The 1932 Washington Quarter was the very first of its kind, created to celebrate George Washington’s 200th birthday. While most of these silver quarters are worth about $10 to $20, the rarest varieties have reached legendary status. In 2025, auction rumors and high-end sales have pushed values for pristine specimens toward the $3.2 million mark.
Here is how you can identify these rare “key date” treasures.
What Makes 1932 Quarters So Special?
Before 1932, the U.S. used the “Standing Liberty” quarter. The new design by John Flanagan was meant to be a one-year commemorative coin, but it became so popular that it stayed for nearly a century.
- Silver Content: Every 1932 quarter is 90% silver.
- The Depression Effect: Because 1932 was the height of the Great Depression, people didn’t have much money to save coins. This makes “Mint State” (brand new looking) coins extremely rare today.
How to Spot the Rare “Key Dates”
There are three main versions of the 1932 quarter. To find the million-dollar variety, you must check the Mint Mark on the back of the coin.
1. The 1932-D (Denver) – The Most Valuable
The Denver Mint only made about 436,800 of these. It is considered one of the rarest regular-issue coins of the 20th century.
- How to Identify: Look at the back of the coin. Below the eagle and above the word “QUARTER,” you will see a tiny “D”.
- 2025-2026 Value: Even a worn-out one is worth $150–$300. A perfect one (MS66 or higher) is the variety reaching the $3.2 million valuation.
2. The 1932-S (San Francisco)
This version is almost as rare as the Denver coin, with only 408,000 minted.
- How to Identify: Look for a tiny “S” in the same spot on the back.
- 2025-2026 Value: Usually worth between $150 and $5,000, but “Super Grade” versions can sell for hundreds of thousands.
3. The 1932 Philadelphia (No Mint Mark)
This is the most common version, with over 5 million made.
- How to Identify: There is no letter on the back.
- 2025-2026 Value: Generally worth $10–$50 unless it is in absolute perfect condition.
Watch Out for the “Rare Variety” Error
Beyond the mint marks, there is a specific Doubled Die Obverse (DDO) variety for 1932.
- The Error: The date “1932” and the words “IN GOD WE TRUST” look like they were stamped twice.
- The Marker: Experts look for a tiny die crack (a raised line of metal) that runs across Washington’s hair on the front of the coin. Authentic high-value varieties almost always have this specific mark.
1932 Quarter Value Comparison Table
| Variety | Mint Mark | Rarity | Price (Average) | Price (Top Grade) |
| 1932-D | D | Extreme | $250 | $3.2 Million |
| 1932-S | S | Extreme | $200 | $200,000+ |
| 1932 (P) | None | Common | $15 | $40,000 |
| 1932 DDO | None | Rare | $500 | $15,000+ |
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FAQ: Identifying Authenticity
Q: Are there fake 1932-D quarters? A: Yes. Because they are so valuable, many people take a common 1932 quarter and “glue” a “D” onto the back. Always look at the mint mark under a microscope to make sure it isn’t added on.
Q: Does cleaning the coin help its value? A: No! Never clean your coin. Collectors want “original luster.” Cleaning a 1932-D quarter could drop its value from $10,000 down to $1,000 in seconds.
Q: Where is the mint mark on a 1932 quarter? A: On the back (reverse), centered directly below the eagle’s tail feathers and above the “R” in “QUARTER.”
Conclusion
The 1932-D and 1932-S Washington Quarters are true “lottery tickets” in the coin world. While the $3.2 million price tag is reserved for the absolute best-preserved specimens in the world, finding any 1932-D in an old collection is a major win. Always check the back of your silver quarters—you might be holding a masterpiece.