If you’ve been given a jar of old coins or found a stash of pre-1965 coins, you may already have silver coins without realizing it. These coins are often referred to as “junk silver” and may hold a real value tied to today’s price of silver, which is relatively easy to obtain compared to gold.
Despite its name, junk silver has no value. This term refers to old circulating coins that contain silver but are not considered rare or collectible. Until the mid-1960s, the U.S. Mint used silver for everyday coins. Currently, these coins are valued primarily for their metal content rather than their rarity.
What is junk silver?
Junk silver is an industry term for silver coins that have no monetary value. In other words, it is a silver coin that is of no interest to rare coin collectors. With a few exceptions, the United States Mint stopped using silver in circulating currency coins after the Coinage Act of 1965, but only recently, and many of these coins are still available through dealers and collectors.
They are often worn due to years of circulation or minted in such large quantities that they are not considered rare. Instead, its value is directly related to the amount of silver it contains.
Therefore, the word “junk” only refers to the lack of collectible value, not the quality of the metal. These coins are still a legitimate source of high purity silver.
How to check if you already own junk silver
If you’ve inherited coins or have a stash of jars, you can determine if they contain silver by doing a few simple checks.
- Please check the date: Most U.S. dimes, quarters, and $5 coins minted before 1964 contain 90% silver.
- Look at the edge: Silver coins have solid gray edges, but newer coins have copper-colored stripes.
- Listen: When a silver coin is dropped gently, it tends to produce a higher-pitched “sound” than modern coins.
If a coin meets these criteria, it may be worth more than its face value based on its silver content.
Hint: While it was once possible to find silver coins and bank rolls in circulation, they are now extremely rare as most of them have already been identified and removed by collectors and investors over time.
Which coins are considered junk silver?
Most junk silver in the United States consists of coins minted before 1965. These coins contain 90% silver and 10% copper. Common examples include:
- Dime: Roosevelt (before 1965) and Mercury
- quarter: Washington (pre-1965) and Standing Liberty District
- Half dollar: Franklin, Walking Liberty, and the 1964 Kennedy Half Dollar.
Although some later coins include silver, such as the 40% silver Kennedy half dollar minted from 1965 to 1970, the “90% silver” category is the most widely recognized and traded among investors.
What about silver dollars?
Silver dollars, such as Morgan and Peace dollars, also contain 90% silver, but are not typically considered junk silver. Unlike dimes and quarters, many silver coins have collector (numismatic) value that significantly exceeds their melt value.
Because of this, the price of silver dollars varies widely depending on condition, rarity, and demand. If you have inherited a silver coin, it may be worth having it appraised before assuming that it is only worth the silver content.
Why do these coins contain silver?
For most of American history, silver was a standard component of the nation’s everyday currency. However, as the price of silver rose in the early 1960s, the metal within the coins began to exceed face value. In other words, a quarter made of 90% silver could be worth more than its face value of 25 cents due to its metal content.
To address this, Congress passed the Coinage Act of 1965, which removed the silver from dimes and quarters, reducing them to half a dollar. Instead, new coins were made with copper and nickel coated compositions.
Today, these pre-1965 coins are popular not for their use as currency, but for their silver content, and their value fluctuates depending on the broader precious metals market.
How to evaluate junk silver
The price of junk silver is based on its melt value, or the value of the silver content if the coin were melted down. In this context, junk silver is also sometimes referred to as “scrap silver.” This means silver is valued primarily for its metallic content rather than its collectability.
This value is determined by two main factors: the current market price of silver and the amount of silver in the coin.
For example, a 90% silver coin with a face value of $1.00 contains approximately 0.715 troy ounces of pure silver. If silver is trading at $25 an ounce, that $1.00 coin could be worth approximately $17 to $18 excluding dealer premium.
Because individual coins contain small amounts of silver, dealers typically sell junk silver in bulk by denomination, often in $100, $500, or $1,000 increments.
Prices quoted as multiples of face value are also displayed. For example, “20x face value” means a $1 coin costs $20. This multiple increases or decreases depending on the price of silver and market demand.
Hint: Silver prices fluctuate daily. Checking the current silver price allows you to estimate the value of your coins before buying or selling.
Junk silver coins and modern bullion coins
Junk silver and modern bullion coins are both accessible ways to buy silver on a budget, but there are some important differences to be aware of.
| Features | junk silver | modern bullion coins |
| origin | circulating coins | Built specifically for investors |
| silver purity | Usually 90% | Normally 0.999 fine |
| situation | circulation | usually not in circulation |
| Pricing | Based on melt value | Based on spot price + premium |
Junk silver tends to appeal to buyers seeking lower premiums and smaller divisible units, while bullion coins are often preferred due to their higher purity and standardized production.
While bullion coins are a popular alternative, some investors also consider large silver bars, which typically have the lowest cost per ounce. However, it comes with trade-offs that may not be suitable for all buyers.
- Higher initial costs: Larger bars (like 10oz or 100oz) require a larger initial investment
- less flexible: To sell part of a large bar, you need to liquidate the entire bar.
- Storage considerations: Larger holdings may require secure storage, such as a safe or third-party storage.
These factors often lead investors to choose between flexibility (junk silver coins vs. small coins) and efficiency (lower premium bars) depending on their goals.
Why some investors buy junk silver
Some investors choose junk silver over modern bars and coins because of its flexibility and lower cost.
Steve Maitland, Precious Metals Research Analyst at Maitland Wealth, said that junk silver “serves as the ultimate fractional currency. If you need to liquidate small amounts, you can’t simply cut up a 100-ounce bar of silver. Pre-1965 dimes and quarters offer purchasers instant micro-liquidity and avoid the high manufacturing premiums that the Mint charges for modern fractional coins.”
Junk silver is suitable for:
- Already own an inherited coin and want to understand or preserve its value
- Prefer smaller, divisible units that are easier to divide and sell
- I want a lower premium compared to newly minted silver coins.
- Are you new to precious metals and looking for an accessible entry point?
Consider bullion instead if:
- Requires higher purity silver (usually .999 fine)
- Prefer coins or bars designed specifically for investing
- You have made a large investment and want a standardized product
- Interested in options like a precious metals IRA?
Compare top precious metals dealers
If you’re considering purchasing silver or diversifying into gold, comparing reputable dealers can help you evaluate pricing, product selection, and account options.
Where investors buy junk silver
Precious metals have long been a target for counterfeiting and fraud, so it’s important to buy from a trusted source. Junk silver is widely available through several common channels.
- Precious metal dealer: Domestic company that sells various gold and silver products
- online bullion retailer: Large marketplace with transparent pricing and inventory
- local coin shop: In-person option to inspect coins before purchase
While some national dealers offer historic silver coins, many focus primarily on bullion products such as silver bars, coins, and precious metals IRAs. Compare prices, availability, and rates to find the right option for your needs.
Hint: Look for dealers with transparent pricing, strong customer reviews, and buyback programs.
What to do if you have or want junk silver
Whether you inherited an old coin or are considering purchasing silver, your next steps will depend on your goals.
If you already own Junk Silver:
- Check dates and configuration: Find coins minted before 1964
- Estimate the melt value. Uses current silver price and total face value
- Decide whether to keep or sell. Some investors keep junk silver as a long-term store of value, while others sell it when prices rise.
If you are considering buying junk silver:
- Compare dealer prices: Look at the “multiplier” (such as 18x or 20x face value) and the total cost.
- Understand insurance premiums and availability: Junk silver can be more difficult to obtain than modern bullion
- Please consider alternatives. Silver bullion coins or bars may offer higher purity and more standardized prices
Not sure what to do?
- Get a second opinion: A reputable coin dealer or financial advisor can help you assess the value.
- Avoid hasty decisions. Prices fluctuate, so offers that appear urgent may not be in your best interest
Compare your options before acting
Whether you’re selling inherited coins or buying silver for the first time, comparing reputable dealers can help you understand prices, fees, and available products.
conclusion
Junk silver coins are a practical way to own physical silver, whether you’re starting from scratch or realize you may already have a stash. Rarity does not make it valuable, but its silver content creates a real value that fluctuates with the market.
Whether you’re evaluating coins you already own or looking to buy silver for the first time, Junk Silver offers a practical way to participate in the silver market. Comparing current prices, dealer options, and alternatives such as bullion can help you decide what makes sense for your portfolio.
Junk Silver Frequently Asked Questions
What coins count as junk silver?
In the United States, junk silver typically refers to dimes, quarters, and $5 coins that are 90% minted before 1964. Common examples include President Roosevelt and Mercury dimes, Washington quarters, and Franklin and Walking Liberty 50 cents.
How can I check if my old coin is silver?
Check the date and edges. Most U.S. coins before 1964 contain silver. Also, while the edges are solid gray, newer coins have copper-colored stripes. If you’ve inherited a coin or found a jar of old coins, these are easy ways to determine potential silver content.
Are Mexican coins silver?
Some old Mexican coins contain silver, but not all. Many coins minted before the late 20th century were made using varying amounts of silver, but newer coins are typically made without silver. For example, an old Mexican peso can contain anywhere from about 10% to more than 70% silver, depending on the year and type. Because of this variation and potential for collector value, Mexican coins are not typically classified as “junk silver” in the same way as U.S. dimes and quarters.
Is junk silver worth buying?
It depends on your goals. Some investors choose junk silver. This is because junk silver is easier to recognize, easier to sell in small amounts, and often commands a lower premium than modern bullion coins. Some people prefer bullion because of its purity and standardized price.
How much silver is in a junk silver coin?
Although it varies somewhat based on wear, typically a $1.00 face value of a 90% silver coin contains approximately 0.715 troy ounces of pure silver. This is a common benchmark used to estimate value.
Where can I sell or buy junk silver?
Junk silver can be bought and sold through reputable coin dealers, online bullion retailers, and local coin shops. Compare prices, fees, and buyout options to find the best fit.
