"Sharkey" sailed on 11 January 1923 for the Caribbean, and participated in Fleet Problem I off Panama and in combined fleet exercises until sailing from the Caribbean on 2 April for the Philadelphia Navy Yard. Departing the yard on 11 August, she participated in maneuvers off Newport and, between 31 August and 4 September, the Fisherman's Races at Gloucester, Massachusetts, before departing Newport on 1 October 1923 for exercise areas off Norfolk. She spent the period from 18 November 1923 to 3 January 1924 in the Philadelphia Navy Yard.