Coin Specifications

Category: Washington Quarters (1932-1998)
Mint: Denver
Mintage: 436,800
Obverse Designer: John Flanagan
Reverse Designer: John Flanagan
Composition: Silver
Fineness: 0.9000
Weight: 6.2500g
ASW: 0.1808oz
Melt Value: $3.10 (11/23/2017)
Diameter: 24.3mm
Edge: Reeded
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1932 D 25C MS obverse 1932 D 25C MS reverse

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Description & Analysis

The 1932 quarter dollars were not needed for commerce at the time, as business activity was at its nadir that year. These coins were produced as commemorative issues that would, eventually, enter general circulation. All three mints struck Washington Quarters, but production at the Denver and San Francisco Mints was limited to the potential number of collectors desiring three-piece sets. This number was really around 15,000-20,000, but such low mintages would have resulted in the coins selling at a premium from the very start, something the Treasury wished to avoid for fear of criticism. Indeed, the San Francisco Mint had been ordered to resume striking unneeded nickels the year before, when it was discovered in Washington that a mere 194,000 pieces were coined early in 1931. Thus it was that just over 436,000 quarters were coined at the Denver Mint in 1932, a number sufficient to curb speculation at the time. No one could have imagined that millions of persons would be added to the roster of coin collectors a generation later, which led to the hoarding of 1932-D quarters and rapid price increases.

It appears that most of this mintage did enter circulation, probably in 1934 when production resumed at Denver. Mint State examples are scarce, though not truly rare. Gems, however, are quite rare, and few coins have been certified as MS 65 or higher. Worn specimens are plentiful, particularly in the lower grades. Most MS survivors are well struck and have satiny or finely frosted luster. Nicely toned examples are rare and carry significant premiums.

The Small D mintmark used 1917-34 is the only style seen for this date, as the Large D did not debut until the cent coinage of 1933. It is often seen with strike doubling after its lower edge, and this can contribute to the authentication of 1932-D quarters. Many Philadelphia Mint coins have had a D mintmark applied to them, and this is often of the wrong style for the date.


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Price Guide

Last Updated: 10/13/2017

Click on a price to see historical prices, comparison charts and trends.

1932 D 25C MS
Base $ 95.00 125 145 190 260 410 480 550 800 1050 1200 1300 1825 2700 13250 145000 - - - -
$ 290 425 500 600 875 - 1250 1500 2200 5250 22500 - - -

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Total Graded: 4163
Low Grade: PrAg
Average Grade: 45
High Grade: 66

Upcoming Auctions

Auction Prices Realized

A random selection of coins is shown below.

Auction House
Sale / Lot
12/5/2005 NGC AU 55   David Lawrence Rare Coins Internet-Only Auction #65, 70/Lot# 553 $580.75
5/28/2006 PCGS MS 63   Goldberg May 28-31, 2006 Pre-Long Beach Coin and Currency Auction, 36/Lot# 1835 $2,012.50
5/6/2012 PCGS AG 3   Teletrade Auction 3271, 3271/Lot# 1525 $50.00
10/17/2012 PCGS AU 53   Stack's Bowers The November 2012 Baltimore Auction - US and World Lots - Live and Internet Only Sessions, 144/Lot# 24598 $324.30
2/17/2013 NGC FA 2   Heritage Auctions Internet Coin Auction Session(1), 131309/Lot# 20126 $50.00
3/3/2013 NGC F 15   Heritage Auctions Internet Coin Auction Session(2), 131311/Lot# 24638 $96.35
10/27/2013 PCGS AU 53   GreatCollections GreatCollections Coin Auctions 10/27/2013, 98/Lot# 147991 $313.50

NGC Registry

NGC Registry Score 1932 25C MS D
Registry Image Gallery
Grade: MS 64
Points: 2916
Owner: Revenant1
Grade: MS 62
Points: 2056
Owner: Daniel McMunn
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