1938 Quarter Coin Value (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 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 Quarters Worth Money

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 that sold for $14,400—nearly double the next highest sale. Proof coins dominate the middle rankings, with a PR-68 bringing $7,931 and even PR-65 to PR-67 examples ranging from $264 to $1,440.

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.

 

History of the 1938 Quarter

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 in 1932 to commemorate George Washington’s 200th birthday.

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 3,828,000 pieces marked with an “S”. Additionally, the Philadelphia Mint created 8,045 proof quarters for collectors—mirror-finished coins that remain highly sought after today.

The design itself was created by sculptor John Flanagan, based on a bust by Jean-Antoine Houdon. Despite initial plans for the Washington quarter to be a one-year commemorative issue, its dignified appearance and public acceptance led to its continuation. The 1938 quarters feature the same design that would remain virtually unchanged until 1998.

These quarters were struck in 90% silver and 10% copper, giving each coin 0.18084 troy ounces of pure silver. This composition would continue until 1964, making all 1938 quarters valuable for their silver content alone. The combination of moderate mintages and silver composition has ensured steady collector interest in 1938 quarters, particularly in higher grades where survival rates are considerably lower.

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

 

Is Your 1938 Quarter Rare?

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 3.8 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.

 

Key Features of the 1938 Quarter

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 Mintage & Survival Data

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. In contrast, proof coins boast an impressive 80.8% survival rate, with 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-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.

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

 

The Easy Way to Know Your 1938 Quarter Value

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

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. 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.

The coin also marks one of the last years before World War II dramatically increased quarter production for wartime commerce.

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 2.83 million 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, the 1938-S quarter genuinely circulated, resulting in surprisingly few high-grade survivors despite collectors knowing about its lower mintage from day one.

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. 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.

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.

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

 

Rare 1938 Quarter Error List

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 three most sought-after errors that can transform ordinary quarters into collector treasures.

1. Doubled Die Errors (DDO/DDR)

Doubled dies occur when the hub strikes a die twice with slight misalignment, creating doubled images on every coin from that die. Check “LIBERTY,” “IN GOD WE TRUST,” and the date for thick letters with visible separation. Unlike machine doubling, true doubled dies show consistent doubling patterns.

Strong examples command premiums from $50 in circulated grades to thousands for rare varieties in Mint State. Use 10x magnification to spot the telltale signs of separated or thick design elements.

2. Repunched Mint Mark (RPM)

Before 1990, mint marks were hand-punched into dies, sometimes requiring multiple strikes. Misaligned punches created S/S or D/D varieties where shadows or remnants of the first punch remain visible.

Look for doubled edges, shadows pointing in different directions, or unusually thick mint marks. Values range from $25 for minor varieties to $500+ for dramatic examples where the secondary punch appears sideways or at sharp angles.

3. Strike Through Grease

When grease fills die recesses, it prevents metal flow, causing design elements to appear weak or missing entirely. Unlike wear, these affect random areas while surrounding details remain sharp.

Check for ghostly or absent letters in mottos, partial dates, or missing eagle feathers. Minor examples add $20-50 in value, while dramatic errors missing key inscriptions can reach $200-500. The most valuable show obvious missing elements that even non-collectors would notice.

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

 

Where to Sell Your 1938 Quarter?

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 Market Trend

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

 

FAQ About The 1938 Quarter

1. What makes a 1938 quarter valuable?

The value of a 1938 quarter depends primarily on its condition and mint mark. While all contain 90% silver (worth about $4-5 in melt value), coins in Mint State condition can be worth hundreds or thousands of dollars.

The San Francisco mint produced fewer coins (3.8 million vs. 9.4 million in Philadelphia), but condition matters more than mint mark. Proof versions with just 8,045 minted are the most valuable, especially in high grades.

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 visible copper core.

Additionally, silver quarters produce a distinct high-pitched ring when dropped on a hard surface, unlike the dull thud of modern clad coins.

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

Never clean your 1938 quarter! Cleaning coins, even gently, can reduce their value by 50% or more. Collectors prefer coins with original surfaces, including natural toning or patina that develops over decades. What might look like dirt to you could be attractive toning to a collector.

If your coin truly needs conservation, leave it to professional services—amateur cleaning almost always damages the coin’s surface and destroys its numismatic premium.