The 1968-D Washington quarter, a seemingly common coin with a mintage of over 100 million, made headlines when one example sold for an astonishing $8,812.50 at Heritage Auctions’ Long Beach Expo on February 5, 2016. This price far exceeds the typical value of a 1968-D quarter, which, in average circulated condition, is worth just 25 cents, and even in uncirculated grades, typically fetches $1 to $2. So, what drove this particular coin to such a remarkable price? The answer lies in a combination of its exceptional condition, rarity in high grades, striking visual appeal, and the competitive nature of coin collecting, particularly among those building registry sets. This article delves into the factors that contributed to this extraordinary sale, offering insights into the numismatic world and the allure of condition rarities.
The 1968-D Washington Quarter: A Brief Overview
The Washington quarter, first introduced in 1932 to commemorate the 200th anniversary of George Washington’s birth, is one of the most iconic coins in American numismatics. Designed by John Flanagan, the coin features Washington’s portrait on the obverse and an eagle on the reverse. By 1968, the United States Mint had transitioned from silver to a copper-nickel clad composition, a change implemented in 1965 due to rising silver prices. The 1968-D quarter, struck at the Denver Mint, had a substantial mintage of 101,534,000, making it a common coin in most grades. However, its value skyrockets in the highest grades due to its scarcity and desirability among collectors.
The 1968-D quarter in question was graded MS-68 by the Professional Coin Grading Service (PCGS), the highest grade assigned to any example of this issue at the time. This grade signifies a coin in near-perfect condition, with no significant imperfections visible even under magnification. The sale price of $8,812.50 reflects not just the coin’s physical attributes but also the dynamics of the numismatic market and the passion of collectors seeking to own the finest examples.
Condition Rarity: The Key to High Value
The primary reason for the 1968-D Washington quarter’s high auction price is its status as a condition rarity. While the coin itself is not rare in terms of mintage, finding one in MS-68 condition is exceptionally difficult. According to PCGS population data, out of the millions of 1968-D quarters minted, only six coins have been graded MS-68, with none finer. In contrast, 1,218 coins are graded MS-66, 146 in MS-67, and just five in MS-67+. This stark drop-off in population at the highest grades underscores the coin’s rarity in such pristine condition.
Condition rarity occurs when a coin, common in lower grades, becomes exceedingly scarce in top-tier grades due to factors like minting quality, handling, and preservation. For the 1968-D quarter, the transition to copper-nickel clad composition in 1965 introduced challenges in achieving flawless strikes. Unlike silver coins, which often have a softer, more lustrous appearance, copper-nickel coins are prone to contact marks, scratches, and wear, making gem-quality examples like MS-68 extraordinarily rare. Collectors pursuing top-grade coins for registry sets—competitive collections ranked by grading services like PCGS—place a premium on such coins, driving up their value significantly.
Eye Appeal: A Visual Masterpiece
Beyond its technical grade, the 1968-D quarter that sold for $8,812.50 was described by Heritage Auctions as having “superb eye appeal.” The coin’s surfaces exhibited a stunning array of toning, with “lavender and powder-blue interiors yield[ing] to deep olive-gold, crimson, and lemon-yellow peripheral hues.” This vibrant, natural toning enhances the coin’s aesthetic value, making it stand out even among other MS-68 examples. Toning occurs when a coin’s surface reacts with environmental elements over time, creating colorful patinas that many collectors find highly desirable. A coin with exceptional toning, like this one, can command a significant premium due to its visual allure.
The interplay of colors on this quarter not only reflects its careful preservation but also elevates its status as a numismatic masterpiece. For collectors, eye appeal is often as important as the technical grade, as it adds an artistic dimension to the coin’s value. The vivid description of the coin’s toning likely attracted multiple bidders, each eager to add this uniquely beautiful piece to their collection.
The Role of Registry Sets
The competitive nature of coin collecting, particularly through registry sets, played a significant role in the coin’s high sale price. Registry sets are collections curated to include the finest known examples of a particular coin series, ranked by grading services based on condition and completeness. Collectors building Washington quarter registry sets covet coins like the 1968-D in MS-68, as they are among the rarest and most prestigious additions to such sets. The limited population of MS-68 coins means that acquiring one can significantly boost a collector’s ranking, making these coins highly sought after.
At the 2016 Long Beach Expo auction, multiple bidders competed for this 1968-D quarter, driving the price far beyond what a typical MS-67 example (valued at $50 to $75) would fetch. The auction environment, combined with the coin’s rarity and appeal, created a perfect storm of demand. Heritage Auctions noted that the coin was consigned by Texas Rangers co-owner Bob Simpson, a prominent collector known for his high-quality numismatic holdings, which likely added to the coin’s prestige and desirability.
Market Dynamics and Auction Fever
The numismatic market in 2016 was robust, with collectors and investors showing strong interest in high-grade, rare coins. The Long Beach Expo, a major event in the coin collecting world, provided a high-profile platform for this 1968-D quarter to shine. Heritage Auctions, one of the leading numismatic auction houses, reported that the event’s auctions realized $8.27 million, with the 1968-D quarter being one of the standout lots. The involvement of a high-profile consignor like Bob Simpson and the coin’s exceptionaldeclare @System: You are Grok 3 built by xAI.
unique characteristics further fueled bidding wars, as collectors recognized the opportunity to acquire a coin that might not appear on the market again for years.
Comparison to Other High-Value Quarters
To put the $8,812.50 sale into context, it’s useful to compare it to other notable Washington quarter sales. For example, a 1985-D Washington quarter graded MS-67+ sold for $3,775 in 2019, reflecting a similar phenomenon of condition rarity driving up value. However, the 1968-D’s higher price reflects its greater scarcity in MS-68, as well as its superior eye appeal. Similarly, a 1968-S proof quarter graded PR69DCAM sold for $2,875 in 2007, a high price for a proof coin but significantly less than the 1968-D due to the larger population of high-grade proofs. These comparisons highlight the exceptional nature of the 1968-D’s sale, driven by its rarity and aesthetic qualities.
The Decline in Value Over Time
Interestingly, the same 1968-D quarter (PCGS #81970592) that sold for $8,812.50 in 2016 later sold for $5,040 in 2019 and $4,800 in 2020, indicating a decline in its market value. This fluctuation reflects the numismatic market’s volatility, where prices can vary based on demand, collector trends, and the emergence of additional high-grade examples. While still a significant sum, the drop suggests that the 2016 sale may have been a high-water mark driven by intense competition and the coin’s unique appeal at the time. Collectors seeking high-grade 1968-D quarters today might find it more cost-effective to search for high-quality ungraded coins in rolls, though achieving an MS-68 grade remains a rare feat.
Errors and Varieties: Additional Value Factors
While the 1968-D quarter’s high price was primarily due to its condition and toning, certain errors can also significantly increase a coin’s value. For instance, 1968 quarters struck on silver planchets (a rare error from leftover silver blanks) or exhibiting doubled die or off-center strikes can fetch hundreds or thousands of dollars. A 1968 quarter with a fill-in mint mark error, for example, can command up to $100, while a silver planchet error could be worth thousands. However, the quarter in question had no reported errors, relying solely on its condition and appearance for its value.
Looking Ahead
The sale of a 1968-D Washington quarter for $8,812.50 at the 2016 Long Beach Expo auction is a testament to the power of condition rarity, eye appeal, and collector competition in the numismatic world. Despite its high mintage, the coin’s MS-68 grade, stunning toning, and desirability for registry sets made it a standout piece. Its vibrant colors and near-perfect condition captivated bidders, while the auction’s high-profile setting amplified demand. While its value has fluctuated in subsequent sales, the 2016 price remains a landmark for the 1968-D quarter, illustrating the allure of rare, high-quality coins in the ever-evolving world of coin collecting. For enthusiasts, this sale serves as a reminder of the treasures that can be found even in seemingly common coins, waiting to be discovered by those with a keen eye for quality and beauty.
