The 1938-S Washington Quarter is worth anywhere from $5 in worn condition to over $1,000 in high mint state grades. Finding this San Francisco minted coin in your change or an old collection is an exciting discovery because it is considered a legitimate “semi-key date” in the series.
| Condition / Grade | Estimated Value |
|---|---|
| Good (G-4) | $5.00 |
| Fine (F-12) | $12.50 |
| Extremely Fine (XF-45) | $25.00 |
| Uncirculated (MS-63) | $65.00 |
| Choice Uncirculated (MS-65+) | $200.00+ |
History and Rarity of the 1938-S Silver Quarter
If you’ve just inherited a jar of coins or found a shiny silver quarter while cleaning out a drawer, you might be holding a piece of Great Depression history. The 1938-S Washington Quarter is a standout coin for many reasons, primarily its low mintage numbers. During this era, the United States was still recovering from economic hardship, and the demand for new coinage was relatively low. To get a better understanding of what you have, using the best coin identifier app can help you confirm the date and mint mark before you head to a dealer.
The San Francisco Mint (denoted by the “S” mark) produced only 2,832,000 of these quarters in 1938. To put that into perspective, modern quarters are often minted by the hundreds of millions. Because of this scarcity, collectors and enthusiasts often hunt for this specific date. When you use CoinHix, you can see how this mintage volume compares to other years in the Washington series, making it clear why the “S” version is more valuable than its Philadelphia (“P”) counterpart.
Silver content is another factor for everyday Americans to consider. Every quarter minted before 1965 is 90% silver. This means that even if your 1938-S is badly scratched or worn smooth, it still has “melt value” based on the current price of silver bullion. However, because of the 1938-S rarity, its numismatic (collector) value almost always exceeds its silver weight value.
Identifying the S Mint Mark on Your 1938 Quarter
Identifying where your coin was made is the first step in determining its true worth. For the 1938 Washington Quarter, there were only two mints involved: Philadelphia and San Francisco. If your coin has no mint mark, it was minted in Philadelphia. If it has a small “S” on the reverse side, you have the more desirable San Francisco version.
To find the mint mark, flip the coin over to the reverse (the eagle side). Look at the very bottom, directly above the “ER” in the word “QUARTER” and below the wreath that the eagle is perched upon. A small, clear “S” indicates the San Francisco origin. If you have trouble seeing it, the zoom feature on CoinHix provides a great way to inspect tiny details without needing a professional magnifying glass.
Collectors pay a significant premium for the 1938-S because it represents one of the lowest mintage figures of the entire 1932-1964 silver era. Ensuring that the “S” is genuine and not an alteration is key, though alterations are rare for this specific date. Checking the 1938 quarter value guide can help you see common characteristics of authentic coins from this year.
Grading and Condition: How Much is Your Coin Actually Worth?
In the world of coin collecting, condition is everything. A coin that looks like it just came from the bank is worth many times more than one that has been rattling around in pockets for eighty years. Professional graders use a 70-point scale, but for the average person, we can break it down into four main categories: Good, Fine, About Uncirculated, and Mint State.
A “Good” 1938-S will show heavy wear. George Washington’s hair will be smooth, and the eagle’s feathers on the back will be mostly gone. As you move up to “Fine,” more details appear, such as the lines in the hair around the ear. If the coin has a lustrous, shiny appearance and no signs of wear on the high points, it is “Uncirculated.” For those curious about the highest tiers of quality, you can find detailed 1938-S Washington Quarter MS prices online to see how small differences in condition lead to big jumps in price.
| Grade Label | Description of Details | Price Range |
|---|---|---|
| Circulated (Average) | Visible wear, smooth hair/eagle feathers. | $5 – $15 |
| About Uncirculated | Trace wear on hair and eagle’s breast. | $35 – $50 |
| Mint State (MS-63) | No wear, some contact marks or scratches. | $65 – $85 |
| Gem Mint (MS-65+) | Strong luster, very few blemishes. | $150 – $1,200+ |
The 1938-S Quarter Mirror-Like Luster and Eye Appeal
What makes some 1938-S quarters sell for $200 while others reach $1,000? Beyond technical grading, collectors look for “eye appeal.” This includes “toning,” which is a natural oxidation process that can turn a silver coin shades of blue, rainbow, or gold. A beautifully toned 1938-S is a prize for any collector.
Luster is another vital factor. When a coin is first struck, the metal flows into the die, creating microscopic ridges that reflect light in a “cartwheel” pattern. If you rotate your coin under a light and see a beam of light spinning around the surface, you have original luster. If the coin looks dull or grey, it has likely been “cleaned.” Never clean your coins! Cleaning a 1938-S Washington Quarter can actually reduce its value by 50% or more, as collectors prefer the original patina.
If you are unsure whether your coin’s shine is natural or the result of polishing, using CoinHix can help. The app provides high-resolution reference images so you can compare your coin’s surface to known authentic, uncleaned examples. This ensures you don’t make a mistake that costs you money when it comes time to sell.
Silver Content and Long-Term Investment Value
Even if the collector market fluctuated, the 1938-S Washington Quarter holds intrinsic value because of its 90% silver composition. Each quarter contains approximately 0.1808 troy ounces of pure silver. While this provides a “floor” for the price, the 1938-S is prized as a semi-key date, meaning its collector value is the primary driver of its price.
Historical data shows that early Washington Quarters in high grades have been steady performers in the hobby. Because so few were minted in San Francisco that year, the supply is fixed. As more people enter the hobby of coin collecting, the demand for these limited 1938-S pieces grows. Keeping your coin in a protective flip or capsule is essential to preserving this value for years to come.
| Year minted | Mint Mark | Composition | Total Mintage |
|---|---|---|---|
| 1938 | S (San Francisco) | 90% Silver, 10% Copper | 2,832,000 |
| 1938 | None (Philadelphia) | 90% Silver, 10% Copper | 9,410,000 |
1938-S Washington Quarter Value FAQ
Q: Is there a 1938-D Washington Quarter?
A: No, the Denver Mint did not produce any quarters in 1938. Only the Philadelphia and San Francisco mints struck Washington quarters that year. If you think you see a “D,” it is likely a 1939-D or a very clever mint mark alteration, which should be verified by a pro.
Q: Should I get my 1938-S quarter professionally graded?
A: It depends on the condition. If your coin looks brand new (Uncirculated) with no visible wear, it might be worth sending to a service like PCGS or NGC. Grading costs roughly $30-$50, so the coin should be worth at least $100 to justify the expense. Most circulated 1938-S quarters are better kept in a simple cardboard holder.
Q: How can I tell if my 1938-S quarter is a “Proof” coin?
A: The San Francisco Mint did not make proof quarters in 1938; only the Philadelphia Mint produced proofs that year. Therefore, every 1938-S is a “business strike” intended for general circulation, though some have survived in remarkably shiny condition.
Q: Where is the best place to sell my 1938-S quarter?
A: For a quick sale, a local coin shop is your best bet, though they will usually offer 60-70% of the retail value. For the highest price, consider listing it on an online auction site or a reputable collector forum. Before selling, always check current market trends using CoinHix to ensure you are getting a fair offer.
