1940 Quarter Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1940 quarter value ranges from $0.25 face value to $19,975. That record was a Grade 68 example sold through Heritage Auctions in January 2013. Upload a photo of yours below and you’ll get a quick value range right away. You can also scroll down to browse recent eBay sales and see what buyers are paying right now.

 

1940 Quarter Value By Variety

Here’s what your 1940 quarter is worth based on mint mark and condition. If you know the grade, find the exact price in the **Value Guides** section below.

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

 

Top 10 Most Valuable 1940 Quarter Value Records

The coin sitting at #1 is a 1940 Philadelphia quarter graded MS-68 with a CAC sticker. It brought $19,975 at Heritage Auctions on January 9, 2013—and nobody has topped that price since. PCGS has slabbed only **7 coins at MS-68** for the 1940 Philly issue, and NGC has certified just **5 more**. Fewer than a dozen exist at that level worldwide.

The 1940-S sits right behind at $10,200 (Stack’s Bowers, March 2021), and the 1940-D hit $4,060—a coin PCGS officially calls a **semi-key date**. Even at the bottom of this top-10 list, a single grade point at these top tiers routinely means a $1,000+ swing.

 

History of the 1940 Quarter Value & Why These Coins Matter

In 1940, the U.S. was still at peace—but barely. Europe was already at war, and Mint workers in Philadelphia, Denver, and San Francisco were cranking out 90% silver quarters for a country about to change forever.

Here’s a fun detail most people don’t know. Back in 1932, sculptor **Laura Gardin Fraser** actually won the design competition for the Washington quarter. **Treasury Secretary Andrew Mellon** overruled the committee and picked **John Flanagan’s** portrait instead. Fraser’s original design didn’t see a coin until the 2022 American Women Quarter series—nearly 90 years later.

By 1940, the Washington quarter was only eight years old. The 90% silver composition lasted all the way through 1964, when rising silver prices forced the switch to clad. Every 1940 quarter holds exactly **0.18084 troy ounces of pure silver**, which puts the melt value above $20 at today’s spot prices.

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

 

Is Your 1940 Quarter Value Above Average? Rarity Check

You can instantly check the current rarity ranking and market value for any 1940 quarter using our Coin Identifier and Value App, which provides real-time data on both circulation strikes and proofs.

 

Key Features That Affect Your 1940 Quarter Value

Even though Laura Gardin Fraser won the design competition, Treasury Secretary Andrew Mellon went with John Flanagan’s version. That decision gave the 1940 Washington quarter the look you see today.

The Obverse of the 1940 Washington Quarter

Flip your coin to the heads side. You’ll see George Washington facing left with a period-correct hairstyle and a sharp, distant gaze. IN GOD WE TRUST sits in front of his throat, and the date appears below the neck truncation. LIBERTY runs across the top in capital letters. Look closely at the neck cutoff—John Flanagan’s initials are tucked in there.

**Grading tip for beginners:** Washington’s cheek is everything on the obverse. For a coin to hit MS-65 (Gem Uncirculated) or better, that cheek needs to be virtually free of contact marks. Even one heavy bag mark there drops you to MS-63 territory.

The Reverse of the 1940 Washington Quarter

Turn it over. The eagle stands with wings spread, perched on a bundle of arrows above two olive branches. Thirteen arrows for war readiness, olive branches for peace. The inscriptions on this side include:

• UNITED STATES OF AMERICA
• E PLURIBUS UNUM
• QUARTER DOLLAR

If your coin was struck in Denver or San Francisco, look for the mint mark between the denomination and where the olive branches meet.

**Grading tip for beginners:** The eagle’s breast feathers wear first on the reverse. On a true Gem (MS-65+), each breast feather should be rounded and fully separated. Watch out for 1940-S quarters especially—some look flat on the breast even in uncirculated condition because of worn dies. That’s called a “weak strike,” and it can cut the coin’s value by up to 50% compared to a sharply struck example at the same grade.

Other Features of the 1940 Washington Quarter

These quarters rolled off the presses while Europe was already deep into WWII. They’re round silver coins with 119 reeds along the edge and a thickness of 1.75 mm (0.06870 inches).

Each piece is 90% silver, with a silver weight of 5.623 g (0.1808 troy ounces). Total coin weight is 6.25 g (0.20094 troy ounces), and the diameter measures 24.3 mm (0.95669 inches).

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

 

1940 Quarter Value: Mintage & Survival Data

Philadelphia pumped out **35,704,000 business strikes**. Denver made just **2,797,600**. San Francisco landed in between at **8,244,000**. Philadelphia also struck **11,246 specially struck proof coins** for collectors—making the proof issue nearly 3,200 times rarer than the standard Philly quarter.

Here’s where it gets interesting. About 80% of those proofs survived because collectors tucked them away carefully. But all three business strikes hover around just 10% survival. Decades of pocket change duty wiped out the rest. That’s why the Denver quarter, despite its low mintage, isn’t a full key date—enough survived in collectible grades to meet demand. Still, PCGS designates it a **semi-key date**, on par with the 1938, 1938-S, and 1939-S quarters.

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

 

The Easy Way to Know Your 1940 Quarter Value

Start with two things: the mint mark on the reverse (look for a D or S below the eagle) and the condition of the coin’s high points—Washington’s cheek on the front and the eagle’s breast feathers on the back. Values run from about $7 for heavily worn pieces to over $19,000 for pristine uncirculated examples. Every coin also carries more than $20 in silver melt value at current prices.

Here’s a quick test you can do at home. Tilt the coin gently under a light. An original, untouched surface will show **”cartwheel luster”**—a rolling band of light that spins across the coin as you tilt it. If the surface looks flat, dull, or uniformly white without that rolling effect, the coin has probably been cleaned. That can slash collector value by 50–90%.

For instant valuations, try our Coin Identifier and Value App—simply snap a photo to get professional grade estimates and current market prices based on your coin’s specific condition and mint mark.

 

1940 Quarter Value Guides by Mint

Four varieties exist for the 1940 quarter, each with its own collector following.

Philadelphia handled the heavy lifting on production. Denver and San Francisco struck smaller runs that collectors chase harder today. Philadelphia also made a limited batch of proof coins—mirror-finish pieces struck with extra care that carry serious premiums. Check the reverse below the eagle for a D or S mint mark. No letter means Philadelphia. Proofs stand out by their finish, not a mint mark.

1940 Quarter Types:

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

 

1940 No Mint Mark Quarter Value

With 35.7 million struck, you’d think top-grade examples would be everywhere. They’re not. PCGS has certified only **7 coins at the top grade of MS-68**, and NGC has certified just 5 more. That makes the finest Philly quarters some of the rarest in the entire Washington series.

Circulated pieces trade between $7 and $22 depending on wear. Mint State coins start around $20 and climb fast. MS-67 examples regularly sell in the $1,500–$3,000 range. The all-time record of **$19,975** was set at Heritage Auctions on January 9, 2013, for an MS-68 CAC example.

Here’s what recent auction results look like for this date.

Current market activity for the 1940 No Mint Mark quarter:

 

1940-D Quarter Value

Think you’ll stumble across a nice 1940-D in a junk silver bin? Good luck. Only **2,797,600 coins struck** at Denver—just 7.8% of Philadelphia’s output. PCGS officially classifies it as a **semi-key date**, right alongside the 1938, 1938-S, and 1939-S.

PCGS CoinFacts notes that Denver’s production yielded many “frosty white, highly lustrous Gems,” but the tiny original mintage caps the supply of top-tier pieces. A 1940-D graded MS-67+ sold for **$13,200 at Heritage Auctions in 2020**. A standard MS-67 commands around $2,892. Even circulated examples pull $33–$80, well above melt. I think this is one of the most underrated semi-keys in the series.

Recent auction results for the 1940-D:

Market activity for the 1940-D quarter:

 

1940-S Quarter Value

If you want genuine scarcity without paying Denver premiums, the 1940-S is your coin. PCGS CoinFacts calls it a “desirable issue” that is “certainly rarer than the Philadelphia Mint issues of the era.” With 8,244,000 struck and roughly 10% surviving, sharp examples are findable but not easy.

Be careful grading these, though. Some uncirculated 1940-S quarters show **weak strikes on the eagle’s breast feathers** from tired dies. A weak-strike MS-65 can sell for half what a sharp-strike MS-65 brings. When you’re shopping, look specifically for fully defined, separated breast feathers. The all-time auction record stands at **$10,200**, achieved at Stack’s Bowers on March 31, 2021, for a PCGS MS-68 example.

Recent auction results for the 1940-S:

Market activity for the 1940-S quarter:

 

1940 Proof Quarter Value

Only **11,246 proof coins** were made. These were struck on polished planchets with specially prepared dies, giving them the brilliant mirror fields and frosted devices that proof collectors love.

Here’s something a lot of collectors miss: proofs can also earn **Cameo (CAM)** or **Deep Cameo (DCAM)** designations from PCGS and NGC. Those labels mean exceptional contrast between the frosted raised design and the deep mirror fields—and they add real money. An undesignated 1940 PR-67 might sell for $400, while a DCAM at the same grade fetches considerably more. The all-time record is **$8,625**, paid at Heritage Auctions on September 1, 2008, for a PCGS PR-68 example.

Recent auction results for the 1940 Proof:

Market activity for the 1940 Proof quarter:

Also Read: What Quarters Are Worth Money

 

Rare 1940 Quarter Value Errors and Varieties Worth a Premium

Error coins are where cherrypicking really pays off with 1940 quarters. The series has several well-documented die varieties plus true mechanical errors that can turn an ordinary-looking coin into a serious find.

1. 1940-D DDO FS-101 (Doubled Die Obverse)

This is one of the most important varieties in the entire Washington quarter series. A DDO happens when the working die gets a second, slightly misaligned impression from the hub—basically a ghost image stamped over the first.

On this coin, the doubling shows up strongest on the motto **”IN GOD WE TRUST”** in the lower left obverse. You’ll also see it on LIBERTY and Washington’s portrait. Authenticated examples sell from $70 to $2,880, with the record MS-66 going at Heritage Auctions on February 22, 2018. Circulated examples with strong, visible doubling are great entry points if you’re getting into varieties on a budget.

2. 1940-D FS-502, Repunched Mint Mark (RPM)

Before 1989, mint marks were hand-punched into each working die individually. Plenty of room for human error. On this variety, the “D” was punched slightly off, then corrected, leaving traces of the original placement.

Grab a 5× to 10× loupe and look for the shadow or ghost of the first “D” punch alongside the corrected one. This variety is popular with Denver mint specialists and anyone who appreciates a direct window into how coins were actually made in the 1940s.

3. 1940-D/D RPM FS-501 (Repunched Mint Mark)

Don’t confuse this with the FS-502 above. Both involve a repunched “D,” but the spacing and direction of the secondary punch are different enough to earn separate listings in the Cherrypickers’ Guide.

FS-501 has its own diagnostic features and tends to be scarcer than FS-502. We think either RPM variety is a cool piece to own—a direct artifact of the manual die-prep process the Mint used throughout the pre-modern era.

4. 1940 Quarter Off-Center Strike Error

True errors—as opposed to die varieties—come from mechanical malfunctions during striking. Each one is unique. Off-center strikes happen when the planchet isn’t properly centered between the dies when the press fires.

A dramatic off-center strike on a 1940 quarter (20% or more, with the date still visible) can bring $100–$400 depending on severity and condition. You’ll spot these instantly—there’s a crescent of blank metal on one side and a shifted, squished design on the other. Always get off-center errors slabbed by PCGS or NGC to confirm authenticity and maximize what you can get for them.

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

 

How to Protect Your 1940 Quarter Value

Never clean your coins. Not with polish, baking soda, vinegar, or anything abrasive. Cleaning destroys the original cartwheel luster and can slash collector value by **50–90%**. A bright, cleaned coin is worth less than a dark, original one every single time.

Handle coins by their edges only. Even clean fingers leave oils that dull luster over time. If you think you have something valuable, talk to a professional numismatist or submit it to PCGS or NGC for authentication and grading before you sell.

 

Where to Sell Your 1940 Quarter Value for Top Dollar

The key to maximizing your 1940 quarter’s value is choosing the right selling platform that matches your coin’s grade, rarity, and your timeline—whether that’s a quick local sale or waiting for the best possible auction result.

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

 

1940 Quarter Value Market Trend

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

 

FAQ About 1940 Quarter Value: 10 Questions Collectors Ask

1. How much is a 1940 quarter worth today?

Circulated examples run $7–$22, mostly reflecting silver content (0.1808 troy oz). In MS-65 (Gem Uncirculated), you’re looking at $100–$260. The finest known MS-68 sold for $19,975 at Heritage Auctions in 2013.

2. What makes the 1940-D quarter a semi-key date?

PCGS officially classifies the 1940-D as a **semi-key date**—alongside the 1938, 1938-S, and 1939-S—because its low mintage of just 2,797,600 coins creates genuine scarcity at all grade levels. It’s not as rare as the true key dates (1932-D and 1932-S), but it commands premiums over typical Washington quarters and serious collectors actively pursue it.

3. Which 1940 quarter is worth the most money?

The 1940 Philadelphia MS-68 CAC at $19,975 (Heritage Auctions, January 9, 2013). Then the 1940-D MS-67+ at $13,200 (Heritage Auctions, 2020). The 1940-S MS-68 hit $10,200 (Stack’s Bowers, March 31, 2021). The 1940-D DDO FS-101 error in MS-66 sold for $2,880 at Heritage Auctions on February 22, 2018.

4. Does the 1940 proof quarter have a Cameo or Deep Cameo designation?

Yes—and it matters a lot for value. PCGS and NGC award **CAM (Cameo)** and **DCAM (Deep Cameo)** designations to proof coins with strong contrast between frosted devices and mirror-like fields. A standard 1940 PR-67 might sell for $300–$400, but a DCAM at the same grade commands a much higher premium. Always check the slab label carefully when buying or selling.

5. How do I tell if my 1940 quarter has been cleaned?

Do the **”cartwheel luster” check**: tilt the coin slowly under a direct light. An original coin shows a rolling band of bright light that moves across the surface. A cleaned coin looks flat, dull, or uniformly white without that rolling effect. Cleaned coins sell near or below melt value regardless of how shiny they look.

6. How many 1940 quarters have been graded MS-68 by PCGS?

For the 1940 Philadelphia business strike, PCGS has graded only **7 coins at MS-68**, and NGC has graded 5 more. Fewer than a dozen total across both services. That extreme top-pop scarcity is why a single MS-68 sold for nearly $20,000.

7. What is the silver melt value of a 1940 quarter?

Every 1940 quarter contains exactly **0.18084 troy ounces of pure silver**. At current silver spot prices (silver reached over $30 per ounce in 2025), melt value runs approximately $5–$6 per coin. That silver content gives you a reliable price floor—even a beat-up 1940 quarter will never be worth less than its silver weight.

8. What is the 1940-D DDO FS-101 and how do I identify it?

It’s a **Doubled Die Obverse** variety where the hub struck the die twice in slightly different positions. The most visible doubling appears on **”IN GOD WE TRUST”** in the lower left obverse, with additional doubling on LIBERTY and Washington’s portrait. Genuine examples sell for $70–$2,880 depending on condition. Use 5×–10× magnification—the doubling should be clearly visible, not just a haze or machine doubling.

9. Why do some 1940-S quarters look flat or poorly struck even in uncirculated condition?

San Francisco occasionally used tired or worn dies, producing coins with **weak strikes** on the eagle’s breast feathers. Even a coin graded MS-65 can have flat, mushy feathers. The market penalizes this heavily—a weak-strike MS-65 may sell for roughly half the price of a sharp-strike MS-65. When buying, look for clearly defined, individually separated breast feathers.

10. Should I submit my 1940 quarter to PCGS or NGC for grading?

It’s worth it if your coin looks uncirculated, has minimal marks on Washington’s cheek and the eagle’s breast, shows original cartwheel luster, and you think it might grade MS-65 or higher. At MS-65, value jumps dramatically—often 10× or more over MS-64. For error varieties like the DDO FS-101 or RPM FS-501, professional authentication is essential before selling. Grading fees start at $25–$50 per coin, which pays for itself on anything you suspect may be worth $200 or more.