A single example sold for $19,975 at Heritage Auctions — and every 1940 quarter contains real 90% silver. The key-date 1940-D starts at $10 in worn condition and tops $17,500 in pristine grades. Find out exactly what yours is worth.
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This calculator requires knowing your mint mark, condition, and any errors — if you haven't identified those details yet, there's a 1940 Quarter Coin Value Checker free online tool that can help you identify those features from a photo before you run the numbers.
The Doubled Die Obverse FS-101 is the single most valuable variety among 1940 quarters — worth up to $2,880 in top grades. Use this quick checker to see if your coin shows the diagnostic signs.
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Five significant varieties and errors are known for the 1940 Washington quarter series. Each one has distinct diagnostic features, a separate catalogue attribution, and a documented value range. The sidebar below links directly to each variety — or simply scroll through them all.
The 1940-D Doubled Die Obverse FS-101 stands as the most celebrated variety in the entire 1940 Washington quarter series. It was created when the obverse working die received a second impression from the master hub that was slightly misaligned — essentially stamping a ghost image over the first positive impression during the hubbing process used to manufacture working dies.
The doubling is most prominent on the motto "IN GOD WE TRUST" in the lower left quadrant of the obverse, where a distinct secondary impression or "shelf" is visible at 5–10× magnification. Doubling also appears on the word LIBERTY across the top, and careful examination of Washington's portrait may reveal slight duplication. The offset of the secondary impression runs in a roughly southeast direction from the primary features.
Collectors prize this variety because it is one of the strongest doubled die obverses in the entire Washington quarter series dated before 1950, making it a landmark attribution for variety specialists. The strong visual impact of the doubling — visible even to beginners with a basic loupe — drives healthy demand at every grade level, from budget-priced circulated examples to certified Gem Mint State coins.
The 1940-D RPM FS-501 features what numismatists describe as a dramatic "D/D/D" or tri-punched repunched mint mark — one of the most visually striking repunching effects in the Washington quarter series. Before 1989, the U.S. Mint hand-punched mint marks individually into each working die rather than incorporating them into the master hub design. This labor-intensive process left wide room for human error.
On this variety, the "D" punch was applied in an off-target position and then corrected at least twice more, leaving multiple impressions at slightly different placements. The result — seen on the reverse below the eagle's tail ribbon — is a cluster of overlapping "D" letters that creates a distinctive, layered appearance unique to this die. The spacing and direction of the secondary punch impressions differ from those of the related FS-502 variety, making them separately catalogued in the Cherrypickers' Guide.
RPM varieties like this one are especially significant for the window they open into 1940s Mint production methods, and they attract dedicated variety collectors who specialize in Washington quarters. The visual drama of a clearly tripled mint mark makes in-hand attribution straightforward even for collectors new to variety hunting, which sustains strong retail demand across grade levels.
The 1940-S RPM CONECA RPM-001 is one of the best-kept secrets in the 1940 Washington quarter series. While the 1940-D varieties dominate the conversation, this San Francisco issue shows a dramatic "S/S/S" tri-punched mint mark — three sequential punch impressions that did not land squarely on the same position. The variety is attributed in the CONECA Master Listing (CONECA RPM-001) and also appears as NGC VP-002 and Variety Vista 1940-S RPM-001.
Under magnification, the primary "S" shows clear secondary impressions to the north and southeast of the final placement, creating a fanned or clustered appearance within the coin's mint mark location on the reverse. The tripled nature of this punching makes it more dramatic than simple doubled varieties, though the overall value premium is modest compared to the FS-501 on the Denver issue.
This variety represents an excellent entry point for collectors building a 1940 quarter type set with variety attributions, offering a certified-attribution premium at a price point well below the Denver DDO or RPM. The 1940-S already carries a semi-key status in the series with only 8.24 million produced, and the RPM-001 attribution adds a further layer of collector interest to any uncirculated or sharply struck circulated example found with this diagnostic.
Off-center strikes occur when a planchet (blank coin disc) is not properly centered between the upper and lower dies when the press fires. The result is a coin where the design appears on only part of the coin's surface, with a plain, undesigned crescent of blank metal on the opposite side. Each off-center strike is unique — unlike die varieties, which affect hundreds or thousands of coins from the same die, every mechanical error like this is a one-of-a-kind piece.
For a 1940 off-center quarter to carry meaningful collector value, the strike must be off-center by at least 10% (meaning roughly 10% or more of the design is missing on one side), and crucially the date must remain readable. Dramatic examples with 20–50% offset command the highest prices, as the striking misalignment becomes visually obvious at a glance. The coin still retains the full weight and silver content of a normal quarter.
Value for 1940 off-center quarters ranges from approximately $100 for a modest 10–20% offset to $400 or more for dramatic examples where Washington's portrait is only partially present. The underlying mint mark (D being most desirable due to its key-date scarcity) and the overall coin condition also factor into the final price. Certification by PCGS or NGC is strongly recommended for dramatic examples before any sale.
Lamination errors — more precisely termed planchet delamination errors — occur when impurities or imperfect alloying within the silver-copper planchet blank cause a layer of the metal to separate, crack, or flake away from the coin's surface. Because 1940 Washington quarters are struck in a 90% silver, 10% copper alloy, any inconsistency in how those metals bonded during the rolling and annealing stages can create a plane of weakness that manifests as a delamination after striking.
A lamination can appear as a raised, partially detached flap of metal still clinging to the coin's surface, a sunken depression where a flap has already fallen away, or a streak of torn metal running across the design. On 1940 quarter laminations, the reverse eagle area is a common location for this flaw to appear, given the relief of the design in that region. The lamination may cut across Washington's portrait or the lettering on the obverse as well.
Unlike the more dramatic die varieties and off-center errors above, lamination errors represent the most accessible entry point into the 1940 quarter error market. Minor lamination flakes (less than 1–2mm) add no significant premium. Significant laminations — where a visible flap has partially or fully detached, creating an obvious surface disruption — are valued at approximately $30 to $75 for certified examples, with larger or more dramatic delaminations toward the upper end of this range. PCGS and NGC attribute and encapsulate lamination errors on a case-by-case basis.
| Issue | Mint | Mintage | Type | Relative Scarcity |
|---|---|---|---|---|
| 1940 (P) | Philadelphia | 35,704,000 | Business strike | Common date |
| 1940-D | Denver | 2,797,600 | Business strike | Key date (semi-key per PCGS) |
| 1940-S | San Francisco | 8,244,000 | Business strike | Semi-key date |
| 1940 Proof | Philadelphia | 11,246 | Proof (collector) | Genuinely rare |
| Total 1940 | All mints | 46,756,846 | Combined | — |
The 1940-D's mintage of 2,797,600 is only 7.8% of Philadelphia's output that same year, explaining its strong premiums across all grades. NGC reports certifying only one 1940-D example in MS-68, while PCGS has certified zero — making top-tier examples of this key date extraordinarily rare.
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For a full step-by-step 1940 quarter identification and value walkthrough, including photos of every grade tier, visit the linked guide. The table below summarizes current retail values across all mint marks and conditions based on PCGS and NGC price guide data (updated 2025–2026).
| Issue | Worn (G–F) | Circulated (VF–AU) | Uncirculated (MS-60–64) | Gem (MS-65+) |
|---|---|---|---|---|
| 1940 (P) Philadelphia | $8.50 – $10 | $10 – $13 | $25 – $45 | $75 – $8,500+ |
| ⭐ 1940-D Denver (key date) | $10 – $11 | $30 – $65 | $135 – $185 | $225 – $17,500+ |
| 1940-S San Francisco | $11 – $15 | $20 – $50 | $60 – $110 | $110 – $13,000+ |
| 1940 Proof (Philadelphia) | — | — | — | $55 – $8,625+ |
| 🔴 1940-D DDO FS-101 | $70 – $150 | $150 – $500 | $500 – $1,500 | $1,500 – $2,880+ |
| 1940-D RPM FS-501 | $20 – $50 | $50 – $400 | $400 – $1,200 | $1,200 – $2,585+ |
⭐ = Key date (signature variety). 🔴 = Highest-value variety. Values are retail estimates; actual prices depend on grade, eye appeal, and current silver spot price.
📱 CoinHix lets you scan your 1940 quarter on the spot and cross-check its grade against certified examples from major auction archives — a coin identifier and value app.
Grading determines the single biggest variable in your coin's value. A 1940-D worth $40 in VF-20 can be worth $225+ in MS-65 — the same coin, an entirely different price. Here's how to read the condition tiers.
Washington's cheek is flat and featureless. Hair curls above the ear are merged. Eagle breast feathers mostly worn smooth. Date and legends readable. At this grade, value is essentially silver melt ($8–$12).
Moderate to slight wear on Washington's cheek and eagle's breast. Hair detail above the ear partially visible. At AU-50, only trace friction on highest points; 50%+ mint luster preserved. Worth $10–$65 depending on mint and grade.
No trace of wear. Full mint luster present but contact marks visible on Washington's cheek or fields. Strike quality varies by mint — 1940-S can show weak breast feathers even in MS-63 due to die fatigue. Worth $25–$185.
Only minor contact marks in non-focal areas. Strong cartwheel luster. Eagle breast feathers fully separated and rounded. Washington's cheek nearly mark-free. MS-68 coins are exceptionally rare — fewer than 12 known across both grading services. Worth $75 to $19,975+.
🔎 CoinHix helps you compare your coin's surface details against graded examples to pinpoint your condition tier before you sell — a coin identifier and value app.
The right venue depends on your coin's value tier. A circulated common-date Philadelphia quarter belongs in one place; a certified 1940-D DDO belongs in another.
The world's largest numismatic auction house — the right venue for certified key-date and variety pieces. A 1940-D DDO FS-101 in MS-66 realized $2,880 here. Heritage provides detailed cataloguing, strong competition among specialist bidders, and an international buyer pool that maximizes prices for the best coins.
The most liquid marketplace for circulated and mid-grade uncirculated 1940 quarters. Check recently sold prices for 1940 Washington quarter listings and completed auction results before listing to set a competitive price. Use "Completed Items" filter and compare only sold — not just listed — prices for accuracy.
Convenient for quick sales of circulated silver Washington quarters. Expect to receive 70–80% of retail value — dealers need margin. Especially practical for bullion-level 1940-P coins worth only melt value, where auction fees would eat into returns. Call ahead to confirm the shop buys 90% silver.
A growing peer-to-peer marketplace where collectors buy directly from other collectors — no dealer markdown, no auction fees. Effective for mid-value coins ($20–$200 range). Requires verifying buyer feedback and using PayPal Goods & Services for protection. Post clear photos of both obverse and reverse with the date visible.
Every 1940 Washington quarter contains real silver. The key-date 1940-D and the DDO FS-101 variety can be worth 10× or more than a common circulated coin. Get your number in under 60 seconds.
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