality. Prices shown represent retail estimates for problem-free, certified coins based on PCGS and NGC price guides (October 2025) and recent auction results.
💡 Melt Value Context
With silver at approximately $47.60 per troy ounce (October 2025), the melt value is about $18.40. Even low-grade collectible examples trade at nearly four times melt value, demonstrating this coin's status as a numismatic artifact rather than bullion.
Business Strike Values (All Varieties Aggregated)
The following table represents market values for typical 1823 Half Dollars without attribution to specific varieties. Common Overton numbers like O-105 and O-112 would fall into these ranges, while famous varieties command substantial premiums detailed in the next section.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| G-4 | $75 | $68 |
| VF-20 | $200 | $135 |
| EF-40 | $375 | $255 |
| AU-50 | $675 | $550–$700 |
| MS-60 | $2,000 | $1,400 |
| MS-62 | $2,850 | $1,950–$2,150 |
| MS-63 | $4,250 | $2,800–$3,100 |
| MS-64 | $5,250 | $4,950–$6,750 |
| MS-65 | $11,500 | $16,250–$19,000 |
| MS-66 | $77,500 | $24,500–$28,000 |
| MS-67 | $125,000 | $41,000–$44,000 |
The significant divergence in gem grades reflects different methodologies in tracking record-setting auction prices. An NGC MS-67 (O-107) realized $102,000 at Heritage Auctions in February 2023, supporting the higher PCGS valuation at this elite level.
Notable Auction Results
- MS-67 (O-107): $102,000(Heritage, February 2023) — Finest certified business strike
- MS-65 (O-103): $11,750(Pogue Collection, February 2016)
- AU-55 (O-104): $720(Stack's Bowers, April 2025)
- EF-45 (O-102): $705(Stack's Bowers, March 2016) — Scarcer variety
1823 Proof Half Dollar (Extremely Rare)
Proof examples of the 1823 Half Dollar rank among the rarest issues in the entire Capped Bust series. Struck in minuscule quantities (likely fewer than a dozen pieces) for presentation purposes, these coins exhibit deeply mirrored fields, frosted devices, and exceptional sharpness characteristic of early U.S. Proof production.
| Grade | NGC Value | Census |
|---|---|---|
| PF-63 | $75,000 | 1 graded |
| PF-64 | $90,000 | None graded |
The sole NGC-graded PF-63 specimen has a documented auction history demonstrating market volatility for ultra-rarities: it sold for $80,500 at Heritage in April 2011, then realized $44,062.50 at Heritage in January 2013. Given significant appreciation in the rare coin market since 2013, current value likely exceeds the 2011 realization.
Grading Your 1823 Capped Bust Half Dollar
Accurate grading is essential for determining the value of your 1823 Half Dollar. While professional certification from PCGS or NGC is recommended for valuable examples, understanding the grading standards helps collectors make informed decisions.
Circulated Grades (G-4 through AU-58)
Good-4 (G-4): The lowest collectible grade. Liberty's portrait is heavily worn with the date barely visible. The headband inscription LIBERTY may be partially worn away. On the reverse, the eagle shows significant flattening with weak feather details. Rim may show wear into letters of the legend.
Very Fine-20 (VF-20): Moderate wear is evident throughout. Liberty's hair shows definition but high points are smooth. About 50% of hair detail remains visible. The cheek displays noticeable flatness. On the reverse, approximately half of the eagle's feathers are distinct. Star centers show some wear but remain generally clear.
Extremely Fine-40 (EF-40): Light wear appears on the highest points only. Liberty's hair above the eye and ear shows slight flattening, but most curls remain distinct. The cheek has trace wear. On the reverse, 75% or more of feather details are visible. The eagle's wing edges show slight softness. This is often considered the minimum grade for serious type collectors.
About Uncirculated-50 (AU-50): Only slight traces of wear are visible on the absolute highest points: Liberty's hair above the eye, the highest curl above her ear, and her cheek. On the reverse, minimal wear appears on the eagle's breast shield and wing edges. Approximately 50% of original mint luster remains visible in protected areas.
About Uncirculated-55/58 (AU-55/58): Virtually all design details are sharp with only the barest trace of wear on the highest points. Original mint luster is extensive, covering 75%–90% of surfaces. These coins approach Mint State quality and can be difficult to distinguish from weakly struck MS examples.
Mint State Grades (MS-60 through MS-67)
MS-60 to MS-62: No wear is present, but numerous contact marks and bag marks are visible, particularly in the open field areas. Luster may be slightly impaired or subdued. Strike quality varies—many 1823 Half Dollars were struck from worn dies, resulting in weakness in star centers and eagle feather details even on uncirculated examples.
MS-63 to MS-64: Fewer and less distracting marks are present. The coin displays attractive luster, though it may not be fully vibrant. Eye appeal becomes a significant factor. Coins struck from fresh dies with full, sharp details command strong premiums over weakly struck examples of the same numerical grade.
MS-65 (Gem Uncirculated): Outstanding eye appeal with strong, original luster. Only minor, scattered marks are visible, and none in focal areas. Sharp strike is essential at this level. Examples with attractive original toning are particularly desirable. This grade represents the beginning of true condition rarity for the issue.
MS-66 to MS-67 (Superb Gem): Exceptional coins with virtually flawless surfaces. Marks are minimal and insignificant under magnification. Full, vibrant cartwheel luster and pristine surfaces define these grades. The finest known 1823 business strike, an MS-67, is essentially unique in this condition, making it a landmark piece worth six figures.
🔍 Strike Quality Matters
Many 1823 Half Dollars were struck from worn dies, resulting in weak details even on uncirculated examples. A sharply struck MS-63 can be more desirable—and valuable—than a weakly struck MS-64. Always examine star centers, hair details, and eagle feathers for sharpness.
1823 Overton Die Varieties: The Heart of Collecting
The 1823 Half Dollar is among the most actively collected dates by die variety specialists. Eighteen distinct Overton die marriages are cataloged, ranging from common (R-1) to extremely rare (R-7-). Three varieties—the Broken 3, Patched 3, and Ugly 3—have achieved widespread recognition and command substantial premiums even in mainstream collecting circles.
Major Collectible Varieties
Overton-101: Broken 3 (R-3, Scarce): This variety is distinguished by a clear separation between the upper and lower arcs of the numeral 3, making it appear as two disconnected parts. The defect resulted from a damaged numeral punch used to create the date. This represents an early die state of the obverse that was later "repaired" to create the Patched 3.
Valuation: The Broken 3 carries significant premiums across all grades. Circulated examples in VF-EF range from $400–$1,400. AU grades typically fall between $2,500–$3,500. In Mint State, values escalate dramatically: an MS-63 realized $23,500 in November 2013, while the finest known MS-65+ specimen achieved $64,625 at Stack's Bowers in February 2016.
Overton-101a: Patched 3 (R-1, Common but Major Variety): After striking Broken 3 coins, a mint engraver attempted to repair the die by manually punching material into the gap. The result is a crude, lumpy "patch" visible in the center of the numeral. Despite being common in terms of availability (R-1), its status as a named Red Book variety ensures strong collector demand.
Valuation: Circulated examples range from approximately $475 (VF-30) to $1,000 (XF-40). AU grades begin around $1,700. Top-quality Mint State examples have achieved $28,200 (MS-65) and $19,975 (MS-65+) in major auctions, demonstrating robust demand for this popular variety in superb condition.
Overton-102: Patched 3 (R-4, Scarce): This variety uses the same patched obverse die as O-101a but paired with a different reverse die. The R-4 rarity rating (scarce) makes it considerably more difficult to obtain than the common O-101a, and it commands a premium sought by die marriage specialists.
Overton-110a: Ugly 3 (R-3, Scarce): The center of the numeral 3 is completely filled in, creating a malformed, indistinct appearance. Research suggests this was not an intentional modification but rather resulted from a terminal die state where a die crack broke away the metal forming the interior of the digit. This late die state of the O-110 marriage is another highly popular Red Book variety.
Valuation: Circulated examples range from $390 (VF) to over $1,265 (XF-45). AU grades can exceed $4,500 (AU-55). A high-end MS-65 example realized $16,450 at Heritage in August 2015.
Rarest Overton Varieties
Overton-109 (R-5+, Rare): Unlike the famous date varieties, O-109 requires careful study of relative positions of stars, letters, and die markers for attribution. This rare die marriage is primarily sought by advanced specialists attempting complete sets.
Overton-113 (R-7-, Very Rare): With only a very small number of examples known to exist, O-113 represents one of the key rarities of the entire Capped Bust Half Dollar series. These coins are traded infrequently, appearing only occasionally at major auctions. Due to extreme rarity, no reliable public pricing exists—values are determined case-by-case when examples surface, with problem-free specimens commanding prices well into five figures or higher.
Complete Overton Attribution Table
| Overton # | Type | Rarity | Notes |
|---|---|---|---|
| O-101 | Broken 3 | R-3 | Early die state, major variety |
| O-101a | Patched 3 | R-1 | Late die state of O-101, very popular |
| O-102 | Patched 3 | R-4 | Same obverse, different reverse |
| O-103 | Normal 3 | R-2 | Common |
| O-104 | Normal 3 | R-3 | Scarce |
| O-105 | Normal 3 | R-1 | Common |
| O-106 | Normal 3 | R-3 | Scarce |
| O-106a | Normal 3 | R-2 | Common |
| O-107 | Normal 3 | R-2 | Common; finest certified MS-67 |
| O-108 | Normal 3 | R-2 | Common |
| O-108a | Normal 3 | R-3 | Scarce |
| O-109 | Normal 3 | R-5+ | Rare, sought by specialists |
| O-110 | Normal 3 | R-2 | Early die state |
| O-110a | Ugly 3 | R-3 | Late die state, major variety |
| O-111 | Normal 3 | R-3 | Scarce |
| O-111a | Normal 3 | R-2 | Common |
| O-112 | Normal 3 | R-1 | Common |
| O-113 | Normal 3 | R-7- | Very rare, key date |
📚 Attribution Resources
Proper attribution requires Al C. Overton's reference work Early Half Dollar Die Varieties 1794-1836. Each variety is identified by careful study of star positions, date placement, die cracks, and other diagnostics visible under magnification.
1823 Half Dollar Mint Errors
While die varieties resulting from the manufacturing process are common on Capped Bust coinage, major minting errors occurring during the striking process are considerably scarcer and often command significant premiums. Minor die-related issues such as small die cracks, faint die clashes, or slight die rotations are relatively common for this era and typically add only modest premiums unless particularly dramatic.
Off-Center Strikes
Off-center strikes occur when the planchet is not properly seated between the dies at the moment of striking, resulting in a portion of the design being missing with a corresponding area of blank planchet on the opposite side. This is one of the most dramatic and collectible error types.
Value Factors: The primary determinant is the percentage the coin is off-center—a 50% off-center strike is generally more desirable than a 10% example. Visibility of the full date and denomination is critical, as an off-center strike retaining the complete date is significantly more valuable than one where the date is partially or fully missing.
Market Data: A documented example graded VF Details by PCGS, described as Double-Struck with 60% Off-Center first strike, was offered at $1,495. This price for a dramatic error on a nearly 200-year-old coin provides a solid reference point.
Estimated Value Range:
- Minor (5-10% off-center, full date): $300–$600 in circulated grades
- Major (20-60% off-center, full date): $750–$1,500+ depending on grade and specific characteristics
Other Major Error Types
While specific 1823 examples were not extensively documented in available research, other major error types known on Capped Bust Half Dollars include:
Broadstrikes: Struck without a retaining collar, causing the coin to spread beyond normal diameter with a plain edge instead of the characteristic lettered edge. The extent of spread determines value, typically $200–$700.
Clipped Planchets: A portion of the planchet is missing due to an error in the blanking process before striking. A single curved clip might add $100–$300 to base value, while double or ragged clips command higher premiums.
Lamination Flaws: A piece of the coin's surface flakes away due to impurities in the silver alloy. Minor laminations are relatively common and add little value, but large, dramatic "peels" exposing subsurface layers can be worth $100–$400 depending on size and location.
⚠️ Authentication Essential
Major errors require professional authentication to distinguish genuine mint errors from post-mint damage. Submit significant errors to PCGS or NGC for certification before selling.
Authenticating Your 1823 Capped Bust Half Dollar
Authentication is the most critical step in acquiring or selling an 1823 Capped Bust Half Dollar. While third-party certification from PCGS or NGC is the industry standard and strongly recommended for valuable examples, collectors should understand the key diagnostics of genuine coins and the threats posed by counterfeits.
Genuine 1823 Half Dollars conform to official specifications: approximately 13.5 grams weight, 32.5 mm diameter, and 89.2% silver composition. The lettered edge reading FIFTY CENTS OR HALF A DOLLAR is a crucial authentication feature that is often poorly replicated on forgeries. On authentic coins, signs of wear should be logical and consistent, appearing first on the highest points such as Liberty's hair above her eye, her cheek, and the edges of the eagle's wings.
The Capped Bust Half Dollar series is notable for a large number of contemporary counterfeits produced in the 1820s and 1830s for circulation alongside genuine coins. These historical fakes have become a legitimate collecting field documented in Keith Davignon's reference work Contemporary Counterfeit Capped Bust Half Dollars. These pieces were often cast or struck in base metal alloys like German silver or billon. Diagnostic markers include underweight specifications, soapy or porous surfaces, weak or mushy details, incorrect font styles, or a missing eye on the eagle. It's important to recognize that these historical counterfeits have their own market value among specialists and can sometimes exceed the value of a genuine low-grade example.
Modern forgeries, many originating from China and sold through online platforms, represent a different threat. These are created to deceive collectors, have no historical or numismatic value, and are illegal to import or sell in the United States. They often exhibit incorrect weight, lack proper die characteristics, and sometimes feature a "common" reverse design paired with multiple obverse dates. These should be avoided entirely.
Cleaned coins represent another authentication challenge. Harsh cleaning permanently damages a coin's surface, leaving telltale signs including unnaturally bright or dull, lifeless appearance; fine parallel scratches (hairlines) visible under magnification in the fields; and lack of original toning or "skin" in protected areas. Coins with cleaning issues are typically encapsulated with a "details" grade (such as "XF Details - Cleaned") by grading services, indicating the technical grade but noting the problem. These coins should generally be avoided as they have significantly reduced value and liquidity compared to problem-free examples.
Common forms of damage that severely impact value include rim bumps from being dropped, intentional scratches or carvings (graffiti), and plugging where a hole has been drilled and filled. These issues are considered terminal flaws by serious collectors, and problem coins should be avoided by investors and discerning collectors as their market value is unpredictable and typically only a small fraction of a problem-free coin's value.
Preserving Your 1823 Half Dollar
Proper long-term storage is essential to protect the value and condition of your 1823 Capped Bust Half Dollar. The hard plastic holders ("slabs") used by PCGS and NGC provide ideal protection for certified coins, as they are constructed from inert materials that prevent environmental damage while allowing viewing.
For raw (uncertified) coins, handle them only by their edges and store in archival-quality, inert acrylic capsules. Never touch the obverse or reverse surfaces with bare hands, as skin oils contain acids that can cause spotting and toning over time. If examining details under magnification, work over a soft cloth surface to prevent damage if dropped.
Storage environment is critical for silver coins. Keep your collection in a stable environment away from high humidity or extreme temperature fluctuations. Avoid storage in containers made of wood, cardboard, or paper containing sulfur, as these materials can cause adverse and damaging toning. Commercially available coin albums and folders should be examined carefully—many older products contain PVC (polyvinyl chloride) which can leach onto coins and cause permanent green damage.
Never attempt to clean a coin. Even gentle cleaning with mild soap or commercial dip removes microscopic surface metal and destroys the natural "skin" that forms over decades or centuries. Collectors and dealers can immediately detect cleaned coins, which suffer severe market penalties. If a coin appears dirty or tarnished, have it evaluated by a professional conservator who specializes in numismatic preservation before taking any action.
Frequently Asked Questions
How much is my 1823 Capped Bust Half Dollar worth?
Value depends heavily on grade and variety. Circulated examples in problem-free condition range from $68–$75 in G-4 to $550–$700 in AU-50. Uncirculated examples start around $1,400–$2,000 in MS-60 and can exceed $100,000 for the finest known MS-67 specimen. Major die varieties (Broken 3, Patched 3, Ugly 3) command substantial premiums of 2x–10x over common varieties. Professional grading and variety attribution are essential for accurate valuation.
What are the different 1823 Half Dollar varieties?
Eighteen Overton die varieties are cataloged for 1823, ranging from R-1 (common) to R-7- (very rare). Three varieties have achieved widespread recognition: the Broken 3 (O-101, separated upper and lower arcs), Patched 3 (O-101a and O-102, crude repair visible in center), and Ugly 3 (O-110a, filled-in center). The rarest varieties are O-109 (R-5+) and O-113 (R-7-), which are actively sought by advanced specialists. Proper attribution requires comparison with Overton's reference work.
How can I tell if my 1823 Half Dollar is genuine?
Check weight (should be 13.48–13.50 grams), diameter (32.5 mm), and composition (89.2% silver). The lettered edge reading FIFTY CENTS OR HALF A DOLLAR is a key authentication feature often poorly replicated on counterfeits. Be aware of contemporary counterfeits from the 1820s–1830s, which have collecting value but differ from genuine coins, and modern Chinese forgeries which have no value. For valuable examples, professional certification from PCGS or NGC is strongly recommended.
Should I get my 1823 Half Dollar professionally graded?
Professional grading is recommended for coins in EF or better condition, especially examples of major die varieties (Broken 3, Patched 3, Ugly 3). Certification provides authentication, precise grade determination, and protective encapsulation. Consider that grading fees typically range from $30–$150 depending on service level and turnaround time. For common varieties in lower circulated grades (G-VF), the grading cost may exceed the premium gained, so submission is less economical unless authentication is a concern.
What is the Overton numbering system?
The Overton system, developed by numismatist Al C. Overton in his reference work Early Half Dollar Die Varieties 1794-1836, catalogs die marriages by assigning each unique pairing of obverse and reverse dies a sequential number. For 1823, varieties are numbered O-101 through O-113. Each listing includes rarity ratings from R-1 (common) to R-8 (unique), diagnostic features for identification, and die state progressions. Variety attribution significantly impacts value, with famous varieties commanding substantial premiums.
How do I identify the Patched 3 variety?
The Patched 3 (O-101a and O-102) shows a crude, lumpy patch in the center of the numeral 3 where a mint engraver manually connected the previously broken upper and lower arcs. The repair is readily visible to the naked eye and appears as raised, uneven metal filling the gap. This variety evolved from the earlier Broken 3 (O-101) die state. Despite being common (O-101a is R-1), its status as a Red Book variety ensures strong collector demand and values typically 2x–4x that of Normal 3 varieties in the same grade.
What is the rarest 1823 Half Dollar variety?
The rarest business strike variety is O-113, rated R-7- (very rare) with only a very small number known to exist. It represents a key rarity of the entire Capped Bust series. However, the rarest 1823 Half Dollar overall is the Proof striking, with fewer than a dozen pieces believed struck and only one example currently certified by NGC (PF-63). The proof version is a legendary rarity valued at $75,000–$90,000 or more depending on grade and market conditions.
Can I clean my 1823 Half Dollar to improve its appearance?
Never clean a coin. Even gentle cleaning removes microscopic surface metal and destroys the natural patina that forms over time. Collectors and dealers immediately recognize cleaned coins, which suffer severe market penalties often reducing value by 50% or more. Grading services will "details grade" cleaned coins (such as "XF Details - Cleaned") rather than assigning a straight grade. If concerned about appearance, consult a professional numismatic conservator rather than attempting any cleaning yourself.
How much silver is in an 1823 Half Dollar?
The 1823 Capped Bust Half Dollar contains 0.3866 troy ounces of pure silver. At a silver spot price of approximately $47.60 per troy ounce (October 2025), the melt value is about $18.40. However, even low-grade collectible examples trade at nearly four times melt value due to numismatic demand. The coin should never be valued based on silver content alone—its historical significance, rarity, and condition drive market prices far above intrinsic metal value.
What makes strike quality important for 1823 Half Dollars?
Many 1823 Half Dollars were struck from worn dies, resulting in weak details even on uncirculated examples. A sharply struck coin from fresh dies shows full star centers, complete hair curl definition, and crisp eagle feather details. These well-struck examples command substantial premiums over weakly struck coins of the same numerical grade. When evaluating uncirculated coins, examine the central star points, Liberty's hair curls, and the eagle's breast feathers for sharpness. A sharp MS-63 can be more desirable than a weak MS-64.
Research Methodology and Sources
This guide synthesizes data from multiple authoritative numismatic sources to provide comprehensive, current market valuations and technical information. Price data is drawn from the PCGS Price Guide and NGC Price Guide (both updated October 2025), supplemented by documented auction results from Heritage Auctions and Stack's Bowers Galleries spanning 2011–2025.
Die variety information is based on the Overton numbering system from Early Half Dollar Die Varieties 1794-1836, with rarity ratings and diagnostics cross-referenced through APMEX's educational resources and Stack's Bowers variety guides. Technical specifications are verified through NGC Coin Explorer and official U.S. Mint historical records.
Market values reflect retail prices for problem-free, certified coins. Actual transaction prices vary based on specific coin characteristics, market timing, and venue. Silver spot prices are current as of October 2025. All values should be considered estimates subject to market fluctuations and individual coin quality factors.
