1932-S 25C MS65 Certification #25591180, PCGS #5792
The 1932-S is the lowest mintage (408,000) of the entire Wastington quarter series, and along with its 1932-D counterpart, it is one of the most in-demand key dates of the 20th century. This is a coin that has been sought after in all grades since the 1950s. Interestingly, though the 1932-S and 1932-D are virtually the same rarity in circulated grades, mint state 1932-Ds are nearly twice as rare as 1932-Ss. Nonetheless, an Uncirculated 1932-S Washington quarter is a great coin and gem MS65s are quite rare.
There are a lot of "sliders," coins with slight rub on the high points. Truly mint state examples, with full original luster and no rub, are what you want. Most 1932-S quarters are well struck. Luster on true mint state coins is typically subdued. Many examples are toned, some are attractive, and some not so. Eye appeal is definitely an issue with this key date.
According to a notice in the June 1934 issue of The Numismatist (p. 416), collectors could still purchase Uncirculated 1932-S Quarter Dollars directly from the U.S. Treasury for "the face value of the coins and an amount sufficient to cover the mail charrges by first-class mail."