As the last year of 90% silver quarter production, 1964 represents a key date for both coin collectors and bullion investors. 1964 Washington quarters are not only prized for their precious metal content, but exceptional examples rank among the most sought-after modern U.S. coins.
Whether you‘re a seasoned collector looking for that elusive high-grade specimen or a silver stacker hunting for undervalued coins to add to your holdings, understanding the nuances of 1964 quarter values is essential. In this comprehensive guide, we‘ll dive deep into the history, key features, varieties and long-term outlook for this important issue.
The End of an Era: 90% Silver Quarters
To fully appreciate the significance of the 1964 quarter, it‘s important to understand its place in the larger context of U.S. coinage history. From 1932, when the Washington quarter was first introduced to honor the bicentennial of the first president‘s birth, through 1964, quarters were struck in a 90% silver and 10% copper alloy.
But by the early 1960s, the rising price of silver posed a major challenge for the U.S. Mint. As the bullion value of these coins began to exceed their face value, the public started hoarding silver coinage en masse, creating a serious coin shortage. In response, Congress passed the Coinage Act of 1965, which authorized the minting of new clad quarters consisting of outer layers of 75% copper and 25% nickel bonded to a pure copper core.
The 1964 quarter was thus the last of its kind – a 90% silver coin that would soon become obsolete for general circulation. The U.S. Mint struck over 1.2 billion quarters in 1964 across the Philadelphia and Denver facilities in a last-ditch effort to keep up with demand. Today, these coins are cherished reminders of a bygone era in American numismatics.
1964 Quarter Specifications and Design
All 1964 Washington quarters bear the same iconic obverse and reverse designs that grace the series to this day. The obverse, crafted by sculptor John Flanagan, features a left-facing portrait of George Washington with the word "LIBERTY" above, the date "1964" below, and the motto "IN GOD WE TRUST" to the left.
On the reverse, an eagle with wings spread dominates the center, perched on a bundle of arrows with two olive branches below. The legends "UNITED STATES OF AMERICA," "E PLURIBUS UNUM" and "QUARTER DOLLAR" surround the majestic bird. Denver-minted coins bear a small "D" mintmark on the reverse below the eagle‘s tail feathers, while Philadelphia issues lack a mintmark.
Key specifications for the 1964 quarter:
- Composition: 90% silver, 10% copper
- Weight: 6.25 grams
- Diameter: 24.3 mm
- Edge: Reeded
- Mints: Philadelphia (no mintmark), Denver (D)
Grading and Valuation
As with all collectible coins, a 1964 quarter‘s condition plays a major role in determining its numismatic value. Coins are graded on the 70-point Sheldon Scale, with 1 representing a barely identifiable coin and 70 being perfect mint state. Leading third-party grading services like PCGS and NGC assess coins impartially and assign grades from 1-70 along with designations for color, strike, surface quality and eye appeal.
Here‘s a comprehensive value chart for 1964 quarters in various grades, with approximate retail prices as of 2023:
| Grade | 1964 (P) Value | 1964-D Value |
|---|---|---|
| Good (G-4) | $5.50 | $5.50 |
| Very Good (VG-8) | $5.75 | $5.75 |
| Fine (F-12) | $6.00 | $6.00 |
| Very Fine (VF-20) | $6.50 | $6.50 |
| Extremely Fine (EF-40) | $7.00 | $7.00 |
| About Uncirculated (AU-50) | $8.00 | $8.00 |
| AU-55 | $9.00 | $9.00 |
| Mint State 60 (MS-60) | $12 | $12 |
| MS-63 | $17 | $17 |
| MS-64 | $20 | $20 |
| MS-65 | $35 | $32 |
| MS-66 | $80 | $55 |
| MS-67 | $325 | $250 |
| MS-68 | $3,250 | $38,400 (Record) |
As you can see, the difference between a worn circulated quarter and a pristine mint state example can be substantial. According to PCGS CoinFacts, the highest price ever paid for a 1964 quarter was $38,400 for a PCGS MS-68 1964-D, one of just two known at that grade level. The record for a 1964 (P) quarter stands at $7,188 for a PCGS MS-67 sold in 2004.
While these astronomical prices are out of reach for most collectors, even lower mint state grades like MS-63 to MS-65 represent solid values for the astute buyer. Gems graded MS-66+ are where the serious money is, but a nice mint state 1964 quarter with full luster and minimal marks can still be found for under $50. Now that‘s what we call an affordable key date!
Notable Varieties and Errors
Like most modern U.S. coins, 1964 quarters are plagued by relatively few major varieties or errors. This is due in large part to the Mint‘s more rigorous quality control standards compared to earlier eras. However, sharp-eyed collectors have still managed to identify a few notable oddities worth pursuing:
1964 Quarter Doubled Die Obverse
The most significant and valuable variety for this date, the 1964 DDO shows clear doubling on the obverse lettering and date. The spread is most visible on the motto "IN GOD WE TRUST" and the word "LIBERTY." An MS-65 example of this rare variety hammered for $7,800 in a 2006 Heritage Auctions sale. PCGS estimates the variety‘s value at $3,250 in MS-63 and $32,500 in MS-65.
1964-D Quarter RPM
Less dramatic but still desirable is the 1964-D Repunched Mintmark (RPM) variety. These coins exhibit a secondary "D" mintmark impressed slightly off-center from the primary mark. Several different stages of repunching have been cataloged, with the FS-501 (VP-001) being the strongest. An MS-67 example of this variety claimed $1,560 in a 2019 sale.
1964 Quarter Broadstruck Error
Sometimes a coin will be struck without the restraining collar die, causing the metal to expand beyond its normal diameter. These broadstruck errors are seldom perfectly centered, and portions of the design may be missing along the edge. A dramatic 1964 quarter broadstruck graded MS-64 by PCGS sold for $1,410 in 2016.
While these varieties and errors can add excitement to a 1964 quarter set, the vast majority of collectors will be content focusing on regular issue coins in the best condition their budget allows. Cherrypicking for hidden gems is all part of the fun!
Collecting and Investing in 1964 Quarters
For many hobbyists, assembling a high-grade 1964 quarter set is a worthy numismatic goal that won‘t break the bank. A complete set would include a 1964 (P) and 1964-D in mint state, with bonus points for landing an MS-66 or better specimen. Savvy collectors often look for attractive, lustrous coins that may be undergraded by the services. Don‘t be afraid to trust your own eye and crack a coin out of its slab if you think it has upgrade potential.
When buying raw (ungraded) 1964 quarters, be on the lookout for signs of cleaning, harsh retoning or damage. Ideally, you want a coin with full mint luster, minimal marks and an overall pleasing appearance. Avoid pieces that appear unnaturally shiny or have obvious hairlines from cleaning. Also check for nicks, scratches or rim dings that could limit the coin‘s grade.
From an investment perspective, 1964 quarters offer several advantages. First and foremost, they‘re instantly recognizable and liquid. With a melt value of over $4 at current silver prices, these coins have a built-in floor that limits downside risk. In other words, even a low-grade or damaged coin will always be worth its weight in silver. That‘s not a bad starting point for any numismatic investment.
At the other end of the spectrum, high-grade 1964 quarters have proven track records of price appreciation over time. An MS-65 coin that sold for $25 in 2000 is now worth over $30 – a modest but respectable gain. For the serious investor, we recommend focusing on certified coins in MS-66 and up, with an eye toward landing a few superb gems that will only become more desirable as time goes on.
The Future of Silver Quarters
With more and more people waking up to the dangers of fiat currency debasement, demand for historic silver coinage like the 1964 quarter is likely to remain robust in the coming years. As a one-year type coin marking the end of the 90% silver era, these quarters have a special place in the hearts of both collectors and stackers.
While it‘s impossible to predict the future with certainty, we believe the outlook for high-grade 1964 quarters is bright. As the supply of pristine examples continues to dwindle and new collectors enter the market, prices for gems graded MS-66 and above should continue to appreciate. Even lower mint state grades may see increased demand as collectors get priced out of the top tier.
Whether you‘re a diehard numismatist, a silver bug or just someone who appreciates history, the 1964 quarter is a coin that belongs in every collection. With a little knowledge, patience and a keen eye for quality, you can assemble a set that will provide years of enjoyment and potentially even a tidy profit down the road. Happy hunting!
