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

The 1940 Washington quarter is far more than old pocket change—it’s a genuine piece of American history struck in 90% silver, and it could be worth a serious amount of money depending on just a few key factors.

Most circulated 1940 quarters are worth between $7 and $22 today, largely driven by their silver content alone. But pristine, uncirculated examples can reach thousands of dollars at auction—and a handful have shattered the $10,000 mark.

What makes these coins especially exciting is the wide range of varieties, error coins, and condition tiers that create a genuine treasure hunt for collectors. This guide will walk you through exactly what your coin is worth, how to grade it yourself, and which varieties the serious collectors are competing for in 2026.

 

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 Value Records

The most valuable 1940 quarters share one thing in common: they survived 85+ years without a scratch. Topping the list is a 1940 Philadelphia quarter in MS-68 with the coveted CAC (Certified Acceptance Corporation) sticker, which sold for $19,975 at Heritage Auctions on January 9, 2013—a record that still stands today.

What makes this so remarkable is that PCGS has certified only 7 coins at MS-68 for the 1940 Philadelphia issue, and NGC has certified just 5 more—meaning fewer than a dozen of these perfect examples are known to exist across the world’s two major grading services. The 1940-S is right behind at $10,200 (Stack’s Bowers, March 2021), followed by the 1940-D at $4,060—a coin that PCGS officially classifies as a semi-key date within the Washington quarter series.

Even at the “bottom” of this top-10 list, prices tell an impressive story about how dramatically condition drives value. A single grade point at the top tier routinely means the difference of $1,000 or more.

 

History of the 1940 Quarter Value & Why These Coins Matter

The 1940 Washington quarter was struck during one of the most consequential years of the 20th century—the final full year of American peacetime before Pearl Harbor. While World War II had already consumed Europe, U.S. Mint workers in Philadelphia, Denver, and San Francisco were busy producing 90% silver quarters that would circulate through a nation on the brink of transformation.

The Washington quarter design itself has a fascinating backstory. In 1932, a bicentennial committee had selected sculptor Laura Gardin Fraser’s portrait design as the winner—but Treasury Secretary Andrew Mellon personally overruled that decision and chose John Flanagan’s competing portrait instead. That controversy made Flanagan’s design famous and Fraser’s design a numismatic footnote—until her original version was finally used for the 2022 American Women Quarter series, nearly 90 years later.

By 1940, the Washington quarter was only eight years old, still in its early era. The 90% silver composition that defines these coins was the U.S. Mint’s standard for quarters all the way through 1964, when rising silver prices forced a switch to copper-nickel clad. Every 1940 quarter contains exactly 0.18084 troy ounces of pure silver—giving it a built-in silver melt value that today exceeds $20 based on current 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 Value Checker 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’s design solution won the competition, Treasury Secretary Andrew Mellon 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.

Grading tip for beginners: Washington’s cheek is the single most important area when grading the obverse. For a coin to earn MS-65 (Gem Uncirculated) or better, the cheek must be essentially free of contact marks—even one heavy mark drops the coin down to MS-63 territory.

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 UNUM
• QUARTER DOLLAR

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

Grading tip for beginners: The eagle’s breast feathers are the first area to show wear on the reverse. On a true Gem (MS-65+) coin, each breast feather should be rounded and fully separated. On some 1940-S quarters especially, the breast can appear flat even on an uncirculated coin due to die wear—a condition called “weak strike” that can cut the coin’s value by up to 50% versus a sharply struck example at the same grade.

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% silver, 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 Value: Mintage & Survival Data

The mintage numbers across the three 1940 mint facilities tell very different stories. Philadelphia dominated with 35,704,000 business strikes, Denver produced just 2,797,600, and San Francisco struck 8,244,000. The Philadelphia mint also produced 11,246 specially struck proof coins for collectors—making the proof issue nearly 3,200 times rarer than the standard Philadelphia quarter.

The survival rate data adds another layer to this story. Proof quarters survived at roughly an 80% rate because collectors stored them carefully, while all three circulation strikes hover around just 10% survival—most were worn out through decades of everyday use. This is why the Denver quarter, despite its “low mintage” story, is not a full key date: enough have survived in collectible condition to meet demand, though PCGS does officially designate it a semi-key date comparable to 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

To determine your 1940 quarter’s value, start by examining two things: the mint mark on the reverse (look for a D or S below the eagle), and the condition of the coin’s highest points—Washington’s cheek on the front and the eagle’s breast feathers on the back. Values range from around $7 for heavily circulated examples to over $19,000 for pristine uncirculated specimens, with every coin containing more than $20 in silver melt value at current silver prices.

One quick test you can do at home: tilt the coin gently under a light source. A coin with original mint surfaces should display what collectors call “cartwheel luster”—a rolling band of light that rotates across the surface as you tilt it. If the surface looks flat, dull, or uniformly white without that rolling effect, the coin has likely been cleaned, which can reduce its collector value by 50–90%.

For instant, accurate valuations, try our Coin Value Checker 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

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 Philadelphia quarter is the most common of the three business-strike varieties, with 35.7 million produced—but don’t let that fool you into thinking high-grade examples are easy to find. Of the millions originally struck, PCGS has certified only 7 coins at the top grade of MS-68, and NGC has certified just 5 more, making the absolute finest examples some of the rarest coins in the entire Washington quarter series.

Circulated examples trade between $7 and $22 based on wear level, while Mint State (MS) coins—meaning uncirculated, never spent—start around $20 and climb steeply. MS-67 examples regularly sell in the $1,500–$3,000 range, and the all-time auction record of $19,975 was set at Heritage Auctions on January 9, 2013, for an MS-68 CAC example.

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 is the standout rarity of the 1940 quarter trio—and PCGS officially agrees, classifying it as a semi-key date in the Washington quarter series, alongside dates like the 1938, 1938-S, and 1939-S. With only 2,797,600 coins struck at Denver—just 7.8% of Philadelphia’s output—finding a quality example takes real effort.

The Denver mint’s production during this period yielded many “frosty white, highly lustrous Gems,” according to PCGS CoinFacts, but the sheer scarcity of the original mintage limits the supply of top-tier examples. A 1940-D graded MS-67+ sold for $13,200 at Heritage Auctions in 2020, while a standard MS-67 commands around $2,892. Even circulated examples regularly trade for $33–$80, far above the silver melt value alone.

Recent auction records demonstrate the market’s growing recognition of this semi-key date’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

PCGS CoinFacts describes the 1940-S as a “desirable issue” that is “certainly rarer than the Philadelphia Mint issues of the era”—the perfect middle ground for collectors who want genuine scarcity without the premium price tag of the Denver coin. With 8,244,000 coins minted and a roughly 10% survival rate, sharp-looking examples are still findable but not easy.

The San Francisco mint can produce tricky coins for graders, however. Even some uncirculated 1940-S quarters exhibit weak strikes on the eagle’s breast feathers due to worn dies—so when shopping for a premium example, look specifically for one with fully defined, separated breast feathers. The all-time auction record for the 1940-S stands at $10,200, achieved at Stack’s Bowers on March 31, 2021, for a PCGS MS-68 example.

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 is the crown jewel of the series. Only 11,246 proof coins were made exclusively for collectors, struck with specially prepared dies and polished planchets to create the brilliant mirror-like fields and frosted design elements that define proof coinage.

One important detail that many collectors overlook: proof coins can also receive Cameo (CAM) or Deep Cameo (DCAM) designations from grading services like PCGS and NGC. These labels describe coins with exceptional contrast between the frosted raised devices and the deeply mirrored fields—and they can add substantial premiums. An undesignated 1940 PR-67 might sell for $400, while a DCAM-designated example at the same grade can fetch considerably more. The all-time auction record for the 1940 Proof is $8,625, paid at Heritage Auctions on September 1, 2008, for a PCGS PR-68 example.

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 Value Errors and Varieties Worth a Premium

Error coins are one of the most exciting areas of 1940 quarter collecting, offering coins with documented minting mistakes that create one-of-a-kind—or at least extremely scarce—pieces. The 1940 series has several well-documented varieties, plus true mechanical errors that can add surprising premiums to what otherwise looks like an ordinary coin.

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

The 1940-D Doubled Die Obverse FS-101 is one of the most important varieties in the entire Washington quarter series. A DDO (Doubled Die Obverse) error happens when the working die receives a second impression from the hub that is slightly misaligned—essentially stamping a ghost image over the first.

On this specific coin, the doubling is most clearly visible on the motto “IN GOD WE TRUST” in the lower left of the obverse, though doubling also appears on LIBERTY and Washington’s portrait. Prices for authenticated examples range from $70 to $2,880, with the record-setting MS-66 example selling at Heritage Auctions on February 22, 2018. Examples in circulated condition but with strong, visible doubling are especially popular with budget-conscious collectors entering the variety market.

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

The 1940-D FS-502 features a Repunched Mint Mark (RPM)—an error that occurred because, before 1989, mint marks were hand-punched individually into each working die, rather than being part of the master hub. This left significant room for human error, and on this variety, the “D” was punched in a slightly off position and then corrected, leaving traces of the original placement visible.

The diagnostic is most easily spotted under 5× to 10× magnification, where you can see the shadow or ghost of the original “D” punch position alongside the corrected final placement. This variety is especially popular with Denver mint specialists and error collectors who appreciate the direct window it provides into 1940s coin production methods.

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

The 1940-D/D RPM FS-501 is a distinct variety from the FS-502 above, though both involve a repunched “D” mint mark. FS-501 has its own unique characteristics in exactly how the multiple punches manifest—the spacing and direction of the secondary punch impression differ from FS-502, making them separately catalogued varieties in the Cherrypickers’ Guide.

Error specialists prize FS-501 for its clear diagnostic features and relative scarcity compared to FS-502. Owning any 1940-D RPM variety provides collectors with a direct historical artifact of the manual die-preparation process that the U.S. Mint used throughout the pre-modern era of coin production.

4. 1940 Quarter Off-Center Strike Error

True error coins—as distinct from varieties—result from mechanical malfunctions during striking, making each piece unique. One type found on 1940 quarters is the off-center strike, where the planchet (blank coin disc) was not properly centered between the dies when the press fired.

A dramatic off-center strike on a 1940 quarter (20% or more off-center, with the date still visible) can sell for $100–$400 depending on severity and condition. These coins are immediately recognizable by the crescent of blank metal on one side and the squished, shifted design on the other. Always verify off-center errors with a professional grading service like PCGS or NGC to confirm authenticity and maximize resale value.

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

 

How to Protect Your 1940 Quarter Value

One of the most common—and costly—mistakes collectors make is cleaning their coins. Never clean a 1940 quarter with polish, baking soda, vinegar, or any abrasive material. Cleaning destroys the original “cartwheel luster” that is the hallmark of an original coin surface, and it can reduce the coin’s collector value by as much as 50–90%.

Always handle coins by their edges, not by touching the faces. Even clean skin oils can leave microscopic residue that dulls the luster over time. If you have a coin you believe might be valuable, consult a professional numismatist or submit it to PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) for authentication and grading before making any decisions about selling.

 

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?

A circulated 1940 quarter in average condition is worth approximately $7–$22, primarily reflecting its silver content (0.1808 troy oz of silver). In Mint State (MS-65 or Gem Uncirculated) condition, values jump to $100–$260, while the finest known MS-68 example 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. While not as rare as the true key dates (1932-D and 1932-S), the 1940-D commands premiums over typical Washington quarters and is actively sought by serious collectors.

3. Which 1940 quarter is worth the most money?

The top auction results include: the 1940 Philadelphia MS-68 CAC at $19,975 (Heritage Auctions, January 9, 2013); the 1940-D MS-67+ at $13,200 (Heritage Auctions, 2020); and the 1940-S MS-68 at $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 this matters significantly for value. Grading services 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 proof might sell for $300–$400, but a DCAM-designated example at the same grade typically commands a much higher premium. Always check the slab label carefully when buying or selling 1940 proof quarters.

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

The most reliable test is the “cartwheel luster” check: tilt the coin slowly under a direct light source. An original coin will show a band of bright, rolling light that moves across the surface as you tilt it. A cleaned coin will appear flat, dull, or uniformly white without that rolling light effect. Cleaned coins sell near or below silver melt value, regardless of how bright they look—cleaning permanently destroys collector value.

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 major grading services. This extreme rarity at the top grade is why a single MS-68 example sold for nearly $20,000. The 1940-S MS-68 population is equally small, explaining its $10,200 auction record.

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), the melt value is approximately $5–$6 per coin. This silver content provides a reliable price floor—even a heavily worn 1940 quarter will never be worth less than its silver weight, which is already far above its 25-cent face value.

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

The 1940-D DDO FS-101 is a Doubled Die Obverse variety where the hub struck the die twice in slightly different positions, creating a doubling effect. The most visible doubling appears on the motto “IN GOD WE TRUST” in the lower left of the obverse, with additional doubling on LIBERTY and Washington’s portrait. Genuine examples sell for $70–$2,880 depending on condition. Use 5×–10× magnification to check your coin—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?

The San Francisco Mint during this period occasionally produced coins with weak strikes, especially on the eagle’s breast feathers on the reverse. Even a coin graded MS-65 can have flat, indistinct feathers if it came from a tired or worn die. The numismatic market penalizes weak-strike examples significantly—a weak-strike MS-65 may sell for roughly half the price of a sharp-strike MS-65. When buying premium 1940-S quarters, look for clearly defined, rounded, individually separated breast feathers.

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

Professional grading by PCGS or NGC is worth considering if your coin appears uncirculated, has minimal marks on Washington’s cheek and the eagle’s breast feathers, shows original cartwheel luster, and you believe it may grade MS-65 or higher. At MS-65, the value jumps dramatically—often 10× or more compared to MS-64. For error varieties like the DDO FS-101 or RPM FS-501, professional authentication is essential before selling. Grading fees typically start at $25–$50 per coin, which is worthwhile for any coin you suspect may be worth $200 or more.