What Is Junk Silver?
Junk silver refers to pre-1965 United States coins that contain 90% silver and 10% copper. This includes dimes, quarters, and half dollars minted before 1965, when the US Mint switched to copper-nickel clad coinage. The term "junk" does not mean the coins are worthless — it means they have no significant numismatic or collectible value beyond their silver content. These coins are bought and sold purely for the silver they contain. Many investors and dealers prefer the term "constitutional silver" because these coins were produced under the original coinage laws of the United States. Every coin is genuine US legal tender, easily identifiable, and contains a known quantity of silver — making them one of the most trusted forms of physical silver.
- Composition: 90% silver, 10% copper (by weight)
- Legal tender: Yes — these are genuine US coins with face values of $0.10, $0.25, and $0.50
- Silver content per $1 face value: approximately 0.715 troy ounces of pure silver
- No counterfeiting risk: these coins have been in circulation for decades and are universally recognized
- Produced by the United States Mint from the 1800s through 1964
Types of Junk Silver Coins
Not all pre-1965 US coins contain the same amount of silver. Here is a breakdown of the most common junk silver coins, their dates, and silver content.
- Roosevelt Dimes (1946-1964) – Contain 0.0723 troy oz of silver per coin. The most common junk silver coin. $1 face value (10 dimes) contains approximately 0.723 oz of silver.
- Mercury Dimes (1916-1945) – Same silver content as Roosevelt dimes — 0.0723 troy oz per coin. Named for the winged Liberty head design often mistaken for Mercury. Slightly higher premiums due to age and design appeal.
- Washington Quarters (1932-1964) – Contain 0.1808 troy oz of silver per coin. $1 face value (4 quarters) contains approximately 0.723 oz of silver. The most popular junk silver denomination due to convenient size.
- Standing Liberty Quarters (1916-1930) – Same silver content as Washington quarters — 0.1808 troy oz per coin. Often heavily worn due to the raised design. May command slight numismatic premiums for better-condition examples.
- Franklin Half Dollars (1948-1963) – Contain 0.3617 troy oz of silver per coin. Larger coins that are satisfying to hold. $1 face value (2 halves) contains approximately 0.723 oz of silver.
- Walking Liberty Half Dollars (1916-1947) – Same silver content as Franklin halves — 0.3617 troy oz per coin. Widely considered one of the most beautiful US coin designs. The design was revived for the American Silver Eagle bullion coin.
- Kennedy Half Dollars (1964 only) – The 1964 Kennedy half dollar is 90% silver (0.3617 troy oz). Important: Kennedy halves from 1965-1970 contain only 40% silver (0.1479 troy oz), and those from 1971 onward contain no silver at all. Always verify the date.
Why Buy Junk Silver?
Junk silver offers several advantages that make it uniquely attractive compared to modern bullion products.
- Lowest premiums per ounce — Junk silver typically trades within $1-2 of melt value, compared to $3-6 over spot for sovereign bullion coins. No minting cost is factored into the price since these coins were produced decades ago.
- Built-in divisibility — Junk silver comes in small denominations ($0.10, $0.25, $0.50) that are impractical to replicate with modern bullion. A single dime contains about $3-4 worth of silver at current prices, making it ideal for small transactions.
- Universal recognition — Everyone recognizes a US quarter or dime. There is no question about authenticity, purity, or weight. This makes junk silver one of the easiest forms of silver to trade privately.
- No counterfeiting risk — The cost of counterfeiting low-value circulated coins far exceeds their worth. Combined with decades of handling that creates a natural patina, junk silver is virtually immune to counterfeiting.
- Guaranteed silver content — Every pre-1965 US dime, quarter, and half dollar contains exactly 90% silver by weight. This is a matter of US law and mint specifications, not a private assay.
- Small denominations for flexibility — The small face values ($0.10, $0.25, $0.50) make junk silver more divisible than 1 oz or 10 oz bullion pieces, which some buyers find useful for transactions or partial liquidation.
How to Buy Junk Silver
Junk silver is priced and sold differently from modern bullion. Understanding the conventions will help you get the best deal.
- Priced by face value — Junk silver is quoted as a price per dollar of face value. For example, a "$10 face value bag of silver quarters" contains 40 Washington quarters with a combined face value of $10 and approximately 7.15 troy ounces of pure silver.
- Premium expressed as multiplier — Dealers often express junk silver pricing as a multiple of face value. For example, "20x face" means $1 face value costs $20. You can divide the price per dollar of face value by 0.715 to calculate the effective price per troy ounce of silver.
- Standard bag sizes — Junk silver is sold in bags of $100, $500, and $1,000 face value. A $1,000 face value bag contains approximately 715 troy ounces of silver and weighs about 55 pounds. Smaller quantities (rolls, partial bags) are also available.
- Verify dates — Always confirm that coins are dated 1964 or earlier. This is especially important for Kennedy half dollars, where the 1964 issue is 90% silver but 1965-1970 issues are only 40% silver. Quarters and dimes are straightforward — all pre-1965 examples are 90% silver.
- Condition does not matter — Unlike collectible coins, junk silver is valued purely by weight. Worn, scratched, or tarnished coins contain the same amount of silver as pristine examples. Do not pay extra for condition unless you are specifically collecting numismatic coins.
- Where to buy — Major online dealers (APMEX, JM Bullion, SD Bullion, Monument Metals) offer competitive pricing. Local coin shops often have bags of mixed junk silver. Estate sales, coin shows, and private sellers on forums are also good sources.
Junk Silver vs Silver Bullion
Both junk silver and modern bullion are legitimate ways to invest in physical silver. The right choice depends on your priorities.
- Premiums – Junk silver wins. It typically trades within $1-2 of melt value, while sovereign bullion coins carry $3-6 premiums and even generic rounds run $1-3 over spot.
- Purity – Modern bullion wins. Bullion coins and bars are .999 or .9999 fine silver, making value calculations straightforward. Junk silver is 90% silver, requiring the 0.715 multiplier to determine pure silver content per dollar face value.
- Divisibility – Junk silver wins. A single silver dime contains about $3-4 worth of silver — the smallest practical unit of silver available. The smallest common bullion product is a 1 oz coin worth roughly $30+.
- Recognition – Tie. Both sovereign bullion coins (Eagles, Maple Leafs) and US junk silver coins are universally recognized. Generic rounds and bars are less recognizable.
- Storage – Modern bullion wins slightly. Bullion comes in uniform sizes that stack and store efficiently. Junk silver coins are mixed denominations and sizes, taking up more space per ounce of silver. However, the weight per ounce is comparable.
- Resale – Modern bullion has a slight edge for large quantities. Dealers can quickly weigh and price standardized bullion. Junk silver requires sorting and counting, though experienced dealers handle this routinely.