It was not until the final quarter of 1923 that the San Francisco Mint's existing stock of earlier cents was drawn down to the point that additional pieces were needed.
Most 1923-S cents were coined from worn dies that displayed incomplete or distorted details. The example illustrated is thus a pleasing exception. In some instances the mintmark is shallow, but this doesn't seem to be as big a problem as for 1921-S cents.
Survivors having full, original red color are extremely rare. This color is likely to be more brassy than coppery, and it may be marred by "woodgrain" toning streaks from incomplete mixing of the alloy.
Well worn examples are common from widespread hoarding that began with the arrival of coin boards in 1935 and lasted until this date essentially disappeared from circulation around 1960.
Mintage:
| Philadelphia | San Francisco |
| 74,723,000 | 8,700,000 |