Yes it can be more than face value when it is big enough ...... Sometimes when there is a defect in the examination I have a quarter that has quite a big split down The middle i priced it about 4$ . Hope that helps....I would guess yours at about 2.50 or 3$.
Melt value means it's worth essentially what the metals composing the coin are worth should they be melted down (literally). Assuming your quarter is dated post 1964, it's worth a quarter. If it happens to be silver, however, its melt value would be about $7.25.
I'm going against the crowd and I am saying that it IS a die crack with some chipping along the edges of the crack. However it is not significant enough to provide any extra value to the coin.
Thanks for the additional looks...I am also 99% sure it is not PMD but that just seems to be the go to answer for most people.