The PCE Price Index changed by 2.22% per year on average between 1988 and 2023. Modern quarters minted beginning 1965 are worth a premium in Mint State (no wear) condition. In the case of this quarter, it was put up for auction by a collector for $35,000. This chart shows the average rate of inflation for select CPI categories between 1988 and 2023. One of the quarters made in error is listed for sale on eBay by Mike Byers for $35,000 "1970-S Proof Washington Quarter Struck on 1941 Canada Quarter NGC PF 65." That's some serious. Its clad composition includes copper and nickel in a total 75%: 25% ratio. Published rates of inflation will vary depending on methodology. When $35,000 is equivalent to $87,809.76 over time, that means that the "real value" of a single U.S. dollar decreases over time. He positioned Washingtons face to be turned to the left and surrounded by the DATE and word LIBERTY struck along the rim. This means that today's prices are 2.51 times as high as average prices since 1988, according to the Bureau of Labor Statistics consumer price index. In 2016, a 1970 quarter was listed on eBay for $35,000. It reached a price of $1,645 in 2017, winning the auction record. It measures the change in prices of goods and services purchased by consumers. Production: 562,052,000 Washington Quarters were minted at the Philadelphia mint in 1988. All Rights Reserved. The average inflation rate of 2.66% has a compounding effect between 1988 and 2023. The result is the quarter we know today. If you have any questions or requests, please contact us at 727-317-5800. The big question is why? The most valuable Washington Quarter's. Most pieces spending a long time in circulation are worth their face value, while well-preserved ones have higher prices barely. Unfortunately, the then-Secretary of the Treasury refused to respect the results of the competition and favored John Flanagans creation. The listing says it was part of a group of proof coin errors that were auctioned by the state of California. Also of note is the Core CPI, which uses the standard CPI but omits the more volatile categories of food and energy. The last coin before the Washington quarter became a part of American coinage was the three Standing Liberty quarter types. When using the core inflation measurement, $35,000 in 1988 is equivalent in buying power to $83,464.07 in 2023, a difference of $48,464.07. The story behind the Washington quarter design is controversial. The Seated Liberty quarter, minted from 1838 to 1891, was the first one made of 90% fine silver. When we think of rare coins, usually we think of coins minted hundreds of years ago. All three coin types have the mint mark on the right, behind the ribbon in Washingtons hair. These relatively modern pieces are typically worth their face value, with only several exceptions. (adsbygoogle = window.adsbygoogle || []).push({}); Value: Can usually be found and sold for somewhere between $0.80-$3.20 price dictated by condition, certification, and current demand. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1988 to latest available data for 2023 using average monthly close price. 45 Results 2 filters applied Coin Year Grade Circulated/Uncirculated Mint Location Condition Price Buying Format All Filters SPONSORED 1978 WASHINGTON QUARTER LARGE O/C BROAD STRIKE,**VERY NICE** US ERROR COIN $65.00 $3.88 shipping SPONSORED 1978- Washington Quarter " DDO , VERY RARE COIN. That quarter in your pocket might be worth more than just 25 cents - because it could be part of a rare batch of 1970 coins worth a fortune. Therefore, the US Mint took advantage of the situation, and the new coin mintage was resumed the following year. In order to comply with the internationally applicable GDPR - and other regulations, no IP address or user account originating in your geographic location will be accepted. For example, printed letters next to Liberty, or 1941 printed underneath Dollar.. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. People often like to see how much their first car would have cost in today's dollars. The initial idea for the new quarter was Washingtons 200th birth anniversary in 1932. Value: Can usually be found and sold for somewhere between $0.26-$18.00 price dictated by condition, certification, and current demand. Value: Can usually be found and sold for somewhere between $0.80-$3.20 price dictated by condition, certification, and current demand. Believe it or not, this quarter sold on eBay for $35,000. This calculates the value of a US dollar over time, either in today's dollars or another year. Beautiful High Grade Quarter Directly Pulled from Uncirculated Mint Set. This error occurred when the die failed to hit the quarter hard enough, leaving an unclear and misshapen letter. Even though these modern coins are rarely expensive, the 1988 quarter value is almost always over their nominal value. Supposedly, the problem was that the original winner was female, and no pleading managed to change his mind. Face Value: 0.25 USD. That is the primary reason collectors look only for specimens in top-notch condition. Information displayed above may differ slightly from other S&P 500 calculators. Only quarters in an MS 66 grade are more valuable and are worth approximately $55 to $65. For example, if you started with $35,000, you would need to end with $87,809.76 in order to "adjust" for inflation (sometimes refered to as "beating inflation"). A dollar today only buys 39.859% of what it could buy back then. You shouldnt be surprised by numerous errors in the 1988 Washington quarters, particularly those minted in Philadelphia. The competition winner announced in 1930 was Laura Gardin Fraser, who left 98 other (male) contestants behind. Since these quarters are modern and less than 35 years old, you shouldnt expect them to be rare. However, that's not the case with a few quarters from the 1970s. Compare these numbers to the US's overall absolute change of $52,809.76 and total percent change of 150.89%. Heres How To Spot Them. The listing recently turned up in an AOL.com roundup.. . Core inflation averaged 2.59% per year between 1988 and 2023 (vs all-CPI inflation of 2.66%), for an inflation total of 138.47%. Finally, the denomination is under the olive branches, an internationally recognized symbol of peace, on the coin rim bottom. (adsbygoogle = window.adsbygoogle || []).push({}); Value: Can usually be found and sold for somewhere between $0.26-$18.00 price dictated by condition, certification, and current demand. - Last updated: July, 29 2022. As noted above, this yearly inflation rate compounds to produce an overall price difference of 150.89% over 35 years. Other . The site owner may have set restrictions that prevent you from accessing the site. By calculating the value in 1988 dollars, the chart below shows how $35,000 is worth less over 35 years. The dollar had an average inflation rate of 2.67% per year between 1988 and today, producing a cumulative price increase of 151.91%. The most expensive Washington quarter is the one minted in Denver in 1932, and one collector paid $143,750 in 2008 to get it. The 1988 Washington quarter obverse is made after Houdins portrait of the first American President. Special thanks to QuickChart for their chart image API, which is used for chart downloads. Expect only common values with only those MS-63 or higher with nominally higher pricing. https://www.youtube.com/channel/UCLGZ0uSfzVNT1FC8HocF8wwEssential Coin Supplies \u0026 BooksCELESTRON HOBBY 5MP DIGITAL MICROSCOPE (BEST IN THE HOBBY!) The listing says it was part of a . Modern and abundant 1988 Washington quarters are inexpensive coins worth $0.25 to $1 in most cases. It started a practice that lasted until 1964, when circulated coins made of this precious metal went into history. . Great coin with nice luster and patina, good for someone's collection. The quarter that's the belle of the coin ball and raking in tens of thousands of dollars? Price Chart : Estimated Value Based on Scale. $35,000 in 1988 is equivalent in purchasing power to about $87,809.76 today, an increase of $52,809.76 over 35 years. in2013dollars.com is a reference website maintained by the Official Data Foundation. Recall that the converted amount is $87,809.76 when all items including food and energy are measured. This error is uncommon and appears when the mint strikes a coin through grease. This is a good way to estimate what a certain wage or price could buy in a specific year. Finally, this design was permanently adopted and has been included in the list of American coinage until now. John Flanagan relied on it while creating the coin look. Steps Leading to Value: Washington-Quarters.com is an easy to use and intuitive interface that manages prices, images, and other details related to Washington Quarters. Expect only common values with only those MS-63 or higher with nominally higher pricing. Sometimes, you can come across the 1988 Washington quarter produced in the Philadelphia mint without a standard clad layer. However, only a coat consists of both metals, while the coin core contains only copper. The US Mint commemorated this important event by minting coins with his portrait on the obverse. Now, one of the quarters has turned up for sale on eBay for $35,000. Dollars 5247 Flowing Hair 2 Draped Bust 10 Gobrecht Seated Liberty 3 Trade 15 1583 Peace 445 Eisenhower 664 Susan B Anthony 347 Native American . NEW: Win a 10-Piece Carote White Granite Nonstick Cooking Set! Price: 25 cents-$7.00+. Want more? In 1988, the Denver mint produced 596,810,688 Washington quarter coins. On top of that, literally? Note that some locations showing 0% inflation may have not yet reported latest data. However, it would help if you were careful with these pieces because some were simply smooshed, not errors. Keep reading to find out! The 1988 Washington quarter is a modern round coin with a reeded edge. Only higher-rated ones can be worth about $55 to $65. In other words, a dollar will pay for fewer items at the store. This effect explains how inflation erodes the value of a dollar over time. In 2016, a 1970 quarter was listed on eBay for $35,000. As expected, cupronickel-clad coins are less valuable than those containing silver, but they are still collectible. If this number holds, $35,000 today will be equivalent in buying power to $37,259.04 next year. Coin Dealer Insight: 1988 was another year with higher quarter production for Denver over Philadelphia. The PCE Price Index is the U.S. Federal Reserve's preferred measure of inflation, compiled by the Bureau of Economic Analysis. Read more about inflation and investment. However, Congress decided that issuing circulating Washington quarters instead was better. Unlike silver coins minted until 1965, those struck in 1988 are made of copper and nickel as a much cheaper solution. You may use the following MLA citation for this page: $35,000 in 1988 2023 | Inflation Calculator. Official Inflation Data, Alioth Finance, 16 Jan. 2023, https://www.officialdata.org/us/inflation/1988?amount=35000. However, with just under 1.2 billion 1988 Washington quarters produced, numismatic value again is at a minimum. Mint Mark: D. Type: Quarter Dollar. The initial plan was to issue the commemorative half-dollar and medal, but it was changed. Unlike other nations coinage that included 20-cent coins, Americans got a quarter-dollar as a denomination. However, the coin had 20 interested bidders and sold for the asking price of $35,000. In this error, the planchet wasnt appropriately shaped. The entire mintage in these three places was 1,162,125,636 coins. Coin Dealer Insight: 1988 was another year with higher quarter production for Denver over Philadelphia. 2 Draped Bust 9 Capped Bust 133 Seated Liberty 99 Barber 804 Walking Liberty 2800 Franklin 976 Kennedy 3742. The Quarter That Could Be Worth $35,000 This 1970 Washington Quarter is listed on eBay for a whopping $35,000. 1982 P Washington Quarter Coin Value Prices, Photos & Info. 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