As a Philadelphia Mint issue with a generous mintage of 9,716,000 pieces, the 1923 might be mistaken for a more readily-obtainable early date Standing Liberty quarter when in the finest Mint State grades. This is incorrect, however, unless one is content to acquire a Gem with poor definition to Liberty's head and other elements of the design. In Full Head the 1923 is rare and underrated.

The example to the left was sold by Stack's Bowers Galleries in the D. Brent Pogue Part VII Auction, where it realized $15,600.