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1932-D Washington quarter prices in MS64

As a long-time collector of the Washington quarter series, I have followed the retail price guides for this series and kept track of the trends closely for about the past five years. Any of you out there who collect this series know what has happened to the retail values over the last couple of years, especially for coins in MS65, MS66 and MS67...they have gone "through the roof"!
I have taken a special interest to what has happened with pricing on the 1932-D, specifically. As little as 2 years ago, this date could be picked up in MS65 for about $7,000.-8000. Now, you're lucky to find one and if you do find one in MS65, the price tag much higher, somewhere around $20,000.-22,000.! I have taken special interest in MS64 prices, since my '32-D in an MS64. There is a huge disparity between MS64 to MS65 pricing for this date. Granted, there are only 35 coins graded MS65 by PCGS, compared to 228 in MS64. How many of you experienced Washington quarter collectors out there feel that the retail value of the '32-D in MS64 is too low? (it currently is at $4,250 in the PCGS price guide). I do! Nice coins in MS64 are virtually impossible to locate, and most of the ones I've seen selling at auction lately have been unattractive and yet they are fetching upwards of $5,000. plus a 15% buyers fee. I'm curious as to what some of you experienced quarter collectors think. The 1932-D quarter has quickly become the most difficult date to find (even more difficult than it used to be) in what is probably the most popular series in all of coin collecting today! I think the price of this coin in MS64 could easily go to $5,000.-$6000. in todays market...you just cannot find them now! Thanks for your thoughts on this.

Tom Schiera

Comments

  • I tend to agree with you. Although I am not a quarter collector myself, I also like to watch the key date coin series prices. The 1932-D in a solid MS-64 is a bargain today. Within the next few years, more collectors will find the state quarters collectible, and may branch out into earlier quarters. No matter what, the demand will only increase, and I would pick a MS-64 any day over a MS-65 right now.

    Beware of overgraded 1932-D quarters though. This is not a warning for you, since you know alot more than me about the series, but for others who may take this post as gossip and buy the cheapest MS-64/65 1932-D quarter.

    Cameron Kiefer
  • Tom & cameron, I agree with both of you on the 32D being a bargin in ms-64 right now. IMHO, anyone who had one in a 64 holder kept resubmitting until it went 65 or got knocked back to a 63 and then was given up on or sent to another generic grading service to get a 65 grade. More stable market for ms63 or 65 than in 64, if you are looking to put together a full set. image

    Regards, Dave
    Love those toned Washingtons
  • A coin with a PCGS pop of 228 in MS64 retails for over $4000.00?image

    And you think it is undervalued? Could anyone really sell one for that kind of money?
    Bill

    The only thing necessary for evil to triumph is for good men to do nothing.
  • I'm with WWBillman! A pop of 228 is pretty high. In fact I would consider it commonplace. If I carried this same logic into the lincoln series we would be seeing 1950 material (D's & S's) at what, the $3000 level instead of the $30 - $40 level where they belong. This is exactly where the whole registry game really kicks in. There are many out there collecting with their wallets instead of their heads. And its making it a game many of us are getting sick of! I think an extra column needs to be added to the registry - the price paid for the coin. Now this could be an area to award extra bonus points to.image By the way WashqrtrsRme are you currently sitting on a hoard of 64's, or are you a dealer?
  • manscomansco Posts: 229
    I have been a strong collector of the series in PCGS the past two years. I would agree that even with such a relatively high population, the coin( the 1932-D in PCGS MS64) can be elusive. However, in the last Heritage auction I think there were 2 or three and a 65 available (maybe I'm dreaming), but it took me about six month to find one in 64 and I had to cough up almost $5000 for it. However, it's not the most elusive coin in the series by far. I think that all of the coins prior to 1941 with mintmarks are undervalued and all the varieties (especially te 1934 Double Die in ANY grade...PCGS, of course) are as well.

    If you think this is an easy series, why do only Mr. Walser and myself have "completed (with varieties)" sets registered? Mine remains for sell, but it ain't cheap.
  • CocoinutCocoinut Posts: 2,505 ✭✭✭✭✭
    The population of 228 in MS64 is misleading. With a huge increase in price for a 65, many 64's have been cracked out and resubmitted.

    Another important aspect to consider: The '32-D has always been the key to the series, and a prime candidate for slabbing since the very beginning of PCGS and NGC. For years, there were only a handful of dates of Washingtons that were slabbed with any regularity; few people felt dates from the '40's and '50's were worth the cost of certification until the state quarter program began.

    Still another very important factor: There are a tremendous number of counterfeit '32-D's and '32-S's. Having these dates certified has been the only way to go since 1986, and astute collectors know this. Sure, there are diagnostics (primarily die polish) to determine whether a coin is genuine, and I'm well aware of them, but I still wouldn't buy these dates raw.

    I chose MS64's (PCGS, of course) for both of these dates, and feel that grade is the best compromise between price (value) and quality. I "passed" on several before buying the one in my set. Nice looking '32-D's really are difficult to find; most that I've seen have what I consider to be unattractive toning.

    The August Greysheet shows the '32-D bid at $2720, which is a joke. Try to find one for even $1000 more. Is it overpriced? Look at the 1909-S VDB in MS65RD, population 566, with 143 better, and a Greysheet bid of $3200. Key dates in popular series will sell for more than equally scarce coins in less popular series. It's called supply and demand.

    Lincoln Sence: No, Tom is not a dealer, nor does he have a hoard of '32-D's. He's a longtime devotee of the series, and I know he did a lot of searching to find his '32-D.

    My Washington set, with photos. I'm at #4 in the varieties set, 2 places behind Mansco.

    Jim
    Countdown to completion of my Mercury Set: 2 coins. My growing Lincoln Set: Finally completed!
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    Cocoinut: You have a nice solid MS-64 1932-D quarter. Here is the image:

    image

    Here is my PCGS MS-63 1932-D quarter shown below for comparison....by the way yours yours a bit more lustrous of the frosty/creamy kind and is attractive.

    image

    Now if we can only get a nice MS-65 to compare to right here then we would have any intyeresting grading set.
    A Collectors Universe poster since 1997!
  • CocoinutCocoinut Posts: 2,505 ✭✭✭✭✭
    Oreville,

    Nice MS63. Think it would upgrade today?

    Interesting that our '32-D's are both in older holders, but it just helps drive home one of the points I was trying to make: there are probably a larger percentage of '32-D's in older holders (as opposed to the blue inserts) than any other date Washington. Looking at my July 1996 pop report, while the '32-D had the lowest pop (120/19 in MS64/better) of any regular issue Washington from the '30's, there were only 11 dates from 1941-1964 that had higher pops in all grades combined.. A cursory glance at current pops shows the '32-D to be the lowest in grades MS64 and above. That's for all dates from 1932-1964. The next scarcest is (surprise!) the '53-D, a date that's usually dull and baggy.

    Certainly, the '32-D isn't the best bargain in numismatics, but at a price of $3500-$5000 for a 64 (depending on quality), I think it will perform well in the coming years.

    Jim
    Countdown to completion of my Mercury Set: 2 coins. My growing Lincoln Set: Finally completed!
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    "There are many out there collecting with their wallets instead of their heads"

    LS: As has been said many times around here - if you really believe what you say, then "cash in". Count me in for (10) 1932(d) quarters in PCGS-MS64 at $3000/coin sight-unseen and I will consider any PCGS-MS64 1932(d) quarter at up to $4,000/coin sight-seen. I'll keep that offer open for (60) days to give everyone time to slab up their loose pieces. Need help submitting them - just PM me and I'll run them over to PCGS for you as well image Wondercoin.
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • ok, maybe I jumped too quickly here. My frustration in lincolns lately comes from the fact that the quest to own the finest graded coins has lead collectors to pay enormous prices for low pop coins particularily some of the modern stuff. There seems to be what I will call a hockey stick approach (if you were to graph these prices) as the grades go up. Its very dramatic. Material in a 66 grade is reasonable, then in 67 out of this world. I for one think its crazy. If I begin to accept the fact that a coin in 67 is worth say $5,000, then do I begin to convince myself that a 66 should be worth say $1,500. This is what I am truly afraid of.

    I would like to take another crack at WashqrtrsRme original question. I made a comparison between the 32D and the 09S VDB. Here is what I discovered. They are both a significant Key item in their respective sets. They have approximately the same total mintage (more or less). Since 2-99 they both have experienced approximately a 25% increase in the number of pieces slabbed (PCGS) in their 3rd highest pop catagory (that being 65 for lincolns and 64 for wash). They have both experienced approximately a 35 - 40 % increase in their 2nd highest catagories. Applying a loose mathematical comparison from the lincolns to the washingtons ($approx 22k in 67, 9k in 66, and 3.5k in 65 for lincolns), to one of the above thread assumption that a 65 Wash would fetch 20-22k and I would now agree that the price could approximate $7500! Maybe even more. Would I pay that, well thankfully I have my hands full with Mr. Lincoln. A friend just recently told me that he started hoarding 64 Wash's as soon as the states program got underway. I guess a wise choice. I'm sure others had the same idea and now that I think about it a little more, they are probably tough to get. I'm going to call him on Monday and inquire what his 64's are going for. I didn't pay much attention to it at the time as I don't collect this series.

    So Wondercoin - no takers here. To WashqrtrsRme good question and maybe its worth revisiting in 3 months time to see if your theory pans out.
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    Lincoln Sence: Our society seems to be driven by competition. For College applicants increasingly only the Ivy League schools will do even though there are many fine if not even better schools out there. I could go on with examples such as in sports.......

    You are ignoring the fact that too often demand INCREASES for coins at the top possible grade and the second best grade seems to get the spillover effect when the top level is unavailable or when the top level has become too expensive. Too often the third best grade just isn't GOOD enough!

    I am sure wondercoin, for example, would love to be able to convince friends and customers that the third best graded coin is the coin to buy but too often that just won't happen. His friends and customners simply will not allow that!!!!! There is an obsession with quality and such obsession is growing, not shrinking. The price spreads between the #1 and #2 graded coins versus the "#3 and #4 also-rans" will continue to grow. To what end? I simply don't know. Will it someday implode? I can't predict that far in advance but certainly not for another 5 years. However, I believe if there is an implosion it will NOT be to levels below where they are now.

    I will state that the 1932-D quarter the prices should be much cheaper relative to the 1909-S VDB cent at this time.

    Why? The 1909-S VDB is a classic and famous coin in its own right even for non cent set collectors. The 1909-S VDB, although now well eclipsed by the 1922 plain and 1926-S cents among other cents within the series, remains a great classic 20th century coin and enjoys incredible demand from non lincoln cent collectors. On the other hand, the 1932-D (and 1932-S quarter) do not enjoy the same demand from non Washington quarter collectors. That is the big difference. Supply is not the major factor since both the 1909-S VDB and 1932-D issues enjoyed at least modest availability up to now.

    The question that should be asked is whether the 1932-D quarter will transform itself into one of the giants of the 20th century rarities? A giant as defined that it becomes a must have coin even for a non quarter collector on the order of a 1916-D dime or a 1909-S VDB cent, etc. ? It was on the verge of becoming a giant of the 20th century back in the late 60's and early 70's but then it faded into obscurity along with the rest of the Washington quarter series.

    We need to discuss and answer this question before we can examine whether further prices increases (or even levelling off as the statehood quarter program winds down) relative to other 20th century rarities are in store for the 1932-D (and S) quarters!



    A Collectors Universe poster since 1997!
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    LS: Good discussion. The Lincoln prices have spiralled out of control I believe in some cases. While I would gladly buy (10) 1932(d) quarters as mentioned, I wouldn't touch an svdb Lincoln in 66RD at $8k or $9k (unless, of course, it was super PQ). Just me - Lincoln guys please don't attack image

    Oreville's ideas are right on the mark. And, the Wash quarter series is "red hot" right now and I would expect it to get even harder to locate key date pieces in top grade.

    Oreville mentions the gem MS65RD 1926(s) Lincoln as really being the giant in the Cent series. Few people knew that 25 years ago (most people don't even know it today). There will also be "giants" in the Wash series which prove themselves over the next 25 years. Anyone think a pop 1/0 1934(d) quarter in MS67 might get a little attention when it is first slabbed and offered out? image Wondercoin.

    Wondercoin.
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • TypetoneTypetone Posts: 1,622
    I was a pretty serious Washington quarter collector in 2000 and 2001. Sold the set by the piece starting late last year. Late in 2000 I bought a 32D in PCGS MS64 from Heritage at $1,200. The piece was just average quality. Sold it with the set for $3,700.

    Why did the price run up so high, and why is it even higher today. First, the 32D is the key to the series. I also believe it to be a 20th century classic. As classic as the svdb? Pretty close. More important is that the series has gained in popularity (as it deserves). Collectors putting together gem sets are looking at 15K plus prices for the 65s (perhaps those are overvalued as well). The 64 is a pretty good alternative for those who can't afford the 65. For a key date the current price seems OK, but I wouldn't call it a great value. Also the pop is higher than real because of th crack out activity for the date.

    If I wanted one or two good values in the Washington series I would consider the 32 in 66 (really like this one), the 35D in 66. Any of the 30's S mints in 66, or the 38 in 66. I'm sure others have their favorites as well, but that's where I would look.

    Greg
  • I agree with some of the comments, and some I do not. I know for those of you who collect this series with the passion like I do, you can truly apprecaite the 1932-D quarter for what it is and for how very tough it has become.
    I am not a dealer, nor do I have a hoard of 1932-D Washington quarters...that's funny! I wish I did have a hoard of them! There are too many factors involved for me to put together a note which would adequately address all the factors for which I feel would contribute to convincing everyone that the 1932-D quarter should continue to go up in value. I'm not concerned about convincing everyone, or anyone for that matter, only sharing how I feel through my experiences. Let me suffice to say that I know this series intimately, have been a student/collector of it for over 20 years, and have studied it's trends closely for the past 5 years or so, and I think I know what I'm talking about.
    The 1932-D quarter has many factors to consider for it's lofty standing in the numismatic world. First of all, it had a mintage of only 336,800 which is very low for a 20th century issue. Not many coins survived in mint state, obviously. The Great Depression was in full-swing, and most people needed money to live, and couldn't be afforded the luxury of coin collecting...they needed their coins to buy food to feed their families! Another factor to consider for it's low mint state populations. Sure, you can find plenty of AG, G and VG examples of this date, but after XF, it gets much, mcuh tougher. True, the actual number of coins in MS64 is not that low (228) but you have to look beyond that number. Of the 228 PCGS MS64 examples, I'd venture to say that I have seen at least 1/3 of them in person. Of those 1/3, I belive that 80% of them are just plain ugly, although, in defense of PCGS, I think they are technically correctly assigned grades. 1932-D mint state quarters often appear unattractive, have ugly/irregular toning marks, unsighly bag/contact marks, especially in the forehead, cheek and neck areas on Mr. Washington's portrait. How many NICE examples exist out of those 228? I'd venture to say less than half, easily. This coin is VERY, VERY TOUGH to find with nice eye appeal in mint state grades...it goes beyond the population, and that is what you have to look at. I think a nice coin is definitely worth a premium. I think we've only seen the beginning of where the retail market will go with this date in MS64, and for the enitire series for that matter, in higher mint state grades. The 1932-D is only going to get more expensive in the next several years, you can take that to the bank! If you need one for your collection, get it now, while you might still be able to afford it...it's going to be $5,000.+ very soon in MS64, and I think it will be twice that in a few more years! Yes, I said that, and I belive it to be true! Maybe that's a bold statement to make, but I know how very tough that coin is in grades higher than MS62. I looked for 3 years before I finally found the right MS64 coin I wanted in my collection. I am picky, but I looked at a whole lot of ugly coins before I found the one I wanted in my collection. To me, eye appeal is a big part of what I look for when buying a coin. Anyone can buy a coin in a holder with an assigned grade. The pursuit of finding that coin which you really like is what it's all about. 1932-D quarters offer a great challenge, for many reasons as stated herein.

    Wondercoin knows this series and he knows what he is talking about. He said he'd pay 4 grand for nice a 1932-D in MS64. That's because he KNOWS he can get the money he wants for a nice example without any trouble, and it won't sit around in his vault and collect dust, either.

    And to you Jim, thanks for going to bat for me, pal!

    The Washington quarter series is finally getting the respect I think it has deserved for a long, long time. If you're looking to put a nice set of mint state coins together, don't wait any longer, as nice coins are getting togher to find all the time. Where will retail values be for this series in 5-10 years from now?! We can only guess, but if I'm a betting man, they ain't gonna be cheap!!

    Tom Schiera
    No. 5 in the PCGS Registry for Washington quarters
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    "Wondercoin knows this series and he knows what he is talking about. He said he'd pay 4 grand for nice a 1932-D in MS64. That's because he KNOWS he can get the money he wants for a nice example without any trouble, and it won't sit around in his vault and collect dust, either."

    Tom: Actually you are wrong here. They will sit around and collect dust, because I have no interest in selling any of them. image

    I have helped several serious Wash Quarter collectors build world class sets over the past couple years and every time I needed to give up one of the 32(d) MS65 coins I squirelled away. I miss every one of them! I have only -1- left in my set and it's not for sale at any "rational" price.
    image

    Wondercoin.
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • Wondercoin,
    I like you're thinking! Yes, I also wish I had another (or 2 or 3) nice 1932-D quarters in MS64 (or MS65)! I know you have handled a lot of nice Washington quarters over the years an have helped many collectors attain lots of nice coins. You are fortunate to have what I'm sure is a very nice1932-D in PCGS MS65, and I certainly don't blame you for not wanting to sell it, either...I wouldn't!
    I'm envious of the MS68 coins posted on your website that I heard you recently "made" at PCGS. They are beautiful beyond words, and I'll bet they look even better in person! I love beautifully toned Washingtons, there's nothing prettier! Did the MS68 coins go into your personal collection, or have you (or are you going to) place them with clients? Just out of curiosity, how do you, as a dealer, affix a price tag to an MS68 silver Washington quarter, with a pop. 1?? There's nothing to gauge it by....is there? I can't even imagine owning one! I was delighted that when I pedigreed my set last month and I got my 1935-S upgraded from MS66 to MS67...nice retail price increase! It's the most beautiful 1935-S I've ever seen, phenomenal creamy luster and gorgeous colors... but then I would say that, since it's my coin! Doubt I'd ever be able to afford and MS68 though, but maybe if I ever win the lottery I'll call you to see if you might want to sell me one of yours! image

    Best regards,

    Tom Schiera
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    "I'm envious of the MS68 coins posted on your website that I heard you recently "made" at PCGS"

    Tom: After years and years of submission attempts and thousands and thousands of Wash quarters through at PCGS, I made my first AND ONLY MS68 SILVER QUARTER. It is a 1948(p) and I have not even posted a scan of it yet on the site. Every other MS68 Wash quarter on the site (including the clad pieces) I was fortunate enough to purchase from the lucky submitters (or from someone who bought one from a lucky submitter) who graded them at PCGS. Those few submitters who continue to slab these special jewels make me envious as well image Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    ttt

    An old thread that is worthy of updating!!
    A Collectors Universe poster since 1997!
  • For the record, I have NO IDEA how my original post from 1-1/2 years ago showed up here again in the forum! (???).

    Tom Schiera
  • Tom,

    I missed this thread the first time around and glad someone thought is was worthy of another visit. Speaking of crack outs, I'm half tempted to resubmit the 32d you found for me. I've compared it to my 32s in 64 and I feel it's as nice or better. One of these days...image

    Rick
  • ColorfulcoinsColorfulcoins Posts: 3,360 ✭✭✭
    Don, thanks for the post.....may be just me but I don't think that ebay quarter is especially appealing.........just goes to show what we all know is true, 32D's are for the most part, unattractive! IN all my years of looking for a MS64, I never found one that I liked but I did eventually ended up buying one I didn't......
    Craig
    If I had it my way, stupidity would be painful!
  • MoneyLAMoneyLA Posts: 1,825
    Unfortunately, for anyone who thinks key coins are now overpriced just wait a few more months. The recent spike in gold prices is only the start of a move to hard assets -- similar to what happened in the late 1970s. This run-up in gold and silver will lead to a stampede for all sorts of collectibles including art and antiques and coins and stamps again. A few months ago I was talking about coins being overpriced but now I beleive we are on the way to another spurt. Key coins will surge first followed by the semis. Those 32-d prices could double in the next wave. cheers, alan mendelson
  • I, too am glad that this thread was revived. thanks Orville. When this thread originated, I had not been bitten by the Washington "BUG".image

    Gary
    image
  • orevilleoreville Posts: 11,772 ✭✭✭✭✭
    beartracks: Don't thank me. Actually boom has been after me to try to revive some meaningful threads about Washington quarters, including 1932-D quarters.
    A Collectors Universe poster since 1997!
  • DMWJRDMWJR Posts: 5,974 ✭✭✭✭✭


    << <i>LS: Good discussion. The Lincoln prices have spiralled out of control I believe in some cases. While I would gladly buy (10) 1932(d) quarters as mentioned, I wouldn't touch an svdb Lincoln in 66RD at $8k or $9k (unless, of course, it was super PQ). Just me - Lincoln guys please don't attack image Wondercoin. >>



    Well Mitch, how much would you pay for a 40-S Lincoln???image
    Doug
  • DMWJRDMWJR Posts: 5,974 ✭✭✭✭✭
    Funny, I just picked up a 32-d in 64 and a 32-s in 65 this morning. How's that for ESP?

    I paid an enormous amount for the 32-S, but boy is it really nice. It is on the cusp of a 66:



    imageimage
    Doug
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    Doug - After writing that post, I did buy a super PQ MS66RD svdb for close to $10k. image

    But, look what has happened since that post - 32(d) quarters are even stronger and svdb's are nuclear!! The one in the Heritage FUN Platinum sale sold for $17k+!!!!!!!!!!!!!!

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • DMWJRDMWJR Posts: 5,974 ✭✭✭✭✭

    Mitch, I was just ragging on you after yesterday's auction.

    Craig, this 32-s was nicer than the Mullen coin by a long shot. I guess that is why there was $4K difference in the auction result. The 32-D that I picked up was lot 6308. The obverse is really sweet, and the reverse ticks are holding back the grade. Still a very, very nice coin and a 65 in most people's eyes.

    imageimage
    Doug
  • Doug, Very nice catches there. image

    Dave
    Love those toned Washingtons
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