1923 Standing Liberty Quarter Value: P & S Mint Guide

The 1923 Standing Liberty Quarter is worth $11-$125,000 depending on mint mark and Full Head designation. Philadelphia (P) is common; San Francisco (S) is a semi-key date.

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Quick Answer

The 1923 Standing Liberty Quarter is worth $11 to $125,000 depending on mint mark, grade, and Full Head designation.

  • 1923 Philadelphia (common): $11 – $165 circulated; $260 – $15,600 uncirculated
  • 1923-S San Francisco (semi-key): $332 – $1,950 circulated; $2,650 – $8,000 uncirculated
  • Full Head specimens: $385 – $42,500 (1923-P); $3,750 – $125,000 (1923-S)

The Full Head (FH) designation transforms both issues into condition rarities, with the 1923-S FH ranking among the series' leading strike rarities.

What's Your 1923 Quarter Worth?

Select your coin's mint mark and condition to get a value estimate.

Mint Mark β€” Where was your coin made?
P
Philadelphia
S
San Francisco
Mint mark location: Obverse
Condition β€” How worn is your coin?
Heavy Wear
Very smooth, details hard to see. Looks like it circulated for decades.
Moderate Wear
Main design visible, but high points are clearly worn flat.
Light Wear
Most details sharp, only slight wear on the highest points.
No Wear (Uncirculated)
Looks brand new with original luster. No signs of circulation.

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About Rare Varieties & Errors
This tool estimates typical values for standard coins only. If your coin has unusual features (minting errors, repunched dates, doubled dies), it may be worth significantly more. Consider posting photos on r/coins or CoinTalk for community feedback.

1923 Standing Liberty Quarter: Overview and Value

The 1923 Standing Liberty Quarter represents the Type 2 design by sculptor Hermon A. MacNeil, featuring Lady Liberty clad in chain mail on the obverse and a soaring eagle with stars positioned below it on the reverse. This single-year issue presents a sharply divided market based on mint of origin. The Philadelphia issue, with its generous mintage of 9,716,000 pieces, is readily available in circulated grades and lower mint state levels. In contrast, the San Francisco issue, struck to just 1,360,000 pieces, stands as a celebrated semi-key date that is scarce in all conditions.

1923 Standing Liberty Quarter showing Type 2 design with Liberty in chain mail on obverse and eagle with stars below on reverse

The 1923 Standing Liberty Quarter features the Type 2 design with Liberty clad in chain mail

For collectors and investors, the paramount value determinant is the Full Head (FH) strike designation. This quality attribute transforms the common 1923 Philadelphia issue into a significant condition rarity and elevates the already-scarce 1923-S into one of the series' most challenging strike rarities. This guide examines both issues across all grades, explains the critical Full Head designation, and provides authentication guidance to protect against the widespread counterfeiting of the 1923-S date.

How to Identify a 1923 Standing Liberty Quarter

All 1923 quarters feature the Type 2 Standing Liberty design, which is visually distinct from the earlier Type 1 (1916 and early 1917) in two key aspects. First, Lady Liberty is now depicted wearing a suit of chain mail rather than the bare-breasted design of Type 1. Second, on the reverse, the 13 stars are clustered below the soaring eagle, whereas Type 1 reverses show stars flanking the eagle's wings.

The obverse displays Lady Liberty standing in a gateway, holding a shield in her left hand and an olive branch in her right. The date "1923" appears on a pedestal beneath her feet. The motto "IN GOD WE TRVST" is inscribed on the gateway wall above her. The reverse features an eagle in flight with "UNITED STATES OF AMERICA" arcing above and "QUARTER DOLLAR" below, with the 13 stars positioned beneath the eagle's wings.

Mint Mark Identification

The 1923 Standing Liberty Quarter was produced at two mints, and the mint mark location is on the obverse. Look at the gateway wall to the left of Liberty's feet, examining the area just to the right of the lowest star in the left-hand column:

Close-up of 1923-S Standing Liberty Quarter mint mark location on obverse gateway wall

The S mint mark appears on the gateway wall to the right of the lowest star

  • 1923 Philadelphia: No mint mark present. The space on the gateway wall remains blank.
  • 1923-S San Francisco: An "S" mint mark is clearly visible on the gateway wall, positioned just to the right of the lowest star, to the left of Liberty's feet.

Business Strikes Only

No Proof Standing Liberty Quarters were produced by the U.S. Mint in 1923. All surviving specimens are business strikes intended for circulation. Occasionally, a business strike may exhibit proof-like (PL) characteristics with sharp details and reflective fields, but these are not true Proofs and should not be confused as such.

Design Specifications

The 1923 quarter is composed of 90% silver and 10% copper, weighing 6.25 grams with a diameter of 24.3 mm. The edge is reeded. The coin contains 0.1808 troy ounces of pure silver, giving it a melt value of approximately $8.62 based on November 2025 silver prices, though numismatic value exceeds melt value for all collectible examples.

1923 Standing Liberty Quarter Price Guide

The 1923 Standing Liberty Quarter market is clearly segmented by mint mark and strike quality. This section provides comprehensive pricing for both the Philadelphia and San Francisco issues, with separate tables for standard strikes and Full Head (FH) designated specimens. All values reflect retail guide prices from major grading services and auction data from 2020-2025.

1923 Standing Liberty Quarter in three grades showing progressive wear

Value increases dramatically with grade and condition

1923 Philadelphia Quarter (Standard Strike)

With its mintage of 9,716,000 pieces, the 1923 Philadelphia issue is abundant in circulated grades and readily obtainable up through the MS-65 level. The primary challenge is strike quality; many examples were produced with weak definition to Liberty's head, making sharply struck examples at any grade level more desirable than typical specimens.

GradeNGC Guide (Oct 2025)PCGS Guide (Nov 2025)
G-4$11-$165$18
VF-20$11-$165$30
EF-40$11-$165$60
AU-50$11-$165$110
MS-60Up to $2,850$260
MS-63Up to $2,850$350
MS-65Up to $2,850$600
MS-66Up to $2,850$1,075
MS-67Up to $2,850$3,150
MS-67+β€”$4,000

Auction Record: The highest price realized for a standard-strike 1923 Philadelphia quarter was $15,600(Stack's Bowers, 2020) for an MS-67 specimen. Recent MS-67 sales have ranged from $1,140 to $3,120 at major auctions.

1923 Philadelphia Quarter (Full Head Designation)

The Full Head designation transforms the 1923 Philadelphia quarter into a significant condition rarity. An MS-65 FH is valued at over six times its standard-strike counterpart ($3,750 versus $600). This exponential premium reflects the scarcity of well-struck examples from the Philadelphia Mint in 1923.

GradePCGS Guide (Nov 2025)Recent Auction Sales
MS-60$385β€”
MS-63$725β€”
MS-64$2,250β€”
MS-65$3,750$1,980 – $5,160
MS-66$4,750$3,240 – $7,200
MS-67$18,500$7,800 – $19,975
MS-67+$30,000β€”
MS-68$42,500β€”

Auction Record:$29,375(PCGS CoinFacts, 2013) for an MS-67 FH specimen. The rarity of this issue in Full Head increases exponentially at the MS-67 level and above.

1923-S San Francisco Quarter (Standard Strike)

The 1923-S stands as a celebrated semi-key date in the Standing Liberty series. With a low mintage of 1,360,000 and an exceptionally low survival rate, PCGS estimates only 8,000 survivors in all grades. It was not widely saved by collectors at the time of issue, and by the 1930s, dealer advertisements commonly listed the 1923-S as "Wanted to Buy," reflecting the lack of available inventory.

GradePCGS Guide (Nov 2025)APMEX Retail (Nov 2025)
G-4$400$332
VG-8β€”$448
F-12β€”$600
VF-20β€”$869
EF-40$1,500+$1,795
AU-50β€”$1,903
MS-60β€”$3,015
MS-63$4,000$3,780
MS-65β€”$5,975
MS-67β€”$8,000

Price variance between guides reflects the thin, specialized market for this issue. The 1923-S is rare in circulated grades and exceptionally rare in mint state, making each transaction unique.

1923-S San Francisco Quarter (Full Head Designation)

The 1923-S Full Head represents the pinnacle of the 1923-dated issues. It combines the semi-key date status with the rare Full Head designation. Numismatist J. H. Cline estimated that only 5% of the 1923-S mintage was struck with Full Head definition, establishing it as a leading strike rarity in the series. PCGS survival estimates suggest only 450 coins in all FH grades, with a mere 120 estimated at MS-65 or better.

GradePCGS Guide (Nov 2025)Auction Range (2020-2025)
MS-60$3,750β€”
MS-63$6,250β€”
MS-64$7,500β€”
MS-65$10,500$4,560 – $8,225
MS-66$25,000$12,106 – $20,400
MS-66+$35,000$33,600 (Aug 2024)
MS-67$42,500$19,200 – $26,400
MS-67+$125,000β€”

Auction Record:$48,469(PCGS, Feb 2013) for an MS-67+ CAC specimen. This remains the benchmark price for the finest known examples of the 1923-S Full Head.

Grading Standing Liberty Quarters: 1923 Issues

Grading a 1923 Standing Liberty Quarter requires careful examination of design details and luster characteristics. The coin's value is highly sensitive to grade, with exponential increases between circulated and mint state levels, and again between standard mint state and Full Head designated specimens. This section covers the key diagnostic points for accurately assessing condition.

Annotated 1923 Standing Liberty Quarter showing key areas that wear first

Liberty's head, right leg, and shield rivets show wear first

Circulated Grades (G-4 through AU-58)

For circulated 1923 quarters, the primary areas to examine are Liberty's head and body details, the shield, and the reverse eagle. In Good-4 (G-4), the date must be barely readable with Liberty's figure worn nearly flat. The rim should be complete, though it may touch the design in places. Very Good-8 (VG-8) shows an outlined Liberty with major features barely visible and the date clearly readable.

At Fine-12 (F-12), Liberty's gown shows approximately half its design lines, and the shield has some definition. Very Fine-20 (VF-20) displays about three-quarters of Liberty's gown detail with clearer shield rivets. Extremely Fine-40 (EF-40) shows nearly full design detail with wear confined to the highest points of Liberty's figure, particularly her head, right knee, and the shield center.

About Uncirculated-50 (AU-50) exhibits only slight wear on Liberty's head, knee, and breast, with most mint luster remaining in protected areas. AU-58 shows minimal friction on the highest points with 90% or more original luster visible.

Mint State Grades (MS-60 through MS-67+)

Mint state 1923 quarters show no wear but vary significantly in surface quality and strike characteristics. MS-60 exhibits full mint luster but may have numerous contact marks, particularly in prime focal areas. Surface quality improves through MS-63, which shows moderate marks but maintains good eye appeal.

Comparison showing weak strike versus strong strike on Liberty's head

Strike quality dramatically affects value, especially for Full Head designation

MS-65 represents a significant threshold, displaying only minor contact marks that are not in prime focal areas, with excellent luster and eye appeal. MS-66 shows virtually mark-free surfaces with outstanding luster. MS-67 specimens are exceptionally rare, with pristine surfaces, full original luster, and exceptional eye appeal. The MS-67+ designation is reserved for coins that approach MS-68 quality but fall just short.

The Full Head (FH) Designation

The Full Head designation is the single most important quality attribute for 1923 Standing Liberty Quarters. To receive FH recognition from PCGS or NGC, a coin must meet three specific criteria on Liberty's head:

Close-up comparison showing Full Head details on Liberty's helmet

Full Head designation requires three distinct leaves, complete helmet outline, and visible ear hole

  1. Three Helmet Leaves: The wreath on Liberty's helmet must show three complete and distinct leaves with clear separation between them.
  2. Complete Helmet Outline: The bottom edge of the helmet must display a complete and clear outline without weakness or flatness.
  3. Visible Ear Hole: A clear, evident ear indentation must be present and well-defined.

Many 1923 quarters, particularly those from San Francisco, were struck with inadequate pressure or from worn dies, resulting in a flat, mushy, or indistinct area where these details should appear. The Full Head strike is endemic to the issue's rarity, not merely a condition characteristic, which explains why FH examples command such dramatic premiums.

Strike Versus Wear

Distinguishing between a weak strike and actual wear is critical when evaluating Standing Liberty Quarters. A weak strike shows uniform flatness or softness across specific design areas with underlying luster still present. Wear, by contrast, displays surface disturbance, friction, or dulling in the highest relief points. An AU coin with a strong strike is always preferable to an MS coin with weak details, as the former preserves the design's intended appearance despite circulation.

Authentication: Protecting Against Counterfeits

The 1923-S Standing Liberty Quarter is one of the most frequently counterfeited coins in the series due to its substantial value and the simple alteration method of adding a fraudulent "S" mint mark to common 1923 Philadelphia quarters. Authentication services have returned many of these alterations with "questionable authenticity" designations. Rigorous examination is mandatory before purchasing any 1923-S quarter, particularly raw (uncertified) specimens.

Comparison of genuine 1923 vs 1923-S date numerals for authentication

Genuine 1923-P has thin, sharp date numerals; genuine 1923-S shows puffy numerals

Expert numismatists employ a two-step authentication process. First, the mint mark itself undergoes scrutiny under high magnification. An added mint mark may exhibit incorrect shape, size, or positioning. More commonly, evidence of tooling appears as microscopic file marks, scratches, or a "halo" of discoloration or disturbed luster surrounding the "S" where it was affixed or where the field was manipulated to blend it in.

The most reliable diagnostic, however, examines the date numerals themselves. The Philadelphia and San Francisco mints used different obverse dies with distinct characteristics. Genuine 1923 Philadelphia quarters display date numerals, particularly the "2" and "3," that are thin, sharp, and well-defined. Genuine 1923-S quarters exhibit a characteristic "puffiness" or softness in the date numerals, especially in the final two digits. Therefore, a "1923-S" quarter displaying the thin, sharp numerals of a Philadelphia strike is definitively a forgery. This diagnostic is more reliable than mint mark examination alone because the date characteristics cannot be easily altered.

Beyond counterfeits, collectors must identify coins that have been cleaned or otherwise damaged. Cleaning a silver coin destroys its original surface and patina, drastically reducing value. A cleaned coin will not receive a numeric grade from PCGS or NGC; instead, it is returned in a "Details" holder (such as "AU Details - Cleaned"), which trades for a small fraction of a straight-graded example.

Common signs of cleaning include hairlinesβ€”fine, parallel scratches often concentrated in specific areasβ€”caused by wiping a coin with an abrasive cloth. "Whizzing," a more severe form of cleaning using a fast rotary wire brush, imparts a false, unnaturally bright luster and leaves telltale concentric or circular scratches while distorting fine details. Coins soaked in acidic chemical dips are stripped of natural toning and original surface characteristics, leaving a uniform, sterile, and lifeless appearance. Be especially wary of attempts to "improve" a coin through tooling or re-engraving weak areas of Liberty's head to simulate a Full Head designation. Such alterations constitute damage and render the coin ungradable by reputable services.

For valuable 1923-S quarters, particularly those purporting to carry the Full Head designation, purchasing only PCGS or NGC certified examples provides essential protection. The certification fee is insignificant compared to the financial risk of acquiring an altered or counterfeit coin.

Preservation and Care of Silver Quarters

Proper storage and handling are essential to preserving the condition and value of 1923 Standing Liberty Quarters. Silver coins are particularly susceptible to environmental damage, and even minor mishandling can result in permanent surface degradation that reduces both grade and marketability.

Never clean a 1923 quarter under any circumstances. Original surfaces and natural toning are highly valued by collectors and grading services. Cleaning, whether through chemical dips, abrasive polishing, or even gentle wiping, removes the coin's original patina and leaves detectable damage. A cleaned coin, even one that started at a high grade, will be relegated to a "Details" designation and lose the majority of its value.

Store quarters in inert holders designed specifically for numismatic use. Archival-quality 2x2 flips with Mylar windows or NGC/PCGS certified holders provide excellent protection. Avoid holders made with polyvinyl chloride (PVC), as this material releases acidic compounds that cause irreversible green corrosion on silver surfaces. For long-term storage, maintain a stable environment with low humidity (ideally 40-50%) and moderate temperature (60-70Β°F). Excessive humidity accelerates toning and can promote corrosion, while temperature extremes cause expansion and contraction that may damage surfaces.

Handle coins only by their edges, never touching the obverse or reverse surfaces. Even clean fingers leave oils, acids, and microscopic residue that promote toning and corrosion over time. For examination or photography, wear cotton or nitrile gloves and work over a soft, clean surface to prevent accidental drops. High-value 1923-S quarters, particularly Full Head examples, should remain in their certified holders unless regrading is planned through a reputable service.

For coins stored raw (uncertified), periodic inspection is advisable to detect any developing issues such as toning, spotting, or environmental damage. If problems are identified, consult a professional numismatist or conservator rather than attempting any corrective measures. Professional conservation services can sometimes stabilize issues without causing additional damage, but intervention should only be undertaken by experts.

Mint Errors on 1923 Standing Liberty Quarters

While no error data is specific exclusively to the 1923 date, mint errors common to the Standing Liberty Quarter series as a whole are known and valued by specialists. These production anomalies add numismatic interest and can command significant premiums over standard examples, particularly when the error is dramatic and the host coin retains a readable date and identifiable mint mark.

Examples of Standing Liberty Quarter mint errors including lamination and off-center strike

Lamination errors and off-center strikes add premium value to common dates

Lamination Errors

Lamination errors occur when impurities or flaws in the 90% silver planchet strip become trapped during the rolling process. These defects manifest as flakes, cracks, or peeling layers of metal on the finished coin's surface. The severity and visual impact of lamination errors vary widely. Minor laminations appearing as small surface flakes may add approximately $50 to the value of a common-date quarter. Dramatic peeling laminations that affect a substantial portion of the coin's surface can command $150 or more, depending on the coin's underlying grade and the error's eye appeal.

Collectors value lamination errors most when they do not obscure critical elements such as the date, mint mark, or major design features. A 1923-S quarter with a minor lamination that does not detract from the coin's overall appearance and identifiability will typically command a moderate premium. Lamination errors on already valuable issues, such as the 1923-S, generally add less in percentage terms than they would on common dates, as the numismatic rarity already establishes a high baseline value.

Off-Center Strikes

Off-center strikes occur when the planchet is not properly centered between the dies during the striking process. The resulting coin shows a portion of the design missing, with a corresponding blank crescent where the dies did not contact the planchet. Minor off-center strikes of 1-5% are relatively common and add little value, as the error is barely noticeable and does not significantly affect the coin's appearance.

Significant off-center strikes of 10-50% are considerably more desirable. The most valuable examples are those struck dramatically off-center but which still clearly display the full date and mint mark. For a 1923-S quarter, an off-center strike that shows 30-40% blank planchet but retains a fully visible "1923-S" date and mint mark could command several times the value of a standard example in comparable condition. The error's visual impact and the retention of all identifying features make such pieces highly collectible.

Values for error coins are highly dependent on the severity of the error, the coin's underlying grade, and the "eye appeal" of the overall piece. Authentication is critical, as some superficially similar defects can result from post-mint damage rather than mint production anomalies. Professional certification from PCGS or NGC, which now encapsulates and attributes many error varieties, provides assurance of authenticity and aids in establishing market value.

Frequently Asked Questions

How much is my 1923 Standing Liberty Quarter worth?

Value depends on mint mark, grade, and strike quality. A common 1923 Philadelphia quarter in circulated condition is worth $11 to $165, while uncirculated examples range from $260 to $15,600. The scarce 1923-S San Francisco issue is worth $332 to $1,950 circulated and $2,650 to $8,000 uncirculated. Coins with the Full Head (FH) designation command substantial premiums: $385 to $42,500 for 1923-P FH and $3,750 to $125,000 for 1923-S FH.

How do I identify the mint mark on a 1923 Standing Liberty Quarter?

The mint mark, if present, is located on the obverse (front) of the coin. Look at the gateway wall to the left of Liberty's feet, examining the space just to the right of the lowest star in the left-hand column. The 1923 Philadelphia quarter has no mint markβ€”this space is blank. The 1923-S San Francisco quarter displays an "S" mint mark in this location.

What is the Full Head designation and why does it matter?

The Full Head (FH) designation is awarded by grading services to Standing Liberty Quarters with exceptional strike quality in the head detail area. To qualify, the coin must show three complete helmet leaves, a complete helmet outline, and a visible ear hole. Many 1923 quarters were weakly struck in this area, making FH examples rare. An MS-65 FH 1923 Philadelphia quarter is worth six times more than a standard MS-65 ($3,750 vs $600). The 1923-S FH is one of the series' leading strike rarities.

Should I get my 1923 quarter professionally graded?

Professional grading is strongly recommended for 1923-S quarters in any condition due to widespread counterfeiting. For 1923 Philadelphia quarters, grading is advisable if the coin appears to be AU or better, or if it shows sharp head details that might qualify for Full Head designation. The cost of certification ($30-$75 depending on service level) is justified when the coin's potential value significantly exceeds the grading fee. PCGS and NGC are the most widely accepted grading services.

How can I tell if my 1923-S quarter is genuine?

The most reliable authentication method examines the date numerals. Genuine 1923-S quarters have "puffy" or soft-looking date numerals, particularly the final two digits. Genuine 1923 Philadelphia quarters have thin, sharp date numerals. A "1923-S" with thin, sharp Philadelphia-style numerals is a counterfeit created by adding a fake "S" to a common Philadelphia coin. Also examine the mint mark itself under magnification for signs of tooling, file marks, or a disturbed "halo" around the "S." When in doubt, submit the coin to PCGS or NGC for authentication.

What is the melt value of a 1923 Standing Liberty Quarter?

The 1923 quarter contains 0.1808 troy ounces of pure silver. Based on November 2025 silver prices of approximately $47.70 per troy ounce, the melt value is approximately $8.62. However, this is largely irrelevant for collectors, as even the most common circulated 1923 Philadelphia quarter in G-4 condition is worth $11-$18, well above melt value. The 1923-S starts at $332 in G-4, reflecting significant numismatic premium over silver content.

Can I clean my 1923 quarter to improve its appearance?

Never clean a collectible coin under any circumstances. Cleaning removes the coin's original surface and patina, causing irreversible damage that drastically reduces value. Even gentle wiping or chemical dips leave detectable marks. A cleaned coin will not receive a numeric grade from professional services; instead, it is assigned a "Details" grade (such as "AU Details - Cleaned") that trades for a small fraction of a properly graded example. Original surfaces, even with natural toning or minor imperfections, are always preferred by serious collectors and grading services.

Were any Proof 1923 Standing Liberty Quarters made?

No. The U.S. Mint did not produce Proof Standing Liberty Quarters in 1923. The Proof mintage for both 1923 and 1923-S is zero. All surviving 1923 quarters are business strikes intended for circulation. Occasionally, a business strike may exhibit proof-like (PL) characteristics with sharp details and reflective fields, but these are not true Proofs. Any coin marketed as a 1923 Proof should be viewed with extreme skepticism and authenticated by a professional service.

What are the most common problems found on 1923 quarters?

Beyond wear from circulation, the most common issues are cleaning damage (visible as hairlines, unnatural luster, or lifeless surfaces), weak strikes (particularly affecting Liberty's head details), and environmental damage such as spotting or corrosion. For 1923-S quarters specifically, be alert for counterfeit mint marks added to Philadelphia coins. Additionally, some coins have been "tooled" or re-engraved in an attempt to fake a Full Head designation, which constitutes damage and prevents authentic grading.

Why is the 1923-S quarter so much more valuable than the 1923 Philadelphia?

The 1923-S has a much lower mintage (1,360,000 versus 9,716,000) and an exceptionally low survival rate. PCGS estimates only 8,000 survivors in all grades, as the coin was not widely saved by collectors at the time of issue. By the 1930s, dealer advertisements commonly listed the 1923-S as "Wanted to Buy," reflecting scarcity even in that era. It is rare in circulated grades and exceptionally rare in mint state, particularly with Full Head designation, making it one of the series' most sought-after issues.

Recent Auction Results for Key 1923 Quarters

Auction records provide valuable market data for understanding realized prices across different grades and designations. The following notable sales from 2020-2025 illustrate current market activity for premium 1923 Standing Liberty Quarters. All prices represent final hammer price plus buyer's premium.

For 1923 Philadelphia Full Head specimens, recent MS-65 FH examples have realized $1,980 to $5,160, reflecting strong collector demand for this condition rarity. MS-66 FH sales ranged from $3,240 to $7,200. At the MS-67 FH level, prices have varied from $7,800 to $19,975, with the highest recent sale occurring in 2013 when an MS-67 FH brought $29,375(PCGS CoinFacts, 2013).

The 1923-S Full Head market shows even stronger performance, befitting its status as a leading strike rarity. MS-65 FH examples have sold for $4,560 to $8,225 in recent years. MS-66 FH specimens commanded $12,106 to $20,400, with an MS-66+ FH realizing $33,600 in August 2024. MS-67 FH sales have ranged from $19,200 to $26,400, with a January 2025 sale bringing $26,400. The all-time auction record remains $48,469(PCGS, Feb 2013) for an MS-67+ CAC specimen.

These auction results demonstrate that the market for top-quality 1923 quarters, particularly Full Head examples, remains robust with active collector competition for premium specimens. The dramatic premium for FH designated coins reflects their genuine scarcity rather than temporary market enthusiasm. Collectors seeking investment-grade examples should focus on PCGS or NGC certified specimens with strong eye appeal, as these consistently achieve the strongest prices at auction.

Research Methodology and Data Sources

This guide synthesizes pricing data, mintage figures, and numismatic research from authoritative sources in the coin collecting field. Primary valuation data comes from the PCGS Price Guide (November 2025) and NGC Coin Explorer (October 2025), representing current retail market consensus. Auction data is drawn from major numismatic auction houses including Heritage Auctions, Stack's Bowers Galleries, and specialized Standing Liberty Quarter sales from 2020-2025.

Historical context and technical details are sourced from the Newman Numismatic Portal at Washington University, official U.S. Mint records, and scholarly numismatic publications. Authentication diagnostics reflect established procedures documented by PCGS and NGC counterfeit detection resources.

Melt value calculations use the coin's actual silver weight (0.1808 troy ounces ASW) applied to silver spot prices from November 2025, as reported by major precious metals tracking services. All pricing represents general market retail values; actual transaction prices vary based on specific coin quality, market conditions, and venue. Collectors should verify current pricing through multiple sources before making purchase or sale decisions.

Market values fluctuate based on precious metal prices, collector demand, and availability of certified specimens. This guide should be considered a snapshot of market conditions as of November 2025. For significant transactions, consult current auction results, dealer price lists, and professional appraisals to establish fair market value for specific coins.

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