Junk Silver Value Guide
"Junk" silver isn't junk at all - it's real money. Pre-1965 US coins containing 90% silver are the most affordable, recognizable way to own physical silver outside the banking system. What the banks don't want you to know: this is the money they replaced with paper promises.
Why "Junk" Silver?
The term "junk" refers to coins with no numismatic (collector) premium - they're valued purely for silver content. But make no mistake: these coins represent real money that has preserved purchasing power for over a century, while the dollar has lost 95% of its value.
Also called "constitutional silver" (because the Constitution defines money as gold and silver), these pre-1965 coins are the most practical form of silver ownership for everyday Americans.
Silver Content by Coin Type
All 90% silver coins (except war nickels) contain 0.7234 oz of silver per $1 face value. This consistency makes calculating value straightforward.
| Coin Type | Face Value | Silver per Coin | Silver per $1 Face | Coins in $1,000 Bag |
|---|---|---|---|---|
| Morgan Dollar | $1.00 | 0.7734 oz | 0.7734 oz | 1,000 |
| Peace Dollar | $1.00 | 0.7734 oz | 0.7734 oz | 1,000 |
| Walking Liberty Half | $0.50 | 0.3617 oz | 0.7234 oz | 2,000 |
| Franklin Half | $0.50 | 0.3617 oz | 0.7234 oz | 2,000 |
| Kennedy Half (1964) | $0.50 | 0.3617 oz | 0.7234 oz | 2,000 |
| Washington Quarter | $0.25 | 0.1808 oz | 0.7234 oz | 4,000 |
| Roosevelt Dime | $0.10 | 0.0723 oz | 0.7234 oz | 10,000 |
| Mercury Dime | $0.10 | 0.0723 oz | 0.7234 oz | 10,000 |
| War Nickel (35%) | $0.05 | 0.0563 oz | 1.126 oz | 20,000 |
War nickels (35% silver) are sometimes included in junk silver but have different silver content per dollar face value.
How to Calculate Junk Silver Value
The Formula
Face Value x 0.7234 x Spot Price = Melt Value
- 0.7234 = oz of silver per $1 face (90% coins)
- Spot Price = Current silver price per oz
- Face Value = Total denomination ($1, $10, $1000, etc.)
Example @ $25/oz Silver
- $1 face value:$18.09 melt
- $10 face value:$180.85 melt
- $100 face value:$1808.50 melt
- $1,000 bag:$18085.00 melt
Buying & Selling Junk Silver
Buying (What You'll Pay)
- Typical Premium: 3-10% over melt
- Large Bags ($1,000 face): Lowest premiums
- Small Lots: Higher premiums, more convenience
- Crisis Periods: Premiums can spike to 20%+
Selling (What You'll Get)
- Typical Buyback: 95-100% of melt
- Coin Shops: Usually best prices locally
- Online Dealers: Competitive but shipping costs
- Pawn Shops: Avoid - typically pay 60-70% of melt
Why Choose Junk Silver?
Lowest Premiums
Often the cheapest way to buy silver by the ounce. No numismatic markup.
Highly Divisible
Dimes, quarters, halves - perfect for small transactions or barter.
Universally Recognized
US coins are known worldwide. No authentication needed.
No Counterfeits
Circulated coins aren't worth faking. Each is genuine silver.
Legal Tender Floor
Face value provides a minimum worth in any scenario.
Tangible & Private
Physical silver you hold. No counterparty risk.
Important: Junk Silver is NOT IRA-Eligible
The IRS requires precious metals in IRAs to be .999 fine (99.9% pure) or higher. 90% silver coins do not meet this requirement and cannot be held in a self-directed precious metals IRA.
For tax-advantaged retirement accounts, consider American Silver Eagles, Canadian Silver Maple Leafs, or .999 fine silver bars from approved refiners. Augusta Precious Metals specializes in IRA-eligible precious metals.
Frequently Asked Questions
What is junk silver?
Junk silver refers to pre-1965 US coins that contain 90% silver but have no significant numismatic (collector) value beyond their metal content. Common examples include circulated Roosevelt dimes, Washington quarters, Franklin and Kennedy halves, and Morgan/Peace dollars. The term 'junk' is a misnomer - these coins are valuable for their silver content, typically trading at small premiums over melt value.
How much is junk silver worth?
Junk silver is valued based on its silver content, measured by face value. At $25/oz silver, $1 face value of 90% silver contains approximately $18.08 worth of silver. A $1,000 face value bag contains about 715 oz of pure silver. Dealers typically buy at 95-100% of melt and sell at 103-110% depending on market conditions and demand.
Why buy junk silver instead of bullion?
Junk silver offers several advantages: (1) Low premiums - often the lowest cost per ounce of silver, (2) Divisibility - small denominations for barter or small purchases, (3) Recognizability - US coins are universally recognized, (4) No counterfeits - too costly to fake circulated coins, (5) Legal tender - face value floor in emergencies. However, 90% coins are NOT IRA-eligible due to purity requirements.
How much silver is in a bag of junk silver?
A $1,000 face value bag of 90% junk silver contains approximately 715 troy ounces of pure silver (actual silver, not total weight). This breaks down to: 10,000 dimes, 4,000 quarters, or 2,000 half dollars. Due to wear on circulated coins, actual silver content may be slightly less than the theoretical 723.4 oz for uncirculated coins.
Is junk silver a good investment?
Junk silver is excellent for silver stacking due to low premiums and high liquidity. It's ideal for those who want physical silver outside the banking system. For investment purposes, it offers: inflation protection, portfolio diversification, and tangible asset ownership. However, it's not suitable for IRAs (not .999 fine), and storage can be bulky. For retirement accounts, consider IRA-eligible silver bullion instead.
Ready for IRA-Eligible Silver?
Junk silver is perfect for physical stacking, but it won't qualify for your retirement account. Augusta Precious Metals can help you add .999 fine silver to a tax-advantaged IRA. Learn how real money can protect your retirement.