David Hall: The 1934-D is one of the key dates of the Washington quarter series. While not particularly rare in circulated grades, this is a scarce coin in mint state and a rare coin in Gem condition. In fact, only the 1932-D and 1932-S are rarer in MS65 or better. I'd speculate that in the depths of the Great Depression, not a lot of uncirculated quarter rolls were saved as a roll of quarters is $10 face value and that was a ton of money at the time. Mint state examples are often frosty and well struck, there just are not that many of them.