1932 Quarter Value: Philadelphia, D, S and First-Year Silver

In this article

Quick answer

A standard 1932 Washington quarter is 90% silver. No mint mark identifies Philadelphia; D and S identify the two scarcer branch-mint issues. The date alone does not make a Philadelphia coin equivalent to a key-date Denver or San Francisco coin.

NumisMedia’s October 17, 2026 circulated table lists Philadelphia at $15.30 in G4 and $15.64 in XF40; Denver at $63.25 and $216; San Francisco at $60.95 and $132 in those same grades. These are dated collector-guide estimates for matching, problem-free coins.

Coin photos

1932 Philadelphia Washington quarter obverse: first-year date beneath the portrait.

Same Philadelphia reverse: no mint letter below the wreath; D and S issues use this location.

Basics & coin story

The Washington quarter debuted for the two-hundredth anniversary of George Washington’s 1732 birth. John Flanagan’s portrait replaced Standing Liberty on the denomination. The reverse eagle stands above arrows and olive branches, a familiar design on later silver quarters.

Philadelphia produced 5,404,000 quarters in 1932. Denver produced 436,800 and San Francisco 408,000. These mintage differences help explain why collectors examine the reverse letter carefully, although mintage is not a count of surviving coins at a particular grade.

No quarters were struck with the 1933 date; the design resumed in 1934. The first-year coin therefore has historical appeal without making every surviving example a great rarity. The Washington series guide provides the wider silver and clad chronology.

Identification at a glance
Feature	What to check
Date / denomination	1932 / 25 cents
Designer	John Flanagan
Standard alloy	90% silver, 10% copper
Nominal mass / diameter	6.25 g / about 24.3 mm
Fine silver	Approximately 0.18084 troy ounce
Mint mark location	Reverse, beneath the wreath and above QUARTER DOLLAR
Mint identities	No mark Philadelphia; D Denver; S San Francisco
Next dated issue	1934; no regular 1933 quarter

Identification

Find the letter below the eagle

Use the reverse rather than the portrait-side position found on modern quarters. Photograph the area below the wreath in angled light. No letter is normal for Philadelphia; it does not establish a missing-mark error.

A weak or obscured letter should remain uncertain until it can be read reliably. Do not scrape it clean. An added D or S can change a seller’s claim without changing the genuine original issue, so a proposed branch-mint key date needs careful authentication.

Distinguish remaining detail from original surfaces

Look at Washington’s hair above the ear and the eagle’s raised details. Circulation friction, a soft strike and heavy contact marks answer different condition questions. Use the grading scale to narrow the category before choosing a price.

The photographed Philadelphia example was cataloged as PCGS MS64. It illustrates the first-year design, while the table supplies circulated comparisons. Its sharper detail does not establish the grade of another coin.

Treat doubling and damage as separate questions

A recognized doubled die requires matching diagnostics rather than a thick-looking date or a shadow in a photograph. A scrape, displaced metal or worn letter is not enough to establish that attribution.

Keep the denomination, date, mint and any proposed variety together in your research. For the later silver quarter pictured in the 1946 value guide, the same mint-location method applies, but the issue prices are different.

Condition & value

USD collector FMV snapshot updated October 17, 2026, consulted October 27. The circulated references do not value the photographed Philadelphia MS64 coin.

Value comparisons: match the issue before using a price
Issue	Grade / condition	Value or reference	Basis	Important condition
1932 Philadelphia	G4 / XF40	$15.30 / $15.64	NumisMedia FMV, Oct 17, 2026	No mint mark; ordinary circulated issue
1932-D	G4 / XF40	$63.25 / $216	Same dated guide	Genuine D and correct grade
1932-S	G4 / XF40	$60.95 / $132	Same dated guide	Genuine S and correct grade
Any mint, Mint State	Exact certified grade	Use matching Mint State sales	Different condition category	Not represented by the circulated rows
Contained silver	0.18084 troy oz	0.18084 × silver spot per troy oz	Metal reference	Spot quote needs its own date

The figures compare equivalent grades across mints rather than implying one continuous range for every 1932 quarter. Surface problems can separate a genuine coin from a normal guide row. A cleaned key date should be compared with similarly described completed lots.

Calculate the silver reference using a fresh dated spot quote. Then assess any date-and-mint premium separately. A low circulated Philadelphia estimate, a branch-mint key-date sale and a high-grade Philadelphia record do not describe the same market.

Record the grade, surface status, sale date and buyer’s fees in a comparable transaction. The appraisal checklist explains the photographs and identification details to prepare before seeking a more precise offer.

Summary

Read the reverse mint letter before using a price. Philadelphia is the more available first-year issue, while D and S need their own authenticated comparisons. Match condition and preserve the surface before evaluating a premium.

FAQ

Is a 1932 quarter silver?

Yes. Standard 1932 Washington quarters are 90% silver and contain approximately 0.18084 troy ounce of fine silver.

Where is the 1932 quarter mint mark?

On the reverse below the wreath, above QUARTER DOLLAR. No mark normally indicates Philadelphia.

Are all 1932 quarters key dates?

No. The D and S are the scarcer branch-mint issues. Philadelphia is more available and must not inherit their prices.

Was a Washington quarter made in 1933?

There is no regular 1933-dated Washington quarter. Production resumed with the 1934 date.

References

References and further reading

References consulted October 27, 2026. Price tables retain the update dates stated in the text; guide estimates, face values and completed transactions are different forms of evidence.