1932-D Washington Quarter Value & Identification Guide
The 1932-D is a first-year Washington quarter and one of the series' two key low-mintage issues. Confirm the date, find the D below the reverse wreath, check the silver specifications and screen for an altered mint mark before comparing value.
Reviewed by the Coins Identification editorial team · Updated September 19, 2026
A key date with a serious authentication question
The 1932-D Washington quarter is one of the key dates of the Washington Quarter series. Only 436,800 were struck at the Denver Mint, compared with more than 5.4 million 1932 quarters from Philadelphia. Genuine examples carry a small D mint mark on the reverse and were struck in 90% silver.
Circulated examples are collectible, while high-grade Mint State coins are considerably scarcer. Because of the coin's value, identification should include the mint mark, specifications and signs of alteration. A 1932 Philadelphia quarter with an added D can look convincing in a quick photograph, so the identification path on this page is deliberate: check date, find D, confirm reverse details, check silver specifications, screen authenticity, then grade and value.
1932-D Washington Quarter specifications
PCGS CoinFacts lists the key date as PCGS coin number 5791.
- Year
- 1932
- Denomination
- Quarter Dollar
- Mint
- Denver
- Mint mark
- D
- Mintage
- 436,800
- Composition
- 90% silver, 10% copper
- Weight
- 6.30 g
- Diameter
- 24.30 mm
- Edge
- Reeded
- Designer
- John Flanagan
- Strike
- Regular Strike
- Key date
- Yes
How Much Is a 1932-D Quarter Worth?
Do not use one universal price for every 1932-D.
A genuine 1932-D quarter has collector value even in circulated condition, but its price rises substantially with grade. Mint State examples, particularly Gem grades, are much scarcer than worn coins. Original surfaces, strike, luster, toning, eye appeal, damage, cleaning and certification all affect the comparison.
The table shows a PCGS Price Guide snapshot in U.S. dollars checked September 20, 2026. It is a research reference, not an appraisal. NGC values and completed auction results can differ, especially for certified coins with strong eye appeal.
| Grade | Description | Current guide reference |
|---|---|---|
| G4 | Good | $80 (PCGS guide snapshot) |
| VG8 | Very Good | $100 (PCGS guide snapshot) |
| F12 | Fine | $125 (PCGS guide snapshot) |
| VF20 | Very Fine | $150 (PCGS guide snapshot) |
| VF30 | Very Fine | $185 (PCGS guide snapshot) |
| XF40 | Extremely Fine | $230 (PCGS guide snapshot) |
| XF45 | Extremely Fine | $300-$315 (PCGS guide snapshot) |
| AU50 | About Uncirculated | $385-$400 (PCGS guide snapshot) |
| AU53 | About Uncirculated | $450-$485 (PCGS guide snapshot) |
| AU55 | About Uncirculated | $550-$610 (PCGS guide snapshot) |
| AU58 | About Uncirculated | $750-$850 (PCGS guide snapshot) |
| MS60 | Mint State | $1,100 (PCGS guide snapshot) |
| MS61 | Mint State | $1,150 (PCGS guide snapshot) |
| MS62 | Mint State | $1,500-$1,575 (PCGS guide snapshot) |
| MS63 | Choice Mint State | $1,850-$2,250 (PCGS guide snapshot) |
| MS64 | Choice Mint State | $3,500-$4,250 (PCGS guide snapshot) |
| MS65 | Gem Mint State | $7,250-$26,000 (PCGS guide snapshot) |
| MS66 | High Grade | $85,000 (PCGS guide snapshot) |
Circulated vs Mint State 1932-D Quarters
Condition changes both availability and market comparison.
Look for honest wear
Check Washington's hair and cheek, the eagle's breast and feathers, and the highest points of the design. Worn coins can still be genuine and important, but cleaning, scratches, rim damage and harsh brightening can change the grade or make the coin details less reliable.
Look for original surfaces
A Mint State coin should not show circulation wear, although bag marks, muted luster or toning can still affect the grade. Do not try to call MS65 from one image. Certification, professional grading and comparison with the service's standards are safer for a key date.
Why Is the 1932-D Quarter Rare?
It is one of the two key low-mintage issues from the first Washington Quarter year.
Washington Quarters debuted in 1932. Production was not planned as a rarity program. PCGS explains that demand for new coins was weak during the Great Depression, and Denver and San Francisco did not begin production until September. Philadelphia struck 5,404,000 pieces, while Denver struck 436,800 and San Francisco 408,000.
The 1932-S has the lower original mintage, so it is inaccurate to call the 1932-D the lowest-mintage Washington quarter. The careful description is that the 1932-D is one of the two key low-mintage issues of the first-year series. The D becomes especially scarce in high Mint State grades because fewer examples were preserved.
| Coin | Mint | Mark | Mintage |
|---|---|---|---|
| 1932 Quarter | Philadelphia | No mint mark | 5,404,000 |
| 1932-D Quarter | Denver | D | 436,800 |
| 1932-S Quarter | San Francisco | S | 408,000 |
Where Is the D Mint Mark on a 1932-D Quarter?
The D is not on the obverse.
Flip the coin to the reverse. On Washington quarters dated before 1965, the mint mark appears below the wreath. A genuine 1932-D should show a D in that position, beneath the eagle and above the lower lettering. Compare the size, shape, spacing and the metal around the letter with authenticated references.
Do not enlarge a blurry photograph until a mark appears. If the area around the D looks disturbed, soldered, tooled or unlike the surrounding surfaces, stop before cleaning the coin and ask for professional review.
- Check the date. It must read 1932.
- Flip the quarter. The mint mark is on the reverse.
- Look below the wreath. The letter should be D.
- Confirm the design. The reverse has an eagle with spread wings, arrows and olive branches.
How to Identify a 1932-D Washington Quarter
Use several independent clues instead of one exciting detail.
- 01Check the date
Confirm 1932 and inspect the digits for damage or alteration.
- 02Find the reverse D
Look below the wreath, not below the obverse date.
- 03Check the physical specifications
Use 90% silver, 6.30 g nominal weight, 24.30 mm diameter and a reeded edge as screening clues.
- 04Inspect the mint-mark area
Look for suspicious tool marks, solder, disturbed metal or a mismatched letter style.
- 05Compare certified examples
Valuable candidates should be compared with authenticated specimens and professionally reviewed.
Is a 1932-D Quarter Made of Silver?
Yes, the regular issue is 90% silver.
The 1932-D Washington quarter is 90% silver and 10% copper. Washington quarters remained silver through 1964; regular circulating quarters changed to clad composition in 1965. The silver content explains the expected weight and the reeded edge, but neither a silver appearance nor a home test proves authenticity.
How Much Does a 1932-D Quarter Weigh?
A nominal 6.30 grams is a useful screening specification. A circulated coin may be slightly lighter from wear, dirt can add weight and an inaccurate scale can mislead. Correct weight supports an identification but does not prove that the D was struck at Denver.
How to Tell if a 1932-D Quarter Is Real
A D mint mark alone does not prove that Denver struck the coin.
The main alteration risk is a genuine 1932 Philadelphia quarter with an added D. Check the correct mint-mark location, the letter's shape, the surface around it, tool marks, solder or disturbed metal, the overall surfaces and the correct specifications. Compare the full coin with certified specimens, not only a close-up of the letter.
For a valuable raw coin, professional authentication is worth the cost. Preserve the coin in its current state, hold it by the edge and avoid polishing, scraping or testing the area with chemicals.
A D mint mark alone does not prove that a 1932 quarter was struck in Denver. Added mint marks can turn a much more common Philadelphia coin into an apparent 1932-D. Valuable uncertified examples should be authenticated before purchase or sale.
1932-D vs 1932-S Quarter
The S has the lower mintage, while the D is scarcer in high grades.
| Feature | 1932-D | 1932-S |
|---|---|---|
| Mint | Denver | San Francisco |
| Mint mark | D | S |
| Mintage | 436,800 | 408,000 |
| Composition | 90% silver | 90% silver |
| Key date | Yes | Yes |
| High-grade availability | Scarcer | Relatively more available |
1932-D vs 1932 Quarter With No Mint Mark
The large mintage difference explains the added-D alteration risk.
| Feature | 1932-D | 1932 no mint mark |
|---|---|---|
| Mint | Denver | Philadelphia |
| Mint mark | D below reverse wreath | None |
| Mintage | 436,800 | 5,404,000 |
| Composition | 90% silver | 90% silver |
| Relative availability | Key date | Much more common |
What Makes a 1932-D Quarter Valuable?
Value follows evidence, grade and market comparison.
Low mintage
Only 436,800 were struck at Denver.
Grade
High Mint State grades are much scarcer than circulated examples.
Originality
Cleaning, damage and altered surfaces reduce confidence and demand.
Certification
A trusted service can separate a valuable key date from an altered coin.
1932-D Quarter Auction Records
An auction record is a historical result, not a universal value.
| Grade | Service | Auction | Date | Realized |
|---|---|---|---|---|
| MS65+ | PCGS | Heritage Auctions | Apr. 25, 2021 | $16,200 |
| MS65+ | PCGS | Stack's Bowers | Mar. 25, 2020 | $19,200 |
| MS65 | PCGS CAC | Stack's Bowers | Aug. 2021 | $14,400 |
| MS65 | PCGS | Stack's Bowers | Aug. 2022 | $9,000 |
| MS66 | PCGS | Bowers & Merena | Apr. 1, 2008 | $143,750 |
| MS66 | PCGS | Heritage Auctions | Oct. 2, 2025 | $78,000 |
A PCGS MS66 example sold for $143,750 at Bowers & Merena on April 1, 2008. That result is a record for the cited example, not a claim that every 1932-D quarter has that value. Recent MS65 results show why grade, certification and market timing matter.
Why Was the Washington Quarter Introduced in 1932?
The change honored the 200th anniversary of George Washington's birth.
The U.S. Mint introduced the Washington quarter in 1932 after the earlier Standing Liberty design. The new portrait honored George Washington's bicentennial, and John Flanagan's left-facing design was selected for the obverse. The first-year release came during the Great Depression, when banks had little need for new coins. That weak demand helps explain the low Denver and San Francisco production figures.
The reverse used an eagle with spread wings standing on a bundle of arrows, with olive branches below. The Washington quarter design remained in use through 1998, apart from the Bicentennial reverse interruption. The 1932-D belongs to that first-year launch and is collected as a key date, not because the Mint intended to create a rarity.
1932-D Washington Quarter Design
George Washington portrait, LIBERTY, IN GOD WE TRUST and 1932.
Eagle with spread wings, arrows, olive branches, UNITED STATES OF AMERICA, E PLURIBUS UNUM and QUARTER DOLLAR.
1932-D Washington Quarter Specifications
Use specifications as screening evidence, not as a substitute for authentication.
| Year | 1932 | Denomination | 25 cents |
|---|---|---|---|
| Mint | Denver | Mint mark | D |
| Mintage | 436,800 | Designer | John Flanagan |
| Composition | 90% silver, 10% copper | Weight | 6.30 g |
| Diameter | 24.30 mm | Edge | Reeded |
| Obverse | George Washington | Reverse | Eagle |
| Strike | Regular Strike | PCGS number | 5791 |
1932-D Quarter for Sale: What to Check
- ✓ date reads 1932
- ✓ D is below the reverse wreath
- ✓ no obvious added-mint-mark evidence
- ✓ original surfaces and plausible grade
- ✓ certification number if encapsulated
- ✓ completed auction comparisons
Where Can I Sell a 1932-D Quarter?
Use the sequence identify, authenticate, grade and value, then sell through an established coin dealer, major numismatic auction or collector marketplace suited to the coin's grade. Do not price a potentially valuable raw coin from a blurry photograph or an online asking price.
No. Do not polish, dip, brush, scrape, remove toning or clean around the D. A damaged surface can reduce collector value and remove evidence useful to an authenticator.
1932-D Quarter FAQ
Short answers for the identification and value questions collectors ask first.
How much is a 1932-D quarter worth?
A genuine 1932-D has collector value in circulated grades, while Mint State pieces can be much scarcer. Compare the exact grade, surfaces, certification and current guide or completed sales.
Why is the 1932-D quarter valuable?
It is a first-year Washington quarter with a 436,800 mintage and unusually low survival in high grades. The D must also be genuine, because added mint marks are a known risk.
How many 1932-D quarters were made?
Denver struck 436,800 regular-strike 1932-D Washington quarters. Mintage is the number struck, not the number surviving today.
Where is the D mint mark on a 1932 quarter?
The D is on the reverse, below the wreath. A Philadelphia 1932 quarter has no mint mark in that location.
Is a 1932-D quarter made of silver?
Yes. The regular 1932-D quarter is 90% silver and 10% copper, with a nominal weight of 6.30 grams.
How much does a 1932-D quarter weigh?
The nominal PCGS specification is 6.30 grams. Wear, dirt and scale accuracy can affect a reading, so weight alone cannot prove authenticity.
Is the 1932-D or 1932-S quarter rarer?
The 1932-S has the lower original mintage, 408,000 versus 436,800. The 1932-D is notably scarcer in high Mint State grades.
How can I tell if a 1932-D quarter is real?
Check the date, reverse mint-mark location, letter shape, surrounding metal, specifications and the full surface. Valuable raw examples should be authenticated professionally.
Can a D mint mark be added to a 1932 quarter?
Yes. A Philadelphia 1932 quarter with an added D is a known alteration risk. A D alone does not prove that Denver struck the coin.
Should I clean a 1932-D quarter?
No. Polishing, dipping, brushing or scraping can damage the surface and reduce collector value.