1940 Quarter Value: Silver, No Mint Mark and Collector Versions

In this article

Quick answer

A standard 1940 Washington quarter is 90% silver, containing approximately 0.1808 troy ounce of fine silver at nominal weight. No mint mark is normal for Philadelphia. The letter, when present, is on the reverse below the wreath, rather than beside Washington’s neck.

The PCGS retail guide checked October 26, 2026 lists Philadelphia regular strikes at $17 in Very Fine 20, $34 in Mint State 63 and $45 in Mint State 65. These references apply to problem-free coins in the stated grade. Other mints, Proofs and attributed varieties require separate comparisons.

Coin photos

1940 Philadelphia Washington quarter obverse: portrait and date.

Same 1940 eagle reverse: the mint-letter area is below the wreath.

Basics & coin story

The 1940 quarter belongs to the early Washington silver series introduced for Washington’s 1932 bicentennial. John Flanagan’s portrait and eagle reverse remained the normal design. Philadelphia, Denver and San Francisco regular issues make mint identification useful before considering collector scarcity.

PCGS records 35,704,000 Philadelphia regular strikes. That production figure does not measure the survival of a particular high grade. A worn silver type example, an uncirculated date set and a collector Proof are different purchases, even though all may carry the same year.

A missing Philadelphia mint mark and silver composition are expected features. Neither establishes a mint error. The Washington quarter series guide explains the wider design eras, while this date guide keeps its own grade and issue comparisons.

Identification at a glance
Feature	What to check
Type / denomination	Washington quarter / 25 cents
Designer	John Flanagan
Standard alloy	90% silver, 10% copper
Nominal weight / diameter	6.25 g / approximately 24.3 mm
Fine silver	Approximately 0.1808 troy ounce
Edge	Reeded
Regular mints	Philadelphia: none; Denver: D; San Francisco: S
Collector issue	Philadelphia Proof, no mint mark; separate manufacture

Identification

Find the letter below the eagle’s wreath

The mint mark is above QUARTER DOLLAR. A blank area is the normal Philadelphia arrangement. Inspect the area under even light; if damage or wear obscures it, record the mint as uncertain rather than inventing a missing-letter variety.

Identify Proof manufacture independently

Philadelphia regular strikes and Proofs both lack a letter. A reflective field can come from manufacture or later polishing, so brightness alone is insufficient. A Proof is graded in a separate context, commonly PR, and its contrast designation also matters.

Keep date-specific exceptions separate

D and S are different entries from Philadelphia. A low-mintage mint does not guarantee a premium at every grade, and a weak-looking letter or worn detail is not an authenticated variety. The ordinary example photographed here is not presented as a rare mint-mark error.

Condition & value

Amounts are in U.S. dollars. PCGS retail-guide examples were checked October 26, 2026 and apply only to the stated issue, grade and designation. They are not guaranteed purchase offers; current market conditions and selling costs can change the amount received.

Value comparisons: match the issue before using a price
Issue	Grade / condition	Value or reference	Basis	Important condition
1940 Philadelphia, regular	VF20	$17	PCGS retail guide	Problem-free circulated
1940 Philadelphia, regular	MS63	$34	PCGS retail guide	Uncirculated
1940 Philadelphia, regular	MS65	$45	PCGS retail guide	Exact preservation must match
Contained silver	Approximately 0.1808 troy oz	0.1808 × silver spot per oz	Metal reference	Changes with silver
Other mint / Proof / attributed variety	Exact issue and grade	Compare separately	Different entries	No Philadelphia price transferred

Multiply approximately 0.1808 by the current silver price per troy ounce for a contained-metal reference. That calculation is not a guaranteed purchase offer or a substitute for collector evidence. Dated retail estimates, market metal prices and dealer spreads can move differently.

The ordinary Philadelphia guide difference between MS63 and MS65 is $11 in this check. Do not assume certification will add enough value to cover its cost. A claimed exceptional grade or special variety requires additional evidence, rather than a price selected from the top of a chart.

Inspect Washington’s cheek and hair and the eagle’s high points for friction, then the fields for marks and cleaning. Match completed sales by mint, finish, grade and surface status. The grading guide explains the general wear checks; polishing a coin to mimic Proof brilliance can damage its collector comparison.

Summary

For a 1940 quarter, check the reverse mint mark and finish before comparing the same grade. Silver and a missing Philadelphia letter are normal. Keep the changing metal reference separate from a retail estimate or actual offer.

FAQ

Is a 1940 quarter silver?

Yes. A standard 1940 Washington quarter is 90% silver, with approximately 0.1808 troy ounce of fine silver at nominal weight.

Where is the mint mark on a 1940 quarter?

On the reverse below the wreath and above QUARTER DOLLAR. No letter is normal for Philadelphia.

Is every no-mark 1940 quarter a Proof?

No. Philadelphia regular strikes and separate Proofs both lack a mint mark. Manufacture must be identified independently.

Were 1940 quarters made at more than one mint?

Yes. Regular issues include Philadelphia without a mark, Denver D and San Francisco S. Their prices must be compared separately.

References

References and further reading

Sources and quoted guide evidence checked October 26, 2026. Guide estimates, historical sales, face value and metal-content calculations are identified separately.