1940 Washington Quarter value guide: What this silver coin is worth

This 1940 Washington Quarter value guide covers everything you need to know about one of the most accessible silver coins in American numismatics – from its silver melt floor to the auction records that prove high-grade examples are anything but ordinary. Whether you found one in a coin jar or you’re actively building a 90% silver stack, understanding what drives value here helps you buy smarter and sell at the right time.

The 1940 Washington Quarter sits at an interesting crossroads. At current silver prices of around $82 per troy ounce, every one of these coins carries a melt value of roughly $14.83 – well above face value and a solid floor for any investor. But the numismatic side of the story is where things get genuinely exciting. A worn circulated example might fetch $12 to $15. The same design in pristine, uncirculated condition has sold for nearly $20,000 at auction. That’s the range this coin operates in, and knowing where your coin falls within it is the whole game.

A Brief History of the Washington Quarter Series

The Washington Quarter launched in 1932, designed by sculptor John Flanagan to mark the 200th anniversary of George Washington’s birth. It replaced the Standing Liberty Quarter during the depths of the Great Depression, and the series ran with a 90% silver composition through 1964. After that, rising silver prices forced the U.S. Mint to switch to copper-nickel clad – which is why any Washington Quarter dated 1964 or earlier is automatically worth more than a modern quarter. The 1964 Washington Silver Quarter is the last of the silver issues and carries its own collector following.

By 1940, the U.S. economy was recovering and mint production was ramping up. World War II was on the horizon, which would soon reshape metal priorities across the board. The 1940 issues came from three mints – Philadelphia, Denver, and San Francisco – each leaving a different mint mark and a very different rarity profile.

Key Specifications of the 1940 Washington Quarter

Every 1940 Washington Quarter shares the same core specs regardless of mint:

• Composition: 90% silver, 10% copper
• Total weight: 6.25 grams
• Silver content: 0.18084 troy ounces (pure silver)
• Diameter: 24.3 mm
• Edge: Reeded
• Designer: John Flanagan (both sides)

The obverse shows a left-facing Washington portrait with “IN GOD WE TRUST,” “LIBERTY,” and the date. The reverse features a heraldic eagle flanked by “UNITED STATES OF AMERICA,” “QUARTER DOLLAR,” and “E PLURIBUS UNUM.” The mint mark, when present, appears on the reverse below the eagle.

At $82 per ounce silver, the melt calculation is straightforward: 0.18084 x $82 ≈ $14.83 per coin. That’s your baseline – the price floor below which no rational seller should go.

The Three Mint Varieties: 1940-P, 1940-D, and 1940-S

1940-P (Philadelphia): The sheer volume minted means circulated examples are easy to find and priced near melt. But high-grade survivors are scarcer than you’d expect – only a handful of MS-68 examples are known across PCGS and NGC. One sold for $19,975, the auction record for this date.

1940-D (Denver): This is the coin collectors pay attention to. With fewer than 2.8 million struck, the 1940-D is the lowest-mintage Washington Quarter of the year. Even in Extremely Fine condition, it trades at a premium over the Philadelphia issue. In gem uncirculated grades, prices climb fast. The auction record stands at $17,500 for an MS-68 example.

1940-S (San Francisco): The middle child of the trio. More available than the Denver issue but still capable of strong premiums in top grades. The finest known examples have reached $10,200 at auction.

Proof 1940: Philadelphia also struck 11,246 proof coins for collectors. These have mirrored fields and sharp, frosted devices – the classic cameo look. Only 11,246 were made, making them genuinely scarce. A PR-65 example runs around $125, with exceptional specimens pushing well past $500.

1940 Washington Quarter Value Guide by Grade and Mint

Coin values shift dramatically with condition. The Sheldon scale runs from 1 (barely identifiable) to 70 (perfect). Circulated coins show wear; uncirculated coins retain their original mint luster. Here’s how values break down across grades at current silver prices:

A few things to keep in mind when using this table. These are ranges, not guarantees. Auction results vary by timing, bidder competition, and eye appeal – two coins with the same grade number can sell at different prices if one has superior luster or strike quality. Always cross-check against current PCGS or NGC auction archives before buying or selling at the high end.

How to Assess Condition at Home

You don’t need to be a professional grader to make a reasonable assessment. Here’s what to look for:

PCGS & NGC Coin Verification – Accurate Precious Metals Refineries

1. Check the high points first. On Washington’s portrait, the hair above the ear and the cheekbone are the first areas to show wear. If those details are sharp, you’re likely looking at an uncirculated coin.
2. Look for luster. Mint-state coins have a cartwheel shimmer when you tilt them under light. Circulated coins look flat or dull by comparison.
3. Find the mint mark. Flip the coin over and look below the eagle. No letter = Philadelphia. “D” = Denver. “S” = San Francisco. The 1940-D commands the highest premium, so this step matters.
4. Avoid cleaning. A cleaned coin looks bright but loses collector value. Artificial shine, hairlines under magnification, or an unnaturally uniform color are red flags.
5. Consider professional grading. For any coin you believe grades MS-65 or higher, submitting to PCGS or NGC is worth the cost. A slabbed, graded coin is easier to sell and typically commands 20-50% more than a raw example at the same grade.

Melt Value vs. Numismatic Value: Which Matters More?

For most 1940 Washington Quarters in circulation condition, melt value is the dominant factor. At $82/oz silver, that floor sits around $14.83. If you’re buying circulated examples in bulk, you’re essentially buying silver at a slight premium over spot – which is a reasonable strategy for silver stacking.

Pre-1965 junk silver quarters are popular precisely because of this dynamic. You get real silver content, historical interest, and a built-in floor tied to the metal market. Bags and rolls of mixed 90% silver quarters trade at a modest premium over spot and are a practical way to accumulate silver without the higher premiums on modern bullion coins.

The numismatic story is different. Once a coin grades MS-65 or higher, collector demand takes over and the price disconnects from melt. A $14.83 melt value becomes a $150 coin at MS-65 and a $20,000 coin at MS-68. That’s not the metal – that’s rarity and condition.

For related context on how silver coin values work across the Washington Quarter series, the 1939 Washington Quarter overview and our 1944 Washington Quarter guide walk through similar dynamics for adjacent dates.

Common Errors and Varieties Worth Knowing

No major die varieties are widely catalogued for the 1940 Washington Quarter, but a few error types do appear occasionally:

• Doubled die obverse or reverse: Doubling visible in the lettering or date. Can add 2-10x value if pronounced and confirmed.
• Off-center strikes: The design is shifted off-center during minting. Value depends on how dramatic the offset is – 20% or more is typically where collector interest picks up.
• Repunched mint marks: The mint mark was punched twice at a slightly different angle. A subtle but collectible variety.

If you suspect an error coin, don’t clean it. Submit it raw to a grading service for evaluation. Error coins without documentation are hard to sell at a premium.

Practical Buying and Selling Tips

Buying: For silver stacking, circulated 1940 quarters are best purchased in bulk from a reputable dealer at 5-10% over spot. For collector-grade examples, buy slabbed coins from auction houses or established dealers. Check recent comparable sales before paying MS-65+ prices – the market moves.

Selling: Know your coin’s grade before you approach a buyer. A raw coin that looks uncirculated might be worth having graded first if you believe it’s MS-65 or better. For circulated examples, selling near melt is realistic and fast. For gem coins, auction typically yields the best results.

Storage: Keep coins in inert holders – cardboard 2×2 flips, hard plastic slabs, or archival coin albums. Avoid PVC flips, which off-gas and cause green haze (called PVC damage) that permanently lowers value.

Selling Your 1940 Washington Quarter to Accurate Precious Metals

Whether you have one coin or a collection, Accurate Precious Metals offers a straightforward path to selling. We’ve been buying and selling precious metals for over 12 years, and with more than 1,000 five-star reviews, we’ve built a reputation for fair, transparent transactions.

We buy all forms of silver – circulated junk silver, uncirculated collector coins, silver bars, and everything in between. Our pricing reflects live spot prices, so you’re not working from outdated numbers. As an NGC Authorized dealer, we can also help assess whether a coin warrants professional grading before you sell.

If you’re local to Salem, Oregon, come see us in person. Bring your coins and we’ll evaluate them on the spot – no appointment required. If you’re anywhere else in the United States, our mail-in service makes the process just as easy. You can mail in your coins and silver using our insured shipping kit, get a transparent offer based on current market values, and receive fast payment. There’s no need to settle for a pawn shop offer when a specialist is a few clicks away.

You can also explore our sell silver coins page for more details on how the process works. We accept everything from single coins to large collections, scrap silver, silverware, and jewelry. The same applies if you’re looking to sell silver for cash – our process is built to be simple and fair regardless of what you’re bringing to the table.

If you’re also curious about other quarters worth money beyond the 1940 date, our guide on what quarters are worth money covers rare state quarters and other issues that collectors actively seek.

Frequently Asked Questions

Sources

1. Gainesville Coins – 1940 Washington Quarter Values and History
2. Silver Recyclers – Washington Quarter Specifications and Pricing
3. Coin Study – Washington Quarter Grade and Value Reference
4. Greysheet – Wholesale Coin Pricing and Market Data
5. NGC Coin – Population Reports and Auction Records
6. YouTube – How Much Is a 1940 Quarter Worth? Silver Washington Quarters (1932-1964)