"Junk silver" sounds like an insult and is not one. It means circulated U.S. coins struck in 90% silver, bought and sold for the silver in them rather than for any rarity. The coins are common, easy to recognise and easy to value, and a dollar of face value holds a little over seven tenths of an ounce of silver.
What counts as junk silver
The dimes, quarters and half dollars dated 1964 or earlier, which were struck in 90% silver:
- Dimes: Barber, Mercury (1916 to 1945) and Roosevelt (1946 to 1964)
- Quarters: Barber, Standing Liberty (1916 to 1930) and Washington (1932 to 1964)
- Half dollars: Barber, Walking Liberty (1916 to 1947), Franklin (1948 to 1963) and the 1964 Kennedy
Silver dollars (Morgan and Peace) are 90% silver as well, but most are priced as collectibles. See our guide on what a silver dollar is worth.
What does not count
Dimes and quarters dated 1965 or later contain no silver. Kennedy half dollars from 1965 to 1970 are 40% silver, and the 1971 and later ones are not silver at all. Wartime nickels, struck from 1942 to 1945, are 35% silver. These carry some silver but are valued differently, and they are not part of the standard 90% maths.
A quick check: look at the edge. A 90% silver coin shows a solid silver-coloured edge. A clad coin shows a copper-coloured stripe in the middle, because it is a layer of copper between layers of copper-nickel.
The maths, once
Every 90% silver coin was struck with the same ratio of weight to face value: a dollar of face value weighs 25 grams, whether it is ten dimes, four quarters or two half dollars. Of that, 90% is silver: 22.5 grams, which is 0.7234 troy ounces. Per coin:
| Coin | Weight | Pure silver |
|---|---|---|
| Dime, 90%, to 1964 | 2.50 g | 0.0723 oz |
| Quarter, 90%, to 1964 | 6.25 g | 0.1808 oz |
| Half dollar, 90%, to 1964 | 12.50 g | 0.3617 oz |
| Silver dollar, 90% | 26.73 g | 0.7734 oz |
| Kennedy half, 40%, 1965 to 1970 | 11.50 g | 0.1479 oz |
| War nickel, 35%, 1942 to 1945 | 5.00 g | 0.0563 oz |
Those figures are for coins at full weight. Worn coins weigh a little less, so dealers quote circulated 90% silver at 0.715 troy ounces per dollar of face value as the working figure. Your calculation is then:
- Face value × 0.715 × the silver price = melt value
- For illustration only, at $60 an ounce: $1 face is about $42.90, and $10 face is 7.15 ounces, about $429
The live number is on our melt calculator.
Bags, and why they are heavy
The standard unit for larger purchases is a "bag" of $1,000 face value, which holds 715 troy ounces by the usual convention. At 25 grams per dollar it weighs about 55 pounds, which is worth knowing before you carry one, store one or insure one.
Premiums and spreads
A dealer sells junk silver for a little over its melt value and buys it for a little under. The gap between the two is the spread, and it is where the dealer earns a living. Smaller lots usually cost more per ounce than a bag. To compare quotes fairly, ask for the price as a multiple of melt, or per dollar of face value, rather than comparing headline numbers on different days.
Why people buy it, and the catch
- Divisible. You can buy or sell a few coins at a time rather than a whole ounce or bar.
- Recognisable. A U.S. quarter needs no explaining, and nobody has to assay it before accepting it.
- Modest premium. Compared with new coins and rounds, it often costs less over spot.
The catch is the same as with any silver. The price moves, sometimes sharply, and there is no promise it will rise. Counterfeits of common 90% coins are uncommon but they do exist, so buy from an established dealer, check the edges, and be suspicious of a price that looks too good.
Where we fit in
We do not sell or buy junk silver, and we do not have silver in stock. If you want to value coins you already own, the melt calculator and the table above are all you need. If you are deciding between silver and copper, see copper vs silver rounds. For a conversation about what you have, Thomas takes calls monday to saturday, 8am to 6pm, on (505) 518-2288.