About 6.2 million quarters were struck in 1932, of which 5.4 million were coined at the Philadelphia mint. Production runs of just over 400,000 each occurred at the Denver and San Francisco mints; these are still the low mintages of the series. The small mintage of the 1932 Denver piece meant that few were available to be hoarded by coin dealers, leading to present-day scarcity in mint state or uncirculated condition; the mint marks on the 1932-D and 1932-S have been counterfeited. No quarters were struck at any mint in 1933, as there was an oversupply caused by the 1932 issue.