The 1965 Washington quarter is a unique and transitional coin in U.S. numismatic history. Although it was the first U.S. quarter minted without silver, it still carries a potential for value, especially among collectors who are aware of certain errors or high-grade specimens. Let’s explore why this coin holds significance, its history, and how it might have hidden value in your pocket change.
Historical Context
The 1965 Washington quarter marks a pivotal shift in U.S. coinage. Prior to this year, quarters, dimes, and half dollars were minted using 90% silver. However, due to the rising price of silver and fears that the value of the metal would exceed the coin’s face value, the U.S. Mint transitioned to a copper-nickel alloy. President Lyndon B. Johnson’s Coinage Act of 1965 officially ended silver in dimes and quarters, and these coins were instead struck with a copper core clad in a copper-nickel alloy.
1965 Quarter Value Chart
While most 1965 quarters are worth their face value (25 cents), coins in mint condition or with specific errors can be significantly more valuable. Here’s a breakdown of their approximate values based on condition with references.
The MS (Mint State) grading system reflects the coin’s condition, with higher numbers representing coins that are closer to perfect condition.
The Obverse and Reverse Design
The obverse of the 1965 quarter features the iconic profile of George Washington facing left, designed by John Flanagan. The portrait was initially intended to be a temporary bicentennial commemorative design for Washington’s 200th birthday in 1932, but it became the permanent design.
On the reverse side, an eagle with outstretched wings holds a bundle of arrows, symbolizing strength and preparedness. Beneath the eagle are olive branches, representing peace. Flanagan’s powerful image of the eagle dominates the reverse, reinforcing the patriotic symbolism of the coin.
1965 Quarter Composition and Physical Features
The 1965 quarter differs significantly from its predecessors in composition. Prior to 1965, quarters were 90% silver and 10% copper, but beginning this year, they were composed of 75% copper and 25% nickel over a pure copper core. The coin weighs 5.67 grams and has a reeded edge, a design element originally used to prevent coin clipping when silver was more valuable.
Rare 1965 Quarters and Error Coins
Despite the exceptionally high mintage of over 1.8 billion 1965 quarters, only a few rare coin errors exists that are sought after by numismatists and collectors.
The 1965 silver quarter is one such error. These coins were accidentally created when some of the 1964 silver planchets were used for 1965-dated coins. These silver quarters are extremely rare. The value of these 1965 Error Coins can be worth $1,300 to $2,000 depending on their condition.
NGC Certified 1965 Washington Quarter Double Die Obverse (DDO) Error Coin FS-026
Another valuable error is the 1965 doubled die quarter. This error occurs when a die used in striking the coin is misaligned, which can cause a doubled image on one or both sides. The most obvious signs of doubling are usually found in the words “In God We Trust” or “Liberty,” or in the date. These errors can make a coin worth hundreds in circulated condition or even thousands of dollars in higher grades.
1965 Special Mint Sets
In 1965, there were no S-minted proof quarters produced. The U.S. Mint had suspended proof coin production from 1965 to 1967 due to the coin shortage during that time, and no coins carried the “S” mint mark.
Instead, the mint focused on Special Mint Sets (SMS) for collectors, which were different from the traditional proof sets. These SMS coins were produced in Philadelphia, with no mint mark, and featured a unique satin-like finish, somewhere between a regular circulation strike and a proof finish.
US Mint 1965 Special Mint Set in Packaging
These sets contain coins that are better struck and more carefully preserved than the coins issued for circulation. Quarters from these sets are often in much better condition, which can increase their value to collectors.
The value of these coins, depending on their finish and condition, can range from a few dollars to several hundred dollars for high-grade or cameo varieties.
How to Identify a Valuable 1965 Quarter
While most are worth face value, you may have a valuable 1965 Quarter if it meets one of the following criteria:
Mint State Condition: Quarters that have been preserved in near-perfect condition can be worth anywhere from a few dollars to several thousand dollars, depending on their grade.
Error Coins: Look for errors such as the doubled die or a silver planchet. A 1965 silver quarter can be worth as much as $8,000 or more.
Cameo or Deep Cameo Finish: Special Mint Set coins with a cameo or deep cameo finish, which exhibit a frosted image against a mirrored background, are also highly prized by collectors.
Conclusion
The 1965 Washington quarter holds a unique place in U.S. coinage history. While most of these coins remain in circulation and are worth little more than their face value, some rare examples are worth a significant amount of money. Collectors should focus on coins in excellent condition or those with minting errors, such as the 1965 silver quarter or doubled die varieties.
If you think you have a valuable 1965 quarter, it’s a good idea to have it graded by a professional coin grading service like PCGS or NGC. Even though most 1965 quarters are not made from silver, the chance of owning a rare, error coin or a high-grade specimen makes it worth investigating further.
The 1921 Morgan is a significant coin in numismatic history as it represents the restart of the production of $1 silver coins by the US Mint following a 17 year hiatus. It is also the last year of the original Morgan $1 coins was issued for circulation.
First introduced in 1878, the Morgan Silver Dollar was introduced due to significant pressure from Western mining interests on Congress to stabilize the price of silver following the Civil War and the discovery of vast new silver deposits, particularly the Comstock Lode in Nevada in 1859.
1921 Morgan Silver Dollar Values
1921 Morgan Dollars are generally more common than earlier Morgans, as they were the last minted in the series. However, in uncirculated or higher-grade conditions they still hold a premium for collectors.
Good (G-4): In this condition, the coin will show significant wear. The major design elements are present but heavily worn. Values typically range from $30 to $40.
Very Good (VG-8): Moderate wear is visible, and the design details are clearer but still worn down. Coins in VG-8 condition often sell for around $35 to $45.
Fine (F-12): More details on the coin’s design, such as the hair and feathers, are visible but still worn. Coins in this grade are valued between $40 to $50.
Very Fine (VF-20 to VF-30): Details such as Liberty’s hair and the eagle’s feathers are clearer, though still worn. Coins in VF condition often sell for around $50 to $70.
Extremely Fine (EF-40): Light wear is evident on the highest points of the coin, but overall, the details are sharp. These coins can be valued at $75 to $90.
Almost Uncirculated (AU-50 to AU-58): These coins show only slight signs of wear on the highest points and maintain much of their original luster. Prices range from $100 to $150, though they can be higher depending on mintmark and year.
Brilliant Uncirculated (BU): A Morgan in BU condition shows no signs of wear and retains its original mint luster. BU coins may have bag marks, dings or other minor imperfections. These coins can be valued from $150 and up.
Circulated 1921 Morgan $1 Coin
1921 Morgan Mintage Amounts
More than 86,730,000 Morgans were minted in 1921 across all US Mint locations.
Philadelphia Mint (No Mint Mark): The Philadelphia Mint produced the majority of the 1921 Morgan Dollars. Mintage: 44,690,000 coins.
Denver Mint (D Mint Mark): This was the first time the Denver Mint produced Morgan Silver Dollars, as the Denver Mint did not exist during the original run from 1878 to 1904. Mintage: 20,345,000 coins.
San Francisco Mint (S Mint Mark): The San Francisco Mint, which had been a regular producer of Morgan Dollars in previous years, also contributed to the 1921 mintage. Mintage: 21,695,000 coins.
NGC MS63 Graded 1921-D Morgan $1 Coin
What is the Morgan Silver Dollar?
The Morgan Silver Dollar is one of the most iconic and widely collected coins in American numismatic history. It was minted from 1878 to 1904, and then again in 1921.
First introduced in 1878, the Morgan Silver Dollar was first introduced due to significant pressure from Western mining interests on Congress to stabilize the price of silver following the Civil War and the discovery of vast new silver deposits, particularly the Comstock Lode in Nevada in 1859.
The coin was a direct result of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase a large quantity of silver and convert it into coinage. This was intended to support the silver mining industry and to reintroduce silver currency following the demonetization of silver in 1873.
The Morgan is often associated with the American West and the silver mining boom, particularly in Nevada, where the Comstock Lode was discovered.
The coin represents the economic and political climate of the late 19th century, particularly the monetary debate of bimetalism vs. gold standard, which was a central issue in American politics during that time.
George T. Morgan
George T. Morgan was recruited to join the U.S. Mint in 1876 through the efforts of Henry Linderman, the then Director of the U.S. Mint, who was seeking to revitalize American coinage.
Linderman sought out fresh talent from Europe, where artistic skills in coin design were highly regarded. Linderman reached out to the Royal Mint in London, where Morgan was working as an assistant engraver, and offered him the opportunity to come to the United States.
Morgan, a talented and ambitious engraver, accepted the offer and was brought on as an “assistant engraver” under Chief Engraver William Barber. Morgan’s arrival marked the beginning of his long career at the U.S. Mint.
One of Morgan’s first tasks was creating a new design for the silver dollar, and his fresh perspective, combined with his European training, allowed him to craft a coin that remains highly regarded among numismatists today.
Morgan Dollar Design
The coin was crafted by George T. Morgan, an English engraver who worked for the U.S. Mint. His skill is evident in the intricate details of Lady Liberty and the eagle.
Obverse
On the front of the coin, you’ll find a stunning depiction of Lady Liberty. She wears a Phrygian cap, which symbolizes freedom, and her hair is adorned with wheat and cotton.
Above her head, the words “E PLURIBUS UNUM” (which means “Out of Many, One”) highlight the unity of the states.
Thirteen stars are arranged in a semicircle above the eagle, representing the original thirteen colonies.
Reverse
On the reverse, the Majestic bald eagle with its wings spread wide, symbolizing strength and freedom.
The eagle holds an olive branch in its right talon (for peace) and arrows in its left (to signify readiness for defense).
Inscriptions
The top edge of the reverse features the words “UNITED STATES OF AMERICA,” while the bottom proudly states “ONE DOLLAR,” making it clear what the coin is worth.
The edge of the Morgan Silver Dollar is reeded, meaning it has notches. The reeding is a feature added to coins to reduce counterfeiting and wear.
Morgan Key Dates
The Morgan series has many key dates that are highly sought after by collectors due to their rarity, historical significance, or unique characteristics.
1878 (First Year of Issue)
This is the inaugural year for the Morgan Dollar and is highly collectible. Several varieties exist, including the 7 Tail Feathers and 8 Tail Feathers variations, which refer to the number of feathers on the eagle’s tail depicted on the reverse.
1893-S (San Francisco Mint)
The 1893-S Morgan Dollar is considered the rarest and most valuable in the series. With a mintage of only 100,000, it is highly sought after and commands high prices, particularly in higher grades. The highest-selling Morgan Silver Dollar ever auctioned was the 1893-S Morgan Silver Dollar for $735,000 in 2018. The 1893-S is known for its rarity and high-grade condition, making it one of the most valuable and sought-after coins in the world.
1889-CC (Carson City Mint)
The 1889-CC is another rare coin, minted at the Carson City Mint, which makes it especially desirable. The Carson City mint is known for producing some of the most collectible Morgans. Only 350,000 coins were minted, and it is one of the most valuable Carson City Morgans.
1895 (Philadelphia Mint – Proof Only)
Often referred to as the “King of Morgan Dollars,” the 1895 Morgan Dollar is famous for having no known regular strike versions. Only 880 proof coins were minted, making it extremely rare. Many believe that any 1895 Morgan Dollar found today is from the proof mintage.
1904 (Last Pre-Hiatus Year)
The 1904 Morgan Dollar is notable as it was the last year the Morgan dollar was struck before production halted. After 1904, no Morgans were produced until 1921.
Morgan Silver Dollar Mint Marks
None: Philadelphia Mint (no mint mark)
CC: Carson City Mint
S: San Francisco Mint
O: New Orleans Mint
D: Denver Mint (used only in 1921)
Notable Morgan Error Coins
Many Morgan error coins are classified under the Van Allen-Mallis (VAM) system, developed by Leroy Van Allen and A. George Mallis in the 1960s.
The VAM system identifies distinct characteristics or anomalies in the dies used to strike Morgan (and later Peace) silver dollars. These varieties can include small changes or errors in the coin design, such as doubled die features, overdates, or misplaced mint marks.
In general, Morgan VAMs that are rare or in high demand can be worth much more than regular coins. However, not all VAM varieties command a premium; it depends on the rarity, the grade, and the specific characteristics of the variety. Collectors with a keen interest in U.S. Mint history or unique coin features are often willing to pay more for these special Morgan Dollar varieties.
Some of the most sought-after VAM varieties include the 1878-P 7/8 Tail Feathers, the 1879-P Reverse of 1878, and the 1887-P Doubled Ear.
1921 Morgan $1 VAM-44 Wide Reeds MS61
Clashed Dies
Clashed die errors occur when the obverse and reverse dies strike each other without a planchet in between, leaving impressions from one die on the other. A popular example is the 1889-P Morgan Silver Dollar with a clashed “E” visible on the reverse.
1889-O Morgan $1 Clashed “E” PCGS AU55 – Value: $1,500-$2,000
Off-Center Strikes
Off-center strikes occur when the planchet is not properly aligned between the dies during the striking process, resulting in an off-center design. These errors can range from slightly off-center to dramatically misaligned, and they generally sell for thousands at auction.
Double Strikes
Double strikes occur when a coin is struck twice by the dies, creating a doubled or overlapping design. These errors are highly sought after for their distinctive appearance and rarity.
1880-O Morgan $1 VAM 4 Hot Lips PCGS AU53 – Value: $1,250 – $1,500
Die Breaks and Cuds
Die breaks and cuds are mint errors resulting from cracks or breaks in the die. These errors can create raised lines or blobs on the struck coins, adding a unique touch to your collection.
Closeup of a 1921 Morgan Die Break
Morgan Dollar GSA Hoard
The Morgan GSA Hoard was large collection of uncirculated Morgan Silver Dollars that were discovered stored in U.S. government vaults in the 1960s and early 1970s. These coins had been left over from the production of Morgan dollars between 1878 and 1904, and later in 1921, and were forgotten for many years. The hoard is named after the General Services Administration (GSA), the federal agency responsible for cataloging and selling these coins to the public.
1882-CC Morgan $1 BU GSA Slab – Value: $300-$400
Origins and Discovery
The coins in the GSA hoard were primarily from the Carson City Mint (marked with the “CC” mint mark), which was known for producing fewer Morgan dollars than other U.S. mints.
In the 1960s, during an audit of U.S. Treasury vaults, these coins were rediscovered, amounting to millions of uncirculated Morgan dollars. Recognizing their potential numismatic value to collectors, the U.S. government sold the coins to the public in a series of auctions that ran from 1972 to 1980.
Many of the coins from the hoard were in mint-state condition, which is extremely rare for coins of this age. The fact that they had been stored away for decades means they were preserved in near-original condition.
During the auctions, the coins were sold in special GSA packaging, which included black plastic holders, often referred to as “GSA holders.” Keeping coins in their original GSA packaging adds to their collectible value today.
Created to commemorate the 200th anniversary of the United States’ independence, US Bicentennial quarters were minted only in 1975 and 1976 and are among the most iconic coins in American numismatic history due to their unique reverse design.
However, not all are created equal. Some Bicentennial quarters are worth more than others, particularly those with specific mint marks and condition or those that contain silver. In this article, we will explore the factors that make certain Bicentennial quarters valuable and how to identify the ones that contain silver.
History of the Bicentennial Quarters
In the mid-1970s, the U.S. Mint celebrated the nation’s anniversary by issuing special designs for the quarter, half dollar, and dollar coins. For the quarter, the Mint held a public competition to choose the reverse design.
The winning design, created by Jack L. Ahr, features a colonial drummer boy with a victory torch encircled by 13 stars, symbolizing the original thirteen colonies. The obverse of the coin retains the familiar portrait of George Washington.
These coins were minted both in 1975 and 1976, but all bear the dual date “1776-1976” to signify the Bicentennial. No 1975 dated quarters were produced. While the brilliant uncirculated coins were released into circulation, special proof versions were also minted for collectors.
1776-1976 Bicentennial Quarter Mintages
1976-S Quarter (25 cents) Bicentennial San Francisco Mint
The Bicentennial quarters were produced in large quantities by the U.S. Mint at three primary locations: Philadelphia, Denver, and San Francisco. In addition to the standard circulation coins, there were also special proof and silver proof versions produced specifically for collectors. Below is a breakdown of the mintages from each mint location, including the special varieties.
Philadelphia Mint (No Mint Mark): These coins were struck for general circulation and do not have a mint mark. These coins were produced for general circulation. While they are not particularly rare, high-grade examples can still be valuable. Mintage: Approximately 809,784,016
Denver Mint (“D” Mint Mark): Similar to the Philadelphia Mint, these were produced for circulation and are marked with a “D” mint mark. Mintage: Approximately 860,118,839
San Francisco Mint (“S” Mint Mark):
Clad Proof Strikes: These proof coins were part of the standard proof sets sold to collectors. They have a mirror-like finish and were struck using a special process that produces sharper details. San Francisco Mint quarters in high grade or with silver content are among the most valuable. Mintage: Approximately 7,059,099
40% Silver Uncirculated Strikes: These coins were included in special silver uncirculated sets sold by the U.S. Mint. They are composed of 40% silver and were not intended for circulation. Mintage: Approximately 11,000,000
40% Silver Proof Strikes: These proof coins, also composed of 40% silver, were included in special three-coin Silver Proof Sets that also included the Bicentennial half dollar and dollar. Like the regular proof strikes, they have a mirror-like finish but are made of a silver alloy. Approximately 4,000,000
Bicentennial Quarter Value and Prices
While billions of 1776-1976 quarters were minted, just a fraction of them are worth more than their face value. The Bicentennial Quarter’s value depends on several factors, including condition, rarity, and whether it contains silver.
Condition (Grade)
As with any coin, the condition or grade of a Bicentennial quarter significantly impacts its value. Coins that have been circulated typically show signs of wear, which diminishes their value to collectors. Uncirculated or proof coins with high grades from a coin grading service, such as the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC), are generally worth more.
Mint State (MS) Coins: Bicentennial quarters that are graded MS65 or higher exhibit sharp details and few, if any, imperfections. Such coins can be worth $20 to $30, depending on the exact grade and market conditions.
Proof Coins: Proofs are struck using a special process that creates a mirror-like finish. These coins are usually sold directly to collectors by the U.S. Mint and were never intended for circulation. Bicentennial proof quarters, particularly those in perfect Proof-70 (PR70) condition, can fetch prices ranging from $10 to $50 or more, depending on demand.
Notable Bicentennial Quarter Varieties
1776-1976 Bicentennial Quarter Doubled Die Varieties
Doubled die coins are the result of a minting error where the die used to strike the coins has a misaligned or doubled image. Bicentennial quarters with doubled die errors are rare and can be quite valuable. The most famous doubled die variety for the Bicentennial quarter is found on the obverse, where the doubling is evident in the inscriptions “LIBERTY” or “IN GOD WE TRUST.” These coins can sell for $100 or more, depending on the extent of the doubling and the condition of the coin.
Off-Center Strikes
Off-center strikes occur when a coin is not properly aligned with the die during striking, resulting in a portion of the design being missing. Bicentennial quarters with significant off-center strikes are uncommon and can be worth several hundred dollars, especially if the date and design elements are still clearly visible.
1976 D Quarter, Double Clip
A clipped planchet is a coin that was struck on a metal blank that was not fully formed. These errors result in a coin with a missing section, usually along the edge. Bicentennial quarters with clipped planchets are relatively rare and can be worth $50 to $150 or more, depending on the size and location of the clip.
Full Drum Details
Many of the coins destined for circulation contained weak strikes and the details on the drum on the reverse are a sign to look for.
How to Verify Silver Bicentennial Quarters
To determine if a Bicentennial quarter contains silver, you can use a few simple methods:
Mint Mark: As mentioned earlier, silver Bicentennial quarters have an “S” mint mark, indicating they were struck at the San Francisco Mint.
Weight: Silver quarters weigh more than their clad counterparts. A 40% silver Bicentennial quarter weighs approximately 5.75 grams, compared to 5.67 grams for a copper-nickel clad quarter.
Edge Inspection: The edge of a silver Bicentennial quarter will appear uniformly silver, while a clad quarter will show a distinct copper stripe along the edge due to the copper core.
Sound Test: Silver quarters produce a distinct, high-pitched ringing sound when dropped on a hard surface, unlike the duller sound of a clad coin.
Conclusion
The Bicentennial quarters are a beloved piece of American history, and while most are only worth their face value, some can be quite valuable. Quarters in high-grade condition, with mint errors, or those containing silver are the ones to look out for. Whether you’re a seasoned collector or a casual enthusiast, keeping an eye out for these valuable coins can be both rewarding and enjoyable.
If you come across a Bicentennial quarter in your pocket change, take a closer look—with silver prices trending higher, you might just have a small piece of history that’s worth more than you think.
