If you’ve ever come across a 1928 quarter tucked away in an old collection, you might be sitting on more than just pocket change. The 1928 Quarter Value depends on several key factors — mint mark, condition, and whether it carries the rare “Full Head” (FH) designation.

The 1928 Standing Liberty Quarter was minted in three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). A well-circulated example typically starts around $15, while a high-grade MS specimen can climb to $416 or beyond. Understanding these differences is the first step to knowing what your coin is really worth.

 

1928 Quarter Value By Variety

The table below breaks down the 1928 Quarter Value across all three mint varieties and key grades, so you can quickly find where your coin stands.If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 10 Most Valuable Quarter Coins In Circulation Worth Money (With Pictures)

 

Top 10 Most Valuable 1928 Quarter Worth Money

The chart above tracks the top auction results for 1928 quarters from 2003 to the present, illustrating the wide price gap driven primarily by grade and mint origin.

The Philadelphia Mint’s 1928 quarter holds the series record at $120,000, achieved at Heritage Auctions in August 2021 for an MS67+ Full Head specimen. Despite Philadelphia producing the highest mintage of the three mints that year, this result reflects a counterintuitive reality: raw mintage does not determine top-end value. Of the 29,867 Standing Liberty quarters graded by PCGS, only about one in three carries a Full Head designation, meaning strike quality — not scarcity of the coin itself — is the primary driver at elite grade levels.

The 1928-D, struck at Denver with the lowest mintage of the three varieties at just 1,627,600 coins, reached $70,500 for an MS67 Full Head example. High-end grades are exceptionally rare, with only two pieces recorded at MS67+ and none above MS68. This scarcity at the top of the grading scale explains why the Denver issue commands strong premiums despite being less prominent in general circulation discussions.

The 1928-S sits in the middle of the chart. San Francisco contributed 2,644,000 quarters, and premium pieces graded MS68 Full Head have realized $29,900 at auction. Its more accessible supply keeps values at a comparatively moderate level, though demand for well-struck examples remains consistent.

Taken together, the chart demonstrates that grade and strike quality — particularly the Full Head designation — matter far more than mintage when determining the ceiling value of a 1928 quarter.

 

History of the 1928 Quarter

The 1928 Standing Liberty Quarter emerged during a period of economic change in the United States, reflecting the cultural values and artistic movements of the time. It represents not just a piece of currency, but a snapshot of history.

The coin belongs to the Standing Liberty series, which had already undergone significant changes before 1928. The series launched in 1916, and by 1917 the design was modified due to controversy, creating the Type II variety that defined all coins from that point forward. A further practical change came in 1925, when the date was recessed into the design to prevent it from wearing away in circulation — a modification that the 1928 quarter carries as standard.

The 1928 quarter holds a place among collectors as a bridge between the earlier and later years of the series, making it a key piece within the broader narrative of American coinage during the early 20th century. Struck during the height of the Roaring Twenties, it circulated through one of the most economically active periods in American history, from post-war expansion through to the onset of the Great Depression.

The series came to a close just two years later. No quarters were struck in 1931 due to the Depression, and Congress passed an act on March 4, 1931 authorizing the Washington quarter, which began production in 1932 and ended the Standing Liberty series entirely.

This makes the 1928 issue one of the final coins in a 15-year run — close enough to the end of the series to carry historical weight, yet still produced during a period of relative economic confidence before the crash.

Also Read: Top 100 Most Valuable Modern Quarters Worth Money List (1965-Present)

 

Is Your 1928 Quarter Rare?

Not all 1928 quarters are created equal — mint mark, strike quality, and grade can push your coin from common to genuinely scarce. To find out exactly where yours ranks, check the Coin Value Checker App for an instant rarity assessment and real-time value based on current market data.

 

Key Features of the 1928 Quarter

The 1928 Quarter is a Standing Liberty Quarter, designed by American sculptor Hermon A. MacNeil and struck at three mint facilities — Philadelphia (no mint mark), Denver (“D”), and San Francisco (“S”).

As a Type 2b issue, it incorporates all design refinements made since the series launched in 1916, making it one of the most complete expressions of MacNeil’s original vision.

The Obverse of the 1928 Quarter

The obverse features Liberty striding confidently through a waist-high gateway, carrying a shield bearing the national arms in her left hand and an olive branch in her right — a composition MacNeil described as Liberty “stepping forward in the defense of peace as her ultimate goal.”

The shield symbolizes defensive preparedness, while the olive branch represents the preference for peace. Liberty’s torso is covered in chain mail, a modification introduced in 1917. Two rows of stars representing the original 13 colonies bracket her lower body, alongside the motto “IN GOD WE TRUST.”

The word “LIBERTY” arcs along the top edge, and the designer’s initial “M” appears to the right of the recessed date — a feature added in 1925 to prevent the date from wearing away in circulation. The mint mark, where present, appears to the left of the date.

The Reverse of the 1928 Quarter

The reverse depicts an eagle in full flight with wings spread, soaring to the right. “UNITED STATES OF AMERICA” arcs around the top, “QUARTER DOLLAR” runs along the bottom, and the motto “E PLURIBUS UNUM” is positioned above the eagle.

Three of the thirteen stars appear beneath the eagle, with five to each side — a layout established with the Type 2 redesign of 1917.

Other Features of the 1928 Quarter

The 1928 Quarter measures 24.26 mm in diameter and is composed of 90% silver and 10% copper. Each coin contains 0.1808 troy ounces of pure silver. The edge is reeded, consistent with other silver denominations of the period.

The Full Head (FH) designation — indicating a sharply struck helmet with fully defined detail on Liberty’s head — is a key collector attribute that significantly affects value, as only approximately one in three Standing Liberty quarters graded by PCGS carries a Full Head designation.

Also Read: Top 30 Most Valuable State Quarter Coins Worth Money List

 

1928 Quarter Mintage & Survival Data

Across the three mints, the 1928 quarter had a combined output of just over 10.6 million coins — modest by the standards of other years in the Standing Liberty series. Philadelphia produced the most at 6,336,000, yet carries the lowest survival rate of the three at just 0.1263%, with an estimated 8,000 examples surviving today. This counterintuitive result reflects how heavily circulated Philadelphia coins were, as the most widely distributed issue.

The 1928-D tells a different story. Despite having the smallest original mintage at 1,627,600, it records the highest survival rate at 1.2288%, with around 20,000 surviving examples. This suggests Denver coins were set aside in greater proportion relative to their original output — possibly because collectors recognized the low mintage at the time. The 1928-S falls between the two, with an estimated 13,000 survivors from 2,644,000 struck, yielding a 0.4917% survival rate.

High-end grades remain exceptionally rare across all three varieties, with the 1928-D recording only two pieces at MS67+ and none above MS68. The overall survival data confirms that while circulated examples remain accessible to collectors, well-preserved mint state specimens — particularly with Full Head strikes — represent a genuinely scarce segment of the market.

Also Read: Top 20 Most Valuable Bicentennial Quarter Worth Money List

 

The Easy Way to Know Your 1928 Quarter Value

With mint marks, grade levels, and Full Head designations all affecting what your coin is worth, getting an accurate value on your own can take real effort. The Coin Value Checker App simplifies the entire process — just scan your coin and get an instant, data-driven value assessment based on current market conditions, so you always know exactly what you have.

 

1928 Quarter Value Guides

• 1928 No Mint Mark Quarter — Philadelphia produced the largest output of the three mints and tends to yield reasonably well-struck coins, making this the most common and accessible variety for collectors.
• 1928-D Quarter — Denver produced the lowest mintage of all three 1928 varieties. Coins from this mint are known for sometimes showing weak head detail, making a well-struck Full Head example a particularly desirable find.
• 1928-S Quarter — San Francisco strikes are generally of mediocre strike quality but remain plentiful across most grades.

The 1928 quarter was produced at all three mints — Philadelphia, Denver, and San Francisco — each with distinct characteristics that directly affect collector value. Each variety also comes in a standard strike and a Full Head (FH) designation, with FH examples commanding significantly higher premiums due to their sharply struck helmet detail.

 

1928 No Mint Mark Quarter Valve

The 1928 Philadelphia quarter is the most accessible entry point into the 1928 Standing Liberty series, making it a natural starting place for collectors at any level. 1928 was the fourth lowest mintage year for Philadelphia-struck Standing Liberty quarters, yet the coin remains abundant enough to stay affordable — a rare combination of low production and collector accessibility.

A circulated example in Good (G-4) condition starts at around $12.25, while a well-preserved Mint State specimen can reach $3,500 at MS-67. The real jump in value comes with the Full Head designation. An MS64 FH can be worth 8 to 12 times more than a standard MS64 without the designation. The all-time auction record for this coin stands at $120,000, achieved by an MS67+FH example sold at Heritage Auctions in August 2021. The FH designation confirms that Liberty’s helmet was struck with full, crisp detail — something the high-relief design didn’t always guarantee, even at Philadelphia.

What makes this coin stand out is that combination of approachability and upside potential. Although it is the most available of the three 1928 varieties, exceptional strikes — especially with Full Head designations — are much rarer to find. That means a well-struck Philadelphia example rewards patient collectors who know what to look for.

The auction records below show exactly how the market has responded to top-condition examples over time.

And if you’re curious how actively this coin trades today, the market activity data gives you a real-time sense of collector demand.

 

1928-D Quarter Valve

The 1928-D is the lowest-mintage variety of the three 1928 quarters and one of the most underrated issues in the entire Standing Liberty series. What makes it particularly interesting to collectors isn’t just its scarcity — it’s the story behind its strike quality.

Insufficient striking pressure, worn dies, and improper die preparation at the Denver Mint resulted in weak head details, flat shield rivets, and indistinct gown lines on the majority of survivors. This means that even uncirculated Denver examples often look underwhelming compared to their Philadelphia counterparts — and it’s precisely why a well-struck example stands out so sharply. This issue comes with a very weak strike overall, although there is quality luster and, in some cases, beautiful toning.

The Full Head designation is where the value gap becomes dramatic. Less than 1% of the already limited mintage is believed to have been struck with Full Head definition, making FH examples one of the true conditional rarities in 20th-century U.S. coinage. MS-65 FH examples have realized between $3,120 and $9,300 at auction, and the all-time record stands at $70,500 for an MS67+FH example sold at Heritage Auctions in August 2016.

High-end grades are extremely rare, with only two pieces recorded at MS67+ and none above MS68. For collectors who appreciate the challenge of the hunt, the 1928-D rewards those who know what to look for — and finding a sharp, lustrous example with Full Head detail is one of the more satisfying achievements in the series.

The auction records below show how top examples of this coin have performed over time.

The market activity section that follows gives you a real-time picture of how actively this variety trades among collectors today.

 

1928-S Quarter Valve

The 1928-S is a solid mid-range entry in the 1928 series — more available than the Denver issue, yet with enough strike-quality challenges to keep high-grade examples genuinely interesting for collectors. It is a mid-mintage type that can be challenging to find in high grades of the grading scale, sitting at a more approachable level than the other two 1928 varieties.

Most uncirculated survivors lack Full Head details, making well-struck examples scarce, and Full Head examples command strong premiums due to the San Francisco Mint’s generally poor strike quality in 1928. MS-65 FH retail offerings sit at around $1,250, with MS-66+ FH reaching $4,275. At the very top end, the all-time auction record for the 1928-S FH stands at $29,900, achieved by an MS68 example at Bowers & Merena in September 2008.

What makes the 1928-S particularly rewarding to collect is what the Greysheet describes as its best-case potential. Along with accessibility and affordability, this date can come with a strong strike, quality luster, and even attractive toning — making it a great Full Head type coin when the right example is found. Collectability begins at the high-end AU range and remains accessible up to the gem level, though MS65 and above are considered scarce, with anything finer being a truly great rarity.

The auction records below document how the best examples of this coin have traded over the years.

The market activity section that follows reflects current collector demand for this San Francisco issue today.

Also Read: 22 Rare Quarter Errors List with Pictures (By Year)

 

Rare 1928 Quarter Error List

While the 1928 quarter is primarily valued for its mint varieties and grade, a documented set of errors and die varieties exists that attracts specialists and error coin enthusiasts. These pieces sit outside the mainstream market but offer an additional layer of discovery for collectors who know what to look for — and in some cases carry significant premiums over standard examples.

1. 1928-S Inverted MM FS-501

The 1928-S Inverted Mintmark (FS-501) is a die preparation error where the “S” mintmark was punched upside-down into the obverse die. The orientation is unmistakable — the “S” appears inverted on the coin, making it one of the more visually striking varieties in the Standing Liberty series.

It is valued between $80 and $416 depending on condition, and because many examples prove difficult to attribute definitively, properly authenticated specimens carry added appeal among variety collectors.

2. 1928-S RPM FS-502

The 1928-S RPM FS-502 occurred when the mintmark was repunched with the first impression visible to the southeast of the primary mintmark. Under magnification, remnants of the first “S” create a doubled appearance — this RPM occurs specifically on a “Large S” die.

The variety commands a substantial premium, with values ranging from $299 to $1,150. It is one of the more collectible die varieties in the 1928 series and is well documented in the Cherrypickers’ Guide.

3. 1928 Quarter “Tear Drop” Error

The “Tear Drop” error is a die break found and certified on a number of Standing Liberty Quarters. The die cracked during use, leaving a portion of Lady Liberty’s gown cut into what appears to be a teardrop shape or a clothing tear on the coin’s surface.

On the 1928-S specifically, the teardrop die break appears by Liberty’s left thigh. These are catalogued in Robert H. Knauss’s reference guide Standing Liberty Quarter Varieties and Errors, and certified examples appear in the market from time to time.

4. 1928 Quarter Clashed “E” Error

The Clashed “E” error occurs when the obverse and reverse dies accidentally strike each other without a planchet between them, transferring design elements from one die to the other. On the 1928 quarter, this clash leaves a ghosted impression of the letter “E” — from the reverse inscription “E PLURIBUS UNUM” — appearing on the obverse where it does not belong.

Clashed die examples in circulated condition typically bring $50 to $150, while cleaner, higher-grade pieces can push past $200. The error is documented across multiple dates in the Standing Liberty series, with the 1928 being one of the more frequently cited examples.

5. 1928 Quarter Struck on Lincoln Cent Planchet

This is among the rarest and most valuable errors associated with the 1928 quarter. Two Standing Liberty Quarters struck on U.S. Cent planchets have been authenticated and certified by NGC, with this extremely rare off-metal error valued at six figures.

The resulting coin is copper-colored, dramatically underweight, and undersized, with peripheral design details missing due to the smaller planchet diameter. One example, graded NGC MS-63 BN from the Byers Collection, was featured on the cover of Mint Error News Magazine Issue 31 — making it one of the most significant mint error discoveries in the entire Standing Liberty series.

 

Where to Sell Your 1928 Quarter?

After determining what your coins are worth, you’re probably wondering about convenient online selling options. I’ve researched and compiled a guide to the best platforms, outlining their services, pros, and cons.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1928 Quarter Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1928 Quarter

1. Is the 1928 quarter made of silver?

Yes. The 1928 Standing Liberty Quarter is 90% silver and contains 0.1808 troy ounces — or 5.623 grams — of pure silver. This means even a heavily worn example carries an intrinsic silver melt value, making it worth more than face value regardless of collector grade.

2. How do I find the mint mark on a 1928 quarter?

The mint mark is located on the obverse (front) of the coin, to the left of the date on the wall of the gateway, just next to the lowest star. A “D” indicates Denver, an “S” indicates San Francisco, and no mint mark means the coin was struck at Philadelphia.

3. What does “Full Head” mean, and why does it matter?

Type II Standing Liberty Quarters receive the Full Head designation when the helmet exhibits three complete and distinct leaves, a complete outline on the bottom of the helmet, and a clear ear hole on Liberty’s head. An MS-65 Full Head example can be worth as much as five to six times the price of an equivalent non-FH MS-65. The designation is awarded by PCGS and NGC only on examples grading AU-50 or better.

4. Which 1928 quarter variety is the most valuable?

The 1928-D with Full Head designation is the most valuable variety. Less than 1% of the already limited Denver mintage is believed to have been struck with Full Head definition, making it one of the true conditional rarities in 20th-century American coinage. The all-time auction record stands at $70,500 for an MS67+FH example sold at Heritage Auctions in August 2016.

5. What is the most valuable 1928 quarter ever sold?

The all-time auction record across the entire 1928 quarter series belongs to a 1928 Philadelphia MS67+FH example, which sold for $120,000 at Heritage Auctions in August 2021. This result reflects the extreme scarcity of a perfectly struck Full Head specimen even from the highest-mintage variety.

6. Should I clean my 1928 quarter?

Never. Cleaning destroys the original surface and reduces numismatic value by 25–50%, often dropping it to near melt value. Cleaning, scratches, corrosion, or dull surfaces can reduce value for good. Toning and natural aging are considered desirable by collectors and should be left untouched.

7. How do I grade my 1928 quarter?

The head is the most weakly struck area of the Standing Liberty Quarter. Other important areas to examine are the shield and shield rivets, the robe over the midsection, Liberty’s left knee and thigh, and on the reverse, the front part of the eagle’s wing and feathers. The more wear visible on these high points, the lower the grade. For an accurate assessment, submitting to PCGS or NGC is recommended for coins that may be worth $100 or more.

8. Is it worth getting my 1928 quarter professionally graded?

It depends on the coin. For circulated examples in lower grades, the cost of certification may outweigh the benefit. However, for any Mint State example — especially one that might qualify for the Full Head designation — professional grading through PCGS or NGC can significantly increase marketability and verify authenticity. NGC will not certify coins which have been damaged, harshly cleaned, or treated in some manner to alter their surfaces.

9. What is the 1928 quarter series, and when did it end?

The 1928 quarter is part of the Standing Liberty series, struck from 1916 to 1930. The series was discontinued in 1931, a year in which no quarters were struck. By Congressional act, the Washington quarter was introduced in 1932 to celebrate the bicentennial of George Washington’s birth, ending the Standing Liberty series entirely. This makes the 1928 issue one of the final coins in the run.

10. How should I store my 1928 quarter?

Store the coin in a protective holder, such as a coin capsule or a flip, to prevent scratches and environmental damage. Avoid handling the coin with bare hands, as oils and dirt can tarnish its silver surface. For higher-value examples, an airtight, inert container in a stable, temperature-controlled environment is recommended to preserve luster and long-term eye appeal.