The hobby of coin collecting has gained significant popularity across the United States, with numerous enthusiasts on the hunt for remarkable pieces that can have surprising value. Among the most coveted coins is the 1962 Washington quarter, which is a seemingly typical 25-cent piece that can, in exceptional instances, realize over $18,000 at auction.
This incredible value is attributed to a minting error that occurred during a material shift in the 1960s. Although these rare quarters are not commonly found, discovering one in pristine condition can lead to a significant financial gain for collectors.
The History of the Washington Quarter
The Washington quarter made its debut in 1932, created to commemorate the 200th anniversary of George Washington’s birth. Designed by sculptor John Flanagan, this coin features a profile of Washington on the obverse, alongside the inscription “In God We Trust” and the minting year. The reverse showcases an eagle with outstretched wings, gripping olive branches, accompanied by the phrases “United States of America” and “E Pluribus Unum”.
In the early days, these quarters were composed of 90% silver, but due to the increasing cost of silver, the U.S. government switched to a copper-nickel alloy in 1965. During this change, a limited number of silver planchets (coin blanks) were mistakenly utilized in the minting process, leading to a handful of 1962 quarters being minted with silver instead of the new alloy. These unique minting errors contribute significantly to their current value.
What Makes the 1962 Quarter Worth Over $18,000?
As reported by the United States Gold Bureau, in the course of the material transition of the mid-1960s, some silver coin blanks inadvertently found their way into the minting machines. This oversight led to the unintentional creation of silver Washington quarters, which are now highly prized by collectors.
The valuation of these quarters varies based on their condition and rarity, and auction prices for these error coins have soared above $18,000. Experts advise inspecting older quarters, particularly those from 1962, as they might have been minted on silver planchets instead of the standard copper-nickel alloy.
If you’ve got old coins in your collection, you may be unaware that you could be harboring a hidden treasure. Coin aficionados recommend that collectors verify the composition and authenticity of their coins before parting with them, as the numismatic market remains robust, and interest in rare minting errors is substantial.
