The 1923-S is one of the more notable condition rarities in the early Lincoln series. Only 8,700,000 cents were struck at the San Francisco Mint that year -- a limited total by 20th century cent standards -- but thanks in part to hoarding in later decades, the 1923-S is an issue that is generally available in low to mid circulated grades. In uncirculated condition the 1923-S is an especially challenging issue, and even at the lower end of the Mint State grading scale. Poorly defined design elements are the norm, due mostly to the Mint's use of heavily worn dies, and most survivors also possess streaky brown and red wood grain surfaces from poor alloying in the planchet. These characteristics serve to limit both the certified grade and visual appeal of most uncirculated examples. Mint State coins with sharp to full striking detail and even, attractive color to both sides are very much the exception and never fail to elicit strong bids the few times they are available through auction.

The example to the left was sold by Stack's Bowers Galleries in the November 2020 Showcase Auction, where it realized $10,800.