1940-S Washington Quarter Value: Is Your Coin Worth Money?

The 1940-S Washington Quarter is worth anywhere from $8 in worn condition to over $500 in high-grade mint state. Finding one of these silver treasures in your pocket change or an old jar is an exciting discovery, as every specimen minted in San Francisco during this era contains 90% pure silver.

Condition / Grade	Estimated Value
Good (G-4) to Very Good (VG-8)	$8 – $10
Fine (F-12) to Very Fine (VF-20)	$12 – $18
Extremely Fine (XF-45)	$25 – $35
Uncirculated (MS-60 to MS-63)	$60 – $110
Gem Mint State (MS-65+)	$200 – $3,500+

History and Significance of the 1940-S Washington Quarter

The Washington Quarter was first introduced in 1932 to commemorate the 200th anniversary of George Washington’s birth. By 1940, the United States was slowly emerging from the Great Depression, and the demand for coinage was beginning to rise as the economy flickered back to life. The San Francisco Mint, denoted by the small “S” mint mark, produced a relatively modest number of quarters compared to the Philadelphia Mint that year.

If you are unsure whether your coin is a Denver, Philadelphia, or San Francisco strike, using a top coin identifier and value app can help you zoom in on the mint mark and verify the origin instantly. The “S” mark is located on the reverse side of the coin, specifically just below the center of the wreath that the eagle is perched upon.

Collectors often target the 1940-S because it represents a “semi-key” date in some circles. While it isn’t the rarest coin in the series, its lower mintage compared to the millions produced in Philadelphia makes it a prized find for hobbyists. When you use CoinKnow, you can track how the demand for these specific San Francisco strikes changes over time, helping you decide whether to sell or hold your find.

Mintage Figures and Rarity Factors

In 1940, the San Francisco Mint struck exactly 3,928,000 quarters. To put that into perspective, the Philadelphia Mint struck over 35 million quarters the same year. This massive difference in production volume means the “S” mint mark version is roughly nine times scarcer than its sister coin from the East Coast.

Because many of these coins were used extensively in daily commerce, finding one in “About Uncirculated” or “Mint State” condition is quite difficult. Most specimens found in local coin shops or in inherited collections show significant wear on Washington’s hair and the eagle’s breast feathers.

The 1940 quarter value is heavily dependent on these mintage numbers and the survival rate of high-quality pieces. Naturally, as the silver price fluctuates, the “melt value” provides a floor for the price, but the numismatic premium—the extra money collectors pay for the date and mint mark—is where the real profit lies.

Mint Location	Mintage	Relative Rarity
Philadelphia (No Mint Mark)	35,704,000	Common
Denver (D)	2,797,600	Scarce
San Francisco (S)	3,928,000	Semi-Scarce

Determining the Grade of Your 1940-S Silver Quarter

Condition is king in the world of coin collecting. For a 1940-S Washington Quarter, the difference between a coin that looks “okay” and one that looks “new” can be hundreds of dollars. Professional grading services like PCGS and NGC use a 1-70 scale, but you can get a good idea of your coin’s grade by looking at specific details.

Check the hair lines around Washington’s ear. If they are completely flat and worn away, the coin is likely in “Good” or “Very Good” condition. If you can see individual strands of hair, you may have an “Extremely Fine” or “About Uncirculated” specimen. On the reverse, the eagle’s breast feathers are the first area to show wear; a coin with full feather detail is very rare.

For those who want a professional estimate without sending the coin away, the CoinKnow app features high-resolution image recognition to compare your coin against graded samples. Checking the current market value for MS-65 quarters will show you that “Gem” condition coins are the ones that truly reach the triple-digit price bracket.

Special Varieties and Error Coins to Look For

While the 1940-S isn’t famous for a massive variety like the 1943 “Doubled Die,” there are still things to watch for. One of the most sought-after aspects of 1940 quarters is the “Large S” vs. “Small S” mint mark variations, though these usually appear in other years more prominently. However, re-punched mint marks (RPM) are a possibility that collectors love to hunt.

An RPM occurs when the mint mark was punched into the die more than once, leaving a faint shadow or a “doubled” appearance on the letter S. These can add a 20-50% premium to the coin’s base value depending on how clear the doubling is.

Another error to check for is a “clipped planchet” or “off-center strike.” Because the 1940-S has a low mintage, any strike error on this specific silver date makes it exceptionally rare. If your coin looks “misshapen” or has part of the design missing, don’t throw it away—it could be worth much more than a standard quarter.

Error Type	Description	Potential Value Increase
Re-punched Mint Mark (RPM)	Double “S” visible under magnification.	$15 – $50 Extra
Die Cracks	Raised lines on the surface from a broken die.	$5 – $20 Extra
Off-Center Strike	Design is not centered on the silver blank.	$100+ (Condition dependent)

Why the Silver Content Always Matters

Even if your 1940-S Washington Quarter is in terrible condition—scratched, bent, or heavily worn—it will never be worth just 25 cents. All Washington Quarters minted from 1932 to 1964 are made of 90% silver and 10% copper. This is often referred to as “junk silver” by investors, but there is nothing “junk” about its value.

Each quarter contains approximately 0.1808 troy ounces of pure silver. When silver prices rise, the value of your 1940-S rises along with it, regardless of its collector appeal. To calculate the base value, multiply the current spot price of silver by 0.18. For example, if silver is $30 per ounce, each 1940-S quarter is worth at least $5.42 just for the metal.

By using CoinKnow, you can stay updated on the live silver spot price and see how it impacts your entire collection. It is a fantastic tool for casual collectors who want to know the “melt value” of their silver quarters in real-time without doing the math manually.

How to Store and Protect Your Silver Quarters

If you discover that your 1940-S Washington Quarter is in high-grade condition, protection is vital. Silver is a soft metal and reacts with the air, causing toning or “tarnish.” While some collectors love original rainbow toning, most prefer a bright, lustrous coin.

Never clean your coins. This is the most important rule in numismatics. Cleaning a coin with chemicals or a cloth creates microscopic scratches that can destroy up to 90% of its collector value. Even a 1940-S that looks dirty is worth more than a 1940-S that has been scrubbed.

Instead, place your quarter in a PVC-free plastic flip or a cardboard “2×2” holder. For high-value specimens worth over $100, you might consider sending them to a third-party grading service like PCGS to be “slabbed.” This seals the coin in a hard plastic holder, guaranteeing its grade and protecting it from the elements for decades to come.

FAQ

Q: Where is the mint mark on a 1940-S Washington Quarter?

A: You can find the “S” mint mark on the reverse (back) of the coin. Look directly below the eagle, just above the word “QUARTER.” If there is no letter there, the coin was minted in Philadelphia.

Q: Is the 1940-S Quarter rare?

A: It is considered “semi-scarce” with a mintage of 3.9 million. While not as rare as the 1932-S or 1932-D, it is much harder to find than the Philadelphia version and commands a decent premium in better conditions.

Q: Should I clean my 1940-S Silver Quarter to make it look newer?

A: Absolutely not! Cleaning a coin permanently damages the surface. Collectors value “original” surfaces. Even a dark, toned coin is more valuable than a chemically cleaned one.

Q: What is the “melt value” of a 1940-S Quarter?

A: The melt value depends on the current price of silver. Since the coin is 90% silver, its metal value is usually between $4 and $6, depending on the market. However, because it is a 1940-S, it usually sells for more than just its silver weight.

Q: How can I tell if my 1940-S Quarter is in “Mint State”?

A: A Mint State (MS) coin will have no signs of wear on the highest points, such as Washington’s cheek and hair or the eagle’s breast. It should also have “mint luster,” which is a frosty or satiny shimmer that moves across the coin when you tilt it under a light.