The 1938-S Washington Quarter is worth anywhere from $5 in worn condition to over $3,500 in high-grade mint state. As a low-mintage issue from the San Francisco Mint, this coin is a prize for everyday Americans who discover one tucked away in an old jar or inherited collection.

Condition / Grade	Estimated Value
Good (G-4)	$5.00
Fine (F-12)	$8.50
Extremely Fine (XF-40)	$15.00
Uncirculated (MS-60)	$45.00
Choice Uncirculated (MS-65+)	$150.00+

Why the 1938-S Washington Quarter is a Rare Treasure

If you have found an old quarter with a small “S” on the back, you might be holding a piece of Great Depression history. The 1938-S Washington Quarter is famous among collectors because it has the second-lowest mintage in the entire Washington Quarter series, trailing only the legendary 1932-D and 1932-S. To determine exactly what you have, using a top coin identifier app can help you spot the mint mark and evaluate the surface quality instantly.

During 1938, the United States was still feeling the economic pinch, and the San Francisco mint produced only about 2.8 million of these quarters. Compare that to modern years where billions are minted, and you can see why this coin is so special. In the world of numismatics, scarcity creates value. For the average person, this means a 1938-S is never just worth twenty-five cents; even in heavily used condition, it carries a significant premium over its face value.

Many people use the CoinKnow app to scan their pocket change for “S” mint marks. While most quarters from the 1960s or 70s are common, finding a pre-1964 silver quarter is a win. Finding a 1938-S specifically is like winning a mini-lottery. Because these coins were struck in 90% silver, they also have intrinsic bullion value, though their collector value far exceeds the price of the silver metal inside.

Grading and 1938-S Quarter Value Factors

The price of your coin depends heavily on its “grade,” which is a fancy word for its condition. A coin that looks like it was just dropped by the bank teller is worth significantly more than one that has been rattling around in pockets for eighty years. Professional collectors use a 1-to-70 scale. For those just starting out, checking the 1938 quarter value guide can help you distinguish between a coin worth $10 and one worth $100.

In “Good” condition, Washington’s hair will be smooth and the eagle’s feathers on the back will be worn flat. As you move up to “Fine” or “Extra Fine,” the details in the hair and the chest of the eagle become more distinct. The real money lies in “Mint State” (MS) coins. These are quarters that never actually entered circulation. They still possess their original “luster”—that frosty, shimmery glow that reflects light when you flip the coin.

If you aren’t sure where your coin falls, CoinKnow allows you to upload high-resolution photos to get an AI-assisted estimate of the grade. This is crucial because a single point on the grading scale can mean a difference of hundreds of dollars. For instance, an MS66 might be worth double what an MS65 is worth.

Grade Detail	Visual Indicators	Value Estimate
About Uncirculated (AU)	Slight wear on highest points	$25 – $35
Mint State 63 (MS63)	Noticeable marks but full luster	$65 – $80
Mint State 66 (MS66)	Very few marks, high eye appeal	$225 – $300
Mint State 67 (MS67)	Virtually perfect to the naked eye	$600 – $950

Identifying the Mint Mark and Metal Content

Before you get too excited, you must verify you have the “S” version. The 1938 Washington Quarter was minted in two locations: Philadelphia (which has no mint mark) and San Francisco (which has an “S”). The Philadelphia version had a mintage of about 9.4 million, making it more common and generally less valuable than the San Francisco strike. You can find the mint mark on the reverse (tails) side, located directly below the center of the wreath that the eagle is perched upon.

It is also important to remember that all 1938 quarters are made of 90% silver and 10% copper. This creates a “melt value” which fluctuates with the market price of silver. Even if the coin is so worn that you can barely see Washington’s face, it will always be worth its weight in silver. Currently, that base value usually sits around $4 to $5.

If you find a quarter from this era that looks “silver” but doesn’t sound right when dropped, be careful. Using the CoinKnow app’s database can help you verify the weight and specifications. Genuine 1938 quarters should weigh approximately 6.25 grams. If you are tracking the market, checking the 1938-S Washington Quarter auction prices will give you a real-time look at what collectors are actually paying today.

The “S over S” Re-punched Mint Mark Variety

For the eagle-eyed collector, there is a special variety of the 1938-S quarter known as the “Re-punched Mint Mark” (RPM). In the 1930s, mint marks were often punched into the dies by hand. Sometimes, the worker would hit the punch, realize it was slightly out of place, and hit it again. This creates a “doubled” look on the letter S.

If you have a 1938-S quarter, grab a magnifying glass or a jeweler’s loupe. Look closely at the “S.” Do you see a faint second S overlapping the first one? If so, you have found an RPM variety. These are highly sought after by specialists and can command a 20% to 50% premium over the standard 1938-S prices.

While these varieties are rare, they are exactly the kind of “hidden” value that keeps coin hunting exciting. Most people would hand this coin over for a pack of gum, but a collector might pay a hundred dollars just to have that specific mint error. Checking for these small details is what separates a casual hobbyist from a professional numismatist.

Variety Type	Condition	Additional Premium
Repunched Mint Mark (S/S)	Circulated	$10 – $30 extra
Repunched Mint Mark (S/S)	Uncirculated	$100+ extra

Tips for Preserving Your 1938-S Quarter Value

If you discover that you have a high-value 1938-S, the most important thing you can do is nothing. Do not clean it! This is the number one mistake made by everyday Americans who find old coins. You might think that scrubbing off the dirt with some baking soda or silver polish will make it look “better,” but collectors actually prefer the natural “patina” or toning that comes with age.

Cleaning a coin creates microscopic scratches on the surface. To a professional grader, a cleaned coin is “damaged,” and its value can drop by 50% or more instantly. If the coin is dirty, leave it dirty. If it is shiny, keep it away from your fingers, as the oils in your skin can cause dark spots over time.

Instead, place the coin in a PVC-free plastic flip or a cardboard “2×2” holder. This protects the coin from moisture and physical scratches. If you believe your 1938-S is in exceptionally good condition (looking like it just came from the mint), it might be worth sending to a professional grading service like PCGS or NGC. A certified “slabbed” coin is much easier to sell for a high price than a raw coin.

Where to Sell Your 1938-S Washington Quarter

Once you’ve identified your coin and estimated its value, you might want to turn it into cash. You have several options depending on how much work you want to put in. Local coin shops are the fastest way to get paid. However, remember that a dealer has to make a profit, so they will typically offer you 60% to 70% of the retail value.

Selling on eBay or specialized auction sites can net you a higher price, but you have to deal with shipping, fees, and potential returns. If you have a high-grade MS67 or better, your best bet is a major auction house like Heritage Auctions or Stack’s Bowers, where serious collectors compete for the best specimens.

Always do your research before walking into a shop. Know the current price of silver and the recent sales data for your specific grade. Being an informed seller ensures that you aren’t taken advantage of and that you get every penny of the 1938-S Washington Quarter value you deserve.

FAQ

Q: How can I tell if my 1938-S quarter is made of real silver?

A: All Washington Quarters from 1932 to 1964 are made of 90% silver. You can check the edge of the coin; if you see a solid silver color without a copper-colored stripe, it is silver. Additionally, silver coins have a distinct high-pitched “ring” when gently tapped, whereas modern clad quarters have a duller thud.

Q: Why is the “S” mint mark so much more valuable than the 1938 Philadelphia quarter?

A: It comes down to mintage numbers. The San Francisco Mint (S) produced only 2,836,000 quarters in 1938, while the Philadelphia Mint produced 9,410,800. Because there are fewer “S” quarters available, they are more desirable to collectors trying to complete a full set of Washington Quarters.

Q: Is it worth getting my 1938-S quarter professionally graded?

A: Professional grading costs between $20 and $50 per coin plus shipping. Generally, it is only worth it if the coin is in “Uncirculated” condition (MS63 or higher). If the coin has clear signs of wear from being used in stores, the cost of grading might exceed the actual value of the coin.

Q: Where exactly is the mint mark located on a 1938 quarter?

A: Turn the coin to the back (the eagle side). Look at the bottom, just above the word “Quarter Dollar.” You will see a small wreath. The mint mark “S” will be located directly in the center, just below the bow of that wreath. If there is no letter there, it was minted in Philadelphia.