By CoinWeek Notes …..
Why This Common-Date Coin Is a Modern Rarity in Gem Condition
Walter Breen does not mention it.
In A Guide Book of Washington and State Quarters (Whitman, 2006), Q. David Bowers offers only general advice: “Cherrypicking for quality is advised.” He also notes that plastic holders were popular for displaying sets of coins in that era.
Meanwhile, the 2013 edition of the A Guide Book of United States Coins lists modest values. An MS63 example shows a value of $3.00. An MS65 example lists at $10.00.
However, those numbers miss the bigger story.
The 1969 Philadelphia-struck Washington quarter ranks as one of the toughest clad coins to locate in true Gem condition. In fact, when quality matters, this coin may stand as one of the key modern issues of the 20th century.
Massive Mintage, Minimal Quality
The Washington quarter carries a business-strike mintage of more than 176 million pieces.
Clearly, scarcity does not apply in the traditional sense.
Yet condition rarity tells a very different story.
Most Mint State examples originate from 1969 Mint Sets. Collectors and dealers pulled the majority from those government-issued sets. Fortunately, Mint Set coins usually show stronger strikes than coins released for circulation.
Even so, original Brilliant Uncirculated rolls almost never appear. That situation has persisted for decades. As a result, the surviving uncirculated population likely falls at or below the 1.8 million Mint Sets sold in 1969.
Over the years, clad specialists have searched tens of thousands of those sets. They began in the 1970s and 1980s. Despite that sustained effort, the results remain disappointing.
Since its founding in 1986, Professional Coin Grading Service (PCGS) has graded:
- 11 examples at MS67 (including three at MS67+)
- 175 examples at MS66
- Those figures underscore the coin’s true condition scarcity.
A Perfect Storm of Production Problems
Simply put, the 1969 quarter presents serious quality issues.
- Poor strikes plague the issue.
- Worn dies appear frequently.
- Planchet quality often disappoints.
Unlike many coins that display one major flaw, the 1969 quarter often suffers in multiple areas at once. As a result, attractive high-grade examples remain elusive.
Longtime clad specialist Mitch Spivack calls the 1969 one of the toughest clad quarters to locate in Gem condition. He estimates that a collector might need to examine 100 or more fresh Mint Sets to find a single MS65 candidate.
Another leading specialist, Sam Petry, known online as CladKing, agrees.
He attributes the issue to poorly annealed planchets and weak production standards that continued from 1968. According to Petry, the Mint’s output during that period reflected inconsistent quality control.
Petry also recounts a rare discovery. A dealer once received a roll of 1969 quarters from a customer. The dealer opened the roll and placed the coins into his register as change. Petry happened to visit at that moment. Because the dealer knew of his interest in clad coinage, he allowed Petry to purchase the coins at $1.00 each. Petry describes them as the finest 1969 quarters he had ever seen. Without that timely visit, the coins would have entered circulation.
Stories like that remain rare.
The Data: Mean Grades Tell the Story
To calculate the Arithmetic Mean Grade for any date, multiply the number of coins in each Mint State grade by the numeric grade value (63, 64, 65, and so on). Then divide the total by the number of all Mint State coins graded.
However, interpret the results carefully.
Submission bias exists. Collectors typically submit coins that appear promising. Therefore, high-grade coins dominate grading statistics.
Mean grades above 65.5 indicate that many submitted coins achieve MS66. Submitters often target that profitable level.
By contrast, mean grades below 65 reveal serious quality limitations. The 1969 quarter falls into this category. So does the 1971 issue, another difficult date for quality.
In these cases, even experienced dealers struggle to identify consistent Gem candidates. They submit their best coins. Still, grading results often disappoint.
The broader data also reinforces a common observation. During the late 1960s and 1970s, the Denver Mint generally produced higher-quality coins than the Philadelphia Mint. That trend extends to other denominations, especially Eisenhower dollar issues.
It also helps to remember that quarters struck from 1965 through 1967 carried no mint marks. The Mint produced those coins in Philadelphia, Denver, and San Francisco without distinguishing marks.
Market Performance and Auction Rarity
An MS66 example appears at auction only a few times each year. Even then, collectors face stiff competition.
The coin remains scarce in high grade. More importantly, it remains scarce on the market.
In fact above MS66, the pops fall off the charts. in MS-66 there are 175 PCGS graded coins. The PCGS pop drops to 11 coins in MS67 with only three finer at MS-67+.
1969 Quarter vs. 2001-S Sacagawea Dollar
For comparison, consider the Sacagawea dollar.
At its market peak, the 2001-S proof achieved prices that exceeded any recorded sale of a 1969 quarter.
Yet the difference stands out immediately.
A modern proof coin typically grades PR69DCAM. The distinction between PR69DCAM and PR70DCAM depends on highly technical details. Most collectors cannot easily detect the difference.
From a population standpoint, the 2001-S in PR70DCAM represents 2.77% of submitted coins, according to PCGS data accessed in 2012.
By contrast, the 1969 quarter rarely appears in MS65 or better. Most examples grade MS63 or MS64. An MS65 surfaces occasionally. A technical MS66 remains scarce. An attractive MS66 remains even scarcer.
And MS67? Collectors can almost forget about it.
Investment Perspective: Where Opportunity Lies
If collectors seek meaningful yield spread between acquisition cost and long-term upside, quality-driven modern issues deserve attention.
The 1969 Washington quarter fits that profile.
Yes, competition exists. Clad specialists monitor these coins closely. Some dealers also pursue them aggressively. Meanwhile, fresh Mint Sets continue to disappear.
However, the broader hobby still overlooks this issue. Many collectors see only a common-date clad quarter. They do not factor in condition rarity.
That disconnect creates opportunity.
In modern numismatics, quality matters. The 1969 Philadelphia quarter proves the point.
Need to know who buying 1969 quarters!!
I have a 1969 quarter, how do I know if it’s real or fake.
I really have no interest in clad coins. The mints sets of the late 60’s and 70’s have always been of inferior quality because of low standards,perhaps it was because the hobby was at a low after Silver was removed. The SMS were of higher quality
Have a 1969 quarter with copper around the edges, is it a fake
No 64 is the last yr for 95% silver coins
Not 95%, only 90%.
Every clad coin has a copper core. Probably just worn.
Who can appraise or sell 1969 Washington quarter coin?
I’ve been rolling up washington quarters for the last 2years and have found many that would grade ms 64 or better 1965-99
1969 will have copper around edge 1964 was the last yr they made 90% silver
Hi I have a 1969 quarter that is dark and copper colored.is it a error coin? Thanks
I have a 1969 quarter with no mint mark, and I have a 1969D quarter. They are raw, neither one graded, but they look pretty good to me, and make my collection that much better.
The lack of a mint mark is of course normal for Philadelphia coins of that era. Except for the famous 1942-45 war nickels, “P” wasn’t used until 1979 ($1) and 1980 (5¢ through 50¢).
It’s not yet common, but an increasing number of writers are using a P in parens to indicate unmarked Philly issues, e.g. “1957 (P)” in an effort to reduce misunderstandings about supposedly “missing” mint marks.
Great it is fun to collect. No mintmark means Philadelphia mint. D is Denver. Both are very common.
I have an ungraded 1969 quarter if anyone happens to see this. I have all years from 1965-1989. Some have slight like DD and Doubling errors some don’t.
I have plenty of the 65 to the 79 I don’t really collect nothing any older than that not less I can spot a error I will keep the state quarters that have the clad has come off I do consider that to be a error you see these coins on ebay all the time I think they have their prices to high but that is my opinion if they can get that out of theme good for them and these are all raw coins I have some nice quarters I call these quarters key dates cause you can’t find one in a very high mint state I been doing this for a long time I’m just a collector not a seller I have some of the nisest coins you will see out there people hoallar that they have 65 or 69 in the highest grade they are I have to see them with my own eyes I have done plenty of research and if there telling the truth and I don’t think they are laying there is none we would have seen it now just for some body to have branging rights buy now they never come out of the mint department to have that kind of grade that is why you want find them they didn’t make them it seems odd that out of all the mints derpment there we can’t even find a 68 there are reasons for everything it was not meant to be It the same way with the Lincoln cent specially the wheat Penny’s you can’t find one in mint shape know more as many wheat Penny’s were made from 1909 to 1958 ever body should have one or two if I was a beating man and I am I would say out of all the people that collect don’t have no more than 2 cents that will go over a 65 that giving people a little room there to call me wrong I do to much research on these coins folks if you ant got at least a 67 plus you don’t have nothing that goes for any coin out there and man there is a lot of coins out there I got some of the nicest pieces you can see in Washington quarters silver dimes mercery dimes buffalo nickels wheat Penny’s steel penny but there probably not higher than a 68 folks when I started I thought everyone I came across was the best coin out there boy that was a joke I’m a small little ant to some people but I collect nothing but the best if you collect nothing but the best go through your collection and see how many coins are not there I have build sets out of pocket change and some are in great shape plus I build them in mint shape I am trying to build one right now that would go for some money I am leaving all my coins for my grandbabies one day all these coins might be worth something in a nother 20 years.and before I go let me tell the new people something you can build a nice wheat Penny set right out of your pocket but it takes a lot of time the wheat Penny’s about gone they should have a better price on them but they don’t you still can find these coins I went the other day I have a small little store I get there coins from to the quarter to the penny I got 12 rolls of Penny’s all they had been getting coins from this place for 3 months but back what I was saying I got them rolls went home I noticed just on the ends they look very old I opened the first roll had 35 wheat Penny’s in it and the rest of the coins in that roll was 1969d and 71 look like they just come off the mint floor so I opened the next roll had 30 wheat Penny’s in it just like the first roll ever roll I got that day was like that had one roll had 45 wheat Penny’s in it I got right at 300 wheat Penny’s that day so there still out there i got 1914 d I don’t know how many 1919 plus 1916d 1918 d the list just goes on and on I lost count of the errors I have found in all of that from DDO on the date repunched mint mark got a bunch of them I still ant went through all of them I like about 50 more I found two red coins out of all of that the rest is brown chocolate but there in good shape something pretty good if you were needing a collection build the coin I was really looking for was the 1922 no d that would be nice but I still ant done I put them to the side I opened my first roll of fresh coins most were mint but only one stood out it was a 1982 large date copper DDO I’ve been looking for this coin for a minute it might grade a mint 63 maybe I wish it would have been better but I’m happy with it I collect the 82 coins all the small dates I have a bunch one day the small dates will be worth some money you will have to have a error of some kind or a DDO or DDR large date zinc or copper to have any thing but keep all your small dates there is a DDR out there on a zinc Penny’s that are worth big money if you can get it in the right mint if not still worth a little bit I just wanted to write lay down some facts remember it has to be about perfect too be a mint state 67
Thank you for your passion. Keep collecting.
You never know where you’ll learn a few things. Thank you sir.
Puntuation?
I gave up trying to read it.
I have a mint 1969 quarter I was wondering how much they are worth I also had a mint 1969 half dollar dime nickel and Penny and I know the 1969 penny s has double die on it I was wondering if the set is still valuable.
On the face of it, any coin from this date pulled from circulation is not likely to have much numismatic value. However, as the article suggests, attractive mint state coins in high grades are difficult to come by and are sold for premiums in the marketplace.
Have two 1969 S Proof sets. Finally got my microscope working well enough to check over them well, and seems one of the quarters has a RPM, S/S. Can’t find any listing on Wexlers or Variety Vista for this rpm..anyone know where I can get more info? TIA
You can send it to variety vista and if its a new discovery he will add it to the book with your name. Contact him via email for submission info
I found a 1969 quarter is it worth anything?
Sorry Stacy. Likely only a quarter.
Great Article
You have to like toned coins. I love collecting them.
I love my quarter collection, but could always use more.
Very interesting. Learned a few things!
I learned something new again. Thank you CoinWeek for your great articles.
Learn something new every day!
Nice to know some nice quarters were saved from circulation wear, but too bad it had to be a dealer who bought them.
Fun column. Will be looking out for these coins! Thanks
I will have to pay more attention to the 69 quarter
Very informative article. Now I will have to search all of my 1969 sets that I have picked up over the years at yard sales and flea markets. Maybe I have one of those hidden gems and don’t know it yet!
I love the color!
Thanks for sharing!
I’ll have to search through my quarters!
I found the article on the 1969 quarter very interesting; it was valuable to learn that mintage isn’t the only determiner of a coins value. I will be looking through my collection with a bit more expertise…
quarters were the last coin i got into as far as the penny, nickel, dime, quarter goes. but quickly shifted to #3. ill always be a penny guy, then nickels for sure…..but the quarter takes the 3rd spot for me. ive found silver nickels, dimes and half dollars in pocket change, but still havent found any quarters.
Time to go to the bank and start searching the rolls.
I always keep any older coin in BU condition. I don’t think I have any 1969 quarters with the exception of my mint sets.
Good article!
Nice article! Fascinating how such a common coin can be so rare in the higher quality ratings. I’ll have to keep an eye out for any in good condition
Love the article, I am always learning something new (or what I did not know) here.
Just always look for the coins in the best condition! Seems obvious?
great article about the coin
It is somehow not surprising for a condition rarity like this to come out of the Philly mint, as that facility tends to be more focused on volume than quality (just look at how many errors and varieties come from Philly vs. from Denver). I remember when I was working on my quarters album having trouble locating good looking gem BU examples of many dates from Philly.
Still, it’s fun to see an article about an often-overlooked portion of the hobby (clad quarters).
Thanks for the information.
Honestly a great reminder to look for quality, not just errors and variety. Thanks!
Imagine accidentally spending one of those quarters without knowing what it was
Very Good Info: I always learn something new.
Very interesting. The ’69 in my collection is not exceptional. Oh well.
great info thanks
I only have 1 quarter that looks really nice but, it’s a 1967. I guess I’ll just keep looking. You never can tell.
Interesting! I need to check my collection to see if I even have a ’69 quarter in it.
There is always something to learn in the numismatic world
I found a very fine example of 1969 with distinct clad in circulation. It might have come from a mint roll.
I found a very fine example of 1969 Washington quarter with distinct clad in circulation. It might have come from a mint roll.
Maybe the Mint hired stoned Woodstock hippies to produce these quarters!
Personally, I never found the Washington quarter that attractive. Both sided appear flat and washed out unlike the nickle, for example. That was why I skipped colleting them.,
Still, this is an interesting article.
Interesting article. Would not have thought of this as any kind of “key” date. Need to look at mine to evaluate them.
Informative article
Darn, i wish I had this information a couple of months ago. There was an auction that had a bunch of mint sets but I didn’t bid because the years held no significance for me. Live and learn.
We often forget several modern coins have a unique story and unexpected value!
Condition always matters.
Noice!
Living on the left coast, I never had a chance at one of these. No uncirculated Philadelphias make it to L.A.
Nice article! Considering 1969 is fairly “recent”, you would think that the coins would be in better minted condition.
I recently got a roll of quarters for the register at work, I had laughed because there were so many 1969 in it. Usually its a big assortment of years. now I feel I need to go look at them again
It was 1969. ‘Nuff said.
But, seriously, the post-silver quarters definitely lacked in quality, up until the 1990s, when the design was given a refresh. Even in their original Mint packaging, the quarters were just “meh”. However, I still love the original Washington Quarter design, and will add to my collection as I have the funds.
i’ll have to keep an eye out for this
Love the patina on the second picture!!
Very hard to find.
I didn’t know about the mints and no mint marks
Interesting article about a valuable modern clad rarity.
This absolutely makes sense.
Never paid much attention to clad coinage, as I primarily collect older silver issues. Condition rarity exists at all levels, despite the large mintages, which also deters me from collecting modern coins, save for proof sets. Condition rarity only becomes known when collecting starts to increase, as collectors want the highest grade possible. Would be interested to know if first clad quarters are also conditionally rare, like 1965, 66,67, 68. Transition from striking silver to clad may also account for scarcity of pristine examples.
Great story. It will be fun to look for these even if I never find a good one.
I love seeing coins like this
Didn’t realize that year was so rare.
I always try to keep an eye out for coins in excellent condition. Good article!
Beautiful toning on the quarter pictured.
Thanks for the article
i never realized that year of the quarter had so many issues of quality.
Great article as always! A person can really learn a lot reading all the articles on this website!
Thanks for the info
I better go look at my 1969 mint sets!
Interesting article – always learn something new – quality condition is everything
great article – impressed with the level of detail and knowledge in the comments
I would love to have one.
Awesome
If i had only known throughout the years of the coins that I had in my hands would be so rare.
I had never thought of 1969 before as a collector coin.
So much information. Thank you for that!
Interesting article. Didn’t know clad coins were collectible.
Very interesting article on the 1969 Washington quarter.
What a great article didn’t know this. Learn something new every day.
Never knew about this 69 quarter quality issue. Very interesting- I never really got into collecting Clad coins but I can appreciate it.
I have several sets that I need to take a look at. I would love to find a nice specimen
interesting!
Just here for the give away. Thanks
It just makes me groan when I think how stupid I was not to buy mint sets every year. Thanks for the great article.
TY
Interesting article, I’ll have to check my 1969 mint set!
I never really looked at a quarter but I save them all year to play bingo with at my local BBQ Days!
I love this site I learn something new everyday.
Great article
Great information…thank you.
A lot of info on this coin
Wow very interesting. I never knew this about the average business strike 1969 quarter. But then again I’m just starting to get into collecting and looking for errors, varieties, key dates ect
Great information thank you for sharing
The devil is in the details
Another interesting and informative article.
very interesting.
Very Nice!
Thanks for the great info!
Interesting article
WOW!!
Very interesting article, thank you!
Very informative article and comments.
Thank you very much.
Wow this is a lot of great information especially for relatively new collectors like myself.