1938-S

San Francisco struck 3,832,000 quarters in 1938, a low figure that paired with the 9.48 million Philadelphia issue and an unusual zero production at Denver to make 1938 a two-mint year for the Washington series. The S mintmark appears on the reverse below the wreath, the standard 1932-through-1964 placement before the design rework moved the mintmark to the obverse in 1968. The coin is not on the Semi-Key list at the site, but its production figure sits in the same general territory as 1939-S and 1940-D, the borderline-scarce dates that experienced collectors track for condition rarity even without the badge.

San Francisco coins of the late 1930s tend to be better struck than their Denver counterparts, and the 1938-S follows that pattern. The hair detail above Washington's ear and the eagle's central feathers usually come up reasonably crisp, with the population thinning in MS66 and above largely because of bag-handling marks and the typical surface flaws of mid-century silver rather than soft strike. PCGS, the Professional Coin Grading Service, and NGC, the Numismatic Guaranty Company, both grade the date regularly through MS65, with MS66 representing a clear step up in cost and difficulty. No major doubled-die or repunched-mintmark varieties are attributed to this coin, so authentication centers on the legitimacy of the S mintmark itself. Added-mintmark forgeries created by attaching an S to a 1938 Philadelphia host appear occasionally; the diagnostic involves checking the mintmark's depth and exact placement against verified examples.

For set builders, the 1938-S is a meaningful acquisition that fills the second of only two slots for the date. It also serves as an entry point for collectors who want a low-mintage Washington quarter without paying Key Date money for a 1932-D or 1932-S. The realistic acquisition path is a certified MS64 or MS65 sourced through a major auction, with MS66 examples reserved for advanced registry collectors. Price action over the past decade has been measured, with steady demand from Washington specialists and a modest upward trend supported by the date's genuine scarcity above MS65. For the broader story of John Flanagan's design and the series' production arc, see the Washington Quarter series history.