1946 Quarter Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1946 Washington quarter holds a special place in American numismatic history — it was the first full peacetime year of silver coinage production after World War II ended in August 1945.

Struck at three mints in 90% silver, these coins range from a few dollars in heavily worn condition all the way to over $13,000 for the finest known examples at auction.

 

1946 Quarter Value By Variety — Full Breakdown

So what is a 1946 quarter worth today? Here is the quick breakdown by mint mark and grade — and you will notice that values across the three mints are surprisingly similar in lower grades, while the 1946-S pulls ahead dramatically at the top end.

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 1946 Quarter Worth Money

The 1946 quarter series has produced some genuinely impressive auction results, with top-grade certified coins routinely surprising new collectors.

The current auction highlight for this date is the 1946-D in MS-68 condition, which sold for $13,800 at Heritage Auctions on May 4, 2025 — a remarkable price for what most people would consider an ordinary postwar quarter. The 1946-S set its own record years earlier, with an MS-68 example selling for $14,950 at Bowers & Merena in January 2011.

Meanwhile, the Philadelphia issue (no mint mark) reached $8,050 at Heritage Auctions in January 2003 in MS-67 condition. Error varieties add another layer — the 1946-S/S RPM FS-501 has achieved $3,819 in MS-67, while the 1946 DDR FS-801 has sold for $1,260 in MS-65.

These numbers reveal a consistent theme: condition is everything with 1946 quarters.

 

History Of The 1946 Quarter

The Washington quarter takes its name from the first president of the USA, George Washington. His portrait appears on the obverse, otherwise known as the “heads” side of the coin. The first Washington quarters were produced in 1932, and they continue to be made to this day.

The series was originally conceived to mark the bicentenary of Washington’s birth. The coins were made of 90 per cent silver and 10 per cent copper — the same recipe used for the 1946 version. That composition stayed in place until a growing national silver shortage forced the government’s hand.

By the early 1960s, rising industrial demand for silver had driven prices high enough that hoarding silver coins became widespread. Citizens were pulling quarters and dimes from circulation in large numbers, creating a coin shortage. Congress responded by passing the Coinage Act of 1965, signed into law by President Lyndon B. Johnson on July 23, 1965. The law eliminated silver from dimes and quarters entirely, switching to a copper-nickel clad composition.

The new quarters had the same dimensions as the pre-1965 versions but weighed slightly less — 5.67 grams versus 6.3 grams for the silver versions. The Coinage Act of 1965 also temporarily removed mint marks from coins between 1965 and 1967 to discourage further hoarding by collectors.

It is also worth noting that no proof quarters were produced between 1943 and 1949. The U.S. Mint suspended proof coinage during this period, diverting its extra capacity to produce medals honoring World War II veterans. Proof production did not resume until 1950. Any set labeled a “1946 Proof Set” is a privately assembled product — not an official U.S. Mint issue.

1946 saw business strike quarters struck at the Philadelphia, Denver, and San Francisco Mints. Denver and San Francisco coins carry their respective “D” and “S” mint marks on the reverse, while Philadelphia quarters have no mint mark.

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

 

Is Your 1946 Quarter Rare? — Rarity Data Explained

Want to see how these stack up against the real heavy hitters? Check our Coin Value Checker App to explore rarity scores for any coin.

Here is something most guides get wrong about the 1946 quarter: the Philadelphia no-mint-mark coin is actually harder to find in gem condition than the 1946-S, even though Philadelphia produced over twelve times as many coins. According to PCGS CoinFacts, back in the 1950s and 1960s collectors focused on saving rolls of low-mintage coins, so many uncirculated rolls of the 1946-S were set aside — while the common 1946-P was largely ignored and spent in circulation.

The result? In MS-65 gem condition today, the 1946-P actually commands higher prices than the 1946-S. The San Francisco coin only pulls ahead again in the very top grades like MS-67 and MS-68, where even the hoarded rolls eventually run out of flawless specimens.

 

Key Features Of The 1946 Quarter — Design Details Every Collector Should Know

The Obverse Of The 1946 Quarter

The portrait of George Washington on the 1946 quarter was designed by sculptor John Flanagan and was used from 1932 all the way through 2022. It was not, however, everyone’s first choice.

The original plan was for a portrait by artist Laura Gardin Fraser to appear on a commemorative half dollar in 1932. When the decision was made to make the coin a permanent quarter instead, the design choice passed from the Bicentennial Committee to the Treasury. Treasury Secretary Andrew W. Mellon preferred Flanagan’s portrait, and his successor Ogden L. Mills refused to reopen the debate.

Fraser did eventually get her moment. Her portrait of Washington was chosen for the American Women quarters series launched in 2022, giving her design nearly a century-long wait before finally appearing on circulation coinage.

Above Washington’s portrait is the word “LIBERTY.” The date sits at the bottom of the coin, and the motto “IN GOD WE TRUST” appears to the left of the portrait, just beneath Washington’s chin.

The Reverse Of The 1946 Quarter

The reverse design was also the work of John Flanagan. It features a heraldic eagle with outstretched wings, perched on a bundle of arrows, with a garland of olive leaves below symbolizing peace — a fitting image for a coin struck in America’s first full year after the war.

The country name is inscribed between the eagle’s wings and the coin’s edge. Above the eagle’s head is the motto “E PLURIBUS UNUM,” meaning “From the many, one” — a reference to the nation’s founding as a union of states.

The denomination appears at the bottom, written in full as “QUARTER DOLLAR.” In 1946, the Denver and San Francisco mint marks appeared on the reverse, just below the center of the olive leaf garland. This placement changed to the obverse in later years.

Note that the original article incorrectly states the denomination reads “ONE DOLLAR” — it actually reads “QUARTER DOLLAR.”

Other Features Of The 1946 Quarter

The 1946 quarter weighs 6.25 grams (some sources list 6.3 grams for the silver alloy; 6.25 grams is the standard specification) and measures 24.3 millimeters across. It contains 0.18084 troy ounces of pure silver, which forms the base melt value floor for any example regardless of condition.

The coin’s reeded edge — that series of fine grooves visible on the rim — dates back to the 18th century as a fraud-prevention measure. Any shaving of the precious metal edge would immediately be visible. The 1946 quarter also benefits from die refinements made in 1944, which produced a cleaner typeface and a sharper, larger date than earlier issues in the series.

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

 

1946 Quarter Mintage & Survival Data — The Full Story

The mintage numbers for 1946 tell a story of postwar production returning to peacetime levels after years of wartime coin manufacturing.

Philadelphia dominated with over 53.4 million quarters — by far the largest output of the three mints that year. Denver contributed approximately 9.07 million, while San Francisco struck just 4.2 million, making it the lowest-mintage Washington quarter of 1946 and the second lowest-mintage issue from 1940 through 1964.

However, mintage alone does not determine collector value in the upper grades. As noted above, the 1946-S is paradoxically more available in gem condition because period collectors recognized its low mintage and set aside rolls. A known hoard of 30 wrapped rolls (1,200 coins) of 1946-S quarters was discovered years after being secured in a safe by an early postwar collector who simply wanted a quantity of silver. Many of those coins graded MS-65 through MS-67 by NGC when they were submitted.

The late 1970s silver price spike — silver briefly touched $50 per troy ounce — led to significant melting of circulating 90% silver quarters. No one knows exactly how many 1946-S examples were lost to the melting pot during this period.

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

 

The Easy Way to Know Your 1946 Quarter Value

Finding your 1946 quarter’s exact value is now simpler than ever. These coins start at their silver melt value — with the metal making up about 0.18 troy ounces per coin — and climb rapidly based on condition, mint mark, and whether any errors or varieties are present.

Traditionally, valuing coins required heavy price guides or visiting multiple dealers. Today, technology offers a better solution. The Coin Value Checker App brings professional coin evaluation to your smartphone. Simply photograph your 1946 quarter, and the app instantly identifies its mint mark, assesses condition, and provides current market values based on real sales data.

 

1946 Quarter Value Guides — Philadelphia, Denver, and San Francisco

There are three types of 1946 quarter to know:

• 1946 No Mint Mark (Philadelphia)
• 1946-D (Denver Mint)
• 1946-S (San Francisco Mint)

All three share the same Washington design, but the mint mark — and especially the condition — make an enormous difference in value. The mint mark on 1946 quarters appears on the reverse, just below the olive leaf garland, to the left of center.

 

1946 No Mint Mark Quarter Value — Philadelphia Issue

The Philadelphia-minted 1946 quarter was the U.S. Mint’s signal that peacetime production had fully resumed. With over 53.4 million struck — about 81% of all 1946 quarters combined — it is the most common of the three varieties in lower grades.

However, it is actually the toughest of the three to find in true gem uncirculated condition. Because period collectors focused on saving low-mintage coins and largely ignored the high-mintage Philadelphia issue, fewer uncirculated rolls were preserved. This means an MS-65 or higher 1946 Philadelphia quarter is harder to come by than an MS-65 1946-S.

The auction record for this issue — $8,050 at Heritage Auctions in January 2003 for an MS-67 example — reflects how competitive gem specimens can become despite the large original mintage.

Market activity has been equally telling, showing distinct seasonal patterns and collector behavior that reveal when serious buyers are most active in pursuing these post-war classics.

 

1946-D Quarter Value — Denver Mint Issue

The Denver-minted 1946-D represents the middle ground of the three varieties — not as plentiful as Philadelphia’s massive output, not as scarce as San Francisco’s limited run. With approximately 9.07 million minted, it sits in that sweet spot collectors often appreciate.

What makes this coin a headline-grabber in 2025 is its new auction record. A 1946-D graded MS-68 sold for $13,800 at Heritage Auctions on May 4, 2025 — the current all-time high for this issue, surpassing records set years earlier. The jump from MS-67 to MS-68 is where prices become truly dramatic for the Denver coin.

The auction market has reflected this middle-ground positioning consistently over the years.

Recent market activity shows how collector interest ebbs and flows with this particular mint mark, revealing interesting patterns that savvy buyers have learned to capitalize on.

 

1946-S Quarter Value — San Francisco Mint Issue

The San Francisco 1946-S is the lowest-mintage 1946 quarter at just 4.2 million coins, making it the second-lowest mintage Washington quarter struck between 1940 and 1964. Only the 1955-D (3.18 million) was scarcer during that span.

Here is the fascinating paradox: in MS-65 condition, the 1946-S is actually cheaper than the 1946-P, because period collectors recognized its low mintage and saved many rolls in pristine condition. The 1946-S only commands a strong premium at the very top — MS-67 and MS-68 — where the supply of truly flawless examples runs out. The current auction high for this issue is $14,950 at Bowers & Merena in January 2011 for an MS-68 example, though updated records may have moved since then.

The auction records paint a picture of collectors willing to pay premium prices for quality examples.

Market activity trends show this is not just theoretical — there is genuine demand driving real transactions throughout the year.

Also Read: What Quarters Are Worth Money

 

Rare 1946 Quarter Error List — Varieties Worth Searching For

The 1946 Washington quarter was produced in the immediate aftermath of World War II, as the Mint ramped back up to full peacetime capacity. That ramp-up created the conditions for several notable die varieties and minting errors that collectors actively hunt today.

There are four catalogued varieties in the FS (Cherrypickers’ Guide) system for 1946 quarters. Each one commands a meaningful premium over a standard example of the same date and grade.

1. 1946 DDO FS-101 — Doubled Die Obverse

The 1946 DDO FS-101 is a doubled die obverse (DDO) error — meaning the working die received two slightly misaligned impressions from the master hub during the manufacturing process. On finished coins, this appears as a faint “shadow” or doubling on lettering and design details.

On the FS-101 variety, the doubling is most visible in the motto “IN GOD WE TRUST” and in Washington’s portrait details. You will need a 5x–10x loupe (a small magnifying glass used by coin collectors) to spot this clearly. Well-preserved examples command significant premiums over regular 1946 quarters.

2. 1946 DDR FS-801 — Doubled Die Reverse

The 1946 DDR FS-801 is a doubled die reverse (DDR) variety — created by the same hub-and-die process as the obverse version, but affecting the tails side of the coin. The most visible doubling appears in the inscriptions “UNITED STATES OF AMERICA” and “QUARTER DOLLAR,” with additional doubling in some of the eagle’s features.

Reverse doubled dies are generally less common and harder to detect than obverse varieties, making them especially prized by specialists. This variety sold for $1,260 in MS-65 condition, showing strong collector demand even at the gem grade level.

3. 1946-D/D RPM FS-501 — Repunched Mint Mark (Denver)

The 1946-D/D RPM FS-501 is a repunched mint mark (RPM) variety. In this era, mint marks were applied to each die individually by hand, using a small punch tool. When the punch was applied more than once in slightly different positions, the result is overlapping “D” impressions visible under magnification.

On this variety the “D” appears doubled or thickened, with traces of the initial punch mark visible beneath the final impression. Denver Mint RPMs from this era are genuinely scarce, making this a desirable addition to any Washington quarter variety collection.

4. 1946-S/S RPM FS-501 — Repunched Mint Mark (San Francisco)

The 1946-S/S RPM FS-501 is the San Francisco counterpart to the Denver RPM variety above. The “S” mint mark shows clear evidence of being punched more than once, with visible spreading or doubling in the letter’s impression.

This variety achieved $3,819 in MS-67 — one of the strongest prices in the entire 1946 quarter error series — demonstrating how collector demand for top-grade RPM varieties can produce striking results. San Francisco RPMs from the mid-1940s are historically significant because they represent the postwar production challenges at the mint as it adjusted to increased output demands.

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

 

Where To Sell Your 1946 Quarter — Best Options

Now that you understand what makes your 1946 quarter valuable, are you ready to find the right buyer? The best marketplaces and auction houses will help you get fair value for these sought-after Washington quarters.

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

 

1946 Quarter Market Trend — Price History

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

 

FAQ About The 1946 Quarter Value — 10 Most Asked Questions

1. How Much Is A 1946 Quarter Worth Today?

A circulated 1946 quarter in average condition is worth roughly $9–$14, largely based on its silver content. In uncirculated grades like MS-63, values jump to around $15–$20. At the top end, MS-67 and MS-68 examples have sold for $4,000–$13,800 depending on the mint mark, with the 1946-D MS-68 setting a record at Heritage Auctions in May 2025.

2. How Much Silver Is In A 1946 Quarter?

Like all Washington quarters struck from 1932 to 1964, the 1946 quarter is 90% silver and 10% copper. Each coin weighs 6.25 grams and contains exactly 0.18084 troy ounces of pure silver. To find its melt value today, multiply 0.18084 by the current silver spot price.

3. What Is The Rarest 1946 Quarter?

Among standard business strikes, the 1946-S is the lowest-mintage 1946 quarter at just 4.2 million coins. However, because collectors saved uncirculated rolls of the S-mint issue back in the 1950s, the Philadelphia no-mint-mark coin is actually harder to find in gem condition (MS-65 and above). For error varieties, the 1946-S/S RPM FS-501 in MS-67 is the most valuable, having sold for $3,819.

4. Were Any 1946 Proof Quarters Made?

No. The U.S. Mint suspended proof coin production in 1942 to redirect resources to World War II, and proof coinage did not resume until 1950 with a mintage of 51,386 sets. Any product being sold as a “1946 Proof Quarter” or “1946 Proof Set” is a privately assembled item — not an official Mint issue — and carries no special numismatic premium beyond the coins’ standard values.

5. Why Is The 1946-S Quarter Sometimes Cheaper Than The 1946-P In Gem Condition?

This is one of the great paradoxes of Washington quarter collecting. Because collectors in the 1950s and 1960s focused on saving rolls of low-mintage coins, many uncirculated rolls of the 1946-S were set aside, while the common 1946-P was spent in circulation. The result is that in MS-65, the 1946-S is actually more plentiful — and therefore cheaper — than the 1946-P. The 1946-S only commands a premium again at the very highest grades, MS-67 and above.

6. How Do I Find The Mint Mark On A 1946 Quarter?

On 1946 Washington quarters, the mint mark is located on the reverse (tails side), just below the center of the olive leaf garland and above the text “QUARTER DOLLAR.” Look for a small “D” (Denver) or “S” (San Francisco). Philadelphia quarters have no mint mark. Note: Starting in the 1960s, mint marks were moved to the obverse on Washington quarters, but in 1946 they still appear on the reverse.

7. What Are The Known Error Varieties For The 1946 Quarter?

There are four catalogued varieties in the Cherrypickers’ Guide (FS) system for 1946 quarters: the DDO FS-101 (doubled die obverse), the DDR FS-801 (doubled die reverse), the 1946-D/D RPM FS-501 (Denver repunched mint mark), and the 1946-S/S RPM FS-501 (San Francisco repunched mint mark). Of these, the 1946-S/S RPM commands the highest prices, reaching $3,819 in MS-67.

8. What Happened To Silver Quarters In The Late 1970s?

When silver prices spiked to approximately $50 per troy ounce in the late 1970s, large numbers of 90% silver Washington quarters — including many 1946-S examples — were melted for their bullion value. Owners who held these coins often considered them more valuable as silver than as collectibles, especially for circulated examples. This melting episode reduced the surviving population of circulated 1946-S quarters, though the impact on uncirculated hoards was less severe.

9. Why Did The U.S. Stop Making Silver Quarters?

The Coinage Act of 1965, signed by President Lyndon B. Johnson on July 23, 1965, eliminated silver from dimes and quarters and reduced the half dollar’s silver content from 90% to 40%. The law was a response to a nationwide coin shortage driven by silver hoarding and a worldwide surge in industrial demand for silver. The new copper-nickel clad quarters had the same size and appearance as the silver versions but weighed slightly less and carried no precious metal value.

10. Is It Worth Getting A 1946 Quarter Professionally Graded?

For circulated examples (Good through About Uncirculated), professional grading by PCGS or NGC — which stands for Professional Coin Grading Service and Numismatic Guaranty Company respectively — typically costs more than the coin is worth. However, if you believe you have an uncirculated example in MS-65 condition or higher, or if you suspect an error variety, professional grading is strongly recommended. A certified MS-67 1946 quarter can be worth hundreds of dollars more than an ungraded coin of the same quality, and certification also makes the coin far easier to sell to serious buyers.