1965 25C MS65 Certification #60072389, PCGS #5878

Charles Morgan

On July 23, 1965, President Lyndon B. Johnson signed the Coinage Act of 1965 into law, essentially bringing about the end of the circulation of American silver coins. The Act provided the Treasury Department with some flexibility: the Mints could continue to strike 90% silver coins until a sufficient quantity of coins struck in the new metallic composition could be brought into circulation, so long as these coins were dated 1964. The Mint continued to produce 1964-dated silver coins through January 1966.

The new clad issues were struck with a pure copper core bonded to outer layers of an alloy of 75% copper and 25% nickel (the same alloy used in the Jefferson Nickel). Their stated date would be 1965, with annual dating to resume once the Mint was ready for normal operations. The Mint also discontinued using mintmarks during this period to discourage coin collectors from hoarding the new issues.

Production of the 1965-dated Washington Quarters began on August 23, 1965, and concluded at the end of July 1966. 1966-dated clad dimes and quarters were struck from August to the end of December.

In 1967, the Treasury Department, using the weight differential between the silver and clad coins, undertook a large-scale effort to remove its stockpile of silver coins from circulation. It was Gresham’s Law on an industrial scale. By the end of the 1960s, most of America’s silver had been removed from circulation, leaving coin roll hunters with little to pull from in dimes and quarters. Only silver half dollars remained, and the Coinage Act of 1965 debased them to a composition of 40% silver-clad.

Mintmark Suspension and the 1965 Washington Quarter

Without a mintmark, the 1965 Washington Quarter (#5878) would appear to be a Philadelphia issue, but this was not entirely the case. The Philadelphia and Denver Mints were fully engaged in the manufacture of business strikes, while the San Francisco Assay Office struck 2,360,000 mintmark-less quarters for inclusion in the 1965 Special Mint Set (SMS). These coins, while neither Proof nor standard circulation quality, often feature Prooflike surfaces and sharper detail, generally grading higher than business strikes. For reference, PCGS now denotes these coins as Specimens and includes "SMS" on the label for disambiguation purposes (note: PCGS previously used "MS" along with the SMS identifier).

Collectible 1965 Quarters

While the 1965 Washington Quarter does not circulate with the same frequency as it once did, it is not a rare coin, and examples in circulated grade may trade for about $2 on eBay (or slightly more if certified by PCGS). Collector grade is typically certified PCGS MS65 or above. These coins trade for about $30 in Gem and upwards to $350, or more, in Super Gem (MS67 and higher). Given the high volume of production, Superb Gem coins are seldom encountered. Typical areas for grade-limiting contact marks are Washington's forehead, cheek, and neck, the eagle’s chest, and the unprotected obverse fields. Die state will vary, and occasionally coins will be found with visible die cracks. Clad Washington Quarters can tone, although their typical toning patterns are less colorful than those found on silver coins. Rainbow toning on a 1965 Washington Quarter will often exhibit peacock iridescence. Lustrous brilliant white quarters and PQ (Premium Quality) rainbow toners sell for more money than typical coins within the grade. 

It is important to note that the United States Mint did not issue its annual Uncirculated Coin Set for this year (the Special Mint Sets were a hybrid of Proofs and Mint Set coins). This means that Mint State examples would have been saved from the time of the coin’s initial release, either in bags or rolls.

1965 Washignton Quarter Varieties

PCGS certifies two CherryPicker’s Guide Doubled Die Obverse varieties and one Doubled Die Reverse variety.

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