1942 is not a rare date for Washington quarters -- during WWII the mintages were very high. The coin is made of an alloy of 90% silver and 10% copper. Its melt value in lower grades is approximately 0.18 times the current price of 1 ounce of silver.
Look on the back of the coin to see if there's a small mint mark letter below the bow in the wreath. It may be blank or there may be a D or S.
Numismedia lists the following approximate retail values as of 01/2013:
No mint mark (Philadelphia):
Almost no wear - $9.14
Uncirculated - $10.06 to $587.50 depending on quality
"D" mint mark (Denver):
Almost no wear - $10.93
Uncirculated - $14.95 to $600.00
"S" mint mark (San Francisco):
Almost no wear - $20.70
Uncirculated - $62.25 to $350.00
DISCLAIMER: The values quoted are the best available, but may vary due to market fluctuations. Also the wholesale (buying) price of a coin will be less than the selling (retail) price. A reputable coin dealer will be able to give a more accurate valuation based on inspection of the coin.
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