Collectors Corner^SM: The Collectibles Marketplace

1923-S Walking Liberty Half Dollars are scarce in all grades and especially in the Mint State grade range. Click image to enlarge.

Walking Liberty Half Dollars didn’t see much of a presence on United States Mint production rosters of the 1920s. In fact, the only years of that decade during which any half dollars were struck at the United States Mint were 1920, 1921, 1923, 1927, 1928, and 1929. During half of those years – 1923, 1927, and 1928 – only one U.S. Mint facility struck the denomination: San Francisco.

All of the 1920s Walking Liberty Half Dollars present their own challenges. However, the 1923-S is certainly a standout. Behind the rare 1921-S, perhaps the next-toughest issue is the 1923-S. The 1923-S is a difficult coin to land even in circulated grades. Collectors will easily pay more than $125 for a decent example in F12, while examples in XF40 sail past $1,000 in the retail market. Prices exceed $8,000 in MS63 and surpass $18,000 in MS65.

Certainly, prices appear to be the biggest challenge. But the real test comes in landing specimens that possess solid strike and good overall eye appeal. The 1923-S marks the beginning of a long stretch of S-mint Walking Liberty Half Dollars that simply were not well struck, with weaknesses common in Miss Liberty’s hand on the obverse and central device elements on the reverse.

Time and patience will be the biggest considerations for any collector who wants a well-struck, handsome-looking 1923-S Walking Liberty Half Dollar. But let’s say you find just the right 1923-S – one that meets all the criteria you’re hoping to achieve. Now what? Well, expect to pay up.

The prices we cite in this article represent generic retail prices for average specimens. But an average 1923-S, particularly in the mid-MS grades, doesn’t necessarily offer the strike quality many collectors are looking for. The bottom line? You get what you pay for. Therefore, if you want a 1923-S Walking Liberty Half Dollar with spectacular strike and surfaces, then be prepared to pay the premium!