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1932 was a seminal year for the US quarter.

The United States Mint had concluded the design process of the commemorative quarter destined to mark the bicentennial of George Washington’s birthday and was ready to begin striking the coins by 1931. Released in 1932, this design would soon become one of the most recognizable around the world and continue with only minor changes for 67 years until 1999 when the Mint began the 50 State Quarters series. Despite this long-term success, the country was in the depths of the Great Depression and the economy simply was not able to handle the total mintage produced over 1932 across all mints: 5,404,000 in Philadelphia; 436,800 in Denver; and 408,000 in San Francisco.

Interestingly, the mintage numbers from Denver and San Francisco were initially tied to the number of quarters collectors bought from the Mint. Since demand seemed to falter after 15,000 to 20,000 coins, the Treasury Department ordered continued striking at these facilities. However, because these coins were not considered especially beautiful, they were not collected by wealthy numismatists. Also, since their face value was too high for the average individual to collect, it seems that many examples were eventually put into circulation, which has resulted in a scarcity of coins in MS-65 or higher.

It wasn’t until World War II and later that demand for these coins truly started to grow. At this time, many examples that survived in mid to high grades were pulled from circulation.

In fact, while the 1932-S has a slightly lower mintage than the 1932-D quarter, they are slightly more common. Perhaps this is due to collectors initially saving the 1932-S at a slightly higher rate. Regardless, since both dates are relatively easy to acquire in lower grades, condition is the important factor.

The 1932 D Washington Quarter in Today’s Market

Considered the key date in the Washington quarter series, estimates on the coin’s survival rate vary. PCGS Coinfacts estimates that there are only 44,000 examples. This is based on a mathematical model and not an hands on survey of actual pieces. We estimate that the majority of surviving examples would fall in the Good-6 or below grade range and that the number of surviving Mint State examples are likely well below PCGS’ published rate of 650 at MS65 or better. To date, only 126 of these certified examples exist in MS-65 and above with 100 graded by PCGS and 26 graded by NGC. Additionally, the highest certified grade given by either firm is MS-66, with only two certified examples, both of which were graded by PCGS.

In low grades (between P and G), examples sell for between $50 and $70. Slightly higher graded examples (VF) sell for between $100 and $200 and can be found regularly online or in auctions. While pieces certified as About Uncertified are worth between $300 to $800, the value starts to climb for Mint State examples. Even in low Mint State (MS-61 – MS-62), examples sell for $1,000 to $1,200. In mid-Mint State (MS 63 – 64), examples sell for $1,500 to $3,000, and in higher grades the price skyrockets. In MS-65, auction prices range from $7,000 to $15,000, and in MS 65+ examples can sell for $20,000 to $30,000.

The auction record for this type, an example graded-MS66 sold for $143,750 in the April 2008 Bowers & Merena sale. However, this same coin was sold by Heritage Auctions in their January 2018 sale for $74,400. The only other example graded MS-66 by PCGS sold by Heritage Auctions for $82,250 in 2015 and again by David Lawrence Rare Coins for $64,500 in 2020.