Introduction
Debuting amidst the throes of the Great Depression, the 1932 Washington quarter began its journey as a commemorative coin celebrating the bicentennial birth year of America‘s first president. Little did U.S. Mint officials realize this 25-cent piece would far outlive its original one-year designation to become a numismatic icon and one of the most coveted rarities of the 20th century.
Struck in 90% silver at the Philadelphia, Denver, and San Francisco Mints, the 1932 quarter was the first regular-issue U.S. coin to feature a president‘s portrait. Its introduction marked a major departure from the allegorical depictions of Liberty seen on previous circulating coinage.
Despite the country‘s economic woes, the Mint‘s engraving department crafted a bold and stately design that resonated with the American public. So popular was John Flanagan‘s left-facing bust of Washington that it became the permanent model for the quarter, remaining largely unchanged for over 90 years.
A Tale of Three Mints
While 1932 quarters from the Philadelphia Mint are relatively plentiful, the same cannot be said for the Denver and San Francisco Mint issues. The financial hardships of the Depression slowed economic activity and the need for coinage, particularly in the West and Midwest. As a result, the branch mints struck significantly fewer pieces:
- Philadelphia (no mint mark): 5,404,000
- Denver (D): 436,800
- San Francisco (S): 408,000
To put these figures in perspective, the Philadelphia Mint struck over 12 times as many quarters as Denver and San Francisco combined. This stark mintage disparity set the stage for the 1932-D and 1932-S to become two of the rarest regular-issue Washington quarters ever minted.
Grading and Eye Appeal
The Sheldon Scale
As with all collectible coins, the condition or grade of a 1932 quarter is paramount to its value. Most numismatists use the 70-point Sheldon scale, originally developed by Dr. William Sheldon in 1949, to assess a coin‘s state of preservation.
The scale begins at 1 (Poor) for a heavily worn, barely identifiable coin and tops out at 70 (Perfect Uncirculated) for a flawless, as-struck specimen. Grades of MS60 to MS70 represent uncirculated or "mint state" examples, while coins grading AU50 to AU58 are considered "about uncirculated" with slight wear on the high points.
Strike and Surfaces
When grading a coin, experts carefully examine the strength of the strike, looking for full details in the central device (Washington‘s hair) and the sharpness of the lettering and stars. They also scrutinize the surfaces for signs of wear, handling marks, scratches, or other imperfections.
A coin with exceptional eye appeal and pristine surfaces may earn the coveted "gem" designation in grades of MS65 or higher. These top-pop rarities are the ultimate prizes for registry set collectors seeking the finest known examples.
Doctoring and Alteration
Regrettably, not all coins are as they seem. In the pursuit of higher grades and profits, some unscrupulous individuals attempt to doctor coins by removing toning, polishing surfaces, or even adding bogus mint marks. Familiarizing yourself with the characteristics of original, unmolested coins is key to avoiding costly mistakes.
Notable Varieties
1932 Doubled Die Obverse
Among the most sought-after varieties is the 1932 doubled die obverse (DDO), listed as FS-101 in the Cherrypickers‘ Guide. This dramatic error occurred when the obverse die received multiple impressions from the hub at slightly offset angles, resulting in noticeable doubling on the lettering, date, and motto.
While several minor doubled dies exist for 1932 quarters, the FS-101 stands out for its bold doubling visible to the naked eye. A PCGS MS66 example of this rarity commanded $3,055 at auction in 2006.
1932-D and S Repunched Mintmarks
Also highly prized are the repunched mintmark (RPM) varieties for both Denver and San Francisco issues. These intriguing errors show traces of a mintmark punched in one position, then corrected with a second impression at a different angle or location.
The most popular RPMs include the 1932-D with a bold D over D (FS-501) and the 1932-S with an S over inverted S (FS-501). Collectors pay substantial premiums for these rare errors, especially in problem-free condition.
Market Trends and Prices Realized
Over the past several decades, the market for high-grade 1932 quarters has exploded as collectors compete for the finest registry set specimens. The advent of third-party grading in the 1980s, combined with the Internet‘s global reach, has propelled prices for condition rarities to previously unimagined heights.
Here‘s a sampling of recent auction results for 1932 quarters in various grades:
| Date & Mint | Grade | Price Realized |
|---|---|---|
| 1932 | MS67 | $40,250 |
| 1932-D | MS66 | $89,125 |
| 1932-D | MS65 | $32,900 |
| 1932-S | MS66 | $35,250 |
| 1932-S | MS64 | $7,050 |
As these jaw-dropping figures attest, superb gem examples of the 1932-D and S issues routinely fetch prices in the mid-five figures, with the finest survivors flirting with the $100,000 mark. Even mid-range uncirculated pieces command strong prices due to insatiable collector demand.
One of the most exciting developments in recent years was the discovery of a 20-coin roll of 1932-S quarters in a Midwest estate in 2007. Coins pedigreed to this original roll have sold for significant premiums, as savvy collectors place a high value on "fresh" coins with unbroken provenance.
Silver Value and Investment Potential
As a 90% silver coin, the 1932 quarter offers a unique blend of numismatic and bullion appeal. With a melt value of around $4 at current silver prices near $24 per ounce, even low-grade examples trade well above face value.
This silver content provides a tangible floor beneath the price of all 1932 quarters, regardless of condition or mintmark. As precious metal prices fluctuate, so too does the intrinsic value of these historic coins.
For collectors on a budget, circulated examples of the 1932 Philadelphia issue offer an affordable entry point into the series. A pleasing VF or XF specimen can be had for under $100, while an attractive AU coin might set you back a few hundred dollars.
As with any investment, due diligence is essential when buying rare coins like the 1932-D and S quarters. Stick with reputable dealers, major auction houses, and coins certified by PCGS or NGC. Be wary of raw coins with questionable toning, surface issues, or suspect mintmarks.
Building a Memorable Collection
Whether you‘re assembling a complete date-and-mintmark set of Washington quarters or simply appreciate the timeless beauty of classic silver coinage, the 1932 quarter is a numismatic treasure that belongs in every serious collection.
Hunting for high-grade specimens at coin shows, local shops, and online auctions can be a thrilling pursuit. Don‘t underestimate the value of networking with fellow collectors, dealers, and club members who share your passion for these historic coins.
For those fortunate enough to possess a genuine 1932-D or S quarter in mint condition, you‘re holding a piece of American history that‘s also a blue-chip numismatic rarity. These coins have stood the test of time, delighting generations of collectors while commanding ever-higher prices at auction.
As the Washington quarter series marches toward its centennial in 2032, interest in the key date 1932 issues shows no signs of abating. With their winning combination of scarcity, artistry, and historical significance, these enduring coins are poised to remain numismatic royalty for generations to come.
