A key-date issue in all grades due to a limited mintage of 1.8 million pieces, the 1919-S represents the contraction of the United States' economy in the years immediately following the end of World War One. That the 1919-S is also an important strike rarity is made clear by this comment from noted Standing Liberty Quarter expert J.H. Cline (2007): "Full Heads of this date are very rare and would be closely paralleled with the value of the 1916, and very difficult to locate."

The example to the left was sold by Stack's Bowers Galleries in the November 2010 Baltimore Auction, where it realized $37,375.