1932-D 25C MS64 认证号25178740, PCGS号5791

Type: Washington Quarter, Type 1, Silver (1932-1964) Designer: John Flanagan Content: 90% Silver, 10% Copper Weight: 6.30 grams Diameter: 24.30 millimeters Edge: Reeded Mint: Denver Production Strikes: 19,696,000 General Type Description: In observance of the 200th anniversary of George Washington’s birth, the government decided to redesign the quarter dollar to depict the image of our first president. A lively competition ensued, and picked from this was a proposal of John Flanagan, a New York sculptor. The obverse of the Washington quarter dollar shows the head of Washington, modeled after a bust by Houdon, facing left, with LIBERTY above, IN GOD WE TRUST to the left, and the date below. The reverse shows a modernistic perched eagle, with a wreath below and E PLURIBUS UNUM above. UNITED STATES OF AMERICA and QUARTER DOLLAR inscriptions are at the borders. In silver alloy the type was minted continuously from 1932 to 1964, with the exception of 1933. (Source: Bowers, Q. David, “United States Coins by Design Types - An Action Guide for the Collector and Investor” Specific Issue Description: The 1932 Washington Quarter was originally intended to be a commemorative coin to celebrate the 200th anniversary of George Washington's birth,; making it the second Quarter Dollar commemorative (the first was the Isabella Quarter Dollar of 1893). The coin proved so popular that the design was continued as a regular-issue for circulation beginning in 1934 (Source: Guth, Ron. PCGS CoinFacts). The 1932-D is by far the rarest of the Washington quarters, being one of only two from the series with a mintage under one million coins—the other being the 1932-S; both having been highly sought after in all grades for the past 60 years. They are the key dates of the Washington quarter series and actually are two of the better known rare coins of the twentieth century. Staring in the 1950s, the post-World War II coin boom saw a lot of collectors looking for coins in circulation that they needed for their various sets. At the time, it was possible to find most of the copper, nickel, and silver coins of the 20th century in circulation. They may have been low grades, but at the time most collectors just wanted to “fill the hole” and condition was a secondary consideration. Nowadays, condition is much more important, but the 1932-D and 1932-S quarters are still very desirable in all grades. I believe they are very similar in rarity in circulated grades. But Uncirculated examples of the 1932-S was apparently saved a little more than the 1932-D in the year of issue as the 1932-D is definitely rarer than the 1932-S in mint state condition. The 1932-D has the lowest MS65 population of any Washington quarter. (Source: Hall, David. PCGS CoinFacts) Exemplar Notes: Acquired 6/2012 from David Lawrence Rare Coins. Photography/Imaging c/o Todd Pollock, BluCCPhotos.com

David Hall

The 1932-D is by far the rarest of the Washington quarters. There are only two Washington quarters with mintages of under one million coins. The 1932-D has an original mintage of 436,800 coins and the 1932-S has a mintage of 408,000 coins. Both coins have been highly sought after in all grades for the past 60 years. They are the key dates of the Washington quarter series and actually are two of the better known rare coins of the twentieth century.

The post World War II coin boom (starting in the 1950s) saw a lot of collectors looking for coins in circulation that they needed for their various sets. At the time, it was possible to find most of the copper, nickel, and silver coins of the 20th century in circulation. They may have been low grades, but at the time most collectors just wanted to "fill the hole" and condition was a secondary consideration. The coins that were more difficult to find were the lower mintage coins such as the 1909-S VDB cent, the 1916-D dime, and the 1932-D and 1932-S quarters. They were nearly impossible to find in circulation and were relatively expensive even in low grades.

Nowadays, condition is much more important, but the 1932-D and 1932-S quarters are still very desirable in all grades. I believe they are very similar in rarity in circulated grades. But Uncirculated examples of the 1932-S was apparently saved a little more than the 1932-D in the year of issue as the 1932-D is definitely rarer than the 1932-S in mint state condition. The 1932-D has the lowest MS65 population of any Washington quarter. As I'm writing this there is one lone PCGS MS66, a marvelous coin that sold at auction for $143,000 in 2008.

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Ron Guth

According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1932-D Quarter Dollars directly from the U.S. Treasury for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."