1940 Washington Quarter Values, Errors, and Rarities
1940 Washington Quarter Values, Errors, and Rarities
Complete guide to 1940 Washington Quarter values, varieties, auction records, and collecting strategies
Introduction
The 1940 Washington Quarter represents an exceptional opportunity for both beginning and advanced numismatists. A mint state example commands at least $20, with premium examples regularly selling for over $100, and the finest specimens reaching five-figure prices at auction. This remarkable value stems from the combination of limited high-grade survival, silver content, and numismatic demand.
Beyond collectible value, every 1940 Washington Quarter contains approximately $5 worth of silver based on current silver spot prices—twenty times its original face value. This silver content provides a strong price floor for all pre-1965 silver quarters, making them attractive to both coin collectors and precious metals investors.
Investment Perspective
Unlike modern coins that derive value primarily from collector demand, 1940 Washington Quarters benefit from dual value sources: numismatic premiums for condition and silver content based on precious metals markets. This combination provides downside protection while offering significant upside potential for premium examples. For investors interested in tangible assets, these coins bridge the gap between traditional silver bullion investments and specialized numismatic collecting.
Table of Contents
1940 Washington Quarter Values by Mint
The Washington quarter design debuted in 1932, replacing the Standing Liberty quarter with George Washington's profile in honor of his 200th birth anniversary. By 1940, production had expanded to three mint facilities, each producing coins with distinct characteristics and values.
1940 Washington Quarter
The most common 1940 Washington Quarter, produced at the Philadelphia Mint without a mintmark. Despite high mintage, mint state examples command significant premiums due to poor survival rates in top condition.
Finest Known: MS-68 (7 graded by PCGS, 5 by NGC)
Typical Values: MS-60: $20-30 | MS-65: $100-150 | MS-67: $1,500-3,000
1940-D Washington Quarter
The key date of the 1940 series, with the lowest mintage by far. The Denver Mint's limited production makes high-grade examples extremely scarce and valuable among collectors.
Finest Known: MS-67+ (21 graded by PCGS), MS-68 (1 by NGC)
Typical Values: MS-60: $35-50 | MS-65: $200-300 | MS-67: $3,000-6,000
1940-S Washington Quarter
Intermediate scarcity between Philadelphia and Denver issues. San Francisco quarters often exhibit superior strike quality, making gem examples particularly desirable to quality-conscious collectors.
Finest Known: MS-68 (2 graded by PCGS, 2 by NGC)
Typical Values: MS-60: $25-35 | MS-65: $125-175 | MS-67: $2,000-4,000
Silver Content Foundation
All 1940 Washington Quarters contain 0.18084 troy ounces of pure silver (90% silver composition). At current silver prices, this provides approximately $5 in intrinsic metal value, establishing a price floor well above face value. This silver content makes these coins attractive to both numismatists and precious metals investors, similar to how silver price movements influence other collectible silver items.
Finest Known Examples and Auction Records
The auction records for 1940 Washington Quarters reflect the extreme rarity of coins in pristine condition. These prices represent publicly recorded sales and may not reflect the highest private transaction values, as person-to-person sales often occur without public disclosure.
Population Analysis
Professional grading services have provided valuable insights into the survival rates of high-grade 1940 Washington Quarters. The numbers in parentheses indicate how many coins each service has certified at specific grade levels, revealing just how scarce premium examples truly are.
| Issue | Auction Record | Grade | Population (PCGS/NGC) | Rarity Level |
|---|---|---|---|---|
| 1940 Quarter | $19,975 | MS-68 CAC | 7 / 5 | Extremely Rare |
| 1940-D Quarter | $17,500 | MS-68 | 0 / 1 | Unique (NGC) |
| 1940-S Quarter | $10,200 | MS-68 | 2 / 2 | Extremely Rare |
Understanding the 70-Point Grading Scale
Professional coin grading uses a standardized 70-point scale where condition determines value
Mint State grades (MS-60 through MS-70) apply only to uncirculated coins that show no wear from circulation
Market Dynamics
The extreme prices achieved by finest-known examples reflect both absolute rarity and strong collector demand. Unlike precious metals investments where value tracks commodity prices, these numismatic premiums depend on collector psychology, registry set competition, and the pursuit of condition rarities. This creates a different risk-reward profile compared to bullion investments.
Understanding Coin Grading Standards
Accurate grading determines the vast majority of a 1940 Washington Quarter's value above silver content. Professional grading services like PCGS and NGC use consistent standards to evaluate condition, providing market confidence and liquidity for serious collectors and investors.
Mint State Grading Factors
Several key factors determine a coin's grade and resulting market value. Understanding these elements helps collectors make informed decisions when buying or selling 1940 Washington Quarters.
| Grade Range | Description | Typical Premium | Market Characteristics |
|---|---|---|---|
| MS-60 to MS-62 | Mint State with noticeable contact marks | 4-6x silver value | Entry-level collecting grade |
| MS-63 to MS-64 | Choice Mint State with moderate marks | 8-15x silver value | Popular collecting grade |
| MS-65 to MS-66 | Gem quality with minimal imperfections | 20-50x silver value | Serious collector grade |
| MS-67+ | Superb quality approaching perfection | 100-500x silver value | Registry set quality |
Professional Grading Benefits
Third-party grading provides authentication, consistent condition assessment, and market confidence. For 1940 Washington Quarters valued above $100, professional grading typically pays for itself through improved marketability and buyer confidence. The tamper-evident holders also provide long-term protection for valuable coins.
Major Varieties and Error Coins
Variety coins result from differences in the dies used to strike coins, creating collectible variants beyond the standard issues. The 1940 Washington Quarter series includes two significant varieties, both from the Denver Mint, that command substantial premiums over regular examples.
1940-D DDO (Doubled Die Obverse)
This variety resulted from the obverse die moving slightly between strikes during the multiple-hubbing process required to create working dies. The doubling is most prominent on the motto "In God We Trust" in the lower left of the coin.
Identification: Most easily identified by examining the motto under 5x magnification
1940-D/D Repunched Mint Mark
Before 1989, mint marks were hand-punched into individual coin dies. This 1940-D shows evidence of the "D" mintmark punch jumping off the intended position and requiring correction, creating a multiple-punched effect.
Identification: Magnification reveals the underlying misplaced "D" beneath the final mint mark
Variety vs. Error Distinction
Varieties like these 1940-D examples result from die preparation issues affecting multiple coins struck from the same die. True error coins result from mechanical malfunctions during striking, making each error unique. Both categories interest collectors, but varieties often have more established market values due to their reproducible nature and easier identification.
Collecting and Investment Strategy
The 1940 Washington Quarter series offers multiple collecting approaches, from budget-conscious silver accumulation to high-end numismatic investment. Understanding these different strategies helps collectors align their goals with market realities and budget constraints.
Collector Approaches
Different collecting goals require different strategies when approaching 1940 Washington Quarters. Consider your budget, timeline, and whether you prioritize silver content, numismatic value, or condition rarity.
Silver Accumulation Strategy
- Focus on circulated examples for silver content
- Lower premiums over silver value
- Builds precious metals position affordably
- Benefits from silver price appreciation
- Good entry point for new collectors
Target Grades: Good through Fine condition
Budget: $5-15 per coin above silver value
Type Collecting Strategy
- One example of each mint mark
- Choice condition balance of quality and cost
- Emphasis on eye appeal and completeness
- Focus on MS-63 to MS-65 range
- Appreciation through numismatic demand
Target Grades: MS-63 to MS-65
Budget: $300-800 for complete set
Condition Rarity Strategy
- Highest grade examples available
- Registry set competition participation
- Focus on MS-67+ specimens
- Potential for significant appreciation
- Requires substantial investment capital
Target Grades: MS-67 and higher
Budget: $5,000-20,000+ for finest examples
Market Timing Considerations
Like other tangible assets, coin values can fluctuate based on collector demand, precious metals prices, and economic conditions. The silver content provides downside protection similar to physical silver investments, while numismatic premiums offer upside potential beyond commodity pricing. This dual value source makes 1940 Washington Quarters particularly attractive during periods of economic uncertainty.
Market Analysis and Trends
The market for 1940 Washington Quarters reflects broader trends in both numismatics and precious metals investment. Understanding these dynamics helps collectors make informed decisions about timing, grade selection, and long-term value expectations.
Value Drivers
Multiple factors influence 1940 Washington Quarter values, creating a complex market that requires understanding both numismatic and precious metals fundamentals.
| Factor | Impact on Values | Timeframe | Predictability |
|---|---|---|---|
| Silver Price Movements | Affects price floor for all grades | Daily fluctuation | Market-driven |
| Collector Demand | Primary driver of numismatic premiums | Multi-year cycles | Demographic trends |
| Registry Set Competition | Drives highest grade values | Ongoing | Population dependent |
| Economic Uncertainty | Increases tangible asset demand | Variable | Economic cycles |
Long-Term Outlook
The finite population of high-grade 1940 Washington Quarters, combined with ongoing collector demand and silver content support, suggests favorable long-term prospects. However, like all collectibles, values can fluctuate based on changing demographics, economic conditions, and collector preferences. The key advantage of these coins lies in their dual value sources—both numismatic and precious metals—providing multiple paths to value appreciation.
For investors comparing options, 1940 Washington Quarters offer unique advantages over pure bullion investments. While they require more specialized knowledge than purchasing gold coins or silver bars, they provide potential upside beyond commodity pricing through numismatic appreciation, particularly for higher-grade examples.
Conclusion
The 1940 Washington Quarter series exemplifies the intersection of numismatic collecting and precious metals investment. With silver content providing a substantial price floor and condition rarity driving significant premiums, these coins offer multiple paths to value appreciation while preserving purchasing power through their precious metals content.
From the common Philadelphia Mint issue to the key-date Denver Quarter, each 1940 Washington Quarter tells the story of American minting during a pivotal year in world history. The varieties and errors add another dimension of interest, while the extreme rarity of high-grade examples creates opportunities for serious collectors willing to pursue condition rarities.
Whether approaching these coins as silver accumulation vehicles, type collection components, or high-end numismatic investments, the 1940 Washington Quarter series provides something for every collector's budget and goals. The combination of historical significance, precious metals content, and proven collector demand suggests these coins will continue to attract interest from both numismatists and investors seeking tangible assets in uncertain economic times.
Investment Perspective
For those building diversified precious metals portfolios, 1940 Washington Quarters bridge the gap between commodity investments and specialized collectibles. While they require more knowledge than tracking silver spot prices, they offer the potential for premiums well beyond their metal content while maintaining intrinsic value protection through their silver composition.
Disclaimer
This guide is for educational purposes only and should not be considered investment advice. Coin values can fluctuate based on market conditions, and individual results may vary. Always consult with qualified numismatic professionals before making significant purchases.