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Washington Quarter - Silver-to-Clad Composition and the Fraser vs. Flanagan Design Story - 1932-D Key Date, Silver Planchet Errors, and Value by Grade - Money Metals

Tue, 25 Aug 2026 00:00:00 EST

The Washington quarter is one of the most recognizable coins in American history Many people do not realize that quarters used to depict Lady Liberty in various poses. It was only in the twentieth century that American presidents and Founding Fathers found their way onto American coins.

In the case of the Washington quarter, a bust of Washington was added to the quarter in 1932 to celebrate the 200th anniversary of his birth. The coin has since remained in circulation for nearly a hundred years.

Over that time, the series has evolved from a 90% silver coin into a modern clad quarter. The coin has also featured several popular reverse designs, such as the State Quarters, America the Beautiful, and American Women programs.

For collectors, the Washington quarter offers something for every budget and experience level. Common dates can often be found in circulation or purchased for a modest price, while key dates, rare errors, and high-grade examples can sell for thousands of dollars. Silver issues minted before 1965 also appeal to bullion investors because they contain precious metal value in addition to their numismatic appeal.

You will learn the essential information about Washington quarters in this guide. That includes how to identify silver coins, recognize valuable key dates, https://www.moneymetals.com/bullion/what-is-a-mint-mark";>understand mint marks, grade your coins, and spot worthwhile errors. You will also find value charts, collecting strategies, and practical tips for deciding whether a quarter is worth spending, saving, or having professionally graded. By the end, you will be able to make informed collecting or investing decisions with confidence.

Types of Washington Quarters at a Glance

Washington Quarter Quick Facts

Key facts about Washington quarters

First Year Issued	1932
Silver Years	1932–1964
Original Composition	90% silver and 10% copper
Modern Circulation Composition	Copper core with copper-nickel outer layers
Original Designer	John Flanagan
Classic Key Dates	1932-D and 1932-S
Face Value	25 cents
Diameter	24.3 millimeters
Silver Content per Coin	0.18084 troy ounce for 1932–1964 circulation issues
Current Design Program	American Women Quarters, 2022–2025

Quick Facts About the Washington Quarter

The Washington quarter has been a part of everyday American life since 1932. It was introduced to honor the 200th anniversary of George Washington's birth and replaced the classic Standing Liberty design.

Originally, the coin was intended to be a one-year commemorative coin. However, the coin was so popular that it became the nation's permanent quarter dollar.

Collectors often divide the series into several distinct eras. The first includes the classic silver quarters struck from 1932 through 1964. These coins contain 90% silver and remain popular with both collectors and precious metals investors.

This phase ended in 1965. That year, the Coinage Act of 1965 eliminated silver from most U.S. coins. From there, the U.S. Mint switched to a copper-nickel clad composition as silver prices rose and coins disappeared from circulation.

Since the coin's implementation, the obverse has always featured George Washington. However, the reverse has changed several times over the decades.

The original eagle design remained in use until 1998. It was followed by the State Quarters Program, the District of Columbia and U.S. Territories series, America the Beautiful quarters, and the American Women Quarters Program. Each redesign introduced new collecting opportunities while keeping Washington's portrait on the front.

Today, Washington quarters appeal to many types of collectors. Some build complete date-and-mint collections, while others focus only on silver issues, error coins, or modern commemorative programs. The series also offers a wide range of prices. Common circulated examples are easy to find, but rare key dates, major mint errors, and high-grade coins can command thousands of dollars at auction.

Whether you are searching through pocket change, buying certified coins, or investing in pre-1965 silver, understanding the basics of the Washington quarter is the first step toward making informed collecting decisions.

Washington Quarter Specifications

Feature	Details
First Year Issued	1932
Designer	John Flanagan
Face Value	25 cents
Diameter	24.3 mm
Weight	6.25 g (1932–1964), 5.67 g (1965–present)
Composition	90% silver (1932–1964), copper-nickel clad (1965–present), special silver proof issues in select years
Edge	Reeded

History of the Washington Quarter

The idea for a Washington coin began in the late 1920s when Congress approved plans to honor the nation's first president. Originally, the proposal called for a commemorative half dollar. The Commission of Fine Arts offered another suggestion: replacing the quarter design with a portrait of Washington. Treasury officials agreed, and with that, the 16-year-old Standing Liberty quarter was retired.

The design process was more controversial than many collectors realize.

First, The Commission of Fine Arts held a competition open to several artists and sculptors to determine whose design would adorn the coin. The Commission believed the winner of this competition should have been sculptor Laura Gardin Fraser. Fraser was already a respected artist whose work appeared on several medals and commemorative coins. Many historians believe her portrait captured Washington's appearance more naturally than the competing designs.

Despite the commission's recommendation, Treasury Secretary Andrew Mellon rejected Fraser's design and selected a portrait by sculptor John Flanagan. Nobody knows exactly what prompted Mellon's decision, but historians generally trace it to his personal preferences rather than any flaws in Fraser's design.

This decision remains one of the most discussed design controversies in U.S. coin history. Ironically, Fraser's portrait of Washington was finally used on the American Women Quarters beginning in 2022, nearly 90 years after it was first proposed.

When the Washington quarter entered circulation in August 1932, it quickly became a familiar part of daily commerce. The coin featured Washington's portrait on the obverse. The reverse showed an eagle perched on a bundle of arrows above two olive branches on the reverse. This classic design remained largely unchanged for more than 65 years.

Another major milestone came in 1965, when rising silver prices forced the United States to remove silver from circulating dimes and quarters. Washington quarters minted from 1932 through 1964 contain 90% silver, but beginning in 1965, the Mint switched to a copper core with outer layers of copper and nickel.

This change reduced production costs and discouraged people from hoarding coins for their silver content.

For much of its history, the Washington quarter changed very little. That ended in 1999 with the launch of the 50 State Quarters Program.

The Mint released five new reverse designs each year, with one design for every state. The program became one of the most successful coin initiatives in American history and introduced millions of people to coin collecting.

Several additional programs followed. In 2009, the Mint honored the District of Columbia and five U.S. territories. From 2010 through 2021, the America the Beautiful series featured national parks and historic sites from every state and territory. Beginning in 2022, the American Women Quarters Program recognized women who made lasting contributions to American history, science, civil rights, literature, and the arts.

Today, the Washington quarter is the longest-running quarter design in U.S. history. Although its reverse has changed several times, George Washington has remained on the obverse since 1932. From silver issues and scarce key dates to modern commemorative designs, the series reflects both the evolution of American coinage and the nation's history.

Washington Quarter Design Explained

The Washington quarter has changed over the years, but one feature has remained constant since 1932. Every circulating Washington quarter has featured the nation's first president on the obverse. While the reverse has been redesigned several times, George Washington has remained the face of the series for more than 90 years.

The Obverse

The obverse, or front, of the coin features a portrait of George Washington designed by sculptor John Flanagan. His design was selected in 1932 to commemorate the 200th anniversary of Washington's birth. Flanagan based his portrait on a marble bust created by French sculptor Jean-Antoine Houdon in 1786. Many historians consider Houdon's bust to be one of the most accurate likenesses of Washington because the artist worked directly from life.

Washington's portrait faces left on the coin. Above his portrait appears the word LIBERTY, while the national motto IN GOD WE TRUST is positioned to the left. The year of issue is shown below the portrait.

Mint marks, when used, appear on the obverse to the right of Washington's ribbon. Coins struck in Philadelphia traditionally carried no mint mark until the late 20th century. Since the addition of the Philadelphia mint mark, coins from the Philadelphia Mint bear a P.

Coins from Denver display a D and those from San Francisco display an S. In recent years, some special collector editions have also been struck at the West Point Mint and carry a W mint mark.

Although the basic portrait has remained the same, the Mint has updated the design several times. Small adjustments to lettering, relief, and surface details have improved striking quality and extended die life. These refinements are subtle enough that many collectors never notice them without comparing coins from different decades.

The Original Reverse (1932–1998)

The original reverse features a bald eagle perched on a bundle of arrows. Two olive branches curve upward beneath the eagle, symbolizing peace, while the arrows represent the nation's readiness to defend itself. Above the eagle appears the motto E PLURIBUS UNUM, and below are the inscriptions UNITED STATES OF AMERICA and QUARTER DOLLAR.

This reverse remained in production for more than six decades, making it one of the longest-running quarter designs in U.S. history. For many collectors, it represents the classic appearance of the Washington quarter.

The State Quarters Program

In 1999, the U.S. Mint launched the 50 State Quarters Program. Instead of using the traditional eagle reverse, each state received its own unique design. Five new quarters were released every year in the order that states joined the Union.

The program quickly became one of the most successful coin programs ever produced by the Mint. Millions of Americans began collecting quarters from circulation, and many families assembled complete state sets from pocket change. The series also introduced younger collectors to numismatics and sparked renewed interest in U.S. coin collecting.

District of Columbia and U.S. Territories

After the final state quarter was released in 2008, the Mint issued six additional designs in 2009. These honored the District of Columbia, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Northern Mariana Islands. Like the state quarters, each reverse celebrated the history and culture of its location.

America the Beautiful Quarters

From 2010 through 2021, the America the Beautiful Quarters Program highlighted national parks, monuments, forests, battlefields, and other historic sites across the United States and its territories. A total of 56 different reverse designs were released.

Unlike the State Quarters Program, which focused on state identity, this series celebrated America's natural landscapes and historic landmarks. Many collectors enjoy these coins because each design tells the story of a unique place.

American Women Quarters

The next major redesign began in 2022 with the American Women Quarters Program. Each reverse honors a woman who made lasting contributions to American history, science, education, civil rights, literature, or the arts.

The obverse also received a fresh look. While it still features George Washington, the portrait is based on Laura Gardin Fraser's original 1932 design rather than John Flanagan's version. This change fulfilled a vision that had been set aside nearly 90 years earlier, making it one of the most meaningful design updates in the series.

Today, the Washington quarter tells two stories at once. The obverse preserves the legacy of America's first president, while the reverse continues to evolve as new generations and important moments in American history are recognized. Few U.S. coin series have balanced tradition and change as successfully, which is one reason the Washington quarter remains one of the nation's most collected coins.

Washington Quarter Specifications by Era

Although the Washington quarter has carried the same face value since 1932, its physical specifications have changed over time. Understanding these differences can help you identify valuable coins and determine whether a quarter has bullion value.

The most important change came in 1965. That year, Congress passed the Coinage Act of 1965, which eliminated silver from most American coinage. This change had a profound impact on the Washington quarter composition.

Washington quarters struck from 1932 through 1964 contain 90% silver and 10% copper. Each coin weighs 6.25 grams and contains 0.18084 troy ounces of pure silver.

Because of their precious metal content, these quarters are worth more than face value even in heavily circulated condition. Their market value rises and falls with the price of silver. Historically, that also led to many Americans hoarding these quarters and removing them from circulation.

Beginning in 1965, the Mint introduced a clad composition to discourage that silver hoarding and reduce production costs. Since 1965, quarters have had a pure copper core sandwiched between outer layers of copper and nickel. They weigh slightly less at 5.67 grams and contain no silver unless they were produced as special collector issues.

Proof quarters add another layer to the series. From 1992 through 2018, the U.S. Mint produced many proof sets with 90% silver Washington quarters. Starting in 2019, silver proof quarters were struck in .999 fine silver instead. These coins were made specifically for collectors and were never intended for circulation.

While the weight and metal content have changed, other specifications have remained remarkably consistent. Every Washington quarter has a diameter of 24.3 millimeters, a reeded edge, and a face value of 25 cents. These consistent dimensions allow the coins to work in vending machines and other equipment while preserving the familiar size Americans have used for generations.

Era	Years	Composition	Weight	Silver Content
Silver Circulation	1932–1964	90% Silver, 10% Copper	6.25 g	0.18084 troy oz
Clad Circulation	1965–Present	Copper Core, Copper-Nickel Cladding	5.67 g	None
Silver Proofs	1992–2018	90% Silver, 10% Copper	6.25 g	0.18084 troy oz
.999 Silver Proofs	2019–Present	.999 Fine Silver	6.343 g	0.1875 troy oz

Are Washington Quarters Silver?

One of the most common questions collectors ask is whether Washington quarters contain silver. The short answer is yes. However, there is a specific date range to know when looking for silver Washington quarters. Knowing which quarters contain precious metal can help you avoid spending a valuable coin or overlooking one in a coin jar.

Which Washington Quarters Are Silver?

Washington quarters minted for circulation from 1932 through 1964 are made from 90% silver and 10% copper. Each coin contains 0.18084 troy ounces of pure silver. This silver content gives the coin more intrinsic value, even if the coin is heavily worn.

In 1965, the U.S. Mint changed the composition of the quarter to a copper core with outer layers of copper and nickel. Rising silver prices had caused many people to remove silver coins from circulation, creating a nationwide coin shortage. The new clad alloy reduced production costs and discouraged hoarding.

As a result, every regular circulation Washington quarter dated 1965 or later contains no silver.

What About Modern Silver Quarters?

Although circulating quarters no longer contain silver, the Mint still produces special silver versions for collectors.

From 1992 through 2018, many proof sets included quarters struck from the traditional 90% silver alloy. Beginning in 2019, the Mint switched to .999 fine silver for its silver proof quarters.

These collector coins were sold directly by the U.S. Mint and were never intended to enter circulation. However, proof coins are sometimes broken out of their original packaging, so it is still possible to encounter one in a private collection or estate.

How to Tell if a Washington Quarter Is Silver

The easiest way to identify a silver Washington quarter is by checking the date.

If the coin is dated 1964 or earlier, it is silver.

If the coin is dated 1965 or later, it is almost certainly clad unless it is a special proof issue.

There are also several physical clues that can help.

Check the Edge

A silver quarter has a silvery white edge. It stands out considerably when compared to modern clad quarters.

A clad quarter shows a distinct reddish or copper-colored stripe around the edge because of its copper core. This is often the fastest way to separate silver and clad coins without looking at the date.

Weigh the Coin

A digital scale provides another reliable test.

Silver quarter (1932–1964): 6.25 grams
Clad quarter (1965–present): 5.67 grams

Wear can reduce a coin's weight slightly, but the difference between silver and clad quarters is usually easy to detect with an accurate scale.

Listen to the Sound

Collectors sometimes perform a "ring test." A silver quarter produces a clear, high-pitched ring when gently tapped against another silver coin. Clad quarters make a shorter, duller sound.

While experienced collectors can often tell the difference by ear, this method should be used carefully to avoid damaging collectible coins.

Are There Any Silver Quarters Dated 1965 or Later?

For normal circulation coins, the answer is no.

However, there are two important exceptions.

The first is silver proof coinage produced specifically for collectors. These coins carry later dates but were never released into circulation.

The second involves rare mint errors. On extremely rare occasions, a quarter intended for circulation may be struck on the wrong planchet. For example, a clad quarter design could be struck on a leftover silver planchet. These error coins are exceptionally scarce and often https://www.ngccoin.com/";>require professional authentication.

Is Melt Value the Same as Collector Value?

Not always.

Every silver Washington quarter has two potential sources of value.

The first is its melt value, which reflects the amount of silver it contains. The melt value will rise or fall with the spot price of silver, which fluctuates by the minute.

The second is its numismatic value. Unlike melt value, numismatic value depends on several factors, including date, mint mark, condition, rarity, and collector demand.

Sometimes, the melt value of a Washington quarter is much greater than its numismatic value. However, that is not always the case.

For example, a heavily worn 1957 quarter may trade close to its silver value. In contrast, a 1932-D quarter in Mint State condition can be worth thousands of dollars because of its rarity. In these cases, the collectible value is far greater than the value of the silver alone.

Common Myths About Silver Washington Quarters

Several misconceptions often confuse new collectors.

One common myth is that every old quarter is valuable. Age alone does not determine value. Many silver quarters are common dates that trade primarily for their silver content.

Another myth is that all shiny quarters are silver. Modern clad quarters can remain bright for decades, especially if they have seen little circulation. Always check the date and edge instead of relying on appearance.

Some people also believe a magnet can identify silver coins. While genuine silver is not magnetic, neither is the copper-nickel alloy used in modern quarters. The magnet test can help rule out if a coin is silver by testing if the coin is attracted to the magnet. If a coin is magnetic, that rules out its silver potential. However, just because a coin is not magnetic does not make it silver.

If you are unsure whether a Washington quarter contains silver, start with three simple steps. Check the date, examine the edge, and weigh the coin. Together, these quick tests will identify nearly every silver Washington quarter you are likely to encounter.

Washington Quarter Values

The value of a Washington quarter depends on much more than its face value. While most modern quarters are still worth only 25 cents, many older examples are worth several dollars, and the rarest pieces can sell for thousands. Understanding what drives a coin's value is the first step toward identifying a valuable quarter.

The most important factor is the coin's date. Washington quarters minted between 1932 and 1964 contain 90% silver, giving them intrinsic bullion value. Even common dates are worth more than face value because of their precious metal content. Quarters minted after 1964 are made from copper and nickel, so their value usually depends on rarity, condition, or unusual errors rather than metal content.

The mint mark also plays an important role. Some years had much lower production numbers at certain mints, making those coins harder to find today. The famous 1932-D and 1932-S quarters are good examples. Although they were struck in the first year of the series, their low mintages make them among the most desirable Washington quarters.

Another major factor in a coin's value is its condition, or "grade." Two quarters from the same year may be worth very different amounts depending on wear and eye appeal. A heavily circulated coin may sell for only its silver value, while a sharply struck Mint State example can command a substantial premium.

Collectors also look for mint errors and varieties. Doubled dies, off-center strikes, wrong planchets, and missing clad layers can make an otherwise common quarter much more valuable. Genuine errors are fairly uncommon, which makes them very appealing to collectors.

Finally, market demand influences prices. Popular series, registry set competition, and rising precious metals prices can all affect what collectors are willing to pay. Auction results for rare Washington quarters also change over time as new records are set.

The following value charts provide estimated price ranges for Washington quarters by date, mint mark, and condition. Keep in mind that these values are only guides. The final selling price depends on the coin's authenticity, grade, eye appeal, and current market conditions.

Washington Quarter Value Charts

The values below are general retail estimates in U.S. dollars. Actual prices depend on the coin's grade, strike quality, eye appeal, authenticity, and current market demand. https://www.moneymetals.com/bullion/what-quarters-are-silver";>Silver quarter values also change with the https://www.moneymetals.com/silver-price";>price of silver.

Grade key: G-4 means Good, F-12 means Fine, XF-40 means Extremely Fine, AU-50 means About Uncirculated, and MS-63 means an uncirculated coin with moderate contact marks.

Estimated values for selected silver Washington quarters, 1932–1964

Date and Mint Mark	Mintage	G-4	F-12	XF-40	AU-50	MS-63
1932	5,404,000	$15	$20	$35	$55	$150
1932-D	436,800	$140	$200	$450	$700	$1,900
1932-S	408,000	$130	$160	$250	$350	$650
1934 Doubled Die Obverse	31,912,052*	$90	$130	$250	$400	$900
1936-D	5,374,000	$13	$15	$50	$120	$300
1937 Doubled Die Obverse	19,696,000*	$110	$150	$350	$700	$1,600
1943 Doubled Die Obverse	99,700,000*	$900+	$1,400+	$2,200+	$3,500+	$7,500+
1950-D/S	21,075,600	$55	$75	$120	$225	$400
Common dates, 1940–1964	Varies	$12.50	$13	$14	$16	$30

Washington quarters dated 1932 through 1964 contain 90% silver. Their base value therefore changes with the silver market. The 1932-D and 1932-S are also known targets for altered mint marks, so questionable examples should be authenticated. *Mintage figures shown for the 1934, 1937, and 1943 doubled die obverse varieties reflect the total mintage for that year and mint, since the U.S. Mint did not track doubled die examples separately from the general production run.

Estimated values for selected clad Washington quarters, 1965–1998

Date and Mint Mark	Circulated	AU-50	MS-63	MS-65	Notes
1965	$0.25	$1.00	$8	$22	First regular copper-nickel clad issue
1965 Silver Planchet Error	$7,000-$17,000+ at auction (rare; certification is essential)				Rare transitional error; authentication is essential
1970-D	$0.25	$1.00	$15	$25	Common circulated, scarcer in high grade
1976-D Bicentennial	$0.25	$0.75	$2	$18	Copper-nickel circulation issue
1976-S 40% Silver	$3.50	$5.00	$10	$20	Collector issue containing 40% silver
1982-P	$0.25	$10	$20	$85	No official uncirculated Mint Set issued
1982-D	$0.25	$5.00	$15	$25	Premiums rise for well-preserved examples
1983-P	$0.25	$2.50	$70	$100	Often weakly struck or heavily marked
1983-D	$0.25	$3.00	$10	$38	Scarcer with clean surfaces
Common clad dates	$0.25	$0.50	$2	$10	Most circulated pieces remain worth face value

General value ranges for modern Washington quarter programs

Issue Type	Typical Circulated Value	Typical Uncirculated Value	What Can Add Value?
50 State Quarters, 1999–2008	$0.25	$0.50-$1.50	Major errors, top grades, original rolls, and silver proofs
D.C. and U.S. Territories, 2009	$0.25	$0.75-$2.50	High grades, varieties, silver proofs, and major errors
America the Beautiful, 2010–2021	$0.25	$0.50-$1.00	W mint marks, top grades, errors, and silver proofs
2019-W and 2020-W Quarters	$5-$15	$30-$85	Condition, design, certification, and collector demand
2020-W V75 Privy Mark	$10-$20	$35-$85	Grade, strike quality, and original surface preservation
American Women Quarters, 2022–2025	$0.25	$0.75-$1.50	Major errors, varieties, top grades, and silver proofs
Modern Silver Proof Quarters	Not normally circulated	$12-$20	Silver price, proof quality, packaging, and certification

Important Value Notes

Values are estimates, not guaranteed purchase offers or auction results.
Raw and certified coins may trade at different prices.
Cleaning, scratches, damage, or altered surfaces can reduce a coin's value.
Rare dates, varieties, and mint errors should be authenticated before sale.
Update silver-coin estimates when the spot price of silver changes materially.

Price data last reviewed: August 24, 2026

Key Dates Every Collector Should Know

Some quarters are difficult to find because few were minted. Others are valuable because many were lost, melted, or heavily worn over time. A handful became famous because of mint errors or exceptional condition rarities.

Learning to identify the most valuable Washington quarter issues can help you build a smarter collection and avoid overlooking valuable coins.

1932-D

The 1932-D is one of the most desirable Washington quarters in the entire series. It was struck during the first year of production at the Denver Mint, which produced only about 436,800 examples.

Because collectors quickly recognized its low mintage, many coins were saved from circulation. As a result, circulated examples are scarce, while high-grade Mint State coins command substantial premiums.

If you are building a complete Washington quarter set, the 1932-D is almost always one of the most expensive coins you will need.

1932-S

The 1932-S shares many similarities with the 1932-D. The San Francisco Mint struck about 408,000 pieces, making it the lowest-mintage regular-issue Washington quarter.

Like the Denver issue, many examples were preserved by collectors. Even so, demand remains strong because every complete collection requires one.

Collectors should examine both the date and mint mark carefully. Altered coins with added or modified mint marks occasionally appear on the market, making authentication worthwhile for expensive examples.

1934 Doubled Die Obverse

The 1934 Doubled Die Obverse is one of the best-known varieties in the series. Strong doubling appears on parts of the inscriptions, especially IN GOD WE TRUST and the date.

Unlike minor doubling caused by worn dies or machine vibration, this variety resulted during the die-making process. That makes it a true collectible variety rather than a simple striking defect.

Well-preserved examples are much harder to locate than ordinary 1934 quarters.

1936-D

The 1936-D is not as famous as the 1932 key dates, but it remains a better date because of its relatively low mintage and strong collector demand.

Many surviving examples entered circulation and saw heavy use. Attractive uncirculated pieces become much harder to find and often sell for significant premiums over common dates.

1937 Doubled Die Obverse

Another popular variety is the 1937 Doubled Die Obverse. Doubling can be seen on several inscriptions and design elements, although it is generally less dramatic than the famous 1934 variety.

Collectors searching through circulated silver quarters sometimes overlook this coin because the doubling becomes less obvious as the coin wears.

A magnifying glass or coin loupe makes identification much easier.

1942-D Doubled Die Obverse

The 1942-D Doubled Die Obverse is another variety sought by specialists. The doubling is visible on the lettering and date, and certified examples often command healthy premiums.

Although not as widely known as some earlier doubled dies, it remains an important addition for collectors assembling a variety set.

1943 Doubled Die Obverse

The 1943 Doubled Die Obverse is one of the better-known wartime varieties. Like other doubled dies, it resulted from the die creation process rather than damage after the coin left the Mint.

Because many 1943 quarters circulated for decades, sharply detailed examples are much scarcer than lower-grade pieces.

1950-D/S Overmintmark

One of the most interesting varieties in the series is the 1950-D/S overmintmark. This variety was created when a Denver mint mark was punched over a previously punched San Francisco mint mark on the working die.

Collectors can still see traces of the underlying S beneath the D with magnification.

Overmintmarks provide a fascinating look at older minting practices before modern die production eliminated this type of variety.

1964

Although the 1964 quarter is common, it deserves attention. This quarter marks the final year that regular circulation Washington quarters were struck in 90% silver.

American collectors saved millions of these coins when they learned that silver was to be removed from circulating coinage. Every 1964 quarter still carries intrinsic silver value, making it worth more than face value.

Collectors should also watch for proof coins, doubled dies, and high-grade certified examples.

1965 Transitional Errors

The switch from silver to clad coinage created some of the most valuable Washington quarter errors ever discovered.

A small number of 1965 quarters were accidentally struck on leftover silver planchets intended for 1964 coinage. Because these transitional errors combine the new date with the old silver composition, they are extremely rare.

Professional authentication is essential because many altered coins attempt to imitate these valuable errors.

1976 Bicentennial Silver Quarters

The Bicentennial quarter is one of the most recognized U.S. coins ever produced. While most examples found in circulation are copper-nickel clad, the Mint also struck collector versions in 40% silver.

These silver coins remain popular because they combine historical significance with precious metal content.

Collectors should not assume every Bicentennial quarter is silver. Most are worth only face value unless they are high-grade examples, silver collector issues, or rare errors.

1982 and 1983 Quarters

The Philadelphia and Denver quarters struck in 1982 and 1983 received extra attention because the U.S. Mint did not issue official uncirculated Mint Sets during those years.

As a result, collectors had fewer opportunities to obtain pristine examples directly from the Mint. High-grade coins from these years are noticeably scarcer than many surrounding dates.

2019-W and 2020-W Quarters

One of the most exciting modern developments came when the West Point Mint released circulation-quality quarters bearing the W mint mark.

These coins were mixed into circulation alongside ordinary Philadelphia and Denver issues, creating a modern treasure hunt for collectors.

Only a limited number of each design was produced, making them far scarcer than standard circulation quarters.

Some 2020 issues also feature the special V75 privy mark honoring the 75th anniversary of the end of World War II, adding another layer of collectibility.

Building a Collection Around Key Dates

Many collectors begin with an affordable set of common Washington quarters before adding key dates as their budget allows. This approach spreads costs over time while helping collectors learn grading, authentication, and market values.

If you plan to purchase expensive key dates, buy examples certified by respected grading services whenever possible. Certification helps confirm authenticity and grade while reducing the risk of altered mint marks or counterfeit coins.

Remember that rarity alone does not determine value. Condition, eye appeal, strike quality, and collector demand all influence what a Washington quarter is worth. By understanding why these dates stand out, you will be better prepared to identify worthwhile additions and build a collection that can be enjoyed for years to come.

Most Valuable Washington Quarters Ever Sold

Most Washington quarters are worth only face value or their silver content. However, a small number have sold for tens of thousands of dollars at auction. These record-setting coins stand out because of their rarity, exceptional condition, or unusual mint errors. In many cases, collectors are paying for a combination of all three.

The table below highlights some of the most valuable Washington quarters ever sold at public auction.

Notable Washington Quarter Auction Records

Coin	Grade	Approximate Sale Price	Why It Is Valuable
1932-D	MS-66+	Over $140,000	Low mintage and exceptional preservation
1932-S	MS-66	Over $45,000	Lowest-mintage regular issue with strong collector demand
1934 Doubled Die Obverse	MS-66	Over $30,000	Major doubled die variety in superb condition
1949-D	MS-68	Over $40,000	Condition rarity with an extremely small surviving population
1965 Silver Planchet Error	Mint State	Over $15,000	Rare transitional error struck on a silver planchet

What do these coins have in common? They represent the best-known examples of rarity within the Washington quarter series.

The 1932-D and 1932-S remain the classic key dates because they had the lowest mintages of any regular circulation Washington quarters. Several examples of these coins survive, but very few remain in superb Mint State condition. As collectors compete for the finest certified coins, auction prices continue to climb.

Condition also plays a major role. A common-date quarter in average circulated condition may be worth only its silver value. The same coin in an elite grade such as MS-67 or MS-68 can sell for thousands of dollars if only a handful of comparable examples exist. This is known as a condition rarity. The coin is not necessarily rare overall, but it is rare in that specific grade.

Mint errors can also produce remarkable prices. Transitional errors, wrong planchets, doubled dies, and dramatic striking mistakes are often unique or nearly unique. Because so few exist, advanced collectors compete aggressively whenever one appears at auction.

It is important to remember that auction records represent exceptional coins, not standard examples. Most Washington quarters found in circulation will never approach these values. Before you assume you have a rare coin, cross reference its date, mint mark, and condition using reliable price guides.

If you believe you have a scarce variety or an unusually well-preserved example, consider having it authenticated and graded by a professional service. A certified grade can make a significant difference when selling a valuable Washington quarter.

Washington Quarter Errors Worth Looking For

Mint errors are one of the most exciting parts of collecting Washington quarters. Unlike regular coins, error coins were created when something went wrong during the minting process. Some mistakes are minor and add little value, while others are extremely rare and can sell for hundreds or even thousands of dollars.

Learning to recognize genuine mint errors can help you spot valuable coins in collections, dealer inventories, or even pocket change. The key is knowing what to look for and understanding the difference between a true mint error and damage that happened after the coin entered circulation.

Doubled Die Errors

Doubled die errors are among the most popular Washington quarter varieties. These errors occur during the creation of the coin die, not when the coin is struck. As a result, every coin struck from that die shows the same doubling.

Collectors often look for doubling on the date, the word LIBERTY, and the motto IN GOD WE TRUST. Some of the best-known doubled die quarters include the 1934, 1937, 1942-D, and 1943 varieties.

True doubled dies have clear, separated design elements. Machine doubling, which happens during striking, usually appears flat and shelf-like. While machine doubling is common, it generally adds little or no value.

Off-Center Strikes

An off-center strike occurs when the coin blank is not properly aligned between the dies. Part of the design is missing because the dies did not strike the entire planchet.

The value depends on how far the strike is off center. Slightly off-center coins may bring only a small premium. Coins that are 20% to 50% off center while still showing the full date are usually much more desirable.

If the date is completely missing, collector demand often decreases because the coin cannot be identified easily.

Broadstrikes

A broadstrike happens when the retaining collar fails to hold the planchet during striking. Without the collar, the metal spreads outward, producing a coin that is wider than normal and lacks a fully formed edge.

Broadstruck Washington quarters often display complete designs but have a larger diameter and no reeded edge. The more dramatic the expansion, the greater the collector interest.

Wrong Planchet Errors

Wrong planchet errors occur when a Washington quarter is struck on a blank intended for another coin.

For example, a quarter design might appear on a nickel, dime, or foreign coin planchet. These mistakes are rare because modern quality control systems remove most incorrect blanks before they reach the coin presses.

Collectors should compare the coin's weight, diameter, and color with normal specifications. A digital scale is often the quickest way to detect a wrong planchet error.

Professional authentication is highly recommended because altered coins can sometimes imitate these errors.

Silver Planchet Errors

One of the most famous Washington quarter errors involves the transition from silver to clad coinage in 1965.

A small number of 1965 quarters were accidentally struck on leftover 90% silver planchets from 1964. These transitional errors are among the most valuable Washington quarters because they combine a modern date with the older silver composition.

Collectors can often identify these coins by checking the edge. A silver planchet shows no copper stripe. The coin also weighs about 6.25 grams instead of the standard 5.67 grams for a clad quarter.

Because of their value, these coins should always be certified before being bought or sold.

Missing Clad Layer Errors

Modern Washington quarters consist of a pure copper core covered by thin copper-nickel layers.

Sometimes one of these outer layers is missing before the coin is struck. The finished quarter appears copper-colored on one side and weighs less than a normal coin.

Missing clad layer errors are popular because they are easy to recognize without magnification. However, environmental damage can produce similar colors, making weight an important clue.

Die Cracks

Coin dies wear out over time. As they age, small cracks may develop in the steel. When a cracked die strikes a coin, metal flows into the crack, creating a raised line on the finished coin.

Minor die cracks are common and usually add little value. Larger cracks that run across much of the design are more desirable.

Collectors enjoy these errors because they show the gradual deterioration of the die during production.

Cuds

A cud is a dramatic type of die break. It occurs when a piece of the die breaks away completely, leaving a raised, smooth blob of metal on the coin.

Most cuds appear near the rim because the edge of the die experiences the greatest stress during striking.

Large cuds are easy to identify and often command strong premiums because they are visually impressive.

Struck-Through Errors

A struck-through error happens when grease, cloth, wire, or another object comes between the die and the planchet during striking.

The object prevents part of the design from forming correctly, leaving an unusual recessed area on the coin.

Grease-filled dies are the most common type and can cause weak or missing letters. Struck-through cloth or wire errors are much scarcer and usually attract greater collector interest.

Rotated Die Errors

Normally, the front and back of a U.S. coin are aligned at 180 degrees. If one die rotates before striking, the reverse no longer lines up correctly with the obverse.

To test for a rotated die, hold the coin upright by the top and bottom, then flip it from top to bottom. If the reverse is noticeably rotated instead of appearing upright, the coin may have this error.

Minor rotation is common and usually carries little premium. Large rotations are much scarcer and more valuable.

Die Cap Errors

A die cap forms when a struck coin sticks to one of the dies instead of being ejected. The stuck coin continues striking additional planchets, gradually stretching into the shape of a bottle cap.

Die cap errors are among the most unusual mint mistakes because the original coin changes shape with every strike.

Fully developed die caps are rare and highly collectible.

How to Verify a Washington Quarter Error

Not every unusual coin is a genuine mint error. Damage from parking lots, dryers, tools, chemicals, or jewelry can produce strange appearances that resemble mint mistakes.

Before assuming a quarter is valuable, compare it with a normal example from the same year. Check the coin's weight, diameter, edge, and alignment. A magnifying glass or coin microscope can also reveal important details.

For expensive or unusual errors, professional authentication is well worth the cost. A certified error coin is easier to sell and gives buyers confidence that the mistake occurred at the Mint rather than after the coin entered circulation.

Mint Marks Explained

A mint mark identifies the U.S. Mint facility where a Washington quarter was struck. While a mint mark alone does not guarantee a coin is valuable, it can have a major impact on rarity and collector demand. Some of the most valuable Washington quarters are worth far more than common examples from the same year because they were struck at a different mint.

On most Washington quarters, the mint mark appears on the obverse, just to the right of George Washington's ribbon. This broke from the tradition of earlier American coinage, which added the mint mark on the reverse of the coin.

Since 1980, the Philadelphia Mint has used the letter P. However, for most of American history, coins minted at the Philadelphia Mint did not have a mint mark. This often surprises new collectors, but it is completely normal. Since the Philadelphia Mint has produced the majority of Washington quarters, that means most Washington quarters throughout history have had no mint mark.

The Denver Mint uses the letter D. Denver struck several important key dates, including the famous 1932-D quarter. Many Denver issues are common, but some are much scarcer than their Philadelphia counterparts.

The San Francisco Mint uses the letter S. Early in the series, San Francisco produced coins for circulation. Today, it is best known for striking proof coins made specifically for collectors. Many silver proof Washington quarters also carry the S mint mark.

The West Point Mint uses the letter W. Beginning in 2019, the Mint released a limited number of circulation-quality quarters with a W mint mark. Because far fewer were produced than standard Philadelphia and Denver issues, these coins quickly became modern collectibles.

When evaluating a Washington quarter, always consider the date and mint mark together. A common date from one mint may be worth only face value, while the same year from another mint could be a key date worth hundreds or even thousands of dollars.

Grading Washington Quarters

The condition of a Washington quarter plays a major role in its value. Two coins with the same date and mint mark can sell for very different prices simply because one is better preserved. Learning the basics of grading will help you decide whether a coin belongs in your collection, is worth having professionally graded, or is valued mainly for its silver content.

Professional grading services use the Sheldon Scale, which ranges from 1 to 70. While the full scale is detailed, most collectors group Washington quarters into a few easy-to-understand categories.

Good (G-4)

A quarter graded Good has seen heavy circulation. Much of the fine detail has worn away, but the date, lettering, and major design features remain visible. Washington's portrait appears flat, and many of the details in his hair have disappeared.

These coins are often collected when key dates are too expensive in higher grades.

Fine (F-12)

A Fine quarter shows moderate wear but still retains more detail than lower-grade coins. Parts of Washington's hair begin to show, and the lettering is bold and easy to read. On the original eagle reverse, feathers and other design elements are more distinct, although wear is still noticeable.

Fine examples often provide a good balance between affordability and eye appeal.

Extremely Fine (XF-40)

An Extremely Fine quarter has only light wear on the highest points of the design. Most of the original detail remains sharp, and many traces of mint luster may still be present around the protected areas of the coin.

Washington's hair is well defined, and the eagle's feathers on older reverse designs remain crisp. Coins in this grade are popular because they look attractive without the high cost of Mint State examples.

About Uncirculated (AU-50 to AU-58)

About Uncirculated coins have seen very little circulation. Only slight wear appears on the highest points of the design, and much of the original mint luster remains.

At first glance, an AU coin may look uncirculated. Careful inspection under good lighting usually reveals small areas of wear on Washington's cheek, hair above the ear, and the highest points of the reverse design.

Mint State (MS-60 to MS-70)

A Mint State quarter has never entered circulation. Instead of wear, any marks on the coin come from contact with other coins during handling and storage.

Within Mint State grades, small differences can have a major effect on value. An MS-63 coin may show several noticeable marks, while an MS-67 coin has outstanding eye appeal with only minor imperfections. The finest known examples often sell for many times more than lower Mint State grades because so few survive in exceptional condition.

Wear Points to Examine

When grading a Washington quarter, always inspect the highest points of the design first. These areas lose detail before the rest of the coin.

On the obverse, check:

Washington's cheek
Hair above the ear
Hair over the forehead
Hair ribbon
Jawline

On the original eagle reverse, examine:

The eagle's breast
Tops of the wings
Leg feathers
Arrowheads
Olive leaves

For modern reverse designs, inspect the highest raised details instead. These vary depending on the design but are usually the first areas to show wear.

Should You Have Your Quarter Professionally Graded?

While professional grading can be beneficial to anyone interested in their coin's authenticity, it is usually most worthwhile if you suspect your coin is significantly valuable. Key dates, major mint errors, condition rarities, and exceptionally well-preserved coins often benefit from certification because it confirms both authenticity and grade.

However, professional certification is not a cost-free service. Many coin collectors find that common circulated Washington quarters generally do not justify the cost of professional grading.

Coin price guides are an excellent tool to use when deciding whether to have your coin graded. Before submitting a coin, collectors should compare its date, mint mark, condition, and estimated value with current price guides. If the potential value greatly exceeds the grading fee, certification may be a wise investment.

Washington Quarter Collections

One reason the Washington quarter remains so popular is its flexibility. Whether you have a small budget or years of collecting experience, there is a collection you can build. Some collectors focus on completing every date and mint mark, while others specialize in silver coins, modern designs, or mint errors.

Choosing a collecting goal before you begin can help you stay organized and avoid unnecessary purchases.

Complete Date and Mint Mark Set

Many collectors work toward a complete date and mint mark collection. This includes one example of every Washington quarter issued for circulation from each mint.

Building a complete set takes time because key dates such as the 1932-D and 1932-S can be expensive. However, most of the series is affordable, making this one of the most rewarding long-term collecting goals.

Silver Quarter Collection

Some collectors focus only on silver Washington quarters struck from 1932 through 1964. Every coin in this group contains 90% silver, giving the collection both historical and bullion value.

This approach is popular with investors who want to own precious metals while building a meaningful coin collection.

State and National Park Collections

Modern quarter programs have introduced millions of people to coin collecting. Many hobbyists assemble complete sets of the 50 State Quarters, the District of Columbia and U.S. Territories quarters, the America the Beautiful series, or the American Women Quarters.

Because many of these coins can still be found in circulation, they offer an inexpensive way for beginners and families to get started.

Proof Collection

Proof Washington quarters are struck using specially prepared dies and polished planchets. They display sharp details and mirror-like fields that differ from regular circulation coins.

Collectors often purchase proof sets directly from the U.S. Mint or look for certified examples in high grades. Silver proof quarters add precious metal content to their visual appeal. In addition to the original 90% silver proof coin design, since 2019, proof coins have been designed with .999 fine silver.

Error Coin Collection

Some collectors enjoy searching for mint errors instead of building traditional date sets. Doubled dies, off-center strikes, wrong planchets, missing clad layers, and other unusual errors make every search exciting.

Error collecting requires patience and research, but it also offers the chance to discover valuable coins that others may overlook.

Registry Sets

Advanced collectors often build registry sets using professionally graded coins. These collections compete against others online based on the quality and completeness of the coins.

Registry collecting usually focuses on high-grade examples with strong eye appeal. Because top-population coins are scarce, competition can be intense, and prices are often much higher than for average examples.

No matter which path you choose, buy the best coins your budget allows and learn as much as you can before making expensive purchases. A focused collection is often more enjoyable than buying random coins without a plan. As your knowledge grows, your collecting goals may change, and that is part of the fun of building a Washington quarter collection.

Are Washington Quarters a Good Investment?

The answer to this question depends on two factors: what coins you buy and what your goals are. Some collectors focus on rare dates and high-grade examples, while others prefer silver quarters for their precious metal content. Understanding the difference between bullion value and collector value is the key to making informed decisions.

Silver Washington quarters minted from 1932 through 1964 appeal to many investors because they contain 90% silver. Their value comes from their precious metal content, which gives them intrinsic value.

Intrinsic value ensures that these coins remain more valuable than their face value, regardless of their condition. Instead of coin condition, year, or mint marks deciding the price, these coins derive their value from the spot price of silver. As it rises and falls, so too does the value of silver Washington quarters.

Rare collector coins are different. Their value depends on factors such as rarity, condition, eye appeal, and demand. Key dates like the 1932-D and 1932-S have remained popular for decades because collectors need them to complete a full Washington quarter set. High-grade certified examples of these coins have performed well over the long term, but their prices can rise or fall as collector demand changes.

Modern quarters can also have investment potential, although only a small number become especially valuable. Coins with major mint errors, low mintages, or exceptional grades often sell for significant premiums. However, most modern circulating quarters remain worth only 25 cents.

Silver investors will find that common, https://www.moneymetals.com/pre-1965-90-silver-quarters/1394";>pre-1965 Washington quarters provide a practical way to own physical silver. These coins are widely recognized, easy to buy and sell, and often trade close to their silver value. Investors who want maximum silver for their money, however, may find that bullion bars or modern silver rounds carry lower premiums than collectible coins.

Collectible coins are rarely good investments because their value is not linked to a stable cause. However, that does not mean collectible coins cannot reach high values. If your goals focus on collector value, several coins can be worth your while.

However, collectors should also think about liquidity. Common silver quarters are easy to sell because they have both bullion and collector demand. Rare certified coins may bring higher prices, but they often require more time to find the right buyer. Auction houses, coin dealers, and online marketplaces can all play a role when it comes time to sell.

No investment is guaranteed to increase in value. Coin prices depend on precious metals markets, collector demand, economic conditions, and the overall rarity of each issue. Before spending large amounts on Washington quarters, research current market prices, buy from reputable dealers, and consider having valuable coins certified by a trusted grading service.

For many people, the best reason to collect Washington quarters is that they combine history, artistry, and precious metal value in a single series. If your collection appreciates over time, that is an added benefit. Even if prices fluctuate, owning coins that you genuinely enjoy can make collecting rewarding for years to come.

How to Identify Valuable Washington Quarters in Pocket Change

Most Washington quarters you find in circulation are worth only 25 cents. However, valuable coins still turn up in pocket change, coin rolls, and old collections. You can quickly determine whether a quarter deserves a closer look by following a simple checklist.

1. Check the Date

Start with the year. This is the fastest way to narrow down a coin's potential value.

If the quarter is dated 1964 or earlier, it contains 90% silver and is worth more than face value. Even common dates have bullion value because of their silver content.

If the coin is dated 1965 or later, it is usually clad. While most are worth only face value, certain dates, varieties, and mint errors can still be valuable.

2. Look for the Mint Mark

Next, find the mint mark on the obverse, just to the right of Washington's ribbon.

Some mint marks are much scarcer than others. For example, the 1932-D and 1932-S are key dates that can be worth hundreds or even thousands of dollars, depending on their condition.

Also watch for W mint marks on 2019 and 2020 quarters. These West Point issues were released into circulation in limited numbers and are popular with modern collectors.

3. Examine the Edge

Turn the coin on its side and inspect the edge.

A solid silver-colored edge usually means the quarter is silver. A reddish or copper-colored stripe indicates a modern clad coin with a copper core.

This quick test often identifies silver quarters without even looking at the date.

4. Look for Errors and Varieties

Take a closer look with a magnifying glass or coin loupe.

Watch for:

Doubled lettering or numbers
Off-center strikes
Missing clad layers
Die cracks
Cuds
Wrong planchet errors
Rotated dies

Most unusual-looking coins are damaged after leaving the Mint, but genuine mint errors can carry significant premiums.

5. Evaluate the Condition

A coin's condition matters as much as its rarity.

When collectors refer to condition, they are referring to the strength of detail in a coin's appearance. Coins are considered to be in good condition based on how visible its fine details are.

So, when you examine a Washington quarter, look for sharp details in Washington's hair, cheek, and jawline. On older eagle reverse designs, check the eagle's breast and wing feathers for signs of wear.

Coins with strong luster, few marks, and little or no wear are usually worth more than heavily circulated examples from the same year.

6. Compare the Coin to Reliable References

Another important step is to compare your quarter with photographs from trusted coin references or grading services. Comparing a potentially valuable coin with certified photographs can help you decide whether your coin is worth a professional grading.

When you compare your coin to other images, pay attention to small details such as the mint mark, date, and location of any doubling or other unusual features. Many common coins resemble valuable varieties at first glance, so a keen eye for detail can help you separate rare coins from common varieties.

7. Weigh Unusual Coins

A small digital scale can help confirm your findings.

A silver Washington quarter weighs 6.25 grams, while a clad quarter weighs 5.67 grams. A weight that falls well outside these standards may indicate a mint error, such as a wrong planchet or missing clad layer.

8. Get Rare Coins Authenticated

If a quarter appears to be a key date, major error, or unusually high-grade example, consider having it authenticated by a professional grading service.

Certification confirms the coin's authenticity and condition, making it easier to sell and giving buyers greater confidence.

Finding a valuable Washington quarter is uncommon, but it still happens. By checking the date, mint mark, edge, condition, and weight, you can examine a coin in less than a minute. Most quarters will turn out to be ordinary, but that one careful inspection could uncover a coin worth far more than 25 cents.

Frequently Asked Questions

From 1932 through 1964, all Washington quarters contained 90% silver and 10% copper. Every regular quarter dated 1965 or later is made from a copper-nickel clad alloy and contains no silver.

Some special collector issues did feature silver, such as Bicentennial collectible quarters. Later, silver proof quarters were produced beginning in 1992. Since 2019, the government has created silver proof quarters using .999 fine silver.

The easiest way to know if your coin is silver is to check the date. A quarter dated 1964 or earlier will be 90% silver.

It also helps to examine the edge. Silver quarters have a solid silver-colored edge, while clad quarters show a copper-colored stripe. If you have a digital scale, a silver quarter weighs 6.25 grams, compared to 5.67 grams for a clad quarter.

Several Washington quarters have sold for more than $100,000 at auction. The most valuable examples are usually the 1932-D, 1932-S, or rare mint errors in exceptional condition. The highest prices are typically paid for certified coins with outstanding eye appeal and very high Mint State grades.

Every 1964 Washington quarter is worth more than face value because it contains 90% silver. However, most circulated examples trade close to their silver value. Coins in exceptional condition, proof issues, and rare varieties are usually worth much more than common circulated pieces.

Most Bicentennial quarters dated 1776–1976 are worth only face value because they were produced in large numbers. Collector versions struck in 40% silver, major mint errors, and high-grade certified examples can be worth significantly more.

Most Washington quarters struck at the Philadelphia Mint before 1980 have no mint mark. This is normal and does not make the coin rare. To determine whether a quarter is valuable, you must consider the date, condition, and any varieties or mint errors in addition to the mint mark.

Yes. The 50 State Quarters Program introduced millions of people to coin collecting. While most circulated state quarters are worth only 25 cents, silver proofs, major errors, and top-grade certified examples often command premiums. Complete collections also remain popular with collectors.

No. Cleaning almost always reduces a coin's value. Even gentle polishing can leave fine scratches or remove the natural surface that collectors expect to see. If a coin appears dirty or tarnished, it is usually best to leave it untouched.

The 1932-S has the lowest regular-issue mintage in the series, followed closely by the 1932-D. However, rarity depends on more than mintage. Certain mint errors and condition rarities are even scarcer and may be worth more than the classic key dates.

A proof quarter is a collector coin struck using specially prepared dies and polished planchets. Proof coins have sharp details and mirror-like fields that differ from ordinary circulation strikes. Most proof Washington quarters carry the S mint mark, although some special proof issues were produced at other mints.

You can sell valuable Washington quarters through reputable coin dealers, auction houses, online marketplaces, or coin shows. Rare or expensive coins often bring the strongest prices when they have been authenticated and graded by a professional grading service.

Professional grading is usually worthwhile for key dates, valuable mint errors, and coins that appear to be in exceptional condition. Common circulated quarters are generally not worth the cost of certification. Before submitting a coin, compare its estimated value with the grading fee to decide whether certification makes financial sense.

Resources & Further Reading

It takes time to understand all the information needed for collecting Washington quarters. However, one of the most important tools for any collector is a reference book. These books can help you identify valuable quarters and separate them from common issues.

The United States Mint offers historical information about coin designs and production, while organizations such as https://www.pcgs.com/";>PCGS and NGC provide price guides, population reports, and grading resources.

The Guide Book of United States Coins (commonly called the Red Book) remains one of the most trusted print references for collectors. Auction archives from Heritage Auctions and Stack's Bowers can also help you research recent sale prices for rare Washington quarters and compare values across different grades.

Bessent's Bond Market Intervention Juices Debasement Trade, Boosts Gold

Tue, 25 Aug 2026 00:00:00 EST

Opps. That didn’t go as planned.

Treasury Secretary Scott Bessent wanted to drive down interest rates at the long end of the yield curve, so he intervened in the market.

It worked.

For about one day.

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The 30-year Treasury yield closed at 5.31 percent on Tuesday (Aug. 18). Intraday, it hit 5.34 percent, the highest yield since 2007. By close on Wednesday, after the announcement, it dipped to 5.19 percent.

Two days later, it was back to 5.27 percent.

Instead of stabilizing the bond market and pushing long-term Treasury rates lower, the move appears to have juiced the debasement trade.

According to the announcement, the Treasury Department will increase buybacks of Treasury securities in the 10-20 and 20-30-year maturity sectors from a maximum of $2 billion to $4 billion per operation.

A Business Times report revealed the move’s fecklessness.

“U.S Treasury Secretary Scott Bessent’s bid to tame U.S. borrowing costs knocked down long-term yields for barely a day. The more lasting market signal: the dollar weakened while gold and Bitcoin rallied, reinforcing a debasement trade fueled by swelling U.S. deficits and concerns over the direction of U.S. economic policy.”

Keep in mind, the Treasury hasn’t started the bond buyback yet. According to the announcement, the expanded buyback operations will begin September 9 and run through November 4.

Nevertheless, the announcement didn’t have the impact Bessent hoped for. In fact, it appears to have exacerbated the situation and reignited https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>the debasement trade – an investment strategy emphasizing holding tangible assets such as gold, silver, and other commodities to protect against the decline of fiat currencies caused by monetary debasement.

Treasuries have been selling off because many countries are increasingly wary of holding U.S. debt. With https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>the national debt eclipsing $40 trillion last week, and with U.S. policymakers giving no hint that they intend to address https://www.moneymetals.com/news/2026/08/13/trump-administration-runs-largest-monthly-budget-deficit-in-five-years-005135";>the borrowing and spending, America’s fiscal situation doesn’t inspire confidence.

On top of the fiscal problems, the U.S. has https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>weaponized the dollar as a foreign policy tool. This has made some countries even warrier about holding greenbacks.

The AI boom is exacerbating Uncle Sam’s funding problem. Financing for AI expansion has eaten into the broader bond market.

Bessent tried to frame the bond buyback as a “liquidity intervention” to maintain “market plumbing.” However, we don’t have a “plumbing” problem, and the Treasury Department intervention doesn’t solve the fundamental issue. That’s clear by the quick rebound in yields after the announcement.

Nomura macro strategist Charlie McElligott said the move showed the Treasury Department is reaching its pain threshold for higher yields, and he described the “gold-up, dollar-down move” as a “pressure-release valve” as the U.S. intervened to stabilize long-term rates.

Billionaire investor Ray Dalio was even more emphatic, urging investors to cut bond exposure and hold gold, along with some Bitcoin as protection against a potential U.S. “debt crisis.”

The market’s tepid reaction to Treasury’s announcement reveals an ugly reality. Try as he might, Bessent can’t control the market. The government can intervene and move the needle temporarily, but it can’t override the underlying market dynamics, as Manulife Investment Management senior portfolio manager Nathan Thooft told Business Times.

“The Treasury can influence liquidity and sentiment, but it can’t sustainably override growth, inflation, deficits and supply.”

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The other problem is that the Treasury Department is limited in its ability to intervene. It can’t print money, so it must borrow to fund its buyback. In practice, it will have to issue more shorter-term bonds to raise cash so it can intervene on the long end of the curve. It’s a little like rearranging the chairs on the deck of the Titanic.

Enter the Federal Reserve.

Warsh & Company will face increasing pressure to intervene on behalf of the Treasury. Through https://youtu.be/ipaQAgOCJBk?si=mtaUrF70owfAmpix";>quantitative easing operations (QE), the Fed can buy bonds using money created out of thin air. This decreases the total number of bonds on the market instead of simply shifting supply toward shorter-term notes.

In fact, the Fed is already running small-scale QE operations (although Fed people will never use the term) https://www.moneymetals.com/news/2026/08/13/beyond-cpi-the-complete-inflation-story-july-2026-005134";>as evidenced by the expanding balance sheet.

However, that newly created money gets injected into the financial system. This is, https://youtu.be/lmvFyBBJORM?si=r8Inboee7MfJR37W"; target="_blank" rel="noopener">by definition, inflation.

Historically, the Fed has held interest rates higher to battle inflation. In other words, the operation necessary to lower the federal government’s borrowing costs creates an effect that necessitates raising its borrowing costs.

This is why I point out over and over that https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>the Fed is in a Catch-22.

The bottom line is the U.S. government is losing control of the bond market and yields. Investors are no longer just reacting because yields go up. They are reacting to the reasons behind yields going up. That means transparent U.S. intervention aren’t going to sooth the market.

This is a big problem for a country already shelling out over $1 trillion per year to service its debt.

Fidelity International Doubles Gold Holdings as a Lack of Faith in the Fed Grows

Tue, 25 Aug 2026 00:00:00 EST

As the bond market continues to melt down and faith in the Federal Reserve’s willingness and ability to tackle inflation grows, it appears at least some institutional investors in the West are turning back toward gold.

In a recent interview, Fidelity International portfolio manager George Efstathopoulos said he has doubled the fund's gold holdings, pushing them to a self-imposed maximum of 5 percent. Efstathopoulos also said he would consider raising the limit if the dollar’s safe-haven status continues to decline.

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London-based Fidelity International (not to be confused with Fidelity Investments in the U.S.) has $565.7 billion in client assets under management and serves around 2.5 million customers.

Fidelity International trimmed its gold holdings earlier this year as the yellow metal corrected and traded sideways after the onset of the U.S.-Iran conflict.

According to Bloomberg, Fidelity funded its recent gold accumulation with cash on hand and by selling high-yield bonds, including gilts (UK government bonds).

Efstathopoulos said the fund began accumulating gold after the bond selloff following that https://www.moneymetals.com/news/2026/07/30/interest-rates-unchanged-after-fed-family-fight-005100";>July Federal Reserve meeting.

While Federal Reserve Chairman Kevin Warsh and his colleagues continued to talk tough about fighting inflation, they once again held rates steady.

The markets seem to be paying more attention to what the Fed does than what Warsh & Company says. They are looking for action. Having gotten none, the long end of the Treasury yield spiked yet again after the Fed's (non) policy announcement last month.

This indicates that investors have little faith in the central bank’s willingness or ability to anchor price inflation at 2 percent. As a CNBC report put it, “We think you’re going to keep short-term policy rates in check, and it’s going to create a ton of inflation later.”

This was exactly the point Efstathopoulos made in his interview:

“My translation of [the post-meeting bond selloff] is the lack of Fed credibility and more policy uncertainty.”

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Gold has rallied since that Fed meeting, with the latest leg up driven by a failed attempt by the U.S. Treasury Department to https://www.moneymetals.com/news/2026/08/20/us-treasury-intervenes-in-bond-market-to-drive-yields-lower-005150";>intervene and prop up the bond market with a more aggressive buyback of long-term Treasuries.

Efstathopoulos said this buyback looked like “an attempt to manipulate the yields, rather than dealing with the source of why yields are moving higher.”

“Gold now is less focused on yields rising, but why yields are rising.”

https://www.moneymetals.com/gold-price";>Gold is up nearly 14.8 percent since the beginning of August and is trading at a 3-month high. It has also climbed above the technically significant 200-day moving average.

It’s Real. And You Need To Be Ready For It.

Mon, 24 Aug 2026 00:00:00 EST

Last week I alerted you to the fact that gold seemed to be sensing something afoot in the markets and the global financial system.

Yes, gold, silver, and the mining stocks were rhttps://www.moneymetals.com/news/2026/08/17/three-charts-one-conclusion-005145";>allying just as I’d predicted, and right on time.

But there seemed to be more behind the move than simple seasonality...and the misplaced view that the Fed was going to be raising rates was getting exploded much earlier than I’d expected.

I showed you last week how gold had quickly and decisively broken through the trading range that had kept it corralled since June. Well, as you can see from an updated version of that chart, the rally has only gained momentum.

https://www.moneymetals.com/uploads/content/Chart-1-Gold-Spot-USD-Brien-Lundin--1-.jpg"; width="800" height="488" class="mx-auto p-3" alt="" />

That big move I’ve circled on the chart came last Wednesday, when gold jumped $180 to bolt https://www.moneymetals.com/gold-price";>past the key $4,500 level. As you can see, it’s continued to power higher since then, including today, and has added yet another $150 to the price.

In short, this gold move is real. The next leg of the bull market is happening.

And to prepare for it, you need to understand it....

Not Quite The Signal That Was Intended

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As you’re probably aware, the big move in the metals last Wednesday was sparked by Treasury Secretary Scott Bessent’s announcement of a doubling of buybacks for long-dated Treasury bonds from $2 billion to $4 billion.

My immediate reaction was that this was a nothingburger — essentially going from one drop in the bucket to two.

The markets didn’t take it that way.

Bessent and Co. apparently intended to signal to the markets that Treasury was in control, and wouldn’t allow long yields to keep climbing.

Equity investors interpreted it just a bit differently — they apparently saw a willingness, and intent, by Treasury to keep yields low anywhere across the curve.

That’s why stocks, bonds — and the metals/miners — surged immediately. The Treasury’s move wasn’t technically yield curve control yet, but it was control over yields.

Then…the rally in stocks petered out. Yes, the major indices closed in the green, but well below their highs for the session.

In contrast, gold, silver and mining stocks kept accelerating higher throughout the day. Gold closed up $188.50 (4.35%) to $4,521 on a spot basis, clearing important resistance at $4,500 as I noted above. Silver catapulted https://www.moneymetals.com/silver-price";>$3.68 (5.83%) to $66.89. And the GDX and GDXJ jumped 9% and 10%, respectively.

So why the https://www.moneymetals.com/news/2026/08/24/gold-and-silver-surge-as-treasury-intervention-shakes-markets-005158";>big move in the metals? Because as investors pondered Bessent’s move more deeply, they saw it as a sign of desperation.

In short, blood in the water.

That was the sense I had last week…and the subsequent market action only served to bolster that belief. To wit: 30-year Treasury yields have taken back almost all that was lost after Bessent’s announcement.

Note that Treasury bonds have rallied a bit today (yields fallen), after it was leaked that Bessent could use $1 trillion from the Treasury’s general fund for further bond buybacks to lower rates.

https://www.moneymetals.com/uploads/content/Chart-2-Brien-Lundin.jpg"; width="800" height="422" class="mx-auto p-3" alt="" />

30-Year Treasury Bond Yield

This, too, will prove fruitless and temporary. Because Bessent’s attempt to show the Treasury’s strength…has only served to expose its weakness.

Combine the market’s response to erase Treasury’s flex in bonds with the big move into the metals, and I believe we’re seeing the first signs that mainstream investors are once again embracing the “debasement trade.”

Last Thursday morning on CNBC, in fact, the discussion was dominated by the size of the federal debt and deficits and the soaring costs of financing that debt. Imagine that!

The timing was perfect, as the federal debt broke through the $40 trillion big number on that same day. As I posted on X:

https://www.moneymetals.com/uploads/content/Chart-3-Brien-Lundin.jpg"; width="800" height="615" class="mx-auto p-3" alt="" />

https://x.com/Brien_Lundin/status/2090182242588922196"; target="_blank" rel="noopener">X post by @Brien_Lundin

Again, what I and so many others have been talking about for years has become today’s headlines. And it’s only the beginning, because the trajectory is only steepening and the math only gets harder.

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So is gold sniffing something looming just ahead?

In addition to the Treasury’s intervention in long bond yields with its recent intervention in the yen, plus the Fed’s rebuilding of its balance sheet, plus the ongoing roll-over of equity valuations from record levels…and more… and it does seem like something may be afoot.

We know that any major hiccup in the markets will lead to a flood of central bank liquidity that will far exceed anything done before. Gold may be seeing that, or at least the growing possibility of it.

But we don’t need that. The base case now is a typical restart of the bull market, as gold posts a fairly typical seasonal rebound, gaining about 15% from its lows, and with the mining equities rising about 30%, before the world gets back to work in September.

Anything on top of that merely means more gains on top of what will already be very generous rewards for those invested in this sector.

To get Brien Lundin’s ongoing commentary on the markets at no charge, https://goldnewsletter.com/golden-opportunities-sign-up/?tblci=GiBdY-MYH1-nD-WW6UXCXAtHBPIEdPpDc50r48qPeOICrCDKuWUow8jry8SFw-EvMLzYPQ"; target="_blank" rel="noopener">click here to subscribe to his free Golden Opportunities newsletter.

Gold and Silver Surge as Treasury Intervention Shakes Markets

Mon, 24 Aug 2026 00:00:00 EST

Gold and silver investors have finally gotten some relief last week (and today), as both metals have extended their recovery from the brutal summer selloff.

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Gold futures finished the week at $4,615 an ounce, gaining 5.2%, while silver jumped 6.5% to close near $69.70.

The rebound leaves gold well above its recent lows, and silver is continuing its recovery after briefly trading below $60 in June.

The biggest catalyst came Wednesday — and it wasn't the Federal Reserve.

The U.S. Treasury announced plans to double the size of its buyback operations involving longer-term government debt, increasing purchases of 10- to 30-year securities to at least $4 billion per operation.

Bond yields initially dropped, the dollar sold off sharply, and precious metals surged. Gold gained roughly 3% immediately following the announcement.

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The significance goes beyond a single day's market move.

Washington is increasingly confronting the problem posed by stubbornly high long-term interest rates and the enormous cost of financing the federal debt.

Treasury officials insist the buybacks are designed to improve market liquidity rather than suppress interest rates. But markets understandably see policymakers becoming more willing to intervene when borrowing costs rise too far.

That raises an intriguing possibility for gold investors: What happens if policymakers increasingly try to suppress bond yields and the pressure instead transfers to the dollar?

The World Gold Council noted precisely this risk last week, arguing that efforts to hold down yields could increasingly force the adjustment through a weaker currency.

That dynamic could be important because last week's gold rally occurred even though the fundamental interest-rate environment remains challenging.

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The 10-year Treasury yield finished Friday around 4.74%, while real yields remain historically high.

In other words, gold isn't rallying because interest rates have suddenly become favorable.

Investors appear increasingly concerned about government debt, fiscal sustainability, and the purchasing power of the dollar itself.

Meanwhile, underlying demand remains constructive. The People's Bank of China added another 20 tonnes of gold during July — its largest monthly purchase since October 2023. China now reports 2,366 tonnes in official reserves, and July marked the central bank's 21st consecutive month of gold purchases.

Technically, the picture has also improved substantially.

Gold has established a pattern of higher highs and higher lows and remains comfortably above its major moving averages.

Momentum is strong.

Silver's recovery is similarly encouraging. After bottoming near $62.65, silver has moved decisively back above its 20- and 40-day moving averages, with momentum indicators turning increasingly bullish.

The next major test comes this week.

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Markets will digest July PCE inflation and revised second-quarter GDP Wednesday before Fed Chairman Kevin Warsh delivers his highly anticipated Jackson Hole address Friday morning.

Gold is already pushing higher Monday morning, briefly moving above $4,700 before pulling back somewhat.

If inflation cooperates and Warsh strikes a less hawkish tone, declining real yields could provide another tailwind.

But even if rates remain elevated, last week's action revealed something potentially more important: investors are increasingly questioning how Washington intends to manage its enormous debt burden — and gold is once again being treated as an alternative to the dollar and government debt.

Hong Kong Gold Futures Set Physical Delivery Record as Gold Hub Grows

Mon, 24 Aug 2026 00:00:00 EST

On Wednesday, Hong Kong Exchanges and Clearing (HKEX) reported record physical gold deliveries linked to its dollar-denominated gold futures contract. This underscores Hong Kong’s push to challenge Western dominance of the gold market.

The exchange physically delivered 145kg (319.67 pounds) of gold on Aug. 19. It was the highest single-day delivery since the futures contract was launched in 2018.

The previous delivery record was 63kg in December 2018.

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HKEX also reported a surge of interest in its dollar-denominated gold contract.

This comes after HKEX revitalized the contract last month.

On July 6, the company implemented https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKFE/2026/20260527_MKS_FIC_003_26_E.pdf"; target="_blank" rel="noopener">several policy changes to increase liquidity:

HKEX waived its normal $1-per-contract-per-side trading fee through June 30, 2027
It established incentive programs for designated liquidity providers
It established incentives for active traders

According to HKEX, “As the USD Gold Futures Contract has been inactive for a period of time, the introduction of the incentive programs is intended to support initial liquidity and revitalize the contract.”

The move had an almost immediate impact. On the day the new policies went into effect, the August contract traded 4,286 contracts. Volume the day before was zero. In the following week, HKEX reported record volume and open interest during the revitalization.

According to the South China Morning Post, average daily trading volume reached 9,974 contracts between July 6 and August 19. Total trading value hit $1.35 billion.

The HKEX intentionally implemented rules for its dollar-denominated futures contract to encourage physical delivery of metal.

Ramifications of the Surge in Physical Gold Delivery

The revitalization of the dollar-denominated futures contract corresponds with a broader push to challenge Western control of the global gold market.

London, New York, and Switzerland have served as the center of the gold trade for nearly two centuries. However, with gold progressively flowing from West to East, China and other Asian hubs are developing the infrastructure to challenge Western dominance.

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A day after the revitalized futures contract launched, Hong Kong began trial operations of its gold clearing and settlement system. The government-owned clearing system will reportedly “mirror” the financial infrastructure used by the LBMA in London.

According to Hong Kong Precious Metals Central Clearing Company CEO John Lee Ka-chiu, the company will offer “a comprehensive suite of services ranging from gold deposits and withdrawals to transaction settlements in the over-the-counter market in Hong Kong,” adding that a new gold price ticker – HAU – would be introduced to “ensure that Hong Kong gold prices are fully accessible to global market participants.”

The new gold clearing system also features a partnership with the Shanghai Gold Exchange. Lee said that “Delivery Connect” will “bridge the fiscal liquidity pools of both markets.”

Cooperation between the Hong Kong clearing company and the Shanghai Gold Exchange will reportedly include facilitation of physical gold delivery, warehousing, and further enhancing financial connectivity between the two markets. Through this partnership, gold stored in approved Hong Kong vaults can be transferred into the SGE system and vice versa. Once the metal is inside either system, it becomes eligible for settlement without having to be re-assayed or shipped through an entirely separate process.

Meanwhile, the clearing company introduced a new gold price ticker – HAU –to “ensure that Hong Kong gold prices are fully accessible to global market participants.”

In another move to elevate its status as a gold hub, Hong Kong officials plan to expand the region’s gold storage capacity from 200 to more than 2,000 tonnes over the next three years.

Looking at the bigger picture, it reveals a slow but steady migration of the gold trade from the West to the East.

In this context, it appears the revitalized futures contract is intended to connect gold futures trading to Hong Kong’s expanding physical gold market infrastructure.

According to HKEX, this connection will attract additional gold storage and delivery activity into Hong Kong, further establishing the Chinese special administrative region as an international bullion-trading center.

Brits Regret Not Buying Gold But Didn't Learn Their Lesson

Mon, 24 Aug 2026 00:00:00 EST

If you live long enough, you’re going to have some regrets.

Woulda, coulda, shoulda, as my dad was fond of saying.

The thing about regrets is that they were totally avoidable. That’s why they’re regrets. We made a bad decision, a questionable call, a wrong turn.

But regrets aren’t all bad. We can learn from them and avoid making the same mistake twice.

I say all of this because I ran across a story about regrets the other day.

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One-third of adults in the UK regret not investing in gold in the past five years. Thirty percent say they regret missing out on silver.

This is according to research conducted by the Royal Mint.

I understand why they feel this way. Over the last five years, https://www.moneymetals.com/gold-price";>the gold price has increased by nearly 150 percent, while https://www.moneymetals.com/silver-price";>silver has gained almost 200 percent.

Meanwhile, only 8 percent of UK adults kept any of their savings in gold, and only 3 percent held any silver.

As the Royal Mint put it, many UK adults feel a sense of “missed opportunity.”

The polling also revealed that Brits are worried about the future of their money. Seventy-three percent said they were concerned about how global conflicts and economic instability could affect the value of their money.

The concern about monetary depreciation is certainly legitimate. However, I think they’re missing the culprit. It’s not some nebulous global conflict or vague economic instability stealing their purchasing power. It’s their government running the money-printing press.

Here’s where the story goes completely sideways.

Brits recognize that their purchasing power is declining. They see that both gold and silver could have shielded them from this monetary debasement. They regret making a bad choice by not investing in gold and silver.

But they failed to learn the lesson.

Only a quarter of poll respondents said they would likely put savings in precious metals over the next five years. Sixty percent said they would still choose to keep their money in a checking account.

In the immortal words of Shoresy, “So dumb!”

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I suppose in five years, the Royal Mint will publish the results of a new poll indicating that a bunch of Brits regret not buying gold over the last five years.

Sure, folks missed an opportunity to purchase gold at around $1,800 per ounce five years ago. But the opportunity itself is still right there in front of them. Because here’s the thing. In five years, people will almost certainly look back and yearn for $4,500 gold.

That’s because monetary debasement will continue in both the UK and the good ol’ US of A. Both countries’ central banks have a 2 percent inflation target.

https://www.moneymetals.com/podcasts/2025/11/05/inflation-is-the-plan-004459";>That’s the plan – to devalue your money and rob you of 2 percent of your purchasing power every single year. That may not sound like a lot, but it adds up. Every 5 years, your money loses a little more than 10 percent of its purchasing power.

My point is that gold and silver will almost certainly climb higher over the next five years because monetary debasement is more likely to speed up than to slow down.

Here’s the thing about regrets. They’re avoidable. You just have to make the right decision the first time. But when you make the wrong call, let regret be your teacher. Don’t make the same mistake twice!

Call 800-800-1865 today and talk to a Money Metals precious metals specialist. They can help you figure out how to avoid future regrets.

$50,000 Gold? Billionaire Investor Thomas Kaplan Thinks So

Sat, 22 Aug 2026 00:00:00 EST

Billionaire investor Thomas Kaplan has issued an eye-popping gold price forecast of $50,000.

In an interview on Kitco News, Kaplan said, "Seeing gold go up another tenfold from here, to me, is not just likely, but inevitable."

"I can see gold going to 30, 40, 50,000 dollars without a problem."

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Kaplan serves as the chairman and CIO of The Electrum Group, an advisory and asset management firm focusing on natural resources. The company has roughly $2.5 billion in assets under management.

Kaplan is also the largest private collector of Rembrandt’s art.

While making a bold price forecast, Kaplan didn’t put a timeline on the rally. However, he said we are in “what will be seen to be a very, very long wave in gold and silver, that we will see more highs in both.”

Kaplan wasn’t willing to speculate on the near-term, saying we may or may not have hit the bottom in the recent correction.

“Maybe it already is, maybe it needs to test again, I don't know.”

But he insisted it doesn’t matter.

“Because in the long term, even in the medium term, gold and silver are going to multiply from where they are."

Kaplan emphasized that his strategy involves holding things for the long term.

“People try to be too clever. And one of the reasons why I do hold things for so long is because, I just say to myself, I’m going to be patient. So long as they are still the best assets in their class, I’ll hold it forever, and I will not be distracted by noise.”

Kaplan pivoted into gold and silver in 2007 after selling his family’s energy company. At the time, gold was hovering around $550 to $600 per ounce.

“My view was that the place to protect my wealth, my family’s wealth, when we sold our energy company, which was our biggest asset and our biggest ‘killing,’ as it were, was gold and silver.”

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Why gold and silver?

"I'd entered 2007 with a view that things were just simply too good, not dissimilar to the way things are right now in certain respects. And that there was just too much bullishness in asset classes."

At the time, Kaplan predicted gold would move from that $500 range to between $3,000 and $5,000. He said he thought it would hit $5,000 and then possibly fall back to $3,000 before recovering to $5,000 and climbing again.

Kaplan compared the recent correction to a “1987 moment” when the stock market crashed, before recovering to new highs. It was essentially a correction inside a bull market.

He pointed out that the 36 percent crash on Black Friday “really did seem like the world was falling in upon itself.”

“And yet when you look back over that chart, you can't see it. Certainly, a person of my vintage would need glasses to be able to perceive it. It's that minute."

Notably, the man who pivoted to gold and silver, effectively getting out of the markets right before the 2008 crash, thinks that today’s environment has a similar look.

David Morgan: Gold Is Winning the Battle for Monetary Trust

Sat, 22 Aug 2026 00:00:00 EST

Gold and silver have pushed decisively higher, but veteran precious metals analyst https://www.linkedin.com/in/thedavidmorgan"; target="_blank" rel="noopener">David Morgan believes the bigger story goes far beyond the latest price move.

Speaking with Money Metals podcast host Mike Maharrey, Morgan, publisher of https://www.themorganreport.com/"; target="_blank" rel="noopener">The Morgan Report, argued that investors are witnessing a growing contest between precious metals and the credit-based monetary system. With https://www.moneymetals.com/gold-price";>gold trading above $4,500 per ounce and silver approaching https://www.moneymetals.com/silver-price";>$69 at the time of the interview, Morgan said the market is increasingly signaling a loss of confidence in government debt and fiat currency.

(Interview Starts Around 8:56 Mark)

https://www.youtube.com/embed/NV0D4znlYng?si=2jzMyk5gfpDaYioD"; title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen">

Gold and Silver Have Broken Out

https://play.libsyn.com/embed/episode/id/42516630/height/192/theme/modern/size/large/thumbnail/yes/custom-color/1e40af/time-start/00:00:00/playlist-height/200/direction/backward/font-color/FFFFFF"; scrolling="no" allowfullscreen="allowfullscreen" webkitallowfullscreen="webkitallowfullscreen" mozallowfullscreen="mozallowfullscreen" oallowfullscreen="true" msallowfullscreen="true">

Morgan believes both metals have already broken https://www.moneymetals.com/news/2026/08/17/is-this-the-start-of-gold-and-silvers-next-leg-higher-005144";>through important technical levels.

For silver, he had previously argued that prices below $60 wouldn't last long. Once silver established itself above $60 and held that level, Morgan viewed it as a legitimate breakout rather than a temporary move.

Gold told a similar story. Morgan had been watching the $4,000 level, but with the metal reaching roughly $4,500, gold had moved more than 10 percent above that threshold in only a matter of weeks.

Morgan hasn't completely ruled out a sharp correction. A bond-market disruption, interest-rate shock, or other unexpected event could produce what he called a sudden "spike low."

However, the strength of the metals during August, traditionally a seasonally weak period, caused Morgan to revise his expectations. He no longer believes such a selloff would necessarily push gold back to $4,000 or silver below $60. He suggested a sudden drop might instead take gold from around $4,500 to roughly $4,200, while silver could potentially retreat toward $62.50.

Building Wealth One Coin at a Time

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Morgan cautioned investors against becoming obsessed with daily price fluctuations.

His preferred strategy remains dollar-cost averaging. Instead of attempting to perfectly time every rally and correction, investors can consistently accumulate physical metal and remove some of the emotion from the process.

Morgan described the approach simply as https://www.moneymetals.com/programs/monthly-program";>building wealth "a coin at a time."

The point isn't to get rich overnight. It's to preserve purchasing power and gradually accumulate wealth with money that required real work to earn. Morgan noted that plenty of people who become rich quickly ultimately lose their fortunes just as quickly.

A Battle Between Gold and Government Debt

Maharrey pointed out that geopolitical headlines, including developments surrounding Iran, have produced short-term volatility in gold and silver. But underneath those daily moves, he argued, the fundamental forces supporting precious metals remain intact.

Morgan took that argument further.

He believes the world may be approaching a tipping point in a much larger battle over which assets deserve monetary trust.

For decades, U.S. Treasuries and other sovereign debt instruments have been treated as among the safest assets in the financial system. Morgan believes gold is increasingly challenging that assumption.

In his view, the choice is becoming one between gold and a promise to receive currency sometime in the future.

A $1,000 bond may eventually return its principal, but Morgan noted that there is no guarantee the dollars received five, 10, 20, or 30 years later will possess the same purchasing power. Gold, by contrast, carries no counterparty promise.

Morgan pointed to central-bank reserve holdings as evidence that this transition is already underway, arguing that gold has overtaken credit instruments as the leading reserve asset held by central banks.

Mining Stocks Could Provide Confirmation

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Morgan believes one important confirmation of this monetary shift could come from institutional investment in major precious metals mining companies.

He specifically pointed toward companies such as Newmont, Barrick, Wheaton Precious Metals, and Franco-Nevada.

If large institutions begin moving substantial amounts of capital into the major mining companies, Morgan said it could signal that sophisticated investors increasingly recognize the same shift toward precious metals.

After studying the silver market for more than four decades, Morgan acknowledged his natural bias toward precious metals. But he believes the market itself is increasingly providing evidence for his thesis.

Treasury Buybacks and the $40 Trillion Debt Problem

The conversation turned to the Treasury Department's decision to double its buybacks of https://www.moneymetals.com/news/2026/08/20/us-treasury-intervenes-in-bond-market-to-drive-yields-lower-005150";>longer-term government debt.

Maharrey characterized the move as an attempt to suppress troublesome long-term interest rates. Morgan largely agreed.

Morgan explained that Treasury auctions ordinarily allow investors to determine the yield required to compensate them for inflation and other risks. If investors aren't willing to buy a long-term bond at a given yield, yields rise until buyers emerge.

As yields rise, existing bond prices fall.

Morgan argued that government intervention through increased buybacks interferes with that price-discovery process. In his view, it amounts to an effort to control the yield curve rather than allowing the market to determine the true cost of borrowing.

The stakes are enormous.

Maharrey noted that the federal government is carrying https://www.moneymetals.com/news/2026/08/20/40-trillion-debt-black-hole-is-a-financial-crisis-coming-005149";>roughly $40 trillion in debt and already faces annual interest expenses exceeding $1 trillion. Higher yields would make financing that debt increasingly expensive.

Could Silver Reach $100?

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Turning specifically to silver, Maharrey asked Morgan whether $100 silver could become a reality before the end of the year.

Morgan said it was possible, but it isn't his base-case forecast.

He has generally expected silver to reach somewhere around $78 to $82. At the same time, Morgan warned that silver has a long history of surprising even experienced analysts.

The critical variable is monetary demand.

Industrial demand has grown dramatically over the past quarter-century, rising from approximately 35 percent of total silver demand to around 60 percent. But Morgan explained that industrial demand generally doesn't fluctuate enough from one year to the next to create explosive short-term price moves.

Investment and monetary demand can.

When industrial users and investors simultaneously compete for the same available 1,000-ounce silver bars, the market can move rapidly. Morgan believes that dynamic helped drive the dramatic silver moves seen during the latter months of the previous year and the first month of 2026.

Morgan expects silver to continue grinding higher through the remainder of the year, although sharp corrections could periodically shake investors out of the market.

He doesn't believe the ultimate highs are in.

Morgan expects new record highs in both gold and silver, but he sees the bigger move potentially unfolding in 2027 or 2028.

Silver's Industrial Demand Keeps Growing

Higher silver prices inevitably raise questions about substitution.

Solar manufacturers and other industrial users have an incentive to reduce silver consumption or replace it with cheaper metals such as copper. Morgan has been studying the issue and believes copper could reduce silver usage in solar panels, but he doesn't think it eliminates the need for silver entirely.

Durability could also become an issue.

If a cheaper copper-heavy solar panel lasted only five years compared with 25 years for a silver-intensive alternative, the apparent savings could disappear when measured across the product's full life cycle.

Even if technological improvements dramatically reduce solar-sector silver consumption, Morgan believes emerging technologies could absorb the difference.

He pointed to batteries, semiconductors, artificial intelligence infrastructure, electrical expansion, and robotics as potential sources of additional demand.

Could Robots Become a Major Source of Silver Demand?

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Robotics could eventually become an especially interesting source of silver consumption.

Morgan said his ongoing research suggests robots could contain roughly 20 to 30 grams of silver apiece.

Thirty grams is approximately one troy ounce.

That creates some striking theoretical numbers.

If global production someday reached 100 million robots annually and each contained roughly one ounce of silver, robotics alone could theoretically require approximately 100 million ounces of silver every year.

Morgan emphasized that he isn't predicting 100 million robots will necessarily be produced annually. The numbers remain speculative, and the industry isn't yet large enough to provide certainty.

The broader point is that robotics represents an emerging source of silver demand that barely exists today.

What's Really Behind Asian Silver Premiums?

Maharrey also asked Morgan about reports of unusually large silver premiums in Asia.

Morgan cautioned against interpreting the entire difference between Asian and Western prices as a true physical-metal premium.

Several additional costs can become embedded in the final Asian price.

Tariffs can add expenses. Currency fluctuations between the https://youtu.be/rI_ATwekpNk?si=TQQBmhj7tJa2lCkh"; target="_blank" rel="noopener">Chinese renminbi and U.S. dollar create hedging costs. Shipping physical silver across the world isn't free. Trust and other market considerations can add further expenses.

Once those factors are included, what appears to be a multi-dollar premium could actually consist of several different costs, with perhaps only around $1 representing the true premium on the metal itself.

That distinction matters because arbitrage isn't effortless. Shipping multiple 1,000-ounce silver bars across the ocean to capture a relatively small price difference may not make economic sense when silver itself can move dramatically while the metal is in transit.

What If the Stock Market Doesn't Crash?

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Morgan also offered a provocative reassessment of the U.S. stock market.

He has long considered American equities extremely overvalued and once viewed a major correction as virtually inevitable.

He still considers a correction the most likely outcome, but no longer sees it as inevitable.

Why?

Inflation can distort nominal asset prices.

Morgan pointed to countries such as Zimbabwe, Venezuela, and Argentina, where stock markets can continue climbing in nominal currency terms even as the underlying currency depreciates faster than stocks appreciate.

In that environment, an investor's brokerage account can show a larger number while the investor simultaneously becomes poorer in real purchasing-power terms.

Morgan stressed that he does not expect the U.S. dollar to enter hyperinflation. But he pointed to a reported 9 percent monthly increase in beef prices as an example of the kinds of acute price pressures consumers can experience even without economy-wide hyperinflation.

Inflation Can Ultimately End in Deflation

Morgan then raised another idea that may seem counterintuitive.

"All inflations end in deflation," he argued.

The monetary system can continue inflating as confidence deteriorates, but Morgan believes some form of reset eventually becomes necessary.

He speculated that a future monetary structure could involve digital units, blockchain technology, or even a universal basic income. As a hypothetical example, he imagined a system providing people with 2,000 digital units per month.

But the number of currency units somebody possesses isn't the same thing as wealth.

The important question is what those units can actually buy.

Wealth Is About Choices, Not Digits

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Morgan argued that living standards ultimately provide a better measurement of wealth than bank-account balances.

Real wealth means having choices.

Can you afford transportation? Housing? Food? Entertainment? Can you purchase the products you want when you want them?

A person can possess more nominal dollars while simultaneously experiencing a declining standard of living if goods become more expensive, scarcer, or unavailable.

Morgan pointed to food as an increasingly obvious example. If higher grocery costs force a middle-class household to sacrifice entertainment or other discretionary spending simply to maintain its diet, its real standard of living has fallen even if its nominal income has increased.

Maharrey expanded on the point by noting that inflation doesn't only manifest itself through consumer prices.

Monetary inflation can flow into stocks, real estate, and other assets, creating what appears to be greater wealth on paper. But if the amount of goods and services that wealth can command hasn't increased accordingly, much of that prosperity can be an illusion.

Ultimately, Maharrey argued, an economy isn't about paper units or digits in an account. It's about real goods and services.

Physical Gold and Silver as Monetary Insurance

Morgan closed the interview by returning to the fundamental reason he believes https://www.moneymetals.com/programs/monthly-program";>people should own precious metals.

Investors don't need to predict the exact date when the monetary system will change.

They need to be positioned before confidence changes.

Morgan believes that change in confidence is already occurring and accelerating.

His framework is straightforward. Gold provides monetary insurance. Silver provides monetary insurance combined with industrial leverage.

For investors interested in precious metals equities, Morgan believes carefully selected mining companies can provide additional opportunities. But equities also introduce additional risk.

That's why his preferred starting point remains physical metal.

"The least risk take is physical metal," Morgan said, describing it as the foundation of his approach to precious metals investing.

For Morgan, the surge in gold and silver isn't simply another commodity rally. It reflects a deeper question increasingly confronting investors, institutions, and central banks alike.

When confidence in promises to pay begins to erode, what constitutes real money?

Morgan believes the market is increasingly providing its answer.

Gold Winning, Dollar Losing; David Morgan Issues Silver Alert

Fri, 21 Aug 2026 00:00:00 EST

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we’ll hear from our good friend David Morgan of The Morgan Report. David tells us why he believes we’re witnessing the playing out of a battle between gold & silver and the U.S. Treasury & credit markets as the safest and most trusted investment vehicle – and how central banks growing gold reserves indicate which asset is winning that battle.

David also shares with our audience his thoughts what the silver price will do between now and the end of the year and then tells us whether or not we should expect to see the white metal make a run at a new all-time high in 2027 after the extreme fireworks we saw late last year and during the first month of 2026.

So, stick around for Mike Maharrey’s interview with the man they affectionally dub the Silver Guru as they discuss that and a whole lot more, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content.

Well, precious metals are finishing the week with some serious momentum, and the catalyst this time is coming straight from the U.S. Treasury market.

Gold has surged back toward and even above the $4,600 level and is now up roughly 5% on the week, putting the yellow metal on track for a third consecutive weekly gain. Silver is participating in a big way as well, pushing through $69 and trading around the $70 level as we record.

That represents quite a turnaround from the brutal correction precious metals investors endured earlier this summer.

The latest move began after the Treasury Department announced it would substantially increase its purchases of longer-dated Treasury securities through its so-called liquidity support buyback program.

The Treasury will double the maximum size of individual buybacks in the 10-to-20-year and 20-to-30-year maturity ranges, from $2 billion to $4 billion per operation. The expanded program is scheduled to begin September 9th.

Now, Treasury officials can describe this as improving market liquidity or maintaining market plumbing.

But the mechanics aren't particularly complicated.

The Treasury will step into the market and become a larger buyer of older long-term government bonds. More buying pressure means higher bond prices – and higher bond prices mean lower yields.

And the announcement came at a very interesting moment.

The 30-year Treasury yield had climbed as high as 5.34% this week, its highest level since 2007. After the Treasury announced the expanded buybacks, that yield quickly dropped back toward 5.2%.

In other words, the bond market was demanding substantially higher compensation for lending money to Washington for three decades.

This news really fell flat – and rang some alarm bells.

The actual dollar amount involved isn't enormous relative to the roughly $32 trillion Treasury market. But the signal being sent could be much more significant.

The Treasury has demonstrated that when long-term interest rates become sufficiently uncomfortable, the government is prepared to intervene directly in that part of the market.

Precious metals investors immediately took notice.

Gold jumped back above $4,500 following the announcement for the first time in roughly two months. The rally has accelerated since then, with gold approaching $4,600 this morning and silver breaking out to nearly $70.

The dollar has also weakened, with the Dollar Index falling below 99, providing another significant tailwind for gold and silver.

While the Treasury is making these dramatic moves, not the Federal Reserve, it's just another form of government intervention designed to influence interest rates.

And that matters because Washington has an increasingly powerful incentive to prevent its borrowing costs from getting out of control.

The national debt has now crossed an astonishing $40 trillion, while annual federal interest expense has already exceeded $1 trillion.

At some point, the arithmetic becomes very difficult.

The government needs to sell enormous amounts of debt to finance enormous deficits. But investors are increasingly demanding higher yields to absorb that debt.

Higher yields then make servicing the debt even more expensive, requiring still more borrowing.

That creates an obvious incentive for policymakers to find ways to push those yields back down.

And that's where this week's development becomes particularly interesting for precious metals investors.

Gold doesn't pay interest. So, all else being equal, rising real interest rates tend to make bonds more attractive relative to gold.

But if policymakers begin actively suppressing long-term yields while inflation remains elevated, the equation changes dramatically.

The return available on government debt becomes less attractive, while concerns about currency debasement and fiscal sustainability become more pronounced.

That is almost tailor-made for gold.

And the market appears to understand that.

Even with the 10-year Treasury yield still hovering near 4.7% this morning, gold and silver are surging. That suggests investors aren't merely trading a few basis points of movement in interest rates. They're beginning to focus on the larger fiscal picture.

There are still plenty of crosscurrents.

Oil remains elevated amid continuing tensions with Iran and disruptions around the Strait of Hormuz. Higher energy prices could keep inflation pressures alive, potentially forcing the Federal Reserve to maintain a tighter monetary stance than markets would otherwise expect.

Fed officials have also continued to signal that another rate hike remains possible if inflation refuses to cooperate.

So, this isn't necessarily a straight-line move higher for the metals.

But the development in the Treasury market this week may be giving investors a glimpse of a much bigger problem.

Washington is caught between high inflation on one side and an increasingly expensive mountain of debt on the other.

Allow interest rates to rise too far, and servicing $40 trillion in debt becomes increasingly painful.

Push rates artificially lower, and you risk weakening the dollar, encouraging inflation, and driving investors toward alternative stores of value.

Gold benefits from that dilemma either way.

And increasingly, so does silver.

After lagging during portions of the recent precious metals move, silver has come roaring back, climbing toward $70 and compressing the gold-to-silver ratio to around 66.

So, as we close out the week, investors should keep an eye not only on gold and silver prices, but on the bond market.

The message coming from Washington this week was significant.

When long-term borrowing costs get uncomfortable enough, the government is willing to intervene.

And with $40 trillion in debt and counting, this won't be the last time policymakers find themselves trying to keep a lid on interest rates.

For precious metals investors, that may ultimately be the biggest story of all.

Well before we get to our conversation with David Morgan, let’s take a look at the specifics of the weekly market action here and where we stand at the moment.

Gold is up about $230 to check in at $4,618 advancing a robust 5.3% now since last Friday’s close. Silver is oscillating on either side of $70 and currently trades above it at $70.18, up nearly $5 on the week or 7.3%.

Turning to the PGMs, platinum is showing an outsized gain of 7.9% and comes in at $1,893, while palladium is up a more muted 2.0% to trade at $1,360 an ounce.

And finally, copper appears to be making a run back towards its all-time high of roughly $6.80. Dr Copper, as they call it, currently checks in now at $6.58 per pound.

Well now, without further delay, let’s get right to this week’s exclusive interview with a metals market insider.

Mike Maharrey: Greetings. I'm Mike Maharrey and I'm joined today by David Morgan. David is a macro economist and publisher of the Morgan Report and fantastic analyst and a great guy to boot. How are you doing today, David?

David Morgan: Doing well. First interview today. It's good to see you and glad to be back.

Mike Maharrey: Well, it's nice to be the first, I guess. I'll get you warmed up for bigger and better things down the road or something. I just kind of want to start with just a little bit of an overview. It's been a pretty good month for both gold and silver. As we're recording this, we have gold pretty solidly over $4,500 an ounce and silver's knocking on the door of $69. And I'm curious just how you see the overall market right now. Is this kind of a signal of maybe we're breaking out of this sideways pattern that we've been in over the last few months? Or is it too early to say that with any kind of certainty?

David Morgan: Well, every day that goes by, it's easier to have more certainty. I've said in the past, but the market's proving one of my favorite statements. The market knows more than me. We broke out some time ago. There's little doubt about the levels that I chose, which was below 60 wouldn't last long. So far that's proven to be true. Once we got a solid print above 60 and maintained it, that was a breakout. Unlikely a fake out. Gold was the 4,000 level. It touched under there just barely a couple times, a few times, and we're above that. And now we're substantially above those. I mean, 4,500 gold, 10% of 4,000 is 400, 500 above it. So 10% move in a few weeks, obviously better than what you get on a T-bill. Same thing with silver. I will say that I still think there's a slight possibility, and I kind of said it from the get-go, that we could get a spike low where something happens in the bond auction or interest rates or in the straight removes or some crazy thing, the overused term black swan, and all of a sudden we get a real sharp punch in the mouth, so to speak.

I was saying that earlier with the idea that we could see maybe touch that 4,000 level in gold and maybe low 60s in silver or below 60 even. I'm going to revise that and maybe the market will prove this wrong. As much strength as we've had now in the weakest seasonality, which is August, we're doing this strong. I now think that if we were to get that sharp spike low, that it would not reach those levels. In other words, gold could go from 4,500 to 42 and somebody could go from wherever it's at to 62 and a half or something. So, I'll just leave it at that. I mean, the main thing I think that Money Metals does a great job of, and I've done my best, and that is try to stay away from the day-to-day moves. Look at it from a long-term perspective.

If you save in real money, you're going to come out in the long run. Unfortunately, some people buy at a high and their long run is six months because something happens. They got to get a car repair or whatever. And I empathize with those people, but the main idea I put in this 10 rules of silver investing was dollar cost average, take the emotion out of it, build your wealth slowly over time. Very few people get rich quick. And a lot of people that do get rich quick lose it. You look at some of these NFL guys that were in the league for only a couple years. I mean, Jamarcus Russell, I'm a Raiders fan. Most people aren't Raiders fans. I have no idea what I'm talking about. But he was the number one pick that we had for quarterback eons ago. And now this year we got Fernando Mendoza as the number one pick.

The point being is I think that Russell got like $40 million and he's broke. And some of these lottery winners are broke. So I don't want to harp on it too much, Mike. But honestly, hard earned money, you stack it a coin at a time, 10 coins at a time, whatever it might be, and you know it took effort to earn it, but you're building wealth over time.

Mike Maharrey: Yeah. That's a really good point and something I try to emphasize as well. I'm more than happy to get rich slowly. That'll work for me. And I think it's a really good point. It is easy to get caught up in the fluctuations that are caused by every headline. And that kind of brings me to something that I've kind of been thinking about. You look at the day-to-day price movements and you see these kind of spikes in metals whenever we get good news on the Iran conflict, people are pleased about that. They feel like maybe that's a little lower of an inflation threat. And then when we get bad war news, that'll sell off. And to me, that kind of signals that the underlying bullish factors that were supporting the precious metals markets before this war began are still in place. And they're maybe being papered over a little bit by the day to day headlines in the war news.

Is that a fair take in your mind? Am I on the right track there?

David Morgan: Yeah, I'll go a little bit deeper or maybe look at it differently. But I think the war, I was thinking about this before the interview. I think we're at a point in time now, and it's called a tipping point or a paradigm shift or whatever. I'll make a big deal. But as you said, Mike, look, I think we're now at a place where we're at a, I'll call it a war or a battle. Let me use the word battle, between what is the safest, most trusted, most confident investment class for a monetary system. And that's simple. It's the US treasury market, the credit markets where it's gold or gold and silver, you could say. Or you could say it's all the credit markets, all the sovereign nations that's issue bonds.

But that has proven throughout time to always fail. And the market is telling us, if you know where to look, that gold has won or gold is winning, I should say. Why? Well, for number one, and this is common knowledge among gold bugs or people that pay attention, that the central bank holdings, number one holdings, as far as reserve assets are concerned, is now gold, not credit markets. Not a promise to pay something in the future. With that promise that they're going to pay is going to basically take advantage of your down payment. Or maybe I should say it better more accurately. When you buy your $1,000 bond for $1,000, you're almost guaranteed to not get the same purchasing power five years, 10 years, 20 years, 30 years from now. And because of that fact, I'm going to buy gold and preserve my wealth there, not in the credit markets.

And since the whole system is based on credit, I mean, there are very few businesses that are wholly owned, no debt whatsoever, almost all doing a spread basically between the cost of money that they borrow and how much money they make in the business. So, if they have a million dollars owed every quarter, they better be making a million plus something to service their debt. And that's the system at large. Yeah, there's a few exceptions, but so few. So, I elaborated on it. I hope that helped to pound it in because if I am correct, and it's a hypothesis, that the banks are showing their hand. Okay, we got to see their ace in the hole. And now the general and the sophisticated investors have woken up to it. The institutions are perhaps seeing it. And I think the confirmation I'll call it, Michael, is mining shares.

I think if we see institutions come into the heavy hitter mining shares, the new months, the barracks, the Wheaton Precious Metals, the Franco-Nevada’s in size, then I think that would be confirmation of what I just said. Feed it back to you. You think we're there? I'm biased. I mean, I've been studying this market for four decades plus, and I know what happens at the end. And the real debate is, will I be around that long? But seriously, am I overstating the case? What do you think?

Mike Maharrey: No, I don't think you are at all. And I think a tug of war is a great way to put it. And I've seen other analysts, I can't remember who said it, but several months ago they said that gold is going to be the last safe haven standing. And so you're not alone in this. I don't think you're biased and I don't think you're off base at all. That actually kind of sets me up for the next thing that I wanted to ask you about. What do you make of the treasury department's move yesterday to basically double their buybacks of long-term bonds to. I mean, to me, it seems like desperation. We've got to figure out something to push these high long-term rates down a little bit. And of course they're calling it, oh, this is just to fix the plumbing. It's always about the plumbing.

I don't think we have a plumbing problem. I think there's a bigger one than that, but what do you make of this move?

David Morgan: I agree with you. So, let's just break it down a little bit further. So, when you're at auction for selling the 30-year bond or the 20 or 10-year note or whatever, it's a bid ask spread. So, someone says, "Okay, I'm going to offer you this interest rate for this 30-year bond." And the market says, "Well, I think your inflation rate's too high. I'm not going to accept that. I will accept this." And so the interest rate gets bid higher. So I'll do it in my head because I mean the exact. It changes daily, but it's 4.87, so I'll run it up to five. So the market said, no, no one's buying it at a 5% yield. So now it's offered at 5.1% yield. And that means that the bonds become less valuable because when interest rates go high, bonds lose value, not face value, but market value.

Well, to prevent that from happening, you're going to send in your own team at the auction and your own team has now doubled. And so when the offer's at this, oh yeah, of course we'll buy them at that price. So it's manipulating the market. It's controlling the yield curve, and it really isn't how a free capital market system should work. The market should determine what the cost of money is. And if you don't trust the value in the future, then you bid up the yield. But that isn't what they're doing. They're fixing the plumbing, which means the fix is in.

Mike Maharrey: Yeah, I agree completely. I mean, when you've got $40 trillion in debt, which is what the federal government now holds, you can't afford higher yields. You can't afford to pay that interest out. They're already well over a trillion dollars for interest expense just in the year alone. So yeah, to me, that's what it looks like, but they're trying really hard to sell it as everything's no big deal. So let's talk a little bit specifically about silver. I talked to Michael DiRienzo over at the Silver Institute last week, and he's pretty bullish despite the correction and whatnot. And he actually said that he could see the possibility of new records in the not too distance future. So how do you see the silver market as we kind of move towards the end of the year? And what do you think it's going to take to say, let's say we're trying to get silver back to $100.

Do you think that's feasible by year end? And what would require to get there?

David Morgan: I do think it's possible. I'll be consistent. I've said on most all the interviews I've had over the last month or so, I don't expect more than maybe $78, $82 something in that range. But silver surprises everybody, even me. I mean, I've just got more experience in the silver market than most on the planet, but that's because of my age. No, it is monetary demand that drives the market. Yes, industrial demand's extremely important, but it doesn't really fluctuate that much in a given year. Although in the last 25 years it's gone from 35% to 60% in the total market. So obviously the trend is more and more and more and more industrial use, but in any given year, it's not going to have that big an influence. In other words, it's going to be 60% this year plus or minus 1%. But monetary demand can go cuckoo.

Now, what happened in those latter months of last year and the first month this year was industrial demand that drove it. Now it coupled with monetary demand. So they kind of legged on each other as I've mentioned in many interviews. What happens when industry and investors are fighting for the same thousand ounce bar? Well, we couldn't saw what happened. The price skyrocketed. And so will that happen again? Yes, it will. Will that type of event happen before the end of this year? I doubt it. However, I think we're going to get in that steady Eddie kind of grinding higher, maybe a spike low here and there to kind of shake out the weekends or give people second. I was going to buy it. I was going to buy a hit 80. I'm going to buy it. And then for some reason they never pick up the phone and it's down 10 bucks because of X, Y, Z.

Oh, I'm so glad I didn't buy it. And then they don't come into the market. But if you're just on a plan of buying a hundred bucks every month or 200 or whatever you set for yourself, pay yourself first. If you can, which most people these days can't, I'm empathetic to it. There were times in my life I couldn't. But the point being, if you can pay yourself first and the rule of thumb is 10%. So if you're netting, I don't know these days, I haven't went for a wage for 35 years, but if you're making, I don't know, 4,000 a month and then you could put 400 away, which would be hard to do, I get it, but that would be optimum, I guess. Anyway, I'm drifting off, bring me back, but I think we will have stronger markets by year end. I do think the highs are not in.

I do believe we're going to see record highs in both metals, but I don't see it this year. I see probably 2027, 2028. And I think by that time, and maybe I'm guessing, we will see a new system of some way, shape, or form that the banking elite said, "We got to fix this debt. Here's how we're doing it. We're starting the resetting at zero. All aboard the one world digitally based blockchain." I don't know.

Mike Maharrey: Yeah, I could see something like that for sure. Looking more in depth at the silver market, you mentioned the industrial demand, and that's kind of a hard thing for me to parse out. And DiRienzo and I talked about it a little bit, but of course you've got the tug of war with the higher price. That obviously is incentivizing the end users of silver, the solar panel makers and the folks that are building computer circuit boards. They're looking for alternatives. How do you see that industrial demand playing out in this higher price environment? Do you think that substitution can significantly lower that silver demand or are we kind of at a point where they need the silver and to some degree it's not as price sensitive as we might think? How do you factor all of that in?

David Morgan: Yeah, well, did a pretty good look and not really hugely in depth on the copper substitution idea for solar panels. And my conclusion thus far is that yes, there will be, and there are instances of using copper, but it doesn't really replace silver. I mean, you're going to have less silver in a copper-based panel, but it's like silver plated or whatever. Silver's still in the panel, in other words. But the problem is what's the longevity? So if you look at the total economics, if you sell a panel for one half X because it's copper-based, but it'll last five years instead of 25 years, you've now shot yourself in the foot. So the problem is doing that test long enough to know what you've really got. Because if you substitute copper, and again, it only lasts half as long as a silver panel, you're out of business.

No one's going to want that, and that's an unknown. On top of that, let's just do a thought experiment and say that there's a breakthrough and graphene issues or something. There's enough pent-up demand between batteries, robotics, the electrical build-out that's necessary for this AI infrastructure, semiconductors that are being used more and more, and all things electrical and electronic. So even if you were to cut the solar industry down by something substantive, I think it would be more than made up with those other key things I just mentioned. It's really hard to get away from silver in a high-tech society. The robotics thing would take a while, but it's going to be there. Right now, I'm doing a study on it, Michael, and the best sources I can find, and believe me, it's a lot of conjecture because there aren't many robots out there. It's between 20 and 30 grams per robot.

Thirty grams of silver, as you know, and most of the audiences are roughly one ounce. So 10 years from now, if you've got a hundred million robots per annum, that's a hundred million ounces of silver every year. Now, I'm not saying we're going to do 100 million robots. I don't know. The market knows. My point being is it will have an effect, but it won't be for a while because a one ounce per, that's a lot for a cell phone or something like that. Of course, there's nothing near that amount in the cell phone. My point being that there is a substantial amount in a robot, how many robots are we going to have, and how long is it going to take to get there? Nonetheless, it is another demand on the silver market that's barely in existence right now.

Mike Maharrey: Yeah. I just had this apocalyptic vision of people mugging robots to get their silver.

David Morgan: Well, someday they will put the humanoid robots in the landfills to dig out all the circuit boards that they can to get the silver back.

Mike Maharrey: Yeah, no doubt. Stefan and I were having a conversation earlier today about silver premiums in Asia, and he's seen some reports, which he thinks are a little bit wild of multi-dollar premiums over there right now. He was kind of maybe doubting it was quite that high, but I'm curious if you followed that at all, what you're seeing in terms of Asian premiums and why there would be those premiums if they do indeed exist.

David Morgan: Yeah, that's one that I'll give you the best of my ability. Doesn't mean it's a hundred percent correct. It's as accurate as I can find so far. So there's several factors. One is there's a tariff situation from their side. The second thing is that there's currency fluctuations, so you got to hedge that. The other one is a trust factor. So if you look at what they're going to add to the price just for coming into China, that's not the premium, that's something you got to pay. Then you've got, well, what is the currency going to do between the renminbi and the US dollar while it's being shipped? So, that's the cost. Then you do have shipping costs. So if you factor in all the costs, and I probably left one out, all of a sudden that quote unquote premium isn't the premium. It's like four other costs and maybe a dollar premium on the metal itself.

So, if you look at all of it logically and objectively, as I just outlined, are you going to ship a thousand-ounce bar or several of them across the ocean to China for a $1 spread when silver moves so much as a dozen a day? And the answer's probably not. So, I wish I had a really definitive answer, but that's more than you probably heard from anybody else.

Mike Maharrey: No, that's actually very illuminating. And you do, you forget about all of the cost involved. It's not like you can just teleport silver across the world. And of course that was part of the issue that we saw back in October of last year with the first squeeze was the issue of too much metal in the US and not enough in London or Asia. So that's always a dynamic I think that maybe is a little bit understated. Let me kind of get you out on this one. This is just kind of a fun one to let you vamp on whatever you want. But I'm curious if there's something right now that you're following in the markets that most people in the mainstream aren't going to hear about if they're just watching CNBC or Fox Business. What's something that's kind of got your attention right now that's significantly factoring into your forecasting?

David Morgan: That's a great question. I don't know if I have a great answer. One I think is that I was very much in the bearish camp on the US stock market over the longer term. In other words, it's so overvalued by any metric you want to use that it almost has to or it must fall, it must correct. There must be a signal where this market goes back to fair value instead of being so extremely overvalued. And that idea has changed on me some time ago. I still think that's the most likely case, but not inevitable. Before I thought it was inevitable. Now I don't because if we're going into this highly inflationary environment and this lack of trust we talked about earlier in the interview where we're looking at who wins gold or a promise to pay, we could get where the stock market does, let's say a nominal Zimbabwe, Venezuela, Argentina stock market where it just keeps going up.

But the value of the currency is depreciating faster than the appreciation of the stock market. That's what you see in all these hyperinflations. Now I want to be consistent. I do not think that the US dollar will hyperinflate. Although beef prices went up 9% in a month. Well, that by definition would be a hyperinflation. Now whether it goes up 9% next month, I don't know. They're closing down what, three major beef processing plants in the United States. That's

Mike Maharrey: Wild.

David Morgan: I mean, things are going to get harder and harder. And the other thought that popped in my head since you've giving me free reign, and thank you, is an article I wrote for the paid subscribers, I don't know, about four months ago. All inflations end in deflation. And that's kind of a hard one to bite on if you haven't lived it. I have not. My parents did – were in the Depression. But we will see a point where the money does what it's most likely to do, which is inflate further. People don't trust it. There's some kind of a reset. But normally in those resets, the new system is the money, whatever that is. Of course, we know money is gold and silver, but I'll call it the monetary unit, whatever that is, that digit, that token, that whatever is scarcer and more difficult to obtain. And perhaps even if it's static, okay, we start at zero, everybody gets a UBI, universal basic income of 2,000 digital units a month.

There's not as much beef to buy. There's not as many pickle choices. Getting grapes from South America only happens in certain stores with very wealthy client base, that type of thing. A high lifestyle is a good measure of whether you're wealthy or not. It's not how many pieces of paper you've collected over your lifetime. It's what are your choices in life? What are your choices of transportation, living quarters, entertainment, all that stuff. And as that contracts, and food is like your number two cost outside of living. That is the way most of the world lives, America, for those that haven't been overseas or seen it with their own eyes. Wake up. Sorry, I ran a bit. Michael, I know you'll let me. And that'll be, I think, what we're already facing. Let's not kid ourselves. A lot of the middle class is like, "Well, I'm not going out to karaoke every other weekend because hamburgers costing eight bucks a pound.”

David Morgan: I can't go to karaoke and have a hamburger." Well, guess what? You're going to probably choose to eat more than you're going to choose to go for entertainment. I think I made my point, but you can have more cash and a lower lifestyle just because of availability. And that's something I think maybe I'm thinking outside the box. I certainly know you don't hear that on CNBC.

Mike Maharrey: No, that's a really good point too. And something that I try to emphasize from time to time. We're so money-focused in our way we talk about the economy and we talk about wealth. And you make a great point. It's not about the paper units. That doesn't tell you anything. It's ultimately about stuff. The economy's about stuff. I don't care about the paper. I want to be able to get a hamburger. I want to be able to go sing karaoke or whatever. And those papers represent my labor and my ability to obtain things. And I think people forget that. We get so tied up into the dollars that we lose track of the reality of the economy, which is stuff. And then the other thing that I thought of as you were talking is the inflationary impact on asset prices. And I think we've kind of evolved into this world where inflation just means consumer prices are going up.

The point being that inflation also shows up in other places. When you have an increasing money supply, it doesn't necessarily only show up in consumer prices. It also shows up in asset prices, real estate, stocks, and it can give you this kind of fake wealth effect. You feel like you've got all these digits, but you don't have much more stuff. So great points on all of that. And now I'm rambling, so I'm going to stop and I'm going to let you tell folks where they can. I'm the Morgan Report, and you mentioned that paid subscribers get some pretty good analysis. So tell folks how they could avail themselves to that if they're interested.

David Morgan: All right. Well, you can go to the landing page, which is themorganreport.com. Three-step process. Step one is get the free newsletter. Step two is watch two documentaries for free. And step three is come behind and paywall if you want to be a paid subscriber or have a consultation. I consult with anybody that's willing to pay me. The purpose of owning Precious Metals is not the exact date the monetary system changes. It's to be positioned before confidence changes. And as we discussed, it's changing and changing more rapidly, more often by more numbers of people. Goal provides monetary insurance. Silver provides monetary insurance with industrial leverage. Own the physical foundation first, then carefully selected equities if you're interested in the work that I do primarily, but you have to be able to accept the additional risk. The least risk take is physical metal, which I've always advocated as your starting point.

Mike Maharrey: Wonderful advice. And I hope folks do check out the Morgan report, check out your work because you're fantastic. One of the finer analysts that are out there. And I wish you were out there on CNBC and Fox Business instead of some of these clowns were subjected to on a daily basis. So appreciate you coming on this show and taking time out of your day to hang out with me. It's always a pleasure to talk to you. And I definitely appreciate everything you do. So thanks a lot, man.

David Morgan: Well, thanks for the kind words, and it was fun to be with you. I'm looking forward to the next one.

Mike Maharrey: Absolutely. We will have you back in the not too distant future. Until then, take care of yourself and be well.

David Morgan: Will do. All

Wonderful stuff as always from our good friend David Morgan, and it was certainly great to have him back on again. I trust you enjoyed that as I did.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo, hosted by Mike Maharrey.

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Until next time, this has been Mike Gleason with https://www.moneymetals.com/";>Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.