As the last year of the traditional Washington quarter design before the launch of the wildly popular 50 State Quarters program in 1999, 1998 marked the end of an era in U.S. coinage. For over 65 years, the iconic John Flanagan design of George Washington on the obverse and a bald eagle on the reverse had remained largely unchanged. But the dawn of the new millennium brought sweeping changes to America‘s quarter dollar.
Key Takeaways:
- 1998 was the final year of the classic Washington quarter design before the State Quarters series began in 1999
- Over 1.7 billion quarters were struck for circulation at the Philadelphia and Denver Mints
- Ungraded 1998-P and 1998-D quarters are generally worth face value, while high-grade MS examples can sell for $300-$1500
- The 1998-S silver proof is a superior value to the clad version due to its 90% silver content and lower mintage
- Rare variations like the Wide AM reverse and significant mint errors can be worth thousands of dollars
- 1998 quarters are historically important as a "transitional" year between two very different eras of U.S. coinage
Mintages and Values
In 1998, the Philadelphia and Denver Mints produced a substantial combined total of over 1.7 billion Washington quarters for circulation. With such high mintages, it‘s unsurprising that worn examples of either the 1998-P or 1998-D are still only worth their 25-cent face value. Even typical uncirculated specimens graded MS65 by PCGS or NGC rarely sell for more than $20.
However, the very finest examples graded MS67 or higher by the top tier services can garner substantial premiums. The record auction price for a 1998-P quarter is $1,380 for a PCGS MS68. 1998-D quarters are even more valuable in absolute gem condition, with an NGC MS67+ selling for $1,527.
Here is a table breaking down recent auction prices for 1998 business strike quarters in high mint state grades:
| Grade | 1998-P Price | 1998-D Price |
|---|---|---|
| MS66 | $25-50 | $50-75 |
| MS67 | $150-300 | $300-400 |
| MS67+ | $750+ | $1000-1500 |
| MS68 | $1000-2000 | N/A |
As you can see, there is an exponential jump in price as the grade level approaches the pinnacle of perfection at MS68. This underscores the importance of certified grading for uncirculated modern coins. Minute differences in surface preservation can equate to huge differences in market value.
1998-S Proof Quarters
Meanwhile, the San Francisco Mint struck two types of specially made proof quarters for collectors. Proof coins have sharp details, mirrored fields and frosted devices imparted by dies that are polished and lasered. In 1998, S-mint proofs were available as both a conventional copper-nickel clad version and a premium 90% silver edition.
Key differences between the two 1998-S proof quarters include:
- Composition: Silver proofs are 90% silver while clad proofs have no precious metal content
- Mintage: Only 878,792 silver proofs were minted compared to 2,086,507 clad proofs
- Weight: Silver proofs weigh 6.25 grams vs. 5.67 grams for clad due to the higher density of silver
From a value perspective, the 1998-S silver proof is clearly the superior option. Both versions routinely sell for $7-15 in PR69 condition. But the silver proofs are 4x scarcer and contain nearly $4 worth of pure silver content at current melt values. They also have greater upside potential if graded PR70 Deep Cameo by PCGS or NGC, with recent auction prices over $400.
Here is a table comparing mint state populations and values for the two types of 1998-S proof quarters:
| Proof Type | Mintage | PR69 Pop | PR69 Price | PR70 Pop | PR70 Price |
|---|---|---|---|---|---|
| 1998-S Clad | 2,086,507 | 55,000 | $7-10 | 2,000 | $100-200 |
| 1998-S Silver | 878,792 | 35,000 | $10-15 | 1,000 | $300-500 |
With such vast supply and only marginal premiums for ultra high grades, clad proof 1998-S quarters are more novelties than serious investments. But the silver versions offer compelling value given their relative scarcity and precious metal content.
Rare 1998 Error Quarters
For adventurous collectors, some of the most sought after 1998 quarters are mint error coins and varieties. Major errors with strong visual appeal can transform an otherwise common coin into a prized rarity. The following are some of the most famous (and valuable) errors known for 1998 quarters:
1998-P Wide AM Reverse
Perhaps the most notorious variety for this year is the so-called "Wide AM" reverse. Caused by a design change to the master die, these 1998-P quarters have the "A" and "M" in "AMERICA" spaced much further apart than normal. The difference is subtle but unmistakable when compared side-by-side to a regular quarter.
According to renowned error coin expert David J. Camire, only an estimated 20,000 Wide AM quarters were struck before Mint employees noticed the discrepancy and corrected the dies. This makes them nearly 50,000 times scarcer than regular 1998-P quarters!
Circulated examples of the 1998 Wide AM quarter can sell for $100-300 depending on the coin‘s condition. In high mint state, these rare varieties are worth substantially more. The auction record for a Wide AM quarter is $2,300 for a PCGS MS66, one of just 11 graded at that level by the two major services combined.
Multi-Struck Quarters
Another dramatic and valuable type of error is the multi-strike. This occurs when a coin fails to fully eject from the dies and is struck two, three or even more times in a row. The result is a quarter with an obviously distorted, "mushy" look caused by metal flow from the repeated impressions.
Pre-eminent error coin dealer Fred Weinberg notes that while minor double-strikes are fairly common, quarters with clear evidence of being struck 3+ times are "extremely rare". Mint state examples with 5 or more strikes represent the ultimate level of the error and can bring well over $2,000 at auction. Even lower grade specimens are highly collectible, with a recent PCGS F12 triple-struck 1998-D quarter realizing $632.
Off-Center Strikes
Far more common but still visually arresting are quarters that were struck significantly off-center. These errors occur when the blank planchet is misaligned and only part of the die design transfers to the coin. The degree of the off-center strike is expressed as a percentage, with 50% or more off-center coins being the most desirable.
Some of the auction records for off-center 1998 quarters include:
- 1998-P 65% off-center PCGS MS63 sold for $1,028
- 1998-D 50% off-center NGC AU58 sold for $940
- 1998-D 30% off-center NGC MS64 sold for $411
In general, off-center quarters are worth more the higher their grade and the more "off" they are. But any example over 20% off-center is a bona fide mint error worth a significant premium over face value. With enough searching, these dramatic errors can sometimes even be found in circulation!
Tips for Collecting and Investing in 1998 Quarters
For hobbyists and investors interested in assembling a high-grade set or finding rare errors, here are some tips to keep in mind about 1998 Washington quarters:
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Stick with PCGS or NGC graded examples. Raw coins are susceptible to alteration or overgrading.
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Focus on the very highest grades. Unless they have special attributes, circulated 1998 quarters will only ever be worth face value. The premiums kick in at MS/PR67 and escalate dramatically in 68 and 69.
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Consider the 1998-S silver proof as a semi-bullion play. With spot silver at $23/oz, each coin has nearly $4 in melt value alone. Pristine proofs are the perfect marriage of numismatic and precious metal value.
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For errors/varieties, the 1998-P Wide AM is the key. Since attribution is not always noted on grading slabs, these rare quarters can fly under the radar. Carefully compare the reverses of all your 1998-P quarters!
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Get major errors authenticated by a top grading service. PCGS, NGC and ANACS all have experts on staff that can accurately identify and classify mint errors. Having that official stamp of approval will maximize the value of your coin.
With these strategies in mind, you‘ll be well on your way to building an exceptional collection of 1998 Washington quarters. Whether you‘re drawn to the finest regular issues, prized varieties like the Wide AM, or visually stunning errors, this historic year offers opportunities for every taste and budget.
Passing the Torch
In many ways, 1998 marked the passing of the torch from one era of American coinage to another. It was the swan song of a classic design that had become synonymous with the quarter dollar for generations. But it also set the stage for the dawning of a whole new paradigm in circulating coins.
The statehood quarters program that launched in 1999 revolutionized coin collecting in the U.S. It introduced tens of millions of Americans to the hobby and sparked a wave of innovation in numismatic marketing. Colorized coins, limited edition sets, and other novel products became the norm as mints catered to a growing collector base.
Against that backdrop, the modest 1998 quarter seems quaint, even anachronistic. And yet, there is an undeniable charm to its simplicity and an importance to its place in history. When you hold a 1998 quarter, you are holding the end of an era – one of the last circulating remnants of a bygone age.
As the 50 State Quarters program gives way to the America the Beautiful series and beyond, it‘s unclear what the future holds for U.S. coinage. Will we continue down the path of endless design changes and special issues? Or will we someday return to the stability and consistency exemplified by the Washington quarter?
Only time will tell. But one thing is certain – the 1998 Washington quarter will endure as a reminder of where we‘ve been and how far we‘ve come. It is a coin that belongs to the ages now. And for that, it will always be cherished by collectors who appreciate its history and its legacy.
