1946 Quarter Value: No Mint Mark, D, S and Silver

In this article

Quick answer

A standard 1946 Washington quarter is 90% silver, weighs 6.25 grams and contains approximately 0.18084 troy ounce of fine silver. No mint mark means Philadelphia; D and S appear on the reverse. It is not an ordinary modern clad quarter.

For a specifically identified circulated reference, NGC’s October 2026 1946-S listing gives $11–$13.50 across circulated condition. That is a San Francisco guide range, not a valuation of every 1946 quarter or a live silver quotation.

Coin photos

1946 Philadelphia Washington quarter obverse: full date and Washington portrait; this is a silver issue.

Same 1946 Philadelphia reverse: no mint mark beneath the wreath; the pictured MS66 coin is separate from the circulated S price reference.

Basics & coin story

The Washington portrait first appeared in 1932. By 1946 the design was a familiar circulating silver quarter, with John Flanagan’s Washington portrait on the front and an eagle on the back. Postwar coin production continued at Philadelphia, Denver and San Francisco.

Philadelphia struck 53,436,000 quarters in 1946, Denver 9,072,800 and San Francisco 4,204,000. These figures identify production, not today’s surviving population at each grade. The smaller S mintage alone does not prove that a worn example has a dramatic premium.

No regular U.S. Proof sets were issued in 1946 during the wartime and postwar interruption. A mirrorlike or polished 1946 quarter should not be called a standard 1946 Proof. For the broader alloy change, the Washington quarter guide distinguishes silver issues from later clad coins.

Identification at a glance
Feature	What to check
Date / denomination	1946 / 25 cents
Designer	John Flanagan
Alloy	90% silver, 10% copper
Nominal mass / diameter	6.25 g / about 24.3 mm
Fine silver	Approximately 0.18084 troy ounce
Mint marks	No mark Philadelphia; D Denver; S San Francisco
Mark location	Reverse below the eagle’s wreath, above QUARTER DOLLAR
Normal Proof issue	None for 1946

Identification

Look on the reverse for the mint mark

The 1946 mint mark is below the eagle, not beside Washington’s portrait in the position familiar on later quarters. An empty space there is normal for Philadelphia. Do not identify a 1946 coin using only the mint-mark location of a 1998 quarter.

Photograph the date and reverse letter clearly. A small S can be obscured by wear or deposits. If the mark cannot be read reliably, describe it as uncertain rather than choosing whichever mint has the highest guide value.

Use silver content as a calculation, not a fixed price

Multiply 0.18084 by a verified silver spot price per troy ounce to calculate the nominal contained-silver reference. Record the date and currency of the quote. Dealer spreads, transaction costs and wear can affect an actual offer.

A silvery edge is one supporting observation. Authenticity and issue identification still come first. The date already places a normal 1946 quarter in the silver series, while the 1965 quarter guide addresses the later clad transition and alleged wrong-metal pieces.

Separate ordinary wear from a high-grade claim

Inspect Washington’s hair above the ear and other raised areas for friction, then look at the eagle and the fields. Marks can be present even without circulation wear. A numerical Mint State grade concerns preservation of the complete coin.

The pictured Philadelphia example was cataloged as PCGS MS66. It is a design illustration, not the coin priced by the circulated 1946-S range. A high-resolution photograph can show features to examine but cannot transfer certification to a different specimen.

Condition & value

USD NGC 1946-S circulated guide snapshot as of October 2026, consulted October 27. The S range does not value the photographed Philadelphia MS66 example. Silver calculations require a separately dated spot quote.

Value comparisons: match the issue before using a price
Issue	Grade / condition	Value or reference	Basis	Important condition
1946-S	Circulated condition	$11–$13.50	NGC guide, October 2026	S mint only; grade within the range matters
1946 Philadelphia, no mint mark	Exact circulated grade	Use a Philadelphia listing	Issue-specific comparison	Do not substitute the S range
1946-D	Exact circulated grade	Use a Denver listing	Issue-specific comparison	D is on the reverse
Any 1946 mint, Mint State	Exact certified grade	Use matching graded sales	Condition market	Not represented by a circulated range
Nominal contained silver	0.18084 troy oz	0.18084 × silver spot per troy oz	Metal calculation	Spot date and selling spread must be separate

The NGC range is useful because its mint and time basis are explicit. It does not establish that every circulated S coin will bring the top figure or that all P and D coins are worth the same amount. Cleaning, rim damage and other problems require separate comparisons.

Use a fresh spot quote for a metal calculation at the time of a transaction. For a collector premium, compare completed lots with the exact date, mint, grade and surface status. A top-population result is not an ordinary circulated-quarter benchmark.

Keep the coin unpolished. The cleaning guide explains hairlines and altered surfaces, while the grading scale helps narrow the condition category before seeking an offer.

Summary

Read the reverse mint mark and confirm the silver-series identity. Keep the 1946-S circulated reference, a fresh silver calculation and any high-grade sale in separate comparisons. Preserve the surfaces before researching a premium.

FAQ

How much silver is in a 1946 quarter?

A standard 1946 quarter is 90% silver and contains approximately 0.18084 troy ounce of fine silver at its nominal 6.25-gram mass.

Is a 1946 quarter with no mint mark an error?

No. Philadelphia normally issued 1946 quarters without a mint mark.

Where is the 1946 quarter mint mark?

On the reverse below the eagle’s wreath, above QUARTER DOLLAR. D identifies Denver and S San Francisco.

Is a shiny 1946 quarter a Proof?

Not merely because it is shiny. There is no regular 1946 U.S. Proof issue; polished surfaces and normal reflective areas must not be confused with Proof manufacture.

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.