Junk silver is a term for US coins minted before 1965 that contain 90% silver. The term "junk" does not indicate low quality. It means these coins have no numismatic (collector) premium and trade based purely on silver content. Dimes, quarters, half dollars, and dollars from 1964 and earlier are 90% silver.
These coins are popular among precious metals enthusiasts because they are widely recognized, easily divisible into small amounts, and carry lower premiums than many silver products. They also offer the advantage of being familiar currency that most people recognize and can verify.
What Qualifies as Junk Silver
90% silver coins (pre-1965):
- Dimes (Mercury, Roosevelt through 1964)
- Quarters (Washington through 1964, Standing Liberty)
- Half Dollars (Kennedy 1964, Franklin, Walking Liberty)
- Dollars (Morgan, Peace)
40% silver coins: Kennedy half dollars 1965 to 1970 contain 40% silver. Less silver per coin but still has value above face.
War nickels (1942 to 1945): These contain 35% silver due to wartime metal shortages. Identified by large mint mark above Monticello.
Not junk silver: Modern coins (1965+) are clad copper-nickel with no silver content.
Silver Content by Denomination
Knowing silver content helps you understand value:
$1 face value of 90% silver coins contains approximately 0.715 troy ounces of silver. This means:
- 1 dime = 0.0715 oz silver
- 1 quarter = 0.1788 oz silver
- 1 half dollar = 0.3575 oz silver
- 1 silver dollar = 0.7734 oz silver
Pricing: Junk silver is typically priced as a multiple of face value. The multiple varies with silver spot price. Dealers quote "times face" (e.g., 20x face means $1 face value costs $20).
Advantages of Junk Silver
Wide recognition. Everyone knows what a quarter or dime looks like. In any trade scenario, these coins are instantly recognizable without testing equipment.
Divisibility. Small denominations allow precise amounts. A dime contains about $2.50 worth of silver at typical prices, allowing small transactions.
Lower premiums. Junk silver typically has lower premiums over spot price than minted silver rounds or bars. You get more silver per dollar spent.
No counterfeiting concern. Counterfeiting small-denomination circulated coins is not economically viable. Fakes are essentially nonexistent.
Legal tender. These remain US legal tender (at face value), though their silver value far exceeds face value.
Buying Junk Silver
Sold by face value. Dealers sell in bags or rolls totaling specific face value amounts: $10 face, $100 face, $500 face, $1000 face.
Calculate value: (Face value) × (multiplier based on spot) = approximate cost. Check current spot silver to determine fair multiplier.
Condition does not matter much. Since value is based on silver content, wear does not significantly affect value. Heavily worn coins contain the same silver.
Mix of denominations is typical in bags. All 90% coins have the same silver-to-face-value ratio, so denomination mix does not affect total silver content.
Buy from reputable dealers. Same principles as other precious metals: established dealers, fair premiums, and documented transactions.
Storage and Handling
No special storage required. These are durable coins designed for circulation. Normal secure storage is adequate.
Counting and organizing. Standard coin tubes or bags work well. Knowing your inventory by face value makes tracking easy.
Do not clean coins. Cleaning can damage surfaces and rarely improves value. Circulated condition is expected and accepted.
Junk Silver Checklist
- Understand which coins are 90% silver
- Know silver content per face value
- Compare dealer premiums before buying
- Verify date on coins (pre-1965)
- Store securely but simply
- Track inventory by face value
Frequently Asked Questions
Why is it called "junk" silver?
The term indicates these coins have no collector premium beyond silver content. They are valued only for their metal, not rarity or condition.
How do I know if a coin is silver?
Check the date. US dimes, quarters, and half dollars dated 1964 or earlier are 90% silver. 1965 and later are clad (no silver).
What is a fair price?
Calculate silver value based on current spot price and typical multipliers. Compare to quoted prices. Small premium over melt value is normal.
Are silver dollars included?
Morgan and Peace dollars are 90% silver but trade at higher premiums than smaller denominations. They are technically junk silver but often priced differently.
Can I spend these as regular money?
Technically yes, at face value. But their silver content is worth many times face value, so spending them would be a significant loss.
Is junk silver a good investment?
This guide is educational, not financial advice. Junk silver is one way to own physical silver. Whether it suits your situation depends on your goals. Consult financial professionals.
Disclaimer: This guide provides general educational information about junk silver coins. It is not investment advice. Silver prices fluctuate and past performance does not guarantee future results. Consult qualified financial professionals regarding investment decisions.