1938-S Washington Quarter Value: Is Your Coin Worth More?

The 1938-S Washington Quarter is worth anywhere from $5 in worn condition to over $3,500 in pristine mint state. While many old quarters are just pocket change, this specific San Francisco minted coin is a “key date” rarity that attracts serious collectors and investors alike.

Condition	Estimated Value
Good (G-4)	$5.00
Very Fine (VF-20)	$12.00
Extremely Fine (XF-40)	$25.00
Uncirculated (MS-63)	$115.00
Gem Mint (MS-66+)	$650+

Why the 1938-S Washington Quarter is a Collector Treasure

If you have stumbled upon a 1938-S Washington silver quarter, you are holding a piece of American history from the tail end of the Great Depression. This year was unique for the United States Mint because economic recovery was slow, and the demand for new coinage was incredibly low. Consequently, the San Francisco Mint produced very few of these coins compared to modern standards.

To identify if your coin is the valuable San Francisco variety, you need to look at the reverse side (the “tails” side). Locate the eagle in the center; directly beneath the olive branches and above the “R” in “QUARTER DOLLAR,” you should see a small “S” mint mark. If you are struggling to spot it or cannot tell if the coin is authentic, using a top coin identifier app can provide instant clarity by scanning the details of the mint mark.

Because of the low mintage—only 2,836,000 were struck—the 1938-S is considered a “key date” for the entire Washington Quarter series. Most quarters from the 1930s were heavily circulated, meaning they were used daily in grocery stores and gas stations. Finding one that still looks shiny and brand new is a rare occurrence. Many users of CoinKnow have reported finding these silver treasures in estate sales or old jars, only to discover they are worth a significant premium over their face value.

Understanding the Silver Content and Melt Value

Before even considering the collector’s numismatic value, it is important for everyday Americans to remember that all quarters minted before 1965 are made of 90% silver. The 1938-S Washington Quarter contains 0.1808 troy ounces of pure silver. This means that even if the coin is completely worn down and “slick,” it still has an intrinsic value based on the current price of silver.

However, the 1938-S is almost always worth significantly more than its silver weight. While a common 1964 quarter might only be worth its “melt value” (around $4 to $5 depending on the market), the 1938-S carries a historical premium. You should never sell a 1938-S to a “we buy gold and silver” shop for just the weight value; you would be leaving money on the table.

For those tracking the fluctuation of silver prices and how they impact older coins, checking a 1938 quarter value guide can help you see the floor price of your coin. Use CoinKnow to track your collection’s value in real-time as precious metal prices shift.

Metal Composition	Weight/Specs
Silver Content	90% Silver, 10% Copper
Pure Silver Weight	6.25 grams (Total Weight)
Diameter	24.3 mm

Determining the Grade: How Condition Affects Price

The single most important factor in determining the price of your 1938-S Washington Quarter is its “grade.” Grading is a professional assessment of the coin’s wear and tear. A coin that has been sitting in a piggy bank for 80 years might be “Circulated,” while a coin kept in a protective paper roll could be “Uncirculated.”

In “Good” condition, the eagle’s feathers on the back will be mostly flat, and Washington’s hair will look like a smooth blob. As you move up to “Extremely Fine,” you will start to see individual lines in the hair and distinct feathers on the eagle’s chest. Once you reach “Mint State” (MS), the coin must have no signs of wear and retain its original “luster” or shine.

To see the drastic difference in market prices, look at the current auction data for high-grade 1938-S quarters. You will notice that a single jump in grade from MS-66 to MS-67 can mean a difference of over $1,000. For an accurate preliminary assessment, CoinKnow offers high-resolution image analysis to help you estimate what grade your coin might receive from a professional service like PCGS or NGC.

Grade Designation	Visual Description
Good (G)	Heavily worn; rims are flat; legends are visible.
Fine (F)	Washington’s ear is visible; some hair detail.
About Uncirculated (AU)	Slight wear on high points (cheek/breast feathers).
Mint State (MS)	No wear; full original factory shine.

Mintage Comparisons: Why the 1938-S is Special

To put the rarity of the 1938-S into perspective, you have to compare it to the “Philadelphia” and “Denver” mintages of the same era. In 1938, the Denver mint didn’t even produce quarters! The Philadelphia mint produced 9.4 million, while San Francisco produced only 2.8 million.

Small production numbers usually lead to higher long-term value. Because the 1938-S mintage was so low, collectors from that era were more likely to pull them from circulation and save them. This means that while they are rare, there is a surprisingly decent supply of “high grade” specimens available on the market. This availability creates a healthy auction scene where enthusiasts bid aggressively for the best looking coins.

Historical context also plays a role. In 1938, a quarter could buy a gallon of milk or two loaves of bread. Not many families could afford to “save” quarters during the depression years; they needed every cent to survive. This makes any surviving 1938-S in high condition a survivor of a very difficult economic period in American history.

Identifying 1938-S Varieties and Errors

Collectors are always on the lookout for variety. While the standard 1938-S Washington Quarter is already valuable, certain “errors” or “die varieties” can skyrocket the price. Look for “Repunched Mint Marks” (RPM), where the small “S” looks like it was stamped twice, one slightly offset from the other.

Another thing to keep an eye on is “doubled die” errors, although they are much rarer in the 1938-S than in other years. These occur when the coin’s design is hubbed twice onto the die, creating a blurred or “doubled” appearance in the lettering or date.

If you think you see something unusual on your coin, don’t try to clean it! Cleaning a coin with chemicals or a cloth can destroy its numismatic value instantly. Professional collectors prefer the “patina” or “toning” that comes with age. Use a magnifying glass or a high-quality camera app like CoinKnow to zoom in on the mint mark and the lettering to verify any potential errors without physically touching the coin more than necessary.

Potential Error Type	Value Impact
Repunched Mint Mark (S/S)	Adds 20-50% to base value
Major Die Break (Cud)	Significant premium based on size
Off-Center Strike	Valued by percentage of off-center

Tips for Selling and Protecting Your Coin

If you have confirmed that your 1938-S is in great condition, your next step is to protect it. Air, moisture, and the oils from your skin can cause silver to tarnish or “spot.” Place the coin in a PVC-free “flip” or a hard plastic coin capsule. This prevents further degradation and ensures that when you choose to sell, you get the highest possible price.

When you are ready to sell, avoid pawn shops. Pawn shops are looking to buy low and sell high, often offering only “melt value” for rare coins. Instead, look for reputable local coin dealers or specialized auction houses. Listing the coin on online marketplaces can also work, but you must have clear, high-quality photos.

Before taking it to a dealer, it’s a good idea to have a price in mind. Using digital tools to track your inventory ensures you are never caught off guard by a low-ball offer. Many collectors use CoinKnow to manage their digital “portfolio,” allowing them to show potential buyers the documented history and estimated grade of their 1938-S quarter instantly.

FAQ

Q: Where is the mint mark on a 1938-S quarter?

A: The mint mark is on the reverse side of the coin. Look at the bottom, just above the words “QUARTER DOLLAR.” You will see a tiny “S” for San Francisco. If there is no letter, it was minted in Philadelphia.

Q: Should I clean my 1938-S Washington Quarter to make it look newer?

A: No! Never clean a rare coin. Cleaning creates microscopic scratches that professional graders can easily spot. A cleaned coin is often worth 50% less than an uncleaned one, even if it looks “shinier” to the naked eye.

Q: Is the 1938-S the rarest Washington Quarter?

A: While it is a “key date” with a low mintage of 2.8 million, it is not the absolute rarest. The 1932-D and 1932-S are generally considered the “holy grails” of the series. However, the 1938-S is still much rarer than almost any quarter you would find in change today.

Q: How can I tell if my coin is silver?

A: All quarters from 1932 to 1964 are 90% silver. If you look at the edge of the coin, you should see a solid silver/white color. If you see a streak of reddish copper, the coin is likely a later “clad” version or a fake, though 1938-S specifically should always be silver.