1932 Quarter Coin Value: Errors List, “D”, “S” & No Mint Mark Worth

1932 quarter value ranges from $0.25 face value to $143,750. That record sale was a Grade 66 example sold through Heritage Auctions in April 2008. If you’re wondering what yours might be worth, upload a photo of your coin below for a quick value range. You can also scroll down to check recent eBay sales and see what buyers are actually paying right now.

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1932 Quarter Value By Variety

There are three 1932 Washington quarter varieties: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Prices below span five grades from Good to Mint State.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Modern Quarter Worth Money (1932 – Present)

 

Top 10 Most Valuable 1932 Quarter Value Records

The 1932-D in MS66 sits at the top: $143,750, realized at Bowers & Merena in April 2008. PCGS has certified exactly one coin at that grade. One. That makes it among the most conditionally rare Washington quarters in the entire series.

Look at the grade-to-grade price drops and you’ll see how thin the air is up there. The 1932-D falls from $143,750 at MS66 to $29,375 at MS65 — a single grade point worth over $114,000. For the 1932-S, a PCGS MS66 from the D. Brent Pogue Collection brought $43,200 at Stack’s Bowers in March 2020. Another MS66 from the “Washington Rainbows Collection” realized $38,400 at Stack’s Bowers in March 2021.

Denver coins dominate the top spots, but don’t sleep on Philadelphia in superb condition. The “George’s Army” 1932 Philadelphia MS67 — one of only two at that grade — sold for $40,250 at Heritage Auctions in April 2012. That same coin had gone for $21,850 at Spectrum-B&M just four years earlier.

 

History of the 1932 Quarter Value: A Design Controversy

Congress set up the George Washington Bicentennial Commission back in 1924 to plan the 200th anniversary of Washington’s birth. Nobody saw the Depression coming yet.

New Jersey Representative Randolph Perkins introduced legislation for a Washington quarter on February 9, 1931, and Congress passed the bill on March 4, 1931. The act required Washington’s portrait to follow the famous life-mask bust by French sculptor Jean-Antoine Houdon — the one created at Mount Vernon in 1786, still considered the most accurate likeness of Washington ever made.

The design competition drew over 98 entrants submitting roughly 100 designs in October 1931. Both the Bicentennial Committee and the Commission of Fine Arts (CFA) unanimously picked sculptor Laura Gardin Fraser. She was the first woman to design a U.S. commemorative coin, with credits including the 1921 Alabama Centennial Half Dollar and the 1922 Grant Memorial Half Dollar.

Then Treasury Secretary Andrew W. Mellon stepped in. He rejected the Commission’s pick repeatedly and chose John Flanagan’s design instead. Even CFA member Adolph Weinman — the man behind the Mercury dime and Walking Liberty half dollar — lobbied Mellon to change his mind. No luck.

When Mellon left to become President Hoover’s ambassador to Great Britain, his successor Ogden L. Mills refused to reopen the decision. Art historian Cornelius Vermeule later wrote that Flanagan’s portrait had “something cold and lifeless,” calling the reverse “a stiff bit of heraldry.” The new quarters entered circulation on August 1, 1932 — the first U.S. coin design change since 1916.

Here’s the fun part. Laura Fraser’s design finally got its day. It appeared on the 1999 George Washington Commemorative Gold $5 Half Eagle, and under the Circulating Collectible Coin Redesign Act of 2020 (Public Law 116-330), her right-facing portrait of Washington landed on circulating American Women Quarters starting in 2022 — ninety years late.

Also Read: Top 30 Most Valuable State Quarter Worth Money (1999 – 2008)

 

Is Your 1932 Quarter Value Worth More Than Face Value?

Every 1932 quarter beats face value. Period. The 90% silver composition means each coin holds 0.1808 troy ounces of pure silver, giving even a beat-up example a melt value around $5 to $10 at current silver prices.

For the branch-mint coins, the gap over face value is massive. PCGS estimates only about 10% of the original 1932-S mintage survives — roughly 40,000 coins — and nearly 30% of those grade Mint State or better. That’s the counterintuitive part: truly worn, low-grade 1932-S quarters are surprisingly hard to find and can be nearly as elusive as Uncirculated pieces.

Using the Coin Identifier and Value App, you can instantly check any quarter’s rarity score and current market value with just a photo.

 

Key Features That Determine 1932 Quarter Value

Knowing where to look on the coin is half the battle. John Flanagan based his Washington portrait on Houdon’s iconic life-mask, and how much detail survives in that portrait drives the grade — and the price.

Obverse of the 1932 Quarter

You’ll see George Washington facing left, with LIBERTY at the top, IN GOD WE TRUST at the lower left, and the date at the bottom right. Grab a loupe and check Washington’s cheek and the hair above his ear first — those are the high points that wear down earliest.

Look at the individual hair strands above the ear. Can you still see them separated and distinct? Once they start merging together, you’ve dropped from Extremely Fine into the Fine range.

Reverse of the 1932 Quarter

Flip it over. You’ll find a heraldic eagle with spread wings, arrows in the right talon and an olive branch in the left. The eagle’s breast feathers and wing tips wear down faster than you’d expect, so check those areas closely.

The mint mark sits below the eagle and above the word QUARTER — D for Denver, S for San Francisco. No mark means Philadelphia. Pay extra attention to the area around the mint mark. Counterfeits often show tooling marks, discoloration, or a “D” or “S” sitting on a tiny raised platform instead of blending naturally into the field.

Other Features of the 1932 Washington Quarter

Washington quarters issued in 1932 are twenty-five cent coins made of 90% silver. In other words, every coin weighing 6.25 g (0.22040 troy ounces) contains 5.623 g (0.18084 troy ounces) of silver. These round, 1.75 mm (0.069 inches) thick pieces have a reeded edge and a diameter of 24.30 mm (0.957 inches).

Also Read: Top 20 Most Valuable 1776-1976 Bicentennial Quarter

 

1932 Quarter Value Mintage & Survival Data

Philadelphia cranked out 5,404,000 quarters in 1932 — roughly 84% of the entire year’s output. Denver managed just 436,800. San Francisco? Only 408,000, the absolute lowest mintage of any Washington quarter ever struck for circulation.

Here’s a detail I love: according to a notice in the June 1934 issue of *The Numismatist*, collectors could still buy uncirculated 1932 quarters directly from the U.S. Treasury for face value plus postage as late as 1934. Almost nobody bothered picking up the branch-mint coins.

PCGS estimates roughly 10% of the original 1932-S mintage survives today — about 40,000 coins. In Mint State, the 1932-D is nearly twice as rare as the 1932-S and holds the lowest MS65 population of any Washington quarter in the entire series. The 1932-S actually had the lower mintage of the two, but turns up slightly more often in Gem condition — probably because more were tucked away by collectors at the time.

Also Read: Top 100 Most Valuable Washington Quarter Worth Money (1932 – 1998)

 

The Easy Way to Check Your 1932 Quarter Value

Your 1932 quarter’s value ranges from around $9 to $16 for common Philadelphia issues in circulated grades to $127–$134 for scarcer S and D mint marks in average condition, with top-grade examples reaching thousands or even over $100,000. Flip your coin over and look below the eagle, above the word QUARTER — finding that mint mark is the single most important step.

The Coin Identifier and Value App takes a photo of your coin and gives you a grade estimate, mint mark identification, and current market value range in seconds. It pulls from constantly updated market data, so you’re seeing real prices — not last year’s guide book numbers.

 

1932 Quarter Value Guides

Three varieties based on mint location. Philadelphia coins carry no mint mark, Denver quarters show a “D,” and San Francisco issues have an “S” — both marks appear on the reverse below the eagle.

The D and S varieties are dramatically scarcer and more valuable. Because these key dates are among the most counterfeited coins in American numismatics, any example worth over $100 should be slabbed by PCGS or NGC before you buy or sell.

• No Mint Mark (Philadelphia)
• D Mint Mark (Denver)
• S Mint Mark (San Francisco)

 

1932 Quarter Value: No Mint Mark Philadelphia Issue

Most collectors start here. The 1932 Philadelphia quarter — no mint mark on the reverse — is the most available of the three varieties and the cheapest entry point into the series. But don’t assume Gems are easy to find. PCGS has certified only around 500 examples at MS65, fewer than 160 at MS66, and just two coins have ever hit MS67.

Strike quality on Philadelphia coins tends to be sharper than the branch mints. Washington’s hair detail and the eagle’s feathers usually show crisper definition. The catch? Most coins saved in 1932 were “sliders” — pieces with just a touch of wear that grade AU58 today. Truly untouched examples with full original luster are genuine condition rarities.

Here’s how those values play out in actual auction results for 1932 no mint mark quarters across all grades.

Auction records tell one story. Current trading activity tells another — here’s what the market looks like for 1932 Philadelphia quarters over the past year.

Market activity score: 69/100 as of Sep 2026 — up 6 points from Jun 2026. 12-month peak: 78 (Dec 2025).

 

1932 Quarter Value: Denver D Mint Mark Key Date

How rare is the 1932-D in Mint State? PCGS has certified exactly one coin at MS66. That’s the coin that brought $143,750 at Bowers & Merena in April 2008. Only 436,800 were struck — second-lowest production total in the entire Washington quarter series.

The 1932-D holds the lowest MS65 population of any Washington quarter. In Mint State, it’s nearly twice as rare as the 1932-S. If you’re examining one, look at the “D” mint mark closely. On genuine examples, it’s square, tall, and angular, with die polishing lines visible in the surrounding field. The center of the “D” often fills with wear, creating a blobby look — that’s actually a sign of authenticity, not damage.

Counterfeits are everywhere. Fakers routinely add a “D” to common Philadelphia coins. Always check for die polish lines in the field directly around the mint mark — they’re present on genuine Denver coins and missing on most alterations. I wouldn’t buy or sell any 1932-D without PCGS or NGC certification.

Even heavily worn 1932-D quarters pull triple-digit prices. The auction data below shows just how strong demand stays across every grade level.

With prices like these, you’d expect active trading — let’s see how often 1932-D quarters are actually changing hands right now.

Market activity score: 88/100 as of Sep 2026 — up 30 points from Jun 2026. Currently at its 12-month peak.

 

1932 Quarter Value: San Francisco S Mint Mark Key Date

Just 408,000 struck. That’s the lowest mintage of any Washington quarter ever produced for circulation. No certified example at PCGS or NGC has ever exceeded MS66, making that the absolute ceiling — and competition for Gem examples is fierce. Multiple MS66 coins sold between $15,600 and $43,200 at major auction houses between 2020 and 2022.

One common misconception: you’ll sometimes read that the 1932-S was notoriously weakly struck. PCGS CoinFacts actually notes that most 1932-S quarters are well struck. The real challenge is luster. True Mint State examples tend to have subdued luster, and many survivors show subtle rub from light handling that technically drops them below Uncirculated. Eye appeal, toning quality, and bag marks make enormous price differences between coins carrying the same certified grade.

PCGS estimates a 10% survival rate — approximately 40,000 examples total — and about 30% of those grade Mint State or better. That unusual ratio is why truly worn, circulated 1932-S quarters can be almost as hard to find as Uncirculated pieces. Many went straight from the Mint into collector hands rather than into commerce.

The 1932-S is a holy grail coin for Washington quarter collectors. Here’s what they’re paying at auction.

Market activity for the 1932-S stays strong — here’s how frequently these scarce San Francisco quarters are trading right now.

Market activity score: 86/100 as of Sep 2026 — up 23 points from Jun 2026. Currently at its 12-month peak.

Also Read: What Quarters Are Worth Money

 

Rare 1932 Quarter Value Error Coins: Full List

The 1932 Washington quarter has a handful of collectible errors and varieties worth cherrypicking. Each one makes the affected coin unique — and worth a lot more than a normal strike in the same grade.

1. 1932 DDO FS-101 (Doubled Die Obverse)

This is the big one for first-year Washington quarter varieties. A doubled die obverse happens when the working die gets multiple hub impressions that don’t line up perfectly. The result is visible doubling on design elements — on the FS-101, look at IN GOD WE TRUST and LIBERTY under 5x–10x magnification.

You’ll see a shadow or halo effect on the lettering. It’s the only major doubled die for the 1932 issue, and it carries serious premiums. An MS66 example realized $3,055 at Heritage Auctions on December 4, 2014. Even lower-grade certified examples run double to triple what regular strikes bring.

2. Cud Error

A cud forms when a chunk of the die breaks away, leaving a raised blob of metal on the coin’s edge or near the rim. Size and shape depend on how big the broken piece was.

Check along the outer edge of your 1932 quarter. Cud errors on these typically trade around $100 to $110, with larger or more dramatic examples sometimes pulling more.

3. Broad Strike Error

When the collar — the ring that holds the planchet in place and creates the reeded edge — fails during striking, you get a broad strike. The coin spreads out wider and thinner than normal, and the reeded edge disappears completely.

Most 1932 quarter broad strikes sell between $100 and $200. Price depends on how dramatic the spread is and how much design detail survived.

4. Off-Center Strike Error

This happens when the planchet isn’t centered under the die at the moment of impact. Part of the design ends up missing. Value depends on two things: how far off-center it is, and whether the date and mint mark are still visible.

A 1932 quarter at roughly 10% off-center typically sells for $15 to $25. At 50% off-center with the date still showing, you’re looking at $25 to $100 or more — especially on a branch-mint coin.

5. Die Cap Error

A die cap forms when a struck coin sticks to the upper die instead of ejecting. As more planchets feed through, the stuck coin gets hammered into a curved, bottle cap shape. You see these most often on Lincoln cents, but they do show up on Washington quarters.

Die cap 1932 quarters are unusual finds. Expect $80 to $100 for typical examples, with deeply formed caps bringing more.

6. Double-Headed (Brockage) Error

This one’s wild. A previously struck coin sticks to the upper die and acts as a makeshift die against the next planchet. You end up with a coin showing two obverse sides — one normal, one mirror-image. Technically it’s called a Type II brockage.

This error has been documented on Denver Mint 1932 quarters specifically. Values are case-by-case, based on the strength of both impressions and overall preservation. Get it authenticated before you price it.

Also Read: 20 Rare Washington Quarter Errors Worth Money (Full List with Pictures)

 

Where to Sell Your 1932 Quarter Value for Top Dollar

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons.

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

 

1932 Quarter Value Market Trend

Market interest: 9,020 collectors tracking this coin as of Sep 2026 — up 900 from Mar 2026. 12-month peak: 9,540 (Oct 2025).

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

 

FAQ About 1932 Quarter Value

1. What makes the 1932-D and 1932-S quarters rare?

The 1932-D (436,800 minted) and 1932-S (408,000 minted) are the only two Washington quarters ever struck for circulation with fewer than one million pieces. That’s why they’re the series’ key dates. Survival rates hover around 10% for both — roughly 44,000 Denver and 40,000 San Francisco quarters exist today in all grades combined.

2. What is the record auction price for a 1932 Quarter Value at any grade?

$143,750 for the unique PCGS MS66 1932-D, sold at Bowers & Merena in April 2008. No other 1932-D has ever graded MS66 at PCGS. For the 1932-S, the record is $45,500 realized at David Lawrence Rare Coins in March 2020.

3. How much is a 1932 No Mint Mark quarter worth in circulated grades?

Circulated Philadelphia examples typically sell for $9 to $18 in Good through Very Fine condition. Mint State ranges from about $24 at MS60 up to $700 in MS65. The rare MS67 grade — only two PCGS-certified examples — can reach $10,000 to $12,500 or more.

4. How can I tell if my 1932-D or 1932-S quarter is genuine?

Counterfeits are a real problem here. Fakers add a “D” or “S” to common Philadelphia coins all the time. On a genuine 1932-D, the “D” is square, tall, and angular, with die polishing lines in the surrounding field. The center of the “D” often fills with wear, giving it a characteristically blobby look. Any coin worth over $100 should go to PCGS or NGC before you buy or sell.

5. Is the 90% silver content in a 1932 quarter worth anything on its own?

Yes. Every 1932 quarter contains 0.1808 troy ounces of pure silver (approximately 5.623 grams), giving even a trashed example a melt value around $5 to $10 at current prices. That silver floor means a damaged coin without collectible value still has real precious metal content. Of course, D and S mint marks are always worth far more than melt alone.

6. Why did the 1932 quarter design involve so much controversy?

The 1931 design competition drew over 98 entrants. Both the Commission of Fine Arts and the Bicentennial Committee unanimously picked Laura Gardin Fraser’s work. Treasury Secretary Andrew W. Mellon overruled them and chose John Flanagan’s design instead. His successor Ogden L. Mills refused to revisit the decision.

Art historian Cornelius Vermeule later called Flanagan’s portrait “cold and lifeless.” Fraser’s winning design didn’t reach circulating quarters until 2022, when it became the obverse of the American Women Quarters Program under Public Law 116-330. Ninety years late.

7. What is the PCGS population for the 1932-D quarter in high grades?

The 1932-D holds the lowest MS65 population of any Washington quarter in the entire series. Only one coin has ever been certified MS66 by PCGS — the famous example that sold for $143,750 in 2008. Nothing has ever graded higher. NGC confirms the same ceiling at MS66. That single coin is the finest known at the top grading service.

8. What errors and varieties should I look for to boost my 1932 Quarter Value?

The 1932 DDO FS-101 (Doubled Die Obverse) is the headliner — clear doubling on IN GOD WE TRUST and LIBERTY under 5x–10x magnification, with an MS66 auction record of $3,055. Other errors to cherrypick: off-center strikes ($15–$100+ depending on severity and mint mark visibility), cud errors ($100–$110), broad strikes ($100–$200), die cap errors ($80–$100), and the double-headed brockage reported on Denver Mint examples. Get any suspected error authenticated before putting a price on it.

9. Can I still find a 1932-D or 1932-S Washington quarter in circulation?

You’d need lottery-level luck. Both coins have been actively hunted since the post-WWII coin boom of the 1950s. Any examples still in circulation got pulled out by sharp-eyed collectors generations ago. Your best bet today is reputable dealers, major auction houses (Heritage Auctions, Stack’s Bowers, GreatCollections), or certified coin marketplaces — always with PCGS or NGC certification for pieces valued above a few hundred dollars.

10. How does eye appeal affect 1932 Quarter Value beyond the grade?

Eye appeal can swing the price wildly, even between two coins with the same number on the slab. For the 1932-S especially — where many Mint State survivors have subdued luster and varying toning — a coin with attractive original color, clean surfaces, and no distracting bag marks can sell for two to three times what a dull example in the same grade brings.

The five MS66 examples of the 1932-S auctioned between 2020 and 2022 ranged from $15,600 to $43,200. All the same grade. Dramatically different prices, driven by toning, luster, and how badly two registry set collectors wanted the same coin.