With a mintage of just 1.3 million pieces, it stands to reason that the 1923-S would be one of the rarest Standing Liberty quarters in terms of total number of coins believed extant. An estimate that only 5% of the mintage was truck with Full Head definition was reported by J. H. Cline in the 2007 book Standing Liberty Quarters and establishes this issue as a leading strike rarity in its series.

The example to the left was sold by Stack's Bowers Galleries in the Larry H. Miller Auction, where it realized $31,200.