1923-S

San Francisco produced 6,440,000 dimes in 1923, a mid-tier mintage figure that reflects a branch mint pulling its share of subsidiary silver production without matching Philadelphia's bulk runs. Western circulation channels absorbed the coins quickly, and wear patterns on surviving examples often show heavy use through the 1930s and 1940s. As a result the typical 1923-S grades Good through Very Fine, and Mint State coins are notably harder to find than the Philadelphia counterpart from the same year. Strike quality varied across the year, with some dies producing reasonably full detail and others leaving the central fasces and crossbands mushy. That inconsistency drives a sharp premium for Full Bands pieces, which are rare on this date in all Mint State levels and especially scarce above MS-65.

The Weinman type from 1916 carries through, designed by Adolph A. Weinman, with the winged Liberty obverse and the reverse fasces-and-olive-branch device. Specifications hold steady at 90 percent silver, 10 percent copper, 2.5 grams, 17.9 millimeters, with a reeded edge. The San Francisco mintmark appears on the reverse to the left of the fasces base. The Full Bands (FB) designation, recognized by Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC), is awarded only when the two horizontal bands across the central fasces are fully separated and unbroken. Collectors evaluating raw examples should focus first on the central reverse, then check Liberty's cheek and the wing crest for friction and high-point wear. Genuine 1923-S coins display a fine die-flow texture in the fields under magnification, with no doubling or repunching at the mintmark.

Demand for the 1923-S spans both date-set and FB specialists, and population data at PCGS and NGC shows steep drop-offs once grades cross MS-64. Certified MS-65 FB examples regularly appear at Heritage Auctions and Stack's Bowers Galleries. Read the full Mercury Dime series history.