This coin was struck with an obverse die that was severely overused and worn out. The 1923-S is one of the most notorious issues for being struck with overused dies.
In this case, the reverse is what carries the weight in determining the grade. In my opinion, I'd give it XF40.
I have seen cases of 1921S and 1923S cents where the mintmark was almost completely gone - much like the 1922 "no-D" cents without the huge hype and price tag.
Scotty - this coin is an excellent example of this problem with 20s cents minted in San Francisco. I would like to be able to use nice images of it in my upcoming book if I could. Could you contact me by email so we can discuss this possibility? Thanks!
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