By CoinWeek Notes …..
1932-S Washington Quarter: Key Date of the Series
The 1932-S Washington Quarter stands as one of the most important key dates in 20th-century U.S. coinage. Collectors prize it for its low mintage, strong survival in Mint State, and historic debut year status.
As the bicentennial of George Washington’s birth approached in 1932, Congress reshaped American coinage. The Act of March 4, 1931 required that Washington’s portrait appear on the obverse of the new quarter dollar. The United States Mint prepared for a national release. However, the Great Depression changed everything.
Let’s examine why the 1932-S Washington Quarter matters—and what it is worth today.
The Birth of the Washington Quarter
In 1932, the United States honored the 200th anniversary of George Washington’s birth. Congress directed the Mint to feature Washington’s portrait on the quarter. The obverse would carry his likeness. The reverse would display appropriate national devices.
Production began in early 1932 at three mints:
- Philadelphia
- Denver
- San Francisco
Yet the timing proved difficult. The Great Depression sharply reduced demand for coinage. In fact, demand dropped by more than 90%. As a result, the Mint struck no half dollars or silver dollars from 1931 through 1933.
If 1932 had not marked Washington’s bicentennial, the Mint likely would not have produced quarters either. Nevertheless, it did. The Mint struck 6,248,800 quarters across all facilities in 1932. Many coins went directly into Treasury vaults.
San Francisco produced just 408,000 quarters. That total makes the 1932-S the lowest mintage of the entire Washington Quarter series. By comparison, the 1932-D recorded 436,800 pieces. These two issues remain the only circulation strikes in the series with mintages under one million.
Therefore, both rank among the most significant and scarcest quarters of the 20th century.
Why the 1932-S Washington Quarter Is So Rare
The San Francisco Mint struck only 408,000 pieces. That number defines the issue. No later Washington Quarter recorded a lower mintage.
Despite the economic crisis, collectors immediately recognized the new Washington design. Many people saved examples. As a result, survival rates exceed those of many other Depression-era coins.
PCGS estimates a survival rate of about 10%. That estimate suggests roughly 40,000 examples exist across all grades.
Interestingly, the surviving population skews toward Mint State. Experts believe nearly 30% of surviving pieces grade MS60 or better. Consequently, true low-grade examples can prove surprisingly elusive.
1932-S Washington Quarter Value Guide
The value of a 1932-S Washington Quarter depends heavily on condition and certification.
Low Grades (P1 to G4)
Certified low-grade coins often sell between $50 and $80. Surprisingly, truly worn examples can be nearly as scarce as Mint State coins.
Mid-Grades (VF to XF)
Most reputable dealers offer Very Fine to Extremely Fine examples between $100 and $200.
Low Mint State (MS60 to MS62)
Coins in entry-level Mint State typically sell for $300 to $400.
Higher Mint State (MS64 to MS66)
Prices rise sharply in higher grades. MS64 to MS66 coins generally trade between $800 and $5,000, depending on eye appeal and certification.
True Gem examples in MS66 command much stronger prices. The auction record belongs to an MS66 example with a green CAC sticker. That coin realized $45,500 at a March 2020 David Lawrence Rare Coins (DLRC) auction.
No certified examples exceed MS66 at PCGS or NGC.
Market Data and Population Insights (Through August 2025)
Demand for Gem examples remains intense. While the 1932-S carries a lower mintage than the 1932-D, it appears slightly more available in Gem Mint State.
PCGS Population (MS65–MS66)
- 1932-S: 276 examples
- 1932-D: 115 examples
NGC Population (Gem Grades)
- 1932-S: 122 examples
- 1932-D: 24 examples
Top Population
- PCGS MS66: 10 (as of 8/2025)
- NGC MS66: 10 (as of 8/2025)
- CAC MS66: 3 stickered (as of 8/2025)
These numbers confirm the coin’s rarity at the highest certified levels.
Noteworthy Auction Appearances
PCGS MS-66 Coin is in the GreatCollections Auction on Sunday March 8th
Click Here to View or Bid
Several elite examples have crossed the auction block:
NGC MS66 #6099842-002:
Heritage (Oct. 7, 2021, Lot 3504) – $15,600
Stack’s Bowers (Apr. 5, 2022, Lot 3036) – $22,800
Champagne toning with hints of purple on the reverse.
PCGS MS66 #42108715:
Heritage (Dec. 16, 2021, Lot 3322) – $34,800
Reverse rim toning; crescent toning on left obverse.
PCGS MS66 #38265447 (“Washington Rainbows Collection”)
Stack’s Bowers (Mar. 25, 2021, Lot 2276) – $38,400
Brilliant obverse; light cheek and nose contact; weak “G” in GOD.
PCGS MS66 #38559950 (D. Brent Pogue Collection, Part VII)
Stack’s Bowers (Mar. 20, 2020, Lot 7183) – $43,200
Superb luster; purple, gold, and green toning.
Additional certified MS66 examples have realized prices from $10,925 to $35,250, depending on eye appeal, toning, and market timing.
Clearly, eye appeal drives premiums in this grade.
Design of the 1932-S Washington Quarter
Obverse
John Flanagan designed the obverse. He based Washington’s portrait on a 1785 bust by French sculptor Jean-Antoine Houdon. However, Flanagan modified the head shape and hair details.
Key features include:
- LIBERTY at the top
- IN GOD WE TRUST under Washington’s chin
- Date 1932 at the bottom
- “JF” initials above the “2” in 1932
Reverse
Flanagan faced no restrictions for the reverse design. He created a heraldic eagle with outstretched wings. The eagle perches on arrows, with olive branches below.
Inscriptions include:
- UNITED STATES OF AMERICA
- E PLURIBUS UNUM
- QUARTER DOLLAR
The “S” mintmark appears between the olive branch stems.
Edge
The edge features standard reeding.
About the Designer: John Flanagan
John Flanagan was born in New Jersey in 1865. He worked under Augustus Saint-Gaudens beginning in 1884. Soon after, he built his own reputation as a sculptor and medalist.
Although he designed only one circulating U.S. coin, he created numerous important medals. These include:
- Official medal of the 1915 Panama-Pacific International Exposition
- Official Verdun medal presented to France
- 1924 bust of Saint-Gaudens
He also belonged to the American Numismatic Society.
Coin Specifications
- Country: United States of America
- Year: 1932
- Denomination: Quarter Dollar (25 Cents)
- Mintmark: S (San Francisco)
- Mintage: 408,000
- Composition: 90% Silver, 10% Copper
- Weight: 6.25 grams
- Diameter: 24.30 mm
- Edge: Reeded
- Designer: John Flanagan
- Strike Type: Business Strike
Final Thoughts
The 1932-S Washington Quarter anchors the entire series. Its low mintage, strong collector demand, and historical importance secure its place as a true key date.
Moreover, the coin continues to perform well in certified high grades. While circulated examples remain accessible, Gem coins require significant investment.
For collectors building a Washington Quarter set, the 1932-S represents both a challenge and a cornerstone.
* * *
How to clean any coin
The answer is a great big DON’T. Cleaning damages a coin’s surface and reduces its value.
Quater dollars produced in 1932 were not only with p,s,D, mint Mark’s. There are 1932 coins with out mint mark in circulation . Are these coins are errors coins. Please clarify.
If you use any search engine, you’ll find that quarters without mint marks are _not_ errors. They were struck at the Philadelphia Mint.
Prior to 1979/80, the P mint mark was only used on so-called “war nickels” minted from 1942 to 1945. In 1979 it was added to the dollar and in 1980 it was added to all denominations except the cent.
Hi ya all, as I read about the history of coinage I’m learning more now about history then I did in school 45 plus year’s ago. I find it intriguing
Well, I’ve got a 1932-D Washington quarter. Doesn’t that count for anything, LOL?
Makes you wonder about survivability of certain coins, especially the impact vending, arcade, and other machines use increasing over time. Good way to beat up coins.
Very informative article on the 1932-S Washington Quarter.
Thanks for the history lesson.
Great article about this key date quarter!
Very informative
These articles are so interesting. Thanks.
Fantastic information.
When I was a teenager in the early to mid 60s, I collected Washington quarters. I got 2-3 rolls of quarters from the bank each week. Found lots of 30s and 40s quarters. My prize was the 1932 S. Graded AG by 1960s standards. Found every quarter I needed except the 32 D.
Very interesting, great coin
the 1932 is a rare find!
My father was a graduate student at Yale in1932. I wonder if he had any of these quarters to spend. He said he didn’t always have much to eat!
1932 was also the year of the first Ford V8 motor.
Love this series. Washington Quarters are awesome!
A trophy that will never grace my collection unless I stumble over one