1938 Quarter Value (2026 Guide): Errors List, “S” & No Mint Mark Worth

The 1938 quarter offers collectors a fascinating study in collecting difficulty across different varieties and conditions.

While Philadelphia mint examples provide an accessible starting point at $6.79 in Good condition, the collecting challenge escalates significantly with the San Francisco variety, where Fine condition specimens command $21.00.

For advanced collectors seeking the ultimate prize, proof quarters represent the most formidable acquisition at $255.71, combining substantial financial investment with the patience required to locate these premium examples in today’s competitive marketplace.

 

1938 Quarter Value By Variety

Here’s a breakdown of current 1938 quarter values across all three varieties—Philadelphia (no mint mark), San Francisco (S), and Proof editions—showing market prices for each condition grade 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 1938 Quarter Value Records

Looking at auction records from 2006 to present, the 1938 quarter market tells a clear story: condition is everything. The undisputed champion is a Philadelphia MS-68 graded by PCGS that sold for $14,400 at Heritage Auctions—a price driven by an extreme rarity of just one or two coins known at that grade population-wide.

Proof coins dominate the middle rankings, with a PR-68 bringing $7,931 and PR-65 to PR-67 examples ranging from $264 to $1,440. A critical factor that many collectors overlook is the Cameo (CAM) and Deep Cameo (DCAM) designation on proof coins—these grades describe frosted devices against mirror-like fields, and a PR-65 DCAM can fetch nearly double the price of a standard PR-65 at the same numeric grade.

What’s striking is how dramatically values drop between grades. A regular strike in MS-67 commands $2,400, but just one grade lower at MS-66, it plummets to $456. San Francisco issues, despite lower mintages, actually sell for less than Philadelphia coins in comparable grades—proving that survival rates and eye appeal often matter more than original production numbers.

 

1938 Quarter Value: History and Mintage Background

The 1938 quarter marked a significant transitional year in American coinage. By this time, the Washington quarter design had been in circulation for six years, having replaced the Standing Liberty quarter—designed by sculptor Hermon A. MacNeil—in 1932 to commemorate George Washington’s 200th birthday.

John Flanagan’s winning design was selected through a competition judged by the Commission of Fine Arts, with Flanagan basing his portrait on a life mask created by French sculptor Jean-Antoine Houdon in 1785. Despite initial plans for the Washington quarter to be a one-year commemorative issue, its dignified appearance and public acceptance led to its continuation through 1998 with only minor modifications.

Production in 1938 was modest compared to later years. The Philadelphia Mint struck 9,480,045 quarters with no mint mark, while San Francisco produced just 2,832,000 pieces marked with an “S”—a number sometimes rounded differently in older references but confirmed at 2,832,000 by PCGS population research.

Additionally, the Philadelphia Mint created 8,045 proof quarters for collectors—mirror-finished coins that remain highly sought after today. For context, the 1936 proof Washington quarter had a mintage of only 3,837 pieces and the 1937 proof had 5,542, making the 1938’s 8,045 the most accessible of the early proof trio.

These quarters were struck in 90% silver and 10% copper, giving each coin 0.18084 troy ounces of pure silver. With silver trading near $30 per troy ounce in 2026, every 1938 quarter carries an intrinsic melt value of approximately $5.43—a floor that protects even heavily circulated examples.

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

 

1938 Quarter Value: Rarity Scores Explained

The rarity scores tell an interesting story about 1938 quarters. The proof version leads with a score of 42, ranking 27th among all Washington quarters—surprisingly accessible for a proof coin with just 8,045 minted. The Philadelphia issue follows at 37, earning “Rare” status despite having the highest mintage of the year.

Most intriguing is the San Francisco quarter. With the lowest mintage at 2.83 million, you’d expect it to be rarest, yet it scores only 30 and ranks 76th. This apparent contradiction reveals a crucial lesson: mintage alone doesn’t determine rarity—factors like survival rates, collector hoarding, and regional distribution all play a role.

These middle-tier rarity scores make 1938 quarters perfect for intermediate collectors—scarce enough to be challenging, but not so rare as to be unobtainable. Want to check the rarity of quarters in your collection? The CoinValueChecker App instantly identifies rarity scores for any Washington quarter with a simple photo scan.

 

1938 Quarter Value: Design Features and Key Specifications

The 1938 Washington quarter represents the sixth year of production for John Flanagan’s iconic design. Flanagan, an American sculptor and medalist, created this enduring portrait based on Jean-Antoine Houdon’s famous bust of George Washington. Originally intended as a one-year commemorative for Washington’s 200th birthday in 1932, the design’s popularity ensured its continuation through 1998 with only minor modifications.

The Obverse of The 1938 Quarter

The obverse features George Washington’s left-facing profile, with Flanagan’s initials “JF” subtly placed at the base of the neck truncation. The word LIBERTY arcs across the top of the coin, while the national motto “IN GOD WE TRUST” appears to the left of Washington’s neck. The date “1938” is positioned at the bottom of the obverse, completing the clean, dignified design that has become synonymous with American coinage.

The Reverse of The 1938 Quarter

The reverse displays a heraldic eagle with outstretched wings, clutching a bundle of 13 arrows in its talons—symbolizing the original thirteen colonies. An olive branch curves beneath the eagle, representing peace and balance.

For San Francisco minted coins, a small “S” mint mark appears below the olive branch’s center. The inscriptions “UNITED STATES OF AMERICA” arc across the top, with “E PLURIBUS UNUM” below. The denomination “QUARTER DOLLAR” curves along the bottom edge.

Other Features of The 1938 Quarter

The 1938 Washington quarter was struck in the traditional composition of 90% silver and 10% copper, containing 0.18084 troy ounces of pure silver. Each coin weighs 6.25 grams (0.2009 troy ounces) with a diameter of 24.3 mm (0.95669 inches). The reeded edge prevents clipping and helps identify genuine coins. With a thickness of 1.75 mm (0.06870 inches), these quarters maintained the same specifications used since the series began in 1932—standards that would continue until the composition change in 1965.

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

 

1938 Quarter Value: Mintage and Survival Rates

The 1938 quarter mintage data reveals a typical production pattern for the era. Philadelphia dominated with 9.47 million coins, while San Francisco contributed 2.83 million. The proof mintage of just 8,045 pieces represents a tiny fraction of total production.

What’s striking is the survival data. Both Philadelphia and San Francisco quarters show identical 10% survival rates—meaning roughly 90% have been lost to melting, damage, or heavy circulation. The Coinage Act of 1965 that eliminated silver from circulating coinage triggered widespread melting in the years that followed, as silver’s market price made hoarding and smelting economically attractive.

In contrast, proof coins boast an impressive 80.8% survival rate, with an estimated 6,500 of the original 8,045 still in existence. This dramatic difference makes sense: proofs were sold directly to collectors who carefully preserved them, while business strikes entered circulation where silver melting in the 1960s through 1980s decimated their numbers.

Today’s estimated survival of just 1.23 million total business strikes from over 12 million minted demonstrates how scarcity develops over time. According to PCGS population data, fewer than 20 examples of the 1938 Philadelphia quarter have been certified at MS-67, with only one to two coins reaching the MS-68 level—a population so low it directly explains the $14,400 auction record.

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

 

1938 Quarter Value: How to Check What Yours Is Worth

Your 1938 quarter’s value ranges from around $12 in average condition for both Philadelphia and San Francisco issues, with uncirculated examples reaching $125–$240, as Denver produced no quarters this year making 1938 a lower-mintage year overall.

Accurately determining your coin’s worth requires identifying the mint mark (or lack thereof), assessing its condition grade from heavily circulated to uncirculated, and consulting current market data. The CoinValueChecker App eliminates the guesswork with instant AI-powered analysis—simply photograph your 1938 quarter to receive precise mint identification, professional-grade condition estimates, and up-to-date market valuations based on recent sales data.

 

1938 Quarter Value Guides by Variety

Below we’ll explore detailed value information for each of the three varieties minted in 1938, from the common Philadelphia strikes to the scarce proof editions.

• No Mint Mark (Philadelphia)
• S Mint Mark (San Francisco)
• Proof

Understanding value differences between the three 1938 varieties is crucial for both buyers and sellers.

While Philadelphia quarters are most common, they still command strong premiums in Mint State grades. San Francisco issues, despite lower mintage, don’t always translate to higher values—condition matters more than mint mark. Proof quarters represent the premium tier, combining low mintage with exceptional preservation.

Each variety follows its own value trajectory based on grade, making proper identification essential before determining worth.

 

1938 No Mint Mark Quarter Value

The 1938 Philadelphia quarter stands out as a transitional piece in the Washington series. While its 9.47 million mintage seems substantial, this represents a significant drop from the 41.3 million struck just one year earlier in 1937—a production decrease largely tied to reduced commerce during the final years of the Great Depression.

This production decrease, combined with decades of silver melting, has created an interesting dynamic where a seemingly common date has become surprisingly elusive in higher grades. According to PCGS certified population records, the number of 1938 Philadelphia quarters graded MS-67 or above remains in the low double digits, making high-grade examples genuinely scarce on the open market.

The coin also marks one of the last years before World War II dramatically increased quarter production for wartime commerce. Heritage Auctions and Stack’s Bowers have both recorded strong results for MS-66 and above examples, with bidding competition reflecting the thin supply of gem survivors.

Let’s examine how these factors have influenced recent auction performance for the 1938 Philadelphia quarter.

The combination of moderate scarcity and consistent demand has created interesting patterns in current market activity.

 

1938-S Quarter Value

The 1938-S quarter represents the lowest mintage of the year at just 2,832,000 pieces, making it the scarcer of the two business strikes. What makes this coin particularly interesting is its distribution pattern—most 1938-S quarters stayed in Western states where they saw heavy circulation in the silver-hungry economy of the Depression era.

Unlike some San Francisco issues that were saved in quantity by Eastern collectors who rarely spent them, the 1938-S quarter genuinely circulated, resulting in surprisingly few high-grade survivors despite collectors knowing about its lower mintage from day one. PCGS has certified very few 1938-S quarters above MS-66, and the population drops sharply at MS-67—making any example in that grade a legitimate condition rarity worth significant collector attention.

The key to understanding 1938-S value lies not in its mintage number but in its eye appeal. Blast white, well-struck examples with no contact marks command strong premiums at Stack’s Bowers and Heritage, while similarly graded coins with marks or weak strikes trade at or near published price guide minimums.

These survival patterns become clear when we look at recent auction results for the 1938-S quarter.

Despite being the scarcer variety, market activity tells an interesting story about collector preferences versus pure rarity.

 

1938 Proof Quarter Value

The 1938 proof quarter represents a special milestone in U.S. Mint history. With just 8,045 pieces struck, it marked the third year of proof coinage revival after a 20-year hiatus that ended in 1936, and it remains the highest-mintage proof Washington quarter from that early three-year run (1936: 3,837; 1937: 5,542; 1938: 8,045).

These coins feature brilliant mirror-like fields and sharp, frosted devices that showcase Flanagan’s design at its finest. Each proof was individually struck multiple times with polished dies, creating a level of detail impossible to achieve on business strikes. A critical grading distinction for 1938 proof buyers is the Cameo (CAM) and Deep Cameo (DCAM) designation—CAM means visible but moderate frost on the portrait and eagle, while DCAM describes the strongest contrast between fully frosted devices and deeply mirrored fields. A PR-65 DCAM example can sell for roughly double the price of a standard PR-65 at the same numeric grade, making these designations enormously important when buying or selling.

The relatively affordable mintage makes the 1938 proof more accessible than the ultra-low mintage 1936 and 1937 proofs, yet scarce enough to maintain strong collector demand. Heritage Auctions has recorded PR-67 DCAM examples trading well above the standard PR-67 benchmark, reflecting intense competition among advanced Washington quarter specialists for the finest-known survivors.

This balance between availability and desirability is reflected in the coin’s consistent auction performance.

Current market activity shows how these classic proofs continue to attract both type collectors and Washington quarter specialists.

Also Read: What Quarters Are Worth Money

 

1938 Quarter Value: Rare Error Coins That Collectors Pay Big For

Learning to spot mint errors is essential for any quarter collector, as these manufacturing mistakes can multiply a coin’s value many times over. Here are the most sought-after errors that can transform ordinary 1938 quarters into collector treasures.

1. Doubled Die Errors (DDO/DDR)

A Doubled Die Obverse (DDO) occurs when the hub strikes a working die twice with slight misalignment, impressing doubled images into every coin produced from that die. On 1938 quarters, look for doubling in “LIBERTY,” “IN GOD WE TRUST,” Washington’s eye and hair detail, and the date digits using 10x magnification.

True doubled dies—as opposed to common machine doubling, which has less collector value—show consistent separation or thickness throughout the affected elements rather than a flat, shelf-like appearance. Strong examples command premiums from $50 in circulated grades up to several thousand dollars for dramatic Mint State varieties; the FS-101 designation from PCGS/NGC identifies the most significant confirmed doubled die variety for this series.

2. Repunched Mint Mark (RPM)

Before 1990, mint marks were hand-punched directly into working dies, sometimes requiring multiple strikes to achieve proper placement and depth. Misaligned punches on 1938-S quarters created S/S repunched mint mark (RPM) varieties where the shadow or remnant of the first punch position remains clearly visible beside or beneath the final “S.”

Look for doubled edges, shadows pointing in different directions, or an unusually thick “S” with a secondary impression at the north, south, or diagonal position. Values range from $25 for minor RPM varieties to $500 or more for dramatic examples where the secondary punch appears at a sharp angle—these are among the most collectible 1938 quarter errors because they are specific to the San Francisco mint.

3. Strike-Through Grease

A struck-through-grease error occurs when hardened die lubricant fills the recessed design areas of a die before striking, preventing the planchet metal from flowing fully into those cavities. The result is a coin with ghostly, partially missing, or flat design elements in specific areas while surrounding details remain sharp and normal.

Unlike wear—which affects high points uniformly—grease errors affect random, irregular areas dictated by where the grease accumulated. Check for absent letters in “LIBERTY” or “IN GOD WE TRUST,” partial date digits, or missing eagle feathers on the reverse. Minor examples add $20–$50 in premium, while dramatic errors with obviously missing inscriptions or entirely blank eagle wings can reach $200–$500 depending on the severity and the coin’s overall grade.

4. Off-Center Strikes

An off-center strike happens when the planchet is not properly seated in the collar before the dies come together, causing the design to be struck off-center with a crescent of blank metal visible on one side. On 1938 quarters, off-center strikes are genuinely rare since the minting process was tightly controlled.

Values depend entirely on the percentage of off-center displacement and whether the date is still fully visible. A 10%–15% off-center example with a complete date can bring $100–$300, while a dramatic 25%–50% off-center piece retaining the full date can exceed $500 at major auction houses. Examples where the date is missing are worth considerably less to most collectors.

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

 

1938 Quarter Value: Where to Sell Your Coin

Now that you understand your 1938 quarter’s true worth, take action—get it professionally graded if it’s in exceptional condition, research recent sales of comparable coins, and choose the selling venue that best matches your coin’s value and your timeline for the best possible return on this classic piece of American numismatic history.

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

 

1938 Quarter Value Market Trend

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

 

FAQ About The 1938 Quarter Value

1. What makes a 1938 quarter valuable?

The value of a 1938 quarter depends primarily on its condition (grade), mint mark, and surface quality. While all 1938 quarters contain 90% silver worth approximately $5.43 in melt value at current silver prices, coins graded MS-65 or higher can be worth $125–$14,400 depending on the variety and eye appeal.

The San Francisco mint produced fewer coins (2,832,000 vs. 9,480,045 in Philadelphia), but condition consistently matters more than mint mark alone. Proof versions with just 8,045 minted are the most valuable—especially those with CAM or DCAM (Deep Cameo) designations, which describe the frosted contrast between portrait and background that makes proof coins visually stunning.

2. How can I tell if my 1938 quarter is silver?

All 1938 quarters are 90% silver—the U.S. didn’t switch to copper-nickel clad composition until 1965. You can verify this by checking the edge: silver quarters show a uniform silver color all the way through, while modern quarters have a clearly visible copper-orange core stripe running along the edge.

Additionally, silver quarters produce a distinct high-pitched ring when dropped on a hard surface, unlike the dull thud of modern clad coins. Every 1938 quarter contains exactly 0.18084 troy ounces of pure silver, giving it a baseline melt value regardless of its numismatic grade.

3. Should I clean my 1938 quarter before selling it?

Never clean your 1938 quarter. Cleaning coins—even gently with a cloth—removes microscopic layers of metal and creates tiny hairlines visible under magnification, which professional graders at PCGS and NGC will detect and note as “cleaned,” reducing the coin’s certified grade and value by 50% or more.

Collectors prize original surfaces, including natural toning or patina that develops over decades. If your coin genuinely needs conservation, professional services such as NCS (Numismatic Conservation Services) can stabilize surfaces without damaging the coin’s grade—amateur cleaning almost never achieves this result.

4. What is the difference between a CAM and DCAM proof 1938 quarter?

CAM stands for Cameo, awarded when a proof coin shows a noticeable but moderate contrast between frosted (matte) devices—Washington’s portrait and the eagle—and the mirror-polished background fields. DCAM, or Deep Cameo, is awarded only to proofs with the strongest, most dramatic black-and-white contrast, where the frosted devices appear almost white against deeply mirrored fields.

For the 1938 proof quarter, a PCGS or NGC PR-65 CAM can be worth around $400–$500, while a PR-65 DCAM can reach $800 or more—sometimes nearly double. Always check for these designations when buying or selling a 1938 proof quarter, as the label on the holder makes a significant dollar difference.

5. How many 1938 proof quarters survive today?

Of the original 8,045 proof quarters struck in 1938, an estimated 6,500 are believed to survive—an 80.8% survival rate that is exceptional compared to the roughly 10% survival rate of business strikes. This high survival rate reflects the fact that proof coins were sold directly to collectors who stored them carefully rather than spending them.

However, even among survivors, the distribution across grades is heavily skewed toward lower proof grades (PR-60 to PR-64). PCGS-certified examples at PR-67 and above represent a small fraction of the total, which is why those top-grade pieces command prices from $1,440 (PR-67) to $7,931 (PR-68) at major auction houses.

6. Is the 1938 quarter a key date in the Washington quarter series?

The 1938 quarter is not a true key date—the recognized key dates of the Washington quarter series are the 1932-D (436,800 minted) and 1932-S (408,000 minted), both of which command prices many times higher than any 1938 variety in equivalent grades. The 1938 issues are best described as semi-key dates: meaningful enough to have collector premiums in higher grades, but obtainable for collectors with moderate budgets.

This positioning actually makes 1938 quarters attractive for collectors building complete Washington quarter sets by date and mint mark, since they represent a genuine challenge without the four-figure price tag required for true key dates.

7. What does it mean when a 1938 quarter is graded MS-65 vs. MS-67?

MS stands for Mint State, meaning the coin shows no wear whatsoever on its highest points. On a scale from MS-60 (lowest uncirculated) to MS-70 (perfect), MS-65 indicates a gem-quality coin with strong luster, good strike, and only minor contact marks visible under magnification—these are worth roughly $125–$200 for a 1938 Philadelphia example.

MS-67, just two grades higher, means an exceptional coin with nearly flawless surfaces, intense luster, and at most a few tiny, scattered marks invisible without magnification—the same coin at MS-67 can be worth $2,400 or more. This dramatic jump between grades illustrates why professional grading by PCGS or NGC is so important before buying or selling any 1938 quarter in high Mint State condition.

8. Why did the 1938 quarter have such a low mintage compared to 1937?

The 1938 Philadelphia mintage of 9.47 million was a steep decline from the 41.3 million struck in 1937, reflecting the economic contraction of the “recession within the Depression” that hit the United States in 1937–1938. Federal Reserve tightening and reduced fiscal spending caused a sharp economic downturn that reduced commerce and, accordingly, the demand for new coinage.

The Treasury and U.S. Mint responded by cutting production at both Philadelphia and San Francisco to match actual commerce needs, resulting in 1938’s notably lower mintages across several denominations. This production decline is one of the reasons why high-grade 1938 quarters are harder to find today than equivalent-grade 1937 quarters despite a superficially smaller mintage gap.

9. How do I find the mint mark on a 1938 quarter?

On 1938 Washington quarters, the mint mark is located on the reverse (tails side) of the coin, below the eagle and beneath the tip of the olive branch near the center-bottom of the design. San Francisco coins show a small “S” at this location; Philadelphia-minted coins have no mint mark at all.

The mint mark is small—roughly 1–2 mm tall—so use a good light source at an angle and a 5x loupe or magnifying glass to read it clearly. Do not confuse the designer’s initials “JF” on the obverse (at the base of Washington’s neck) with a mint mark; those letters belong to sculptor John Flanagan and appear on every 1938 quarter regardless of where it was minted.

10. What are the most valuable 1938 quarter errors to look for?

The most valuable 1938 quarter errors are Doubled Die Obverse (DDO) varieties—particularly the FS-101 confirmed variety—where Washington’s portrait and motto show visible doubling under magnification. Strong MS-grade DDO examples have sold for several thousand dollars at Heritage Auctions and Stack’s Bowers.

Repunched Mint Mark (RPM) errors on 1938-S quarters, where a second “S” impression is visible at an angle, are the second most valuable category and can bring $500 or more for dramatic examples in higher circulated grades. Off-center strikes and struck-through-grease errors round out the list, with the most dramatic examples (25%+ off-center with full date visible) regularly reaching $300–$500 at specialized numismatic auctions.