2023 Lincoln Penny Value Guide
Find out what your 2023 penny is worth. Complete price guide by mint mark, grade (MS65–MS68 RD), and the Extra V variety (FS-401). Current market values as of January 2026.
Most 2023 pennies are worth $0.01 (face value). The Extra V variety (FS-401) — a die gouge found only on Philadelphia issues — turns a one-cent coin into a $20–$55+ collectible, and into $1,000+ at the highest certified grades.
- Circulated (P or D):$0.01 — face value only
- BU (MS60–64 RD):$0.20–$3.70
- Gem BU (MS65–66 RD):$10–$24
- Superb Gem (MS67+ RD):$30–$100 — the collector value cliff
- Extra V (FS-401), raw/MS64:$20–$55 | MS66 RD: $100–$150
- S Proof (PR69 DCAM):$12–$35
- S Proof (PR70 DCAM):$132–$180
Only coins grading RD (Red) — retaining 95%+ original mint luster — carry numismatic premiums. A spotted or brown 2023 penny is worth face value regardless of grade. See the full value chart →
The 2023 Lincoln Cent is the fourteenth year of the Shield Reverse design (2010–present), a series where collector value is driven by condition rarity and die variety rather than date scarcity. Billions circulate from Philadelphia and Denver, but the rare specimen that escapes the minting process with flawless surfaces — or carries the distinctive Extra V die gouge (FS-401) — occupies a different market entirely. For complete series context and historical price trends, see our Modern Lincoln Penny Value Guide.
2023 Lincoln Shield Cent — obverse (Abraham Lincoln bust, right) and reverse (Union Shield). Philadelphia issues carry no mint mark below the date; Denver issues carry a "D".
Off-center strikes, wrong planchet errors, and other manufacturing anomalies are outside the scope of this standard-value guide. For those, see our 2023 Penny Errors Guide.
2023 Penny Composition & Melt Value
The 2023 Lincoln Cent continues the copper-plated zinc composition introduced in mid-1982. The coin has a zinc-rich core (99.5% zinc, 0.5% copper) barrel-plated with pure copper approximately 8 microns thick. The total metallurgical profile works out to 97.5% zinc and 2.5% copper. That thin copper layer provides the traditional orange-red appearance and a modest degree of corrosion resistance — but it is highly susceptible to disruption during bulk minting and circulation.
Cross-section illustration of a 2023 penny: a large zinc core (grey) wrapped in a thin copper plating (orange-red, ~8 microns). The extreme thinness of the plating is why humidity and bag contact cause permanent surface damage so quickly.
Melt Value
As of January 2026, zinc trades at approximately $1.50–$1.56 per pound on the London Metal Exchange and copper at approximately $5.90–$6.30 per pound. At these spot prices, the intrinsic metal value of a single 2023 Lincoln Cent is approximately 0.91 cents — slightly below its one-cent face value. There is no arbitrage incentive to accumulate 2023 pennies for metal content, unlike pre-1982 solid copper cents (which have a melt value exceeding 2.5 cents).
When manufacturing, labor, and distribution costs are factored in, the U.S. Mint spends significantly more than one cent to produce each penny. The 2023 cent's value rests entirely on its status as legal tender or collectible demand — the melt floor provides no investment safety net.
ℹ️ Silver Proof Set — The 2023 Penny Is Not Silver
The U.S. Mint's 2023 Silver Proof Set contains silver dimes, quarters, and a half dollar — but the penny included is the standard copper-plated zinc proof coin from San Francisco, metallurgically identical to the clad proof cent sold in the standard Proof Set. Congress has never authorized a silver Lincoln cent in the modern era. Collectors should not expect any precious metal content from any 2023 penny, regardless of which set it came from.
2023 Penny Value Chart by Mint Mark & Grade
Values reflect typical retail asking prices and realized auction results for PCGS- and NGC-certified coins as of January 2026. All premium grades require the RD (Red) color designation — meaning the coin retains at least 95% of its original mint luster. Red-Brown (RB) and Brown (BN) coins carry no meaningful premium over face value for modern issues.
Color designation comparison (Illustration — not a photo of your exact coin): RD (Red, full mint luster), RB (Red-Brown, mixed), and BN (Brown, oxidized). Only RD grades carry collector premiums on 2023 Lincoln cents.
2023 No Mint Mark (Philadelphia) Penny Value
Philadelphia issues carry no mint mark — a blank field directly below the date identifies these coins. As the primary circulation source for the Eastern United States, billions of examples were struck. These are also the only coins that can carry the Extra V (FS-401) variety. For certified population and price tracking, see PCGS CoinFacts for the 2023-P Lincoln Shield and the PriceCharting 2023 Lincoln Shield Penny tracker.
| Circulated | BU (MS60–64) RD | Gem BU (MS65–66) RD | Superb Gem (MS67+) RD |
|---|---|---|---|
| $0.01 | $0.20–$3.70 | $10–$24 | $40–$90 |
Circulated examples are face value — these coins suffer bag marks and abrasions immediately upon ejection from the minting press into bulk bags, typically grading no higher than MS62 or MS63. MS65–MS66 RD coins are usually sourced from original Mint rolls or Mint Sets and represent entry-level collector coins; values in this range largely reflect the cost of the grading slab rather than inherent numismatic scarcity. The genuine value cliff occurs at MS67 RD: zinc impurities and the violence of bulk bagging make spotless, fully red survivors genuinely rare, pushing premiums to $40–$90. MS68 Philadelphia specimens (extremely low population) have sold for over $1,000 when combined with the Extra V variety — see the Variants section.
⚠️ Grading Economics: Do the Math First
PCGS/NGC grading costs approximately $35–$50 per coin (fees + shipping + handling). An MS65 or MS66 result (worth $10–$24) means a net loss. An MS67 result ($40–$90) breaks even or yields a small profit. An MS68 result ($100+) makes clear economic sense. Only submit coins that appear visually flawless under 10× magnification — zero spots, no contact marks, unbroken RD luster. If you see any flaw, do not submit.
2023-D (Denver) Penny Value
Denver business strikes are functionally identical in design to Philadelphia issues. The D mint mark appears directly below the date. Note that the Extra V variety is not a Denver variety — it occurs only on Philadelphia dies. See PCGS CoinFacts for the 2023-D Lincoln Shield for current population and auction data.
| Circulated | BU (MS60–64) RD | Gem BU (MS65–66) RD | Superb Gem (MS67+) RD |
|---|---|---|---|
| $0.01 | $0.20–$3.70 | $10–$24 | $30–$100 |
The Denver issue shows a slightly broader MS67+ spread ($30–$100) compared to Philadelphia ($40–$90), reflecting the population distribution of top-grade examples across auction platforms. At the MS68 RD level, a 2023-D PCGS MS-68 RD from the Whispering Pines Collection sold at GreatCollections for approximately $109–$275 — a documented condition rarity result for this high-mintage date.
Grade comparison (Illustration — not a photo of your exact coin): left coin shows the dulled luster and bag marks typical of a circulated or lower-grade 2023 penny; right coin shows the full orange-red cartwheel bloom and pristine surfaces of an MS67 RD example.
2023-S (San Francisco) Proof Penny Value
San Francisco proof cents are struck on specially polished planchets using polished dies, producing the mirror-like field and frosted device contrast known as Deep Cameo (DCAM). They are sold exclusively in annual Proof Sets — never released into general circulation. Modern proof production technology is precise enough that the average coin grades PR69, making PR69 DCAM essentially the baseline rather than a premium grade. Collector demand concentrates almost entirely on PR70 DCAM.
| Grade | Value | Notes |
|---|---|---|
| PR69 DCAM | $12–$35 | Statistical norm for modern proofs; limited premium over issue price |
| PR70 DCAM | $132–$180 | Trophy/Registry grade — flawless under 5× magnification |
The Silver Proof Set penny is not silver and has no additional compositional value over the standard clad proof — see the Composition section for full clarification.
Values represent typical market prices as of January 2026. Proof prices sourced from the PriceCharting 2023-S Proof tracker. For the complete series context, see our Modern Lincoln Penny Value Guide.
Most Valuable 2023 Penny Varieties
The 2023 Lincoln cent year is defined by one primary chase coin — the Extra V die gouge (FS-401) on Philadelphia issues — alongside high-grade condition rarities at both mints. This section covers verified trophy-level auction results (not typical) and findable varieties that coin roll hunters can realistically target.
A. Trophy-Level Results (Not Typical)
These prices represent verified auction results for professionally graded, top-population coins. They are documented from PCGS, NGC, and specialist auction platforms.
| Coin | Grade | Documented Price Range | Source |
|---|---|---|---|
| 2023-P Extra V (FS-401) | MS68 RD | $1,114–$1,399 | NGC — Face Value: 2023 Extra V Cent |
| 2023-P Extra V (FS-401) | MS67 RD | $529–$615 | NGC — Face Value: 2023 Extra V Cent |
| 2023-D Lincoln Shield | MS68 RD | ~$109–$275 | GreatCollections — Whispering Pines Collection |
| 2023-S Proof | PR70 DCAM | $132–$180 | PriceCharting — 2023-S Proof |
The $1,399 sale of a 2023-P Extra V in MS68 RD illustrates the Registry Set phenomenon: collectors competing to hold the highest-rated PCGS or NGC Lincoln Shield set will pay exponential premiums for the single finest known example of a variety. As MS68 populations grow, this premium is likely to soften. For current registry competition and population data, see the PCGS CoinFacts page for the 2023-P Extra V (FS-401).
B. Findable Varieties — What to Search For
These varieties can realistically be found in coin roll hunting or from Mint rolls. The Extra V requires a standard 10× loupe; the doubled dies require higher magnification and careful comparison.
2023-P Extra V (FS-401) diagnostic: look immediately to the right of the V.D.B. initials on Lincoln's bust truncation. A raised, V-shaped mark (circled in red) confirms the die gouge. An incuse mark or scratch at that location is post-mint damage — not the variety.
| Variety | How to Identify | Value (Raw / MS64) | Value (MS66 RD) | Source |
|---|---|---|---|---|
| 2023-P Extra V (FS-401) | Raised V-shape to the right of V.D.B. on Lincoln's bust truncation — must be raised (not incuse). 10× loupe minimum. | $20–$55 | $100–$150 | PCGS CoinFacts FS-401 | PriceCharting |
| 2023-P DDO | Thickening of lettering in LIBERTY and IN GOD WE TRUST (Wexler-listed, single-squeeze era — minor) | $5–$15 | — | Wexler's Die Varieties — Shield Cent DDOs |
| 2023-D DDR | Subtle notching on E PLURIBUS UNUM or shield detail lines — requires high magnification | $5–$15 | — | Variety Vista — 2023 DDR Listings |
| 2023-S Early Release | Special holder label only (first 30 days of release) — coin itself is physically identical to standard proof | ~$20–$30 over standard | — | Grading service label distinction |
Deep Dive: The Extra V Variety (FS-401)
The Extra V is officially cataloged as FS-401 in the Cherrypickers' Guide and is recognized by both PCGS and NGC under that attribution. It is a die gouge: a tool or debris impacted the working die near the designer's initials (V.D.B.) on the obverse hub, gouging the die steel. Every coin struck by that affected die carries a corresponding raised feature — a sharp, distinct V-shape positioned to the right of the final period in V.D.B., on the shoulder truncation of Lincoln's bust.
Because it is die-struck and raised from the surface like surrounding lettering, it has a tactile and visual consistency that distinguishes it from post-mint damage. It can be spotted with a standard 10× loupe, which is why coin roll hunters have embraced it as a realistic find. Raw (uncertified) examples sell consistently on secondary markets, and certified examples in Gem grades or better retain strong demand from Lincoln Shield type set and variety set collectors.
⚠️ Raised vs. Incuse — Critical Distinction
The genuine Extra V is a raised element that stands up from the coin's surface, matching the metal texture and color of the surrounding area. If the mark is incuse (dug into the coin's surface) or is a scratch, it is post-mint damage and carries zero variety premium. Always verify the mark stands proud of the field before assigning Extra V status.
⚠️ Alteration and Counterfeit Risk
Unscrupulous sellers may add material to a coin or use a punch to simulate the Extra V. Verify that the feature matches surrounding metal in color and texture, and that no adhesive residue or tooling marks are visible under magnification. When purchasing a raw Extra V at variety prices, consider having it authenticated by a third-party grading service before completing the transaction.
2023 Penny Identification Guide
Use this quick triage process to determine whether a 2023 penny deserves further examination or is pocket change.
30-Second Checklist
- Check the date: Is it 2023? If not, visit our Modern Lincoln Penny Value Guide for other years.
- Find the mint mark (directly below the date on the obverse):
- No letter (blank field): Philadelphia mint — the primary target for the Extra V variety.
- D: Denver mint — business strike.
- S: San Francisco mint — proof coin only; should display mirror-like fields.
- Check the color: Is it blazing orange-red with zero spots or breaks in luster? Potential keeper. Brown, spotted, or dull? Face value ($0.01).
- Philadelphia coins only — Extra V hunt: Under 10× or higher magnification, look immediately to the right of V.D.B. on the bust truncation. A raised V-shape confirms the variety. A scratch or indentation does not.
Mint mark location on the 2023 penny: look directly below the date on the obverse. No letter = Philadelphia; "D" = Denver; "S" = San Francisco (proof only). Philadelphia Lincoln cents have carried no mint mark in the modern era.
Mint Mark Location
On all Lincoln cents, the mint mark is stamped directly below the date on the obverse (front). Philadelphia cents carry no mint mark in the modern era — a blank field below the date identifies Philadelphia origin. Denver cents carry a D, and San Francisco proof cents carry an S. There is no "P" mint mark on modern Lincoln cents from Philadelphia.
Proof vs. Business Strike
Proof vs. business strike (Illustration — not a photo of your exact coin): left shows a 2023-S proof with deep mirror fields and frosted Lincoln portrait and Shield (Deep Cameo); right shows a 2023-P business strike with orange-red cartwheel luster and satin surfaces.
Business Strike (Philadelphia or Denver): The field (background) shows a characteristic "cartwheel" luster — a rotating spoke of reflected light when the coin is tilted under a light source. Surfaces have microscopic flow lines radiating outward from the design center.
Proof Strike (San Francisco): The field should be a deep, mirror-black surface — you should be able to read reflected text in it. Lincoln's portrait and the Union Shield appear frosted or bright white, creating a sharp cameo contrast against the dark background. The edge is squared off and wire-sharp. Proof cents are never found in circulation — they are only obtained from Proof Set packaging.
Transition and Weight Check
There are no composition changes for 2023. All 2023 Lincoln cents should weigh 2.5 grams. A coin weighing 3.1 grams in 2023 would indicate a major wrong-planchet error (struck on a pre-1982 copper blank or foreign planchet), which is extremely rare and outside the scope of this standard-value guide — see our 2023 Penny Errors Guide.
⚠️ Never Clean a Coin
A polished penny that appears shiny is considered "Damaged" (details) by professional graders. Cleaning removes the original cartwheel luster and leaves hairline scratches visible under 5× magnification. A cleaned Extra V variety is worth a fraction of an unaltered one. Do not use any abrasive, chemical, acid, or polish on a potentially collectible coin.
⚠️ Storage: Avoid PVC Flips and Humidity
Store 2023 pennies in Mylar (PET) flips or hard plastic capsules — never in soft, pliable vinyl (PVC) flips. PVC releases hydrochloric acid over time, causing a green film that destroys the copper plating. Humid environments accelerate zinc rot — white powdery corrosion that seeps up through the plating and cannot be reversed.
2023 Penny Value FAQs
What is a 2023 penny worth?
The vast majority of 2023 pennies are worth exactly $0.01 — face value. The industrial scale of production ensures that circulated examples will never appreciate due to date scarcity. Meaningful collector value begins at MS67 RD ($30–$100) due to condition rarity, and the Extra V (FS-401) die variety adds a $20–$55+ premium on raw examples from the Philadelphia mint. San Francisco proof coins in PR69 DCAM bring $12–$35; PR70 DCAM commands $132–$180.
Is a 2023 penny rare?
By date, no. Billions of 2023 cents were struck at Philadelphia and Denver, making them among the most common modern coins. However, 2023 pennies are a condition rarity: the thin copper plating over a reactive zinc core means nearly every coin develops spots, toning, or bag marks within days of minting. Finding a flawless specimen that grades MS67 RD or MS68 RD is statistically improbable, which is why high-grade examples command genuine premiums. The Extra V (FS-401) die variety also adds a dimension of rarity exclusive to Philadelphia-die coins.
What makes a 2023 penny valuable?
Three factors determine whether a 2023 penny is worth more than face value: (1) Grade — the value cliff is at MS67 RD, where premiums begin in earnest; below MS67, values barely exceed the cost of grading. (2) Color designation — only coins grading RD (95%+ original red luster, no spots or toning) qualify for premiums; RB and BN coins are effectively face value. (3) Variety — the Extra V (FS-401) die gouge on Philadelphia issues transforms a face-value cent into a $20–$1,000+ collectible depending on grade.
Is my 2023 penny silver? What about the Silver Proof Set penny?
No 2023 penny contains silver. The U.S. Mint's 2023 Silver Proof Set includes silver dimes, quarters, and a half dollar — but the cent included is the standard copper-plated zinc proof coin from the San Francisco Mint, metallurgically identical to the clad proof cent. Congress has never authorized a silver Lincoln cent. There is no precious metal content in any 2023 penny from any source. For official confirmation, see the U.S. Mint 2023 Silver Proof Set page.
Should I get my 2023 penny graded?
Only if it appears absolutely flawless under 10× magnification — zero spots, zero contact marks, fully orange-red luster with no breaks, and sharp design details. Grading costs approximately $35–$50 per coin (fees + shipping). An MS65 or MS66 result (worth $10–$24) produces a net loss. An MS67 result ($40–$90) breaks even or yields a modest gain. An MS68 result ($100+) produces a clear profit. If you see any spot, scratch, or imperfection under magnification, the math does not work — do not submit.
What is the Extra V variety, and where do I find it?
The Extra V (FS-401) is a die gouge on 2023 Philadelphia cents: a tool or debris struck the working die near the V.D.B. designer initials, creating a raised V-shaped mark immediately to the right of the final period in V.D.B. on Lincoln's shoulder truncation. It is officially cataloged in the Cherrypickers' Guide and recognized by PCGS and NGC. It appears only on Philadelphia (no mint mark) cents. Raw examples sell for $20–$55; MS67 RD examples have brought $529–$615; MS68 RD examples have reached $1,114–$1,399 at auction.
What does RD mean, and why does it matter for Lincoln cents?
RD (Red) certifies that a coin retains at least 95% of its original orange-red mint luster. RB (Red-Brown) indicates 5–95% original red — treated as significantly discounted in the modern market. BN (Brown) indicates less than 5% original red — effectively face value for modern issues. Because zinc pennies are chemically reactive and prone to toning, oxidation, carbon spots, and plating disruptions, surviving in full RD condition is difficult. This makes the color designation the primary driver of whether a high-grade modern cent has any collectible value at all.
How do I identify the Extra V with a loupe?
Use a 10× or higher magnification loupe. Examine the bottom of Lincoln's bust — the horizontal truncation line — and locate the three letters V.D.B. (the sculptor's initials). Look immediately to the right of the final period. The genuine Extra V is a raised V-shape that stands up from the coin's surface, matching the metal texture and color of the surrounding field. If the mark is incuse (dug into the surface), or appears to be a scratch or dent, it is post-mint damage and not the variety. Never assign variety status to an incuse mark.
Are there other doubled die varieties worth finding on 2023 pennies?
Yes, though their premiums are modest compared to the Extra V. The 2023-P DDO (listed by Wexler's Die Varieties) shows thickening of LIBERTY and IN GOD WE TRUST lettering, carrying a $5–$15 premium on raw examples. The 2023-D DDR (listed by Variety Vista) shows subtle notching on E PLURIBUS UNUM and shield details, also carrying a $5–$15 premium. Both require high magnification and careful comparison against reference images. They are niche-interest varieties rather than mass-market chase coins.
Methodology & Sources
Values in this guide reflect typical retail asking prices and realized auction results for certified coins as of January 2026. Primary pricing sources: PCGS Lincoln Cent (Modern) Price Guide, PCGS CoinFacts (2023-P), PCGS CoinFacts (2023-D), PCGS CoinFacts (2023-P Extra V, FS-401), NGC Coin Explorer (2023-D), NGC — Face Value: 2023 Extra V Cent, GreatCollections (2023-D MS68 RD, Whispering Pines Collection), and PriceCharting. Variety attribution: Wexler's Die Varieties and Variety Vista. Mintage context: Lincoln Cent Mintages. Composition confirmed via U.S. Mint product pages. Metal spot prices from LME Zinc and Money Metals (Copper). Coin prices are market estimates and fluctuate; this guide is for educational purposes only.
A note on images: To help illustrate coin diagnostics and rare varieties — especially complex errors that are difficult to describe in text alone — this guide uses AI-generated images. All written values, diagnostics, and variety attributions have been manually reviewed against the cited sources above. While our editorial team works to ensure every image is accurate and helpful, AI-generated illustrations may occasionally misrepresent fine details. If you spot any discrepancy between an image and its written description, please contact us or leave a comment below — we review all feedback and correct errors promptly. Numismatic knowledge is a community effort, and your input helps us build a more accurate resource for everyone.
