1964 is a key date in the Washington Quarter series. It was the last year this coin was minted in silver, as the United States Congress decided to eliminate silver from circulating dimes and quarters in 1965.
Regular strikes of the 1964 silver Washington quarters minted at Philadelphia, can be worth up to $3,750 in superb gem circulation. Under similar conditions, the ones from the Denver Mint fetch $38,500, according to the PCGS.
In this price guide, I will take you through all the variations and even mint errors of the 1964 Washington Quarter mintage.
Historical Significance
In 1964, there was a severe coin shortage. Rising silver prices led the public to hoard the new Kennedy half-dollar and other coins, including non-silver ones.
To combat this, the Treasury received Congressional approval to mint 1964-dated coins into 1965, rapidly depleting silver reserves.
President Lyndon Johnson then announced that silver would be removed from dimes and quarters in favor of a copper-nickel-clad composition and that silver would be reduced to 40% in the half dollar.
Factors Affecting 1964 Quarter Value
Keep reading to discover more aspects to help you understand what to look for when anticipating or determining 1964 quarter coin values.
Condition of the Coin: Grading
In the numismatic world, coins are graded using the Sheldon Scale. It goes from 1 to 70, according to the coins' condition. In this system, the coins are divided into circulated condition (1-poor condition, 40-Extremely Fine, 50-About Uncirculated) and uncirculated or Mint State (from 60 to 70).
A coin's condition, or grade, reflects its wear and preservation state. Due to their aesthetic appeal and rarity, coins in better condition, especially those with minimal wear or uncirculated status, are more valuable than their average-condition counterparts.
Mint Mark
The mint mark indicates where the coin was produced. D is for Denver, S is for San Francisco, and P is for Philadelphia. A coin without a mint mark means it was also minted in Philadelphia. The 1964 Washington quarters do not bear the S Mint Mark.
Coins from certain mints can be rarer than others, impacting their scarcity and value. For example, coins from a mint with a lower production run can be more valuable.
The mintage numbers for both Denver and Philadelphia issues are, respectively, 704,135,528 and 560,390,585, so when it comes to numbers, the 1964 quarter is slightly rarer than the 1964-D quarter dollars. However, 1964-D is rarer in gem condition and, therefore, more expansive.
Collector Demand
Collectible demand is driven by popularity, rarity, and historical interest. Higher demand for specific coins or series increases their market value as more collectors seek to add them to their collections.
Historical Significance
Coins with historical significance, such as those commemorating important events or featuring notable designs, are often more valuable. Their connection to history can enhance their desirability among collectors.
Design
The coin's iconic design is crucial to its value since it represents the country's first president and the national animal, the bald eagle.
The 1964 Washington Quarter features John Flanagan's left-facing bust of George Washington on the obverse, with the inscriptions "LIBERTY" above, "IN GOD WE TRUST" to the left, and the year "1964" below.
The reverse side showcases a heraldic eagle with outstretched wings perched on a bundle of arrows flanked by olive branches. Above the eagle are the words "UNITED STATES OF AMERICA," and below it, "QUARTER DOLLAR." The motto "E PLURIBUS UNUM" is displayed on a banner held in the eagle's beak.
Composition of the Coin
The composition of a coin, particularly its content of precious metals like silver or gold, directly influences its intrinsic value. A higher content of precious metals typically increases the coin's melt value beyond its face value, especially when the spot price for these precious metals is also high.
Weighing 6.25 grams and composed of 90% silver and 10% copper, the coin contains approximately 5.625 grams of silver.
The remaining 10% copper contributes minimal intrinsic value but does not detract from the coin's overall desirability, which is primarily driven by its silver content.
Variations and Values for Washington Quarters
Check this list of the Washington Quarters variations, with average prices in uncirculated condition and their price records.
1964 25C (Regular Strike)
Source: PCGS
Despite the significant mintage of both 1964 releases, coins in Gem condition are relatively rare. The 1964 issue is slightly scarcer than its 1964-D counterpart, with only 12 specimens recorded in superb gem condition (MS67).
The auction record for a 1964 P Washington Quarter certified as MS67 was set at $7,188 on January 7, 2004, at Heritage Auctions.
1964-D 25C (Regular Strike)
Source: PCGS
The 704 million coins minted for the 1964-D (Denver mint) are notably the largest among the 1932-1964 silver Washington quarter series, with only the 1964 mintage coming close. Surprisingly, except for 1964, the 1964-D's mintage exceeds its nearest rival (the 1963-D at 135 million) by more than five times.
However, despite the large quantity minted, the 1964-D is relatively less common in Gem condition than the ones minted in San Francisco from the 1940s and 1950s. This suggests that although many coins were produced in 1964, they were not necessarily made or handled carefully.
The 1964-D Washington quarter MS68 auction record reached $38,400 on March 31, 2021, at Stack's Bowers.
1964-D 25C FS-901, Type C Reverse (Regular Strike)
Source: PCGS
In 1965, the Mint introduced a fresh reverse design for the Washington Quarter, featuring crisper details on the wreath's leaves. This design, known as Type C, was predominantly used in the 1965 quarters. The scarcity of 1964 Quarters with the Type C design renders them a rare variety within the Washington Quarter series. See a comparison:
Source: PCGS || 1964-D 25C FS-901, Reverse Type C
Notice how sharp the leaves are compared to the regular variety below.
Source: PCGS || 1964-D 25C Regular Reverse
The auction record for a 1964-D 25C FS-901, featuring a Type C Reverse (Regular Strike), reached $8,400 for an MS66+ grade on June 16, 2023, at Stack's Bowers.