What Is Junk Silver?
"Junk silver" is a term that sounds like a warning but is actually one of the most accessible ways to buy real silver. Here's everything you need to know — what it is, which coins qualify, how to value it, and where to buy it.
The Definition
Junk silver refers to pre-1965 US circulated coins — primarily dimes, quarters, and half dollars — that contain 90% silver and carry no significant numismatic (collector) premium above their silver melt value. The word "junk" doesn't mean worthless. It means these coins are valued purely for their silver content, not their collectibility.
Coins with extreme rarity, special mint marks, or uncirculated grades are set aside as collectibles. The rest — worn, common-date coins that are plentiful — become junk silver. It's the bread-and-butter of the silver stacking community.
Which Coins Are Junk Silver?
The most common junk silver coins in the US market:
| Coin | Years | Silver % | Silver oz (each) |
|---|---|---|---|
| Roosevelt / Mercury Dime | 1916–1964 | 90% | 0.07234 |
| Washington Quarter | 1932–1964 | 90% | 0.18084 |
| Franklin / Walking Liberty Half | 1916–1963 | 90% | 0.36169 |
| Kennedy Half Dollar | 1965–1970 | 40% | 0.14792 |
| Morgan / Peace Dollar | 1878–1935 | 90% | 0.77344 |
| War Nickel | 1942–1945 | 35% | 0.05626 |
Note: Silver dollars (Morgan, Peace) are often treated separately from "junk silver" since they carry slightly higher premiums due to size and demand. Most junk silver bags consist of dimes, quarters, and halves.
How Junk Silver Is Priced
Junk silver is bought and sold by face value — in multiples of $1 face value. The key number to memorize: $1 face value of 90% silver coins contains approximately 0.715 troy ounces of silver.
The theoretical figure is 0.7234 oz, but 0.715 oz is the industry standard, accounting for slight wear on circulated coins. At $30/oz silver spot:
$1 face value × 0.715 oz × $30/oz = $21.45 melt value
$100 face value bag = $2,145 melt value
$1,000 face value bag = $21,450 melt value
Dealers sell junk silver at a premium above melt — typically 2–10% over spot in normal markets, higher during demand spikes. When you sell, you'll receive a discount to spot — usually 3–7% below melt. The spread is the dealer's margin.
Use the Junk Silver Calculator to calculate exact values at today's live spot price.
Where to Buy Junk Silver
Local coin shops
The best place for beginners. You can inspect coins before buying, build a relationship, and often negotiate. Premiums are typically competitive and you walk out the door with your silver the same day.
Online dealers
APMEX, JM Bullion, SD Bullion, and similar retailers sell junk silver bags in standard sizes ($1, $10, $100, $500, $1,000 face). Prices are transparent and they ship to your door, but premiums can run slightly higher than local shops.
eBay and online auctions
Can offer lower premiums than dealers, but requires knowing what you're buying. Stick to sellers with hundreds of positive feedback and photos of the actual coins. Check recently sold prices before bidding.
Estate sales and coin shows
Sometimes the best prices come from non-dealers who don't know exactly what they have. Requires knowledge and time, but finding a bag of junk silver at estate sale prices is genuinely possible.
Junk Silver vs. Silver Rounds and Bars
Advantages of junk silver
- • Universal recognition — US coinage is known everywhere
- • Highly divisible (dimes are ~$2 at current silver prices)
- • Lower premiums than new rounds in normal markets
- • Government-issued, harder to counterfeit
- • Useful for small barter transactions
Disadvantages of junk silver
- • Bulky and heavy relative to value
- • Premiums spike during high demand
- • Need to verify dates to confirm silver content
- • Counting/weighing takes more effort than bars
- • Less uniform than rounds for storage
Frequently Asked Questions
What exactly is "junk silver"?
Junk silver refers to pre-1965 US silver coins — dimes, quarters, and half dollars — that carry no numismatic value above their silver melt value. The word "junk" means the coins are valued for silver content only, not as collectibles. They're still real 90% silver.
How much silver is in $1 face value of junk silver?
$1 face value of 90% US silver coins contains approximately 0.715 troy ounces of silver (the industry standard, slightly less than the theoretical 0.7234 oz to account for wear). At $30/oz spot, that's roughly $21.45 in melt value.
Is junk silver a good investment?
Junk silver offers lower premiums, universal recognition, and great divisibility. It's a solid core position for silver stackers. The main downsides are bulk storage and premiums that spike during high demand. Most serious stackers hold some junk silver alongside rounds and bars.