1938-S Washington Quarter Value: How Much Is It Worth Today?
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The 1938-S Washington Quarter is worth anywhere from $5 in worn condition to over $1,200 in pristine mint state. This San Francisco minted coin is a favorite among collectors due to its relatively low mintage numbers compared to other years in the early Washington series.
| Condition | Estimated Value |
|---|---|
| Good / Very Good | $5 – $8 |
| Fine / Very Fine | $10 – $15 |
| Extra Fine / About Uncirculated | $25 – $45 |
| Uncirculated (Mint State) | $65 – $1,200+ |
Why the 1938-S Washington Quarter Is a Key Date
If you just found a silver quarter in a drawer and noticed the year 1938 with a small “S” on the back, you might be holding a “key date” coin. In the world of numismatics, a key date is a coin that is harder to find because the mint produced fewer of them. In 1938, the San Francisco Mint struck only 2,832,000 quarters. While that sounds like a lot, it is actually one of the lowest mintage figures in the entire Washington Quarter series, which began in 1932.
Because these were struck during the tail end of the Great Depression, many people couldn’t afford to save new coins. Most went straight into circulation, where they were bumped, scratched, and worn down for decades. Finding one today that looks brand new is quite rare. If you are unsure about the quality of your coin, using a top coin identifier and value app can help you determine the exact condition and potential market price.
Collectors highly prize the 1938-S because it completes many sets. Professional tools like CoinKnow make it easy for beginners to catalog these finds. When a coin has a low mintage, its value often stays stable or increases over time, making the 1938-S a reliable piece for both hobbyists and investors looking for silver assets with historical significance.
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Checking the Condition and Grade of Your 1938-S Quarter
The value of your 1938-S Washington Quarter depends heavily on its “grade.” Grading is the process of evaluating how much wear and tear a coin has suffered. For 1938 silver quarters, the difference between a coin used to buy groceries in the 40s and one tucked away in a bank vault can be hundreds of dollars.
For most casual finders, your coin will likely fall into the “Circulated” category. Look at Washington’s hair; if the lines are mostly worn smooth, it’s in Good or Very Good condition. If you can see the curls of hair and the feathers on the eagle’s breast are distinct, you might have an About Uncirculated (AU) specimen. You can check the latest 1938-S quarter auction records and pricing data to see how slight differences in grade affect the final sale price.
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| Grade Level | Visual Characteristics | Market Value |
|---|---|---|
| G-4 (Good) | Heavily worn; outlines are visible but flat. | $5.50 |
| VF-20 (Very Fine) | Hairlines show some detail; eagle’s chest is flat. | $12.00 |
| AU-50 (About Uncirculated) | Very slight wear on high points; some luster remains. | $35.00 |
| MS-65 (Gem Uncirculated) | No wear; bright original shine; few marks. | $250.00+ |
Where to Find the Mint Mark on Your 1938 Quarter
To verify that your coin is indeed from San Francisco, you need to check for the mint mark. On Washington Quarters minted between 1932 and 1964, the mint mark is located on the reverse (back) of the coin. Look just below the wreath that the eagle is perched upon. If you see a small “S,” it was minted in San Francisco.
If the area is blank, it was minted in Philadelphia. If there is a “D,” it came from Denver. Of the three, the 1938-S is more valuable than the Philadelphia version but often trades in a similar range to the Denver mint for circulated grades. However, the “S” mint mark is historically more enticing to collectors. You can find more detailed 1938-S silver quarter value information regarding the different minting locations to ensure you’ve identified yours correctly.
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By using the CoinKnow app, you can simply take a photo of the reverse of your coin, and the AI will zoom in to identify that tiny “S” for you. This is a great way to avoid eye strain and ensure you aren’t misidentifying a Denver mint mark as a San Francisco one, or vice versa.
The Silver Content and Melting Value of the 1938-S
Even if your 1938-S Washington Quarter is in terrible shape—bent, scratched, or polished—it still has a “floor” value because of its metal content. Quarters from this era were made of 90% silver and 10% copper. This means they are inherently valuable regardless of their status as a collectible.
Each coin contains approximately 0.1808 troy ounces of pure silver. When silver prices rise, the “melt value” of these coins increases. Many people keep a jar of these “junk silver” coins as a hedge against inflation. While a 1938-S is usually worth more to a collector than a silver refiner, it is nice to know that your coin will never be worth just 25 cents again.
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| Silver Price (Per Ounce) | Minimum Melt Value of One Quarter |
|---|---|
| $20.00 | $3.62 |
| $25.00 | $4.52 |
| $30.00 | $5.42 |
1938-S Washington Quarter Errors and Varieties
While the 1938-S is mostly famous for its low mintage, some collectors look for specific minting errors that can drive the price even higher. While there aren’t many famous “major” errors for this specific year like the 1937-D 3-legged Buffalo nickel, you should still look for “Double Dies.”
A Double Die occurs when the hub strikes the die twice at slightly different angles, creating a blurry or doubled appearance on the letters or numbers. On a 1938-S, check the date and the word “LIBERTY” under a magnifying glass. If you see clear doubling, your coin could be worth a significant premium over the standard prices. CoinKnow allows you to upload high-resolution photos to its community forums where experts can help you spot these tiny anomalies.
Another thing to look for is “Repunched Mint Marks” (RPM). Since mint marks were hand-punched into the dies back then, sometimes the workman hit it twice, leaving a shadowed “S” behind the main one. These varieties are highly sought after by specialists who are willing to pay extra for a unique piece of history.
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Tips for Selling and Protecting Your 1938-S Quarter
If you’ve determined that your quarter is in Mint State or is a high-grade circulated coin, you must handle it with care. Never clean your coins! This is the most important rule in coin collecting. Cleaning a coin with polish or even soap and water can leave microscopic scratches that strip away its “numismatic” value, potentially turning a $100 coin into a $5 coin overnight.
To sell your coin, you have several options:
1. Local Coin Shops: Great for a quick cash offer, but they have to buy low to sell high.
2. Online Auctions: Sites like eBay are good for reaching many buyers, but fees can eat into your profit.
3. Professional Grading (PCGS/NGC): If you believe your 1938-S is in perfect condition (MS66 or higher), it might be worth paying to have it professionally graded and “slabbed” in plastic.
Before you head to a dealer, use CoinKnow to get a baseline price so you know if you’re getting a fair offer. Knowledge is power when it comes to selling old silver coins.
FAQ
Q: Is the 1938-S Washington Quarter rare?
A: It is considered a “semi-key date.” While not as rare as the 1932-D or 1932-S, its mintage of 2.8 million is very low for the series, making it much harder to find than most other years.
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Q: What is the silver content of a 1938 quarter?
A: It is composed of 90% silver and 10% copper. It contains 0.1808 troy ounces of silver bullion value.
Q: Where is the mint mark on a 1938-S Washington Quarter?
A: The “S” mint mark is located on the back (reverse) of the coin, directly below the center of the wreath that the eagle is holding in its claws.
Q: Can I find a 1938-S quarter in my pocket change today?
A: It is extremely unlikely. Because these coins are made of silver, most were pulled from circulation by the late 1960s. Today, you would most likely find them in old collections, estate sales, or through metal detecting.
