A 1945-D quarter in PCGS MS-68 sold for $20,400 at Stack's Bowers in March 2021 — yet most circulated 1945 quarters are worth just $9 to $15 in silver melt value. The difference between a pocket-change coin and a four-figure rarity comes down to mint mark, condition, and a handful of recognized varieties. This free calculator and guide cover all three.
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The 1945-S Doubled Die Obverse FS-101 is the most sought-after variety for this date. Use this checklist to see if your S-mint coin might qualify.
The table below summarizes values across all varieties and condition tiers. For a step-by-step in-depth 1945 quarter identification walkthrough and reference guide, including high-resolution diagnostic images, see the linked resource. All ranges below are based on PCGS and NGC published price guides (November 2025) cross-referenced with recent auction results.
| Variety / Mint | Worn (G–F) | Circulated (XF–AU) | Uncirculated (MS-60–66) | Gem (MS-67–68) |
|---|---|---|---|---|
| 1945-P (No Mint Mark) | ~$9–$10 | ~$11–$15 | $19–$90 | $425–$16,450 |
| 1945-D (Denver) | ~$9–$10 | ~$11–$15 | $19–$90 | $425–$21,000 |
| 1945-S (San Francisco) | ~$9–$10 | ~$11–$15 | $17–$90 | $350–$13,200 |
| 1945-S DDO FS-101 ★ | $40–$60 | $135–$250 | $325–$1,150 | Premium (consult PCGS) |
| 1945-P DDO FS-101/018 | $50–$100 | $100–$200 | $200–$600 | Premium (consult PCGS) |
| 1945-S DDO FS-102 ⚠ (Rarest) | Thin data | $70–$150 | $275+ (GEM BU raw) | Extremely rare — seek authentication |
| 1945-S RPM FS-501 | $18–$50 | $50–$150 | $150–$451 | Seek authentication |
| Off-Center Strike (any mint) | $75–$300 depending on severity and date visibility | |||
| Clipped Planchet (any mint) | $25–$100 depending on clip type and size | |||
★ Signature variety — most collected. ⚠ Rarest die variety — very few certified Mint State examples known.
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Wartime production pressures in 1945 pushed all three mints to run at full capacity with less oversight, creating a surprisingly rich landscape of die varieties and striking errors. The five varieties below range from well-documented doubled dies with comprehensive PCGS pricing to extremely rare planchet errors. Each variety card covers what the error is, how to spot it visually, and what drives collector demand.
The 1945-S DDO FS-101 is the most widely collected variety across the entire 1945 Washington Quarter date. It originated when a hub and die were misaligned during the die-hubbing process at San Francisco, creating a secondary impression of the obverse design that was then repeated on every coin that die produced.
Identification focuses on the motto "IN GOD WE TRUST," where a distinct secondary impression appears shifted slightly to the northwest of the primary lettering when viewed under a 10× loupe. The date "1945" shows the same consistent doubling across all four digits. Both PCGS and NGC recognize this variety, and it is cross-referenced as CONECA DDO-002.
Collector demand is strong because the doubling is dramatic enough to see without high magnification, making it accessible to beginners hunting through rolls. PCGS prices range from $40 in VF-30 through $1,150 in MS-66, with an MS-66 example selling for $870 at Heritage Auctions in February 2018.
The Philadelphia Mint's 1945 doubled die obverse is cross-referenced as both FS-101 and FS-018 in the Cherrypicker's Guide — the two numbering systems refer to the same variety. Like its San Francisco counterpart, it arose from a hub-to-die misalignment during the production of working dies, impressing a secondary obverse image offset from the primary design.
The doubling on this Philadelphia issue is visible in "IN GOD WE TRUST" and in the date "1945." Because Philadelphia coins carry no mint mark, verify you are not looking at a San Francisco FS-101 before attribution. The visual signature is a clear, crisp secondary impression that is consistent in direction and magnitude across all affected design elements.
This variety appeals specifically to "cherrypickers" — collectors who search through raw coins at face value or melt price, hoping to identify an attributed variety hiding in plain sight. A confirmed PCGS MS-63 example sold for around $297 at auction, representing a premium of over 1,600% versus a standard MS-63 1945-P. Dramatic uncirculated examples have reached $500 to $870 depending on grade.
The 1945-S DDO FS-102 is the rarest and least-publicized of the 1945 doubled die varieties. Also catalogued as CONECA DDO-004, it differs from the famous FS-101 in both the direction and focus of its doubling: while FS-101 shows dramatic motto doubling, the FS-102's shift is concentrated in Washington's profile details and the motto rather than the date, and is considerably more subtle — often requiring 20× magnification to confirm.
The reason FS-102 commands intense collector interest despite its subtlety is purely a matter of population scarcity. GreatCollections documented a PCGS MS-64 example as "one of only seven Mint State examples at PCGS," making certified Mint State coins extraordinarily thin on the market. The difficulty of visual attribution without high magnification means many examples have slipped through dealer inventories unrecognized.
Uncertified "GEM BU" examples in the retail market have appeared at around $275, while any certified Mint State coin is likely to command substantially more given the thin population. The Greysheet lists values from $150 to $840 for this variety across circulated and uncirculated grades. Because attribution requires careful study, professional authentication by PCGS or NGC is strongly recommended before any transaction.
The 1945-S Repunched Mintmark FS-501 — also catalogued as CONECA RPM-004 — is the most prominent and well-documented repunched mint mark variety for this date. In 1945, mint workers hand-punched the mint mark letter into each working die individually. A slight misalignment between the first and second punch attempts created a doubled "S" that is visible to collectors with a loupe, and the resulting variety is listed in the Cherrypicker's Guide (hence the FS prefix).
The FS-501 shows the primary "S" with a secondary "S" shifted to the north, creating a stacked appearance when viewed under 10× magnification. The Variety Vista die variety database lists seven distinct S/S RPM varieties for the 1945-S quarter, ranging from RPM-001 through RPM-007, but FS-501 (RPM-004) is the best known and most widely traded in the collector market.
This variety carries premiums even in low grades: an ICG MS-66 certified example retailed at approximately $451, representing roughly a 500% premium over a standard 1945-S quarter in the same grade. Even a circulated example in About Good has retailed for nearly double silver melt value. The Greysheet recognizes this variety under GSID 374339, giving it established catalog status.
Off-center strikes and clipped planchet errors are the two most commonly encountered mint errors on 1945 Washington Quarters. Both occurred when the Mint's high-speed wartime production outpaced quality control — off-center coins were struck when a planchet was improperly fed under the dies, while clipped planchets resulted from the die punch cutting a new planchet blank from a strip that had already been partially punched, removing a curved or straight section of metal.
For off-center strikes, value depends entirely on two factors: how far off-center the coin is (expressed as a percentage) and whether the date "1945" remains fully visible. A coin 20–40% off-center with the date visible is worth $75–$160. An example 40–90% off-center with the date still readable can bring $180–$300. Without a visible date, value drops dramatically, as the coin cannot be positively identified. Clipped planchet errors — where a curved or straight arc of metal is missing — range from $25 for minor clips up to $100 for large, dramatic examples with clean Blakesley effect on the opposite side.
Wrong-planchet errors, where a 1945 quarter die struck a planchet intended for another denomination, are significantly rarer and command $1,000 to $10,000 or more depending on the host planchet. Any suspected significant error should be authenticated by PCGS or NGC, as the certification holder provides provenance, prevents post-mint alteration claims, and substantially increases resale value.
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| Mint | Mint Mark | Mintage | Notes on Survival |
|---|---|---|---|
| Philadelphia | None (no mark) | 74,372,000 | Highest mintage; common in all grades through MS-66. Tougher to locate in MS-67+. Auction record: $16,450 (MS-68, Heritage Auctions, January 2015). |
| San Francisco | S | 17,004,001 | Easiest of the three to find in Gem condition per PCGS. Strike quality varies — sharply struck examples are the exception. MS-68 auction record: $13,200 (Stack's Bowers, November 2023). |
| Denver | D | 12,341,600 | Lowest mintage of the year but common through MS-67. The condition census king at MS-68: only 2 PCGS-certified examples. Auction record: $20,400 (MS-68, Stack's Bowers, March 2021). |
| Total | — | 103,717,601 | All three mints combined. Most survivors trade at silver melt value in circulated grades. |
Mintage figures confirmed by Wikipedia Washington Quarter Mintage article (citing U.S. Mint records) and PCGS CoinFacts individual coin pages for 1945, 1945-D, and 1945-S.
Condition is everything above circulated grades — a one-point difference between MS-67 and MS-68 can mean a jump from $425 to $21,000. Here is how to assess each tier.
Washington's portrait is visible but face features are worn flat. Hair curls around the ear are merged. Eagle breast feathers show significant flatness. These coins trade entirely on silver melt value (~$9–$10). Numismatic grade is irrelevant in this range.
XF coins retain most design detail with only slight flatness on Washington's cheek and the eagle's breast. AU examples show traces of mint luster in protected areas. Values range from $11–$15, still near melt. First signs of wear appear on the hair above Washington's ear and on the eagle's leg feathers.
No wear anywhere on the surfaces. MS-60 to MS-62 examples show numerous contact marks and bag marks. MS-65 requires above-average eye appeal and a well-struck portrait. Values jump from $19 (MS-60) to around $90 (MS-66). Strike sharpness on the hair above the ear distinguishes MS-65 from MS-64.
MS-67 requires exceptional surfaces with virtually no marks under 5× magnification and superior mint luster. MS-68 demands museum-quality surfaces, near-perfect strike, and extraordinary eye appeal. Fewer than 10 coins total across all three mints are certified MS-68. Values: MS-67 $350–$550; MS-68 $7,500–$21,000.
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The right venue depends on your coin's value tier. A melt-value circulated quarter is fine for a local shop; a certified MS-67 or variety coin deserves a national audience.
The largest numismatic auction house in the world, Heritage is the best venue for MS-67+, MS-68, and attributed variety coins like the 1945-D MS-68 that sold for $20,400. Consignment requires advance contact; Heritage charges a buyer's premium. Best for coins likely to realize $500 or more.
eBay provides immediate access to thousands of active collectors. Check recently sold 1945 quarter prices and completed listings before setting your price. Certified PCGS/NGC coins in slabs sell consistently. Raw coins sell below certified equivalents; be prepared to answer condition questions from buyers.
Ideal for quick, low-friction sales of common circulated 1945 quarters trading near silver melt. Expect to receive 70–85% of spot value. Dealers will pay more for higher-grade certified coins but still need margin. Bring comparable eBay sold prices as a negotiation reference.
Strong communities of knowledgeable collectors. r/CoinSales allows direct peer-to-peer transactions with no auction fees. r/coins is best for variety attribution help before selling. Well-photographed posts with accurate grades sell quickly. Be prepared to provide coin photos in natural light.
Answers based on PCGS, NGC, and verified auction data — 2026 edition.
Most circulated 1945 quarters are worth $9 to $15, trading near their silver melt value of roughly $9.25. Uncirculated examples grading MS-63 to MS-66 fetch $17 to $100. True premiums begin at MS-67 ($350–$550) and MS-68 ($7,500–$21,000), because wartime quality control makes pristine survivors very scarce. Recognized varieties like the 1945-S DDO FS-101 add premiums from $40 to $1,150 depending on grade.
Three mints produced quarters in 1945. Philadelphia struck 74,372,000 coins and used no mint mark. Denver struck 12,341,600 coins and used a small 'D' mint mark. San Francisco struck 17,004,001 coins and used a small 'S' mint mark. On all three issues, the mint mark appears on the reverse below the eagle, above the 'R' in QUARTER.
Yes. All 1945 Washington Quarters are composed of 90% silver and 10% copper. Each coin weighs 6.25 grams and contains 0.1808 troy ounces of pure silver. This gives every 1945 quarter an intrinsic melt value of roughly $9.25 at typical silver prices, regardless of grade. The U.S. Mint did not switch to copper-nickel clad quarters until 1965.
The 1945-S DDO FS-101 is the most valuable recognized die variety for 1945 Washington Quarters. Listed by both PCGS and NGC and cross-referenced as CONECA DDO-002, it shows prominent doubling in 'IN GOD WE TRUST' and the date '1945.' PCGS prices this variety from $40 in VF-30 up to $1,150 in MS-66. A Heritage Auctions MS-66 example sold for $870 in February 2018.
The top recorded sale for any 1945 quarter is $20,400, achieved by a 1945-D graded PCGS MS-68 at Stack's Bowers in March 2021. This coin was unique as the sole MS-68 example of the 1945-D certified by PCGS at that time, and it came from the Washington Rainbows Collection, the #1 PCGS Registry Set of Silver Washington Quarters. The current PCGS price guide for 1945-D MS-68 is $21,000.
Wartime production pressures in 1945 led to mediocre quality control at all three mints. Dies were used longer, strikes were often weak, and bag handling added contact marks before coins reached circulation. These conditions created a bottleneck at the highest Mint State grades: MS-67 survivors are scarce, and combined MS-68 populations across all three mints total fewer than 10 coins, making MS-68 examples true condition rarities commanding four- to five-figure prices.
Notable errors and varieties include: the 1945-S DDO FS-101 and FS-102 doubled die obverse varieties, the 1945-P DDO FS-101 (also cross-referenced FS-018), the 1945-S Repunched Mintmark FS-501, off-center strikes (worth $75–$300 depending on severity), clipped planchet errors ($25–$100), and extremely rare wrong-planchet errors valued at $1,000 or more. Always have suspected errors authenticated by PCGS or NGC.
On 1945 Washington Quarters, the mint mark is located on the reverse (back) of the coin, positioned below the eagle and just above the 'R' in 'QUARTER,' between the olive branches. Philadelphia Mint coins have no mint mark. Denver Mint coins show a small 'D,' and San Francisco Mint coins show a small 'S.' The mint mark is small but visible to the naked eye; a 5× loupe makes it easy to read on worn examples.
In circulated grades all three mint issues are essentially equal in value, trading near silver melt. In high Mint State grades, the 1945-D (Denver) is typically the most valuable because it is the toughest to find in pristine condition: only two PCGS MS-68 examples are known, and one sold for $20,400 in 2021. The 1945-P (Philadelphia) MS-68 auction record stands at $16,450 from Heritage Auctions in 2015.
Never clean a 1945 quarter. Cleaning — even gentle wiping — removes the original surface and destroys mint luster, turning an MS-65 coin into a 'cleaned' specimen worth little more than melt value. Professional graders can detect cleaning under magnification, and cleaned coins are labeled 'details' or 'improperly cleaned,' dramatically reducing value. Store the coin in a non-PVC holder and handle it only by the edges. If the coin is valuable, submit it to PCGS or NGC for authentication and grading.
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