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Only? That's 29x more. Needs context.
This kind of context?
$1 in 1938 is equivalent in purchasing power to about $21.77 today, an increase of $20.77 over 85 years. The dollar had an average inflation rate of 3.69% per year between 1938 and today, producing a cumulative price increase of 2,077.49%.
Minimum wage workers today have less purchasing power than they did in the Great Depression
Why are you comparing $1 to $0.25? This is an incorrect way to compare relative purchasing power.
As already pointed out, if $1 in 1938 is equivalent to $21.77 today, then $0.25 in 1938 is equivalent to $5.44 today ($21.76 / 4). Since minimum wage is $7.25, they are earning more per hour now after adjusting for inflation.
Another way to think about it is if someone wanted to buy something for $1 in 1938, they'd need 4 hours of minimum wage work ($1 / $0.25 = 4 hrs). That same $1 expense would be $21.77 today, or $21.77/7.25 = 3.0 hours of minimum wage work.
This isn't necessarily justification that the minimum wage isn't in need of an increase today, by the way. I personally think it needs an increase (among other work reforms) and is a decent argument that minimum wage in the US has been too low since it's inception. But it has increased since 1938 after adjusting for inflation.