1923

1922 saw no Buffalo nickel production at any mint, the only production gap besides the 1932-1933 Depression hiatus. The Mint allocated production based on Treasury projections of currency demand, and the post-1921 recession had left the country with a surplus of small coins in circulation. Nickel production was simply suspended for a year while existing supplies were absorbed. When production resumed in 1923, Philadelphia delivered 35,715,000 coins and San Francisco struck the scarcer 1923-S companion.

The 1923 Philadelphia coin is common in all grades and readily available in Mint State, reflecting the substantial production that restored Buffalo nickel supply after the 1922 hiatus. Strike characteristics are generally strong, and Gem-quality examples exist in adequate numbers for specialist demand. The coin is priced at modest premiums over common-date baselines and is readily acquired through major dealer inventories.

Collectors building complete Buffalo sets pick up the 1923 Philadelphia as a straightforward entry. The missing 1922 year leaves the series with a specific gap in continuous dating that collectors must account for, typically by moving from 1921 entries directly to 1923 without any 1922 representation. The gap is one of the distinctive features of the Buffalo nickel series.