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

Released during the depths of the Great Depression to commemorate George Washington’s 200th birthday, the 1932 quarter became the first regular U.S. coin to feature a president’s portrait. Originally intended as a one-year commemorative, it proved so popular that it became the permanent design.

Today, while Philadelphia issues are average at just $9.70 in Good condition, the scarce Denver and San Francisco mintages command premium prices—with 1932-D quarters ranging from $75.20 to an impressive $3,364 in Mint State condition.

Few uncirculated examples were initially saved during the economic hardship, making well-preserved specimens particularly valuable to collectors seeking this historic first-year issue.

 

1932 Quarter Value By Variety

We’re going to break down 1932 Washington quarter values by three varieties: Philadelphia (no mint mark), Denver (D), and San Francisco (S), showing prices across five condition 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 Worth Money

Looking at this chart of 1932 Washington quarter values from 2003 to present, one coin towers above all others. The 1932-D in MS66 condition commands an astounding $143,750 – over three times the value of any other coin on the list.

What’s striking is the dramatic price gaps between mint marks and grades. The 1932-S in MS66 brings $45,500, while the same date in MS65 drops to just $5,640. Even more telling, the 1932-D plummets from $143,750 in MS66 to $29,375 in MS65 – a six-figure difference for just one grade point.

The pattern is clear: Denver mintages dominate the top spots, with four of the five highest values. The relatively common 1932 Philadelphia (no mintmark) quarters appear only at the bottom, topping out at $10,800 in MS67. The takeaway? For 1932 quarters, it’s all about the D mintmark combined with exceptional preservation.

 

History of 1932 Quarter

The initial plan was to produce half-dollars in 1932 to celebrate the 200th anniversary of the first President’s birth. The preparations started in 1924 when no one could predict the Great Depression.

However, President Hoover was against unnecessary expenses and refused to support minting the commemorative half-dollars. Even though the responsible committee ensured these coins became circulating pieces, another faction in Congress came up with the idea of issuing quarters instead.

That was an ideal moment to introduce new quarters as permanent coinage and get rid of unpopular Standing Liberty coins. The idea was to get external artists a chance to offer fresh and innovative creative solutions.

Unfortunately, the controversies didn’t end there. Despite Laura Fraser’s winning design, Andrew Mellon (Treasury Secretary) chose another option. He used his right to approve or disapprove of the accepted solution and favored John Flanagan’s work.

That way, the new quarters appeared in circulation with the second-ranked design in 1932, on the first day in August. In order to at least partially correct the injustice, the US Mint used Ms. Fraser’s conceptual solution on the 1999 five-dollar gold bullion coins.

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

 

Is Your 1932 Quarter Rare?

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

 

Key Features of 1932 Quarter

The Washington quarter minting started 90 years ago in the middle of the Great Depression as a unique way for Americans to celebrate George Washington’s birth bicentennial. John Flanagan was chosen to finish this demanding job, and he did it in the best possible way.

Obverse of the 1932 Quarter

Even though planned as limited-run coins minted in 1932 only, the Washington quarters have become standard circulation coinage from 1934 to this day. Unlike previous quarters, these pieces depicted a real person on the obverse.

The designer excellently represented George Washington in the coin obverse center and framed him with the unavoidable LIBERTY word and the denomination. Besides, there is also the guiding principle for the new nation – IN GOD WE TRUST.

Reverse of the 1932 Quarter

Flanagan decided to place the wing-spread eagle, the bird symbolizing America, in the reverse coin center. This heraldic bird holds arrows in its talons, showing the US’s readiness to defend itself and go to war whenever required.

On the other hand, the designer showed the new nation’s dedication to peace by placing olive twigs under arrows. They symbolize the tendency for peaceful solutions and harmony over war efforts.

Under the arrows and olive branches are the mint mark and denomination. Be aware that only two mints struck the letter (S or D) there, while Philadelphia issued coins with No Mint mark, according to then-regulations.

The area above the eagle’s head is reserved for two inscriptions struck in three lines – UNITED STATES OF AMERICA, E PLURIBUS, and UNUM. This Latin motto symbolizes the unity of many States gathered together to make one powerful country.

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 Mintage & Survival Data

The mintage and survival data tells a compelling story about 1932 quarter scarcity. While Philadelphia produced over 5.4 million quarters, Denver and San Francisco minted fewer than 450,000 each—creating an immediate disparity.

But production numbers only tell half the story. The survival rates reveal the true rarity: approximately 500,000 Philadelphia quarters survive today, compared to just 44,000 from Denver and 40,000 from San Francisco.

This dramatic difference explains why the D and S mint marks command such premiums. The survival distribution chart visually demonstrates this imbalance—the Philadelphia mint dominates with its blue slice, while the orange and green slivers represent the genuinely scarce Denver and San Francisco issues.

These survival rates, hovering around 10% for both branch mints, underscore why finding these quarters in any condition represents a significant discovery.

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

 

The Easy Way to Know Your 1932 Quarter Value

Your 1932 quarter’s value ranges from around $16 for common Philadelphia issues to $127-$134 for scarcer S and D mint marks in average condition, with top-grade examples reaching thousands or even over $100,000.

While manually researching auction records and price guides can be time-consuming, modern technology has simplified the valuation process dramatically. The CoinValueChecker App uses advanced image recognition and constantly updated market data to analyze your 1932 quarter in seconds—simply photograph your coin to receive an accurate grade estimate, mint mark identification, and current market value range, helping you make informed decisions about your collection.

 

1932 Quarter Value Guides

The 1932 quarter comes in three distinct varieties based on mint location.

The Philadelphia mint produced coins with no mint mark, while Denver quarters bear a “D” and San Francisco issues show an “S” – both mint marks appear on the reverse below the eagle. The D and S varieties are significantly scarcer and more valuable than their Philadelphia counterparts.

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

 

1932 No Mint Mark Quarter Value

The 1932 Philadelphia quarter holds the distinction of being the first Washington quarter ever produced, marking a historic transition from the Standing Liberty design. While it had the highest mintage of all three varieties, these coins were struck during the Great Depression when few could afford to save them.

Philadelphia’s examples often display superior strike quality compared to their branch mint counterparts, with sharper details in Washington’s hair and the eagle’s feathers.

To see how these theoretical values translate into real-world sales, let’s examine the actual auction records for 1932 no mint mark quarters across all grades.

Recent auction records confirm the dramatic price jumps for high-grade examples, but equally important is understanding the current market momentum—let’s look at the trading activity for 1932 no mint mark quarters over the past year.

Despite being the most common of the three 1932 varieties, the Philadelphia issue continues to attract strong collector interest—let’s examine the current market activity to see how actively these inaugural Washington quarters are trading.

To see how the 1932 quarter’s activity compares to other dates in the series, explore the Washington Quarter Market Activity Ranking (Top 100).

 

1932 D Mint Mark Quarter Value

The 1932-D quarter stands as one of the most coveted coins in the entire Washington quarter series. With only 436,800 minted during the depths of the Great Depression, it represents the lowest mintage of any regular-issue Washington quarter.

Denver’s production was severely limited due to economic conditions and reduced coin demand in 1932. Many were melted or heavily circulated during hard times, leaving few survivors in collectible condition today.

The “D” mint mark appears on the reverse below the eagle, and finding one in any grade represents a significant numismatic discovery. Its combination of low mintage and high attrition rate makes the 1932-D a true key date.

The auction data below reveals the 1932-D’s impressive value retention across all grades, with even heavily worn examples commanding triple-digit prices—clear evidence of this key date’s enduring scarcity and collector demand.

Recent strong prices have sparked renewed interest in the 1932-D quarter—let’s examine the current market activity to see how actively these key dates are trading.

 

1932 S Mint Mark Quarter Value

The 1932-S quarter represents the ultimate prize for Washington quarter collectors, with the lowest survival rate of all three 1932 varieties. San Francisco minted just 408,000 pieces—slightly fewer than Denver—but what makes the 1932-S truly special is its notoriously weak strike quality.

Many examples show mushy details on Washington’s hair and the eagle’s breast feathers, making fully struck specimens exceptionally rare and valuable. The “S” mint mark below the eagle often appears faint due to die polishing.

This combination of low mintage, poor strikes, and heavy circulation during the Depression created the perfect storm for scarcity, establishing the 1932-S as the series’ most coveted regular issue.

The 1932-S’s legendary status translates directly into auction prices—let’s look at recent sales data to see what collectors are willing to pay for this holy grail of Washington quarters.

With such impressive auction results, it’s no surprise that market activity for the 1932-S remains robust—let’s see how frequently these scarce San Francisco quarters are changing hands.

Also Read: What Quarters Are Worth Money

 

Rare 1932 Quarter Error List

Like every other American coin series, the 1932 quarter set includes a few collectible errors. Such imperfections make them unique, thus enjoyable from a numismatic point of view. Therefore, you can expect these pieces to be often costlier than regular coins of the same quality.

1. 1932 DDO FS-101

The 1932 DDO FS-101 represents one of the most significant varieties in the Washington quarter series. This doubled die obverse features prominent doubling on “IN GOD WE TRUST” and “LIBERTY,” most visible under magnification. The doubling appears as a distinct shadow effect on the letters, created when the die received multiple impressions during production.

As the only major doubled die variety for the inaugural year, the FS-101 commands substantial premiums over regular strikes—often double to triple the value in comparable grades.

2. Cud error

This error type includes a damaged blob-like area at the coin edge. Its shape varies, depending on the broken die piece appearance. You can find the 1932 quarter with this imperfection at about $100 to $110 on eBay.

3. Broad strike

Like other pieces of equipment, retaining collars have their shelf life. Once they break, the result is broad coins thinner than standard without their regular shape and edge appearance. Most such quarters are available at $100 to $200, depending on each piece’s look and size, as well as deformity level.

4. Off-center

You can find coins with displaced design details when the die hits an incorrectly positioned planchet. The result depends on the percentage of the missing design.

For instance, you can get about $15 to $25 for a 1932 quarter with 10% off-center. The error of 50% off-center can bring you $25 to $100 when the mint mark and date are present.

5. Die cap

When the struck quarter sticks to the upper die, it hits the following coins. After a while, it gets a shape resembling a bottle cap. This error is particularly typical for Lincoln cents, but you can sometimes find such cup-formed quarters for $80 to $100.

6. Double-headed

The 1932 quarters with two obverse sides resulted from getting stuck on the reverse die. That way, it blocked the coin placed above, and the obverse die pressed the next piece, making this weird error. It appeared among coins minted in Denver.

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

 

Where to Sell Your 1932 Quarter ?

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 Market Trend

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

 

FAQ about the 1932 Washington Quarter

What makes a 1932 Washington quarter rare?

Low mintage makes quarters minted in Denver and San Francisco relatively rare nowadays. The best-graded coins are those ranked MS 66, and you can be sure they are particularly scarce. Only a few collectors have the privilege to have such specimens in their collections.

Which 1932 Washington quarter is worth a lot of money?

The 1932 D Washington quarter in MS 66 grade won an auction record after selling at $143,750 at Bowers & Merena on April 1, 2008

The 1932 S Washington quarter in MS 66 grade won an auction record after selling at $45,500 at David Lawrence RC on March 22, 2020

The 1932 Washington quarter in MS 67 grade won an auction record after selling at $40,250 at Heritage Auctions on April 18, 2012

The 1932 DDO Washington quarter in MS 66 grade won an auction record after selling at $3,055 at Heritage Auctions on December 4, 2014

How much is the 1932 Philadelphia Washington quarter worth?

The 1932 quarters from Philadelphia are issued without the mint mark. These coins are abundant in lower grades, and you can buy one circulated piece for $5 to $18.

On the other hand, those in the mint state cost $24 to $700, except the best-ranked ones in MS 67 grade. An estimated price range for such superb pieces is from $5,500 to $12,500.

What is the priciest Washington quarter?

Even though many 1932 quarters are affordable coins, some are surprisingly expensive. For instance, the priciest piece in the series is the 1932 D silver quarter in MS 66 grade (Type 1). Its price from 2008 is still a fantastic $143,750.

A similar coin from San Francisco was sold at $45,500 in 2020, while the 1950 PR 68 quarter is the most expensive silver proof in the series. One collector purchased it for $31,200 in 2022.

As for clad coin (Type 2), the most valuable is the 1966 MS 68+ quarter that reached $21,000 at an auction in 2023. The 1974 S PR 70 specimen is paid double less in 2009. However, the price of $10,925 makes this proof the most expensive in a group of clad coins.