Every once in a while, someone discovers extraordinary value in ordinary pocket change.
The 1932-D and 1932-S Washington quarters represent that dream find for coin collectors and casual pocket-change sorters alike.
These two coins, minted nearly a century ago during the depths of the Great Depression, have steadily climbed in value to the point where examples in excellent condition now regularly command $20,000 or more at auction.
I’ll never forget the day my grandfather showed me his coin collection when I was just ten years old.
Among the wheat pennies and buffalo nickels was a small cardboard holder containing what looked like just another quarter.
“This one’s special,” he told me, pointing to the tiny ‘D’ mint mark beneath the wreath on the reverse.
“They didn’t make many of these, and someday it might be worth more than anything else in this box.”
Little did I know then just how prophetic his words would prove.
That coin, a 1932-D Washington quarter in VF (Very Fine) condition, sold at a regional auction last year for $4,800 – an astonishing return on the 25 cents it represented in spending power when first minted.
Let’s explore why these particular quarters have become legendary in numismatic circles and how you might identify one should luck smile upon you during your next handful of change.
The Birth of the Washington Quarter: Historical Context
The Washington quarter was never intended to be a quarter at all.
Originally, the Treasury Department planned to create a commemorative half dollar to celebrate the 200th anniversary of George Washington’s birth in 1932.
Economic realities during the Great Depression led to a change in plans, with officials deciding to replace the Standing Liberty quarter design instead.
These new quarters would feature America’s first president not as a one-time commemorative but as the new standard design.
The Commission of Fine Arts selected sculptor John Flanagan’s design, though not without controversy.
Some officials had preferred a design by Laura Gardin Fraser, whose work many numismatists today believe was superior.
The Washington quarter debuted in 1932, becoming the first U.S. circulating coin to feature an actual historical figure rather than a symbolic representation of Liberty.
Production began at the Philadelphia Mint, which created over 5.4 million quarters that bore no mint mark.
Denver and San Francisco also produced the new quarters, but in dramatically smaller numbers due to reduced demand for coinage during the economic crisis.
The Denver Mint struck just 436,800 quarters that year, marking them with a small ‘D’.
San Francisco produced even fewer – a mere 408,000 – marked with a tiny ‘S’.
These production figures, microscopic by today’s standards, set the stage for what would become two of America’s most sought-after circulation coins.
Why the 1932-D and 1932-S Quarters Became So Valuable
Several factors combined to transform these quarters from everyday coins to five-figure collectibles.
The extremely low mintage figures – among the lowest of any regular-issue 20th-century U.S. coins – created natural scarcity from day one.
Economic conditions of the Depression meant few people thought to save these coins when they were released.
Most entered circulation and remained there, subjected to decades of pocket wear, drops, scratches, and the other indignities suffered by working coinage.
I spoke with James Hernandez, a coin dealer who’s been buying and selling rare coins for over 40 years, about why these coins have maintained such strong collector appeal.
“They’re the perfect storm of numismatic desirability,” he explained as he showed me examples in various conditions in his shop last week.
“First-year-of-issue for a design that’s continued for nearly a century, genuine scarcity, and historical significance all wrapped into one coin that’s still recognizable to anyone who’s ever handled American change.”
The coins saw no special treatment when released.
Unlike today’s collector coins, which are often hoarded by the roll as soon as they’re issued, the ’32-D and ’32-S quarters went straight into cash registers and pockets across America.
Collector interest developed gradually over subsequent decades as enthusiasts began assembling date-and-mint-mark sets of the new Washington quarters.
By the 1950s and 1960s, the numismatic community had fully recognized the scarcity of high-grade examples.
Price guides began listing these coins at significant premiums, though nothing approaching today’s values.
My father recalls purchasing a Fine condition 1932-S for $17.50 in 1965, which seemed extravagant for a quarter at the time.
That same coin today, assuming it remained in the same condition, would likely retail for over $200.
Current Values: What Makes a $20,000 Quarter?
The $20,000 figure mentioned in headlines isn’t for any 1932-D or 1932-S quarter you might find.
Coin values depend heavily on condition, and only those preserved in exceptional states command the highest prices.
Professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) use a 70-point scale to rate coins.
For the 1932-D and 1932-S quarters, examples grading MS-65 (Mint State 65) or higher regularly sell in the $20,000 to $35,000 range, with exceptional specimens bringing even more.
I witnessed an MS-66 1932-D sell for $43,500 at a major auction in Chicago last summer, the room falling silent as bids climbed in $1,000 increments.
The buyer, a distinguished older gentleman in a tweed jacket, didn’t celebrate or react when the hammer fell – just nodded slightly, as if he’d merely confirmed an appointment rather than purchased a coin for more than many Americans earn in a year.
For more commonly found circulated examples, values are more modest but still impressive for a quarter.
A 1932-D in Fine condition (showing significant wear but with clear details) typically sells for $200-$300.
The same coin in Very Fine condition might bring $400-$600.
The 1932-S follows a similar pattern, generally trading for about 10-15% less than its Denver counterpart in comparable grades.
These values continue to climb at each condition level, with well-preserved Extremely Fine examples selling for $1,000-$2,000 and About Uncirculated coins (those showing just traces of wear) commanding $2,500-$8,000 depending on specific condition.
Factors like original mint luster, strike quality, and the presence or absence of bag marks (contact marks from other coins) significantly influence value within each grade level.
My coin club recently hosted an authentication seminar where the presenter showed two 1932-D quarters with the same technical grade but a $3,000 price difference based solely on eye appeal and strike quality.
How to Identify Genuine 1932-D and 1932-S Quarters
If you believe you’ve found one of these valuable coins, proper identification is crucial.
The date is easy to locate – it appears below Washington’s bust on the obverse (front) of the coin.
The mint mark is the critical identifier and requires closer inspection.
Denver and San Francisco both placed their mint marks (D or S respectively) on the reverse side, below the wreath and above the word “QUARTER.”
Philadelphia issues from 1932 have no mint mark at all.
Using a magnifying glass helps when examining the mint mark, which is quite small.
Look for a clear, properly formed letter that matches the style used in that era.
My friend Tom, who’s been collecting Washington quarters for decades, cautions about altered coins.
“The most common deception is adding a counterfeit mint mark to a Philadelphia issue or changing an S to a D since the Denver coin is worth more,” he explained while examining my collection.
“A good loupe and familiarity with genuine examples are your best defense.”
Weight and dimensions should match standard Washington quarter specifications – 6.25 grams and 24.3mm in diameter.
The coin should be composed of 90% silver and 10% copper, giving it a distinctive color and feel different from modern clad quarters.
Ring testing (gently tapping the coin to hear its tone) can help identify silver versus clad composition but won’t authenticate the mint mark or date.
If you believe you have a genuine example worth significant money, professional authentication is the only reliable method to confirm authenticity and establish an accurate grade.
Authentication and Preservation: Protecting Your Investment
Counterfeit and altered coins have plagued the numismatic market for decades, becoming increasingly sophisticated.
For any 1932-D or 1932-S quarter potentially worth thousands, professional authentication is essential.
I watched a heartbreaking scene unfold at a coin show in Dallas two years ago.
An elderly woman had brought in what she believed was a 1932-D quarter inherited from her father, who had told her it was quite valuable.
The dealer examined it closely under strong light, then gently explained that someone had added a crude D mint mark to a common Philadelphia issue.
Her disappointment was palpable as she learned the coin was worth perhaps $20 rather than the thousands she had anticipated.
PCGS, NGC, ANACS, and ICG are the most widely respected third-party grading services.
These companies authenticate the coin, grade its condition, and seal it in a tamper-evident holder with its information permanently recorded.
The cost for this service typically ranges from $30 to $100 depending on the coin’s value and the turnaround time requested.
Once authenticated, proper storage becomes paramount.
Coins should never be cleaned, as improper cleaning can severely damage surfaces and reduce value by thousands of dollars.
My grandfather’s cautionary tale involved a well-meaning relative who “helpfully” polished his coin collection with silver cleaner, essentially destroying the numismatic premium of several valuable pieces.
Temperature-stable environments away from humidity, direct sunlight, and air pollutants provide the best long-term preservation.
For valuable specimens, professional holders provide good protection, while archival-quality coin albums or holders work well for more modest examples.
Great Finds: Stories of Discovery
Part of these coins’ mystique comes from the possibility they might still be found in circulation, though such occurrences have become exceedingly rare.
In 2018, a Tennessee construction worker made headlines after discovering a 1932-D quarter in excellent condition while using a metal detector at a demolition site.
The coin, which had apparently fallen between floorboards decades earlier, graded XF-45 and sold for $4,100.
My barber keeps a display case of coins found in daily transactions over his 40-year career.
Among them is a heavily worn 1932-S he received as change from a grocery store in 1987.
“The cashier probably thought it was just another quarter,” he told me during my last haircut.
“But I recognized it immediately and nearly dropped the rest of my change trying to get it into my pocket before she realized her mistake.”
Even in its well-worn state, the coin represents several hundred dollars in value.
Inheritance finds remain the most common source of high-grade examples entering the market today.
Collector estates occasionally yield specimens that have remained in albums or cabinets for generations, preserved from circulation wear but sometimes displaying toning from decades of storage.
Last year at our regional coin club meeting, a new member brought in a capital plastics holder containing a complete Washington quarter set her grandfather had assembled.
The 1932-D and 1932-S were both present in About Uncirculated condition, likely worth a combined $15,000-$20,000.
“He just thought of them as part of his hobby,” she explained, clearly stunned by the valuation.
“He never mentioned they were worth more than a few hundred dollars for the whole collection.”
Investment Potential and Market Trends
The trajectory for these coins has been consistently upward, though not without occasional market corrections.
Over the past twenty years, high-grade examples have appreciated at an average rate of approximately 7-10% annually.
This performance exceeds many traditional investments, though with less liquidity and higher transaction costs.
I spoke with Catherine Williams, a numismatic investment advisor, about the current market for these coins.
“The 1932-D and S quarters benefit from being recognizable to even casual collectors,” she explained during our interview at last month’s national coin show.
“Unlike some esoteric rarities that appeal only to specialists, these coins have broad demand across the collector spectrum, which helps maintain strong prices even during market downturns.”
Auction results over the past five years show particularly strong performance for highest-grade examples.
A PCGS MS-66+ 1932-D quarter sold for $143,750 in 2021, setting a record for the issue.
Population reports from grading services indicate extremely few examples surviving in grades above MS-65, creating intense competition when such coins appear on the market.
Counterintuitively, even heavily circulated examples have seen strong price appreciation.
Good and Very Good condition specimens that might have sold for $50-$75 twenty years ago now regularly command $150-$200, representing a solid investment return even for coins showing significant wear.
Market observers attribute this to the increasing popularity of the Washington quarter series among collectors of modest means who still want to own these key dates.
Beyond Monetary Value: Historical Significance
While their financial value garners headlines, these coins offer historical connections that transcend mere investment potential.
They were minted during one of America’s most challenging periods, with unemployment exceeding 20% and industrial production having fallen by more than half from 1929 levels.
When these quarters entered circulation, Franklin D. Roosevelt had just won the presidency but hadn’t yet taken office.
The Dust Bowl was devastating agriculture across the Great Plains, and Prohibition was in its final months.
I often find myself reflecting on the journey these coins have taken when I hold one.
The 1932-D in my collection likely passed through thousands of hands over its nine decades – perhaps helping purchase bread during the Depression, exchanged for gasoline during World War II, or used for a phone call during the Kennedy administration.
Each faint wear mark represents human interaction with a small piece of American history.
Collecting these quarters connects enthusiasts not just to numismatic history but to the broader American experience during a transformative century.
When these coins debuted, Washington’s image on circulating currency was still a novelty.
Today, we can barely imagine American coinage without his profile.
The Allure of Numismatic Treasure
The 1932-D and 1932-S Washington quarters embody the romance of coin collecting – the possibility that tremendous value might hide in ordinary pocket change.
While finding one in circulation today would represent extraordinary luck, thousands exist in collections, safety deposit boxes, and perhaps forgotten coin albums in attics across America.
Their $20,000+ values in top condition represent not just scarcity but the perfect convergence of historical significance, collector demand, and numismatic importance.
Whether you’re a serious collector, an investor, or simply someone who checks their change more carefully after reading this, these coins maintain their mystique nearly a century after leaving the Denver and San Francisco Mints.
And who knows?
Perhaps somewhere in a jar of accumulated change or a forgotten collection passed down through generations, another pristine example waits to be discovered, ready to transform a quarter into a life-changing find worth tens of thousands of dollars.
Just check your pockets – that worn quarter might deserve a second look.