After a one-year recession-induced production hiatus in 1922, Walking Liberty half dollars were in 1923 rolling out of the U.S. Mint once again, albeit in very scant numbers. In fact, only one mint location, San Francisco, struck half dollars in 1923. What’s more, a relatively small number of Walking Liberty halves were struck that year, placing great pressure on this coin in terms of price.
Many coin collectors vie for the 1923-S Walking Liberty half dollar, including date-and-mintmark collectors, who need this coin to plug a hole in their albums, and year set collectors, who also require an example of this coin, as it is the only half representing that year.
Despite all of the demand for the 1923-S Walking Liberty half dollar and its relatively small mintage of just 2,178,000, an example can be bought for under $15 in a grade of Good-4. Prices are soft even into the VF-20 level, where a 1923-S Walking Liberty half dollar can be obtained for around $100 to $150. Prices do climb substantially above that grade level, though; an XF-40 example costs upwards of $300. This pricing scenario is fairly representative of all early Walkers, as pieces in Good-4 are usually quite affordable but jump substantially once a collector passes the XF-40 threshold.
Little demand for the half dollar denomination during the mid 1920s would prompt the U.S. Mint to cease production of the Walking Liberty half dollar until 1927.