1932-D Washington Quarter Value & Price Guide (2026)

Coins

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The Great Depression nearly killed the Washington quarter before it started. In 1932 - the bicentennial of George Washington's birth - the U.S. Mint introduced a new quarter design by John Flanagan. But the economy was in free fall, and Denver barely participated. Only 436,800 quarters came out of the Denver Mint that year, making the 1932-D the key date of the entire Washington quarter series. In Good condition, it's worth about $69. In uncirculated condition? Up to $12,038.

Quick Value Summary


Item	1932-D Washington Quarter
Year	1932
Category	Coins - U.S. Quarters
Composition	90% silver, 10% copper
Weight	6.25 grams
Diameter	24.3mm
Mint	Denver (D)
Mintage	436,800
Condition Range
Poor (AG-3)	~$69
Good (G-4)	~$81
Fine (F-12)	$104 – $325
Very Fine (VF-20)	$133 – $350
Extremely Fine (EF-40)	$209 – $3,875
About Uncirculated (AU-50)	$500 – $1,500
Uncirculated (MS-60)	~$1,034
Gem (MS-65)	~$6,600
Record Sale	$143,750 (MS-67, Heritage Auctions)
Rarity	Rare

The Story

George Washington would have hated this coin. He specifically asked not to have his likeness on U.S. currency - he thought it was too monarchical. But by 1932, the 200th anniversary of his birth, Congress wanted to honor the first president on the quarter.

Sculptor John Flanagan won the design competition, beating out Laura Gardin Fraser (whose design many considered superior - it was finally used on a commemorative quarter in 2022). Flanagan's Washington faces left on the obverse, with a heraldic eagle on the reverse.

Production started at all three mints, but the Depression throttled demand for new coins. People weren't spending money - they were hoarding it. Philadelphia produced 5.4 million quarters. San Francisco made 408,000. Denver managed just 436,800.

After 1932, no Washington quarters were struck again until 1934. That two-year gap means the 1932-D and 1932-S are the only first-year issues, and both carry premiums. But the 1932-D, with its slightly higher mintage than the S but far greater collector demand (it's traditionally been considered the key date), commands serious prices in all grades.

How to Identify It

Key Features

Obverse: George Washington facing left. "LIBERTY" above, "IN GOD WE TRUST" below, date "1932" at the bottom.
Reverse: Heraldic eagle with wings spread, perched on a bundle of arrows. "UNITED STATES OF AMERICA" and "QUARTER DOLLAR" around the rim.
Mint mark: Small "D" on the reverse, below the wreath (below the eagle).

What to Check

Mint mark location. The "D" is on the reverse, below the wreath. On early Washington quarters (1932–1964), the mint mark is always on the reverse.
Date. Confirm 1932 - not 1934, 1935, or another similar year.
Weight. Should be 6.25 grams (it's a 90% silver coin).

Common Confusions

1932 Philadelphia (no mint mark): 5.4 million minted. Worth $8–$25 in circulated grades. Nice coin, not the key date.
1932-S: 408,000 minted. Worth $65–$125 in circulated grades. Also a key date, but generally less expensive than the 1932-D in middle and upper grades.
Added "D" mint marks: Someone adds a D to a common 1932 Philadelphia quarter. Examine under magnification for tool marks or inconsistent mint mark style.

Value by Condition

Grade	Description	Value
AG-3 (About Good)	Very heavy wear, date and mint mark barely readable	~$69
G-4 (Good)	Heavy wear, major features visible	~$81
F-12 (Fine)	Moderate wear, hair detail on high points smooth	$104 – $325
VF-20 (Very Fine)	Light wear on hair and eagle's feathers	$133 – $350
EF-40 (Extremely Fine)	Slight wear on highest points only	$209 – $3,875
AU-50 (About Uncirculated)	Trace wear, most luster present	$500 – $1,500
MS-60 (Mint State)	No wear, may have contact marks	~$1,034
MS-63 (Choice)	Minimal marks, good eye appeal	$2,500 – $4,000
MS-65 (Gem)	Strong luster, sharp strike, few marks	~$6,600
MS-67	Near-perfect	$100,000+

Why the Wide Ranges?

The price spreads in some grades reflect the importance of eye appeal and strike quality. Two coins at the same technical grade can look very different. A 1932-D with sharp hair detail and clean surfaces commands the top of the range. One with weak strike or distracting marks sits at the bottom.

The MS-65 to MS-67 Jump

The value goes from $6,600 at MS-65 to over $100,000 at MS-67. Very few 1932-D quarters survive in near-perfect condition. These were Depression-era coins that circulated hard. Finding one that was saved in exceptional condition is extraordinarily rare.

Authentication & Fakes

What to Watch For

Added mint marks. The most common fraud. A 1932 Philadelphia quarter ($8–$25) gets a "D" added to the reverse. Under magnification:

Look for tool marks around the D
Compare the D's style and position to known genuine examples
Check that the D sits at the correct depth in the field

Cleaned coins. Not a fake per se, but coins that have been cleaned to look uncirculated. Cleaning removes the original surface and luster, leaving a "washed out" appearance that experienced collectors spot immediately. Cleaned coins are worth significantly less.

Counterfeit coins. Cast or die-struck fakes exist. Check weight (6.25 grams) and examine details under magnification.

Professional Grading

For any 1932-D Washington quarter worth more than $100, professional grading is strongly recommended. PCGS and NGC certification confirms authenticity and establishes grade - both critical for this key date.

Where to Sell

Circulated Examples ($69 – $1,500)

eBay - Strong market for certified Washington quarter key dates
Heritage Auctions - Good for mid-to-high circulated grades
Local coin shows - Quick sale, compare multiple dealer offers

Uncirculated Examples ($1,000+)

Heritage Auctions - Best buyer pool for key-date Washington quarters
Stack's Bowers - Strong results for high-grade examples
Great Collections - Online-focused, competitive buyer pool

Certification matters. A PCGS or NGC slab adds confidence for buyers, especially at higher grades where the difference between VF and EF (or AU and MS) means hundreds or thousands of dollars.

Not sure about your coin's condition? Upload a photo to Curio Comp for a free AI estimate. Upload a photo →

Common Questions

How much is a 1932-D Washington quarter worth?

In Good condition, about $81. In Fine, $104–$325. Uncirculated examples start around $1,034 and Gem (MS-65) examples are worth about $6,600. The record is $143,750 for an MS-67.

Why is the 1932-D quarter valuable?

Low mintage - only 436,800 struck during the Great Depression. It's the key date of the Washington quarter series, which ran from 1932 to 1998 (and continues in modified form today).

Is the 1932-S quarter also valuable?

Yes. The 1932-S had an even lower mintage (408,000) and is also a key date. In lower circulated grades, the 1932-S is comparably priced. In higher grades, the 1932-D typically commands more due to collector tradition and demand patterns.

How can I tell if the "D" mint mark on my 1932 quarter is genuine?

Examine it under 10x magnification. A genuine D will be cleanly impressed into the coin's surface at the correct position below the wreath. Added mint marks often show tool marks, incorrect positioning, or a different style than genuine Denver coins.

Is a 1932-D quarter silver?

Yes. All Washington quarters from 1932 through 1964 are 90% silver. A 1932-D quarter contains about 0.18 troy ounces of silver. Its silver melt value fluctuates with silver prices, but the numismatic value far exceeds the metal value.