1940 Quarter Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1940 Washington quarter stands as more than just vintage currency—it’s a tangible piece of American history that could be worth significantly more than its 25-cent face value. Minted during America’s final year of peace before entering World War II, these 90% silver coins have captured the attention of collectors and investors alike.

Most 1940-D quarters are worth between $6.79-$78 in average condition, but certain varieties and conditions can push values much higher. Beyond their collectible appeal, each coin contains approximately $5 worth of silver—twenty times its original face value—providing a solid foundation for their current market worth.

Throughout this guide, I’ll show you exactly how to identify what type of 1940 quarter you have, the key factors that determine its value, and how to spot the varieties that collectors are willing to pay premium prices for. No confusing jargon—just the clear, actionable information you need to understand your coin’s true worth.

 

1940 Quarter Value By Variety

Here’s a quick breakdown of what your 1940 quarter is worth based on its mint mark and condition. 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 1940 Quarter Worth Money

The most valuable 1940 quarters tell a compelling story of rarity, condition, and collector demand. Leading the pack is a 1940-S in MS-68 condition that sold for an impressive $10,200, demonstrating how exceptional preservation can transform even moderately scarce coins into five-figure rarities. Close behind, a Philadelphia mint quarter in the same grade achieved $8,750, proving that condition often trumps mintage numbers at the highest levels.

What’s particularly interesting is how dramatically values jump between grade levels. A 1940-D in MS-68 commands $4,060, but drops to $2,892 in MS-67—a difference of over $1,000 for just one grade point. This pattern holds across all varieties, with proof coins showing similar sensitivity to condition.

The data spans from 2004 to present, capturing two decades of market evolution and price appreciation. Even the “entry-level” coin on this list—a 1940 proof in PR-65—sold for $432, showing that any high-grade 1940 quarter has legitimate value in today’s market.

 

History of the 1940 Quarter

The 1940 quarter represents a fascinating chapter in American coinage history, minted during one of the most pivotal years of the 20th century. As World War II raged in Europe and the United States prepared for its eventual entry into the conflict, the U.S. Mint continued producing the beloved Washington quarter design that had debuted just eight years earlier in 1932.

This was still the early era of the Washington quarter, which replaced the long-running Standing Liberty design. The coin featured John Flanagan’s iconic portrait of George Washington on the obverse and the distinctive heraldic eagle on the reverse—a design that would become one of America’s most recognizable coin images.

In 1940, quarters were minted at three facilities: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The Philadelphia mint produced the most coins, making those the most common today, while the San Francisco quarters had a smaller mintage, contributing to their higher collector values in pristine condition.

What makes 1940 quarters particularly interesting is their composition—90% silver and 10% copper. This was the standard for U.S. quarters until 1965, giving these coins inherent precious metal value beyond their numismatic worth. The wartime economy was already beginning to affect mint operations, setting the stage for the metal shortages that would later change American coinage forever.

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

 

Is Your 1940 Quarter Rare?

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

 

Key Features of the 1940 Quarter

Even though Laura Gardin Fraser’s design solution won the competition, the then-Treasury authorities favored John Flanagan’s conceptual solution. That was the reason for this particular 1940 Washington quarter’s look.

The Obverse of the 1940 Washington Quarter

The 1940 quarter obverse shows the left-facing portrait of George Washington, the 1st US President. He looks serious with an official hairstyle of that time and a sharp gaze directed into the distance.

The IN GOD WE TRUST motto is in front of his throat, while the date is placed below the neck truncation. You can also read a word LIBERTY written in capital letters above the President’s head. John Flanagan’s initials are modestly engraved in the cut-off.

The Reverse of the 1940 Washington Quarter

The 1940 quarter reverse features an eagle with spread-out wings. It rests on a bunch of arrows placed above two olive branches. Thirteen arrows symbolize the American preparedness for war, while the twigs represent the nation’s striving for peace. The inscriptions on this coin side include:

• UNITED STATES OF AMERICA
• E PLURIBUS ENUM
• ONE DOLLAR

Coins produced in other mints besides the one in Philadelphia have the mint mark between the denomination and the place where the olive branches meet.

Other Features of the 1940 Washington Quarter

The US Mint started minting the 1940 Washington quarters while Europe was at the beginning of WWII. These twenty-five cents were round silver coins with 119 reeds along the edge and a thickness of 1.75 mm (0.06870 inches).

Each piece contained 90% of this precious metal, weighing 5.623 g (0.1808 troy ounces). The entire coin weighed 6.25 g (0.20094 troy ounces) and had a diameter of 24.3 mm (0.95669 inches).

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

 

1940 Quarter Mintage & Survival Data

The updated mintage and survival data now includes the 1940 Proof quarter, which tells a dramatically different story from the circulation strikes. While Philadelphia dominated regular mintage with 35.7 million quarters, the proof version had a tiny mintage of just 11,246 coins—making it nearly 3,200 times rarer than the common Philadelphia quarter.

What’s fascinating is the survival rate pattern. The three circulation strikes cluster around 10% survival rates, but the 1940 Proof has an exceptional 80.03% survival rate. This makes perfect sense—proofs were sold directly to collectors who preserved them carefully, while circulation strikes were spent and worn through daily use.

The survival distribution shows how Philadelphia quarters still dominate the surviving population despite their slightly lower survival rate, simply due to their massive original mintage. Meanwhile, those 9,000 surviving proof quarters represent some of the most sought-after 1940 quarters in the collecting world.

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

 

The Easy Way to Know Your 1940 Quarter Value

To determine your 1940 quarter’s value, examine the coin’s condition by checking Washington’s hair details and the eagle’s feathers for wear, then locate the mint mark (D or S) beneath the wreath on the reverse. Values range from $7 for circulated coins to over $8,500 for pristine uncirculated examples, with all 1940 quarters containing approximately $5 worth of silver.

For instant, accurate valuations, try our CoinValueChecker 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

The 1940 quarter was produced in four distinct varieties, each with its own characteristics and collector appeal.

Philadelphia led production with the standard business strike, while Denver and San Francisco contributed smaller quantities that are more sought-after today. Philadelphia also produced a limited number of proof coins for collectors—these mirror-like specimens were specially struck with extra care and command significant premiums. The mint mark location on the reverse below the eagle helps identify Denver and San Francisco coins, while Philadelphia coins show no mint mark.

Proof coins are distinguished by their exceptional quality and finish rather than mint marks.

1940 Quarter Types:

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

 

1940 No Mint Mark Quarter Value

The 1940 No Mint Mark quarter in Mint State condition represents the pinnacle of Philadelphia’s wartime production quality. What makes these coins special is their combination of accessible availability and exceptional eye appeal when found in top grades. While millions were minted, finding examples that survived 80+ years without wear is challenging—most circulated heavily during World War II and beyond.

MS examples showcase the full artistic detail of John Flanagan’s Washington design with crisp hair strands, sharp facial features, and bold eagle details that lesser grades can’t match. The contrast between their common status in lower grades and their scarcity in pristine condition creates an interesting collecting dynamic.

Recent auction results show the premium collectors are willing to pay for exceptional examples of this seemingly common coin.

Current market activity reveals steady collector interest driven by both novice collectors seeking affordable Mint State coins and serious numismatists pursuing registry set quality specimens.

 

1940-D Quarter Value

The 1940-D quarter stands out as the true sleeper of the 1940 quarter trio, combining the lowest original mintage with the worst survival rate to create genuine scarcity. With only 2.8 million coins produced at the Denver mint—compared to Philadelphia’s 35.7 million—finding quality examples becomes a real challenge.

What makes this coin particularly special is how dramatically condition affects value: while circulated examples trade for modest premiums, high-grade specimens can command serious money due to their rarity. The Denver mint’s production quality during this wartime period also varied, making pristine examples even more elusive. Smart collectors recognize the 1940-D as an undervalued key date with strong fundamentals.

Recent auction records demonstrate the market’s growing recognition of this coin’s scarcity premium in higher grades.

Current market activity shows increasing collector awareness as more numismatists discover the 1940-D’s compelling rarity story.

 

1940-S Quarter Value

The 1940-S quarter occupies a unique position as the “Goldilocks” coin of the 1940 quarter series—not too common like Philadelphia, not too rare like Denver, but just right for many collectors. With 8.2 million coins minted, it strikes the perfect balance between accessibility and scarcity. What makes this coin particularly appealing is its excellent 10% survival rate, the best among all three 1940 varieties, meaning collectors have a better chance of finding quality examples.

The San Francisco mint’s superior production standards during this period also resulted in sharper strikes and better overall quality. This combination of moderate scarcity and superior preservation makes the 1940-S a favorite among collectors seeking both value and eye appeal.

Auction records reveal consistent demand for this well-balanced collectible across all grade levels.

Market activity data shows steady, sustained interest from collectors who appreciate the 1940-S’s compelling risk-reward profile.

 

1940 Proof Quarter Value

The 1940 Proof quarter represents the absolute pinnacle of 1940 quarter collecting, produced exclusively for collectors with mirror-like surfaces and razor-sharp details that business strikes simply cannot match. With an extremely limited mintage, these coins were struck using specially prepared dies and polished planchets, creating the distinctive contrast between frosted devices and brilliant fields that defines proof coinage.

What makes 1940 proofs particularly special is their historical significance—produced during the final peacetime year before America entered World War II, when the mint still had resources to dedicate to collector coins. Each proof was individually handled and carefully preserved, making them the finest examples of John Flanagan’s Washington quarter design that collectors can obtain from this pivotal year.

Recent auction records showcase the premium market willing to pay for these exceptional specimens of 1940s craftsmanship.

Current market activity reflects strong collector demand from both proof specialists and Washington quarter completists seeking the finest available examples.

Also Read: What Quarters Are Worth Money

 

Rare 1940 Quarter Error List

Error coins add an exciting dimension to 1940 quarter collecting, offering unique varieties that command significant premiums over regular strikes. These minting mistakes create one-of-a-kind pieces that tell the story of the coin production process gone awry, making them highly sought after by specialists and error coin enthusiasts.

1. 1940-D DDO FS-101

The 1940-D Doubled Die Obverse FS-101 represents one of the most dramatic error varieties in the Washington quarter series. This error occurred when the die received a second impression slightly offset from the first, creating visible doubling on key design elements. The doubling is most prominent in Washington’s profile, particularly around the eye, nose, and “LIBERTY” inscription.

Collectors prize this variety for its clear visibility to the naked eye and its rarity—authentic examples are scarce and command substantial premiums. The doubling effect gives the coin a distinctive “shadow” appearance that makes identification relatively straightforward for experienced collectors.

2. 1940-D FS-502, Repunched Mintmark

The 1940-D FS-502 features a repunched mintmark error where the “D” was punched into the die multiple times in slightly different positions. This creates a distinctive appearance where traces of the original mintmark position remain visible alongside the final placement. The error is most easily spotted by examining the mintmark under magnification, where collectors can see the telltale signs of multiple punching attempts.

This variety represents the human element in 1940s coin production, when mintmarks were individually hand-punched into each working die. The repunched mintmark errors are particularly popular among Denver mint specialists and error coin collectors.

3. 1940-D/D RPM FS-501

The 1940-D/D Repunched Mintmark FS-501 showcases another fascinating mintmark error where the “D” appears to have been punched multiple times with slight variations in placement. This RPM (Repunched Mintmark) variety creates a distinctive doubling effect specifically on the mintmark itself, making it appear thicker or showing remnants of previous punch attempts.

Unlike the FS-502, this variety has its own distinct characteristics in how the repunching manifests. Error specialists actively seek this variety for its clear diagnostic features and relative scarcity. The 1940-D RPM errors highlight the manual processes involved in die preparation during this era of coin production.

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

 

Where to Sell Your 1940 Quarter？

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 Market Trend

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

 

FAQ about the 1940 Washington Quarter

1. What makes a 1940 Washington quarter rare?

The 1940 Washington quarters are historically significant because of the war period when they were minted. Even though the Denver mint had a modest mintage, quarters from San Francisco in the highest grades are rarer, making them more valuable. The reason is the lack of the first-rated pieces with the mint mark D.

2. Which 1940 Washington quarter is worth a lot of money?

• The 1940 MS 68 Washington CAC quarter appeared at Heritage Auctions on January 9, 2013, and sold at $19,975
• 1940 D MS 68 Washington quarter appeared on eBay on September 6, 2022, and sold at $17,500
• 1940 S MS 68 Washington quarter appeared at Stack’s Bowers on March 31, 2021, and sold at $10,200
• 1940 PR 68 Washington quarter appeared at Heritage Auctions on September 1, 2008, and sold at $8,625
• 1940 D MS 66 Washington DDO error quarter appeared at Heritage Auctions on February 22, 2018, and sold at $2,880
• 1940 D MS 66 RPM Washington D over D error quarter appeared at Heritage Auctions on August 16, 2015, and sold at $2,585

3. How much is the Philadelphia 1940 Washington quarter worth?

The circulated 1940 Washington quarters are available for collectors at an average price range from $9.40 to $16. On the other hand, those in the mint state typically cost $20  to $260, besides the best-quality ones.

Therefore, you can expect to pay $5,760 to $8,750 for specimens in MS 68 grade, but their prices at auctions are often significantly higher. One of the best-preserved pieces holds the auction record of $19,975.

4. What is the costliest Washington quarter?

Regular coins Type 1

• $143,750 for the 1932 D MS66 Washington silver coin
• $45,500 for the 1932 S MS66 Washington silver coin
• $43,475 for the 1949 D MS68 Washington silver coin

Regular coins Type 2

• $21,000 for the 1966 MS68+ Washington clad coin
• $15,862.50 for the 1983 P MS65 Washington clad coin
• $15,000 for the 1970 D MS69 Washington clad coin

Proofs Type 1

• $31,200 for the 1950 PR68 Washington silver coin
• $18,400 for the 1937 PR68 Washington silver coin
• $16,800 for the 1942 PR69 Washington silver coin

Proofs Type 2

• $10,925 for the 1974 S PR70 Washington clad coin
• $9,987.50 for the 1998 S PR65 Washington clad coin
• $7,475 for the 1971 S PR69 Washington clad coin