Junk silver coins refer to coins made from 90% silver that hold little to no numismatic value, which means they aren’t worth more than their silver content to collectors. This lack of collector appeal could be due to the poor condition of the coins or the fact that they are too common to command a premium in the numismatic market.
For junk silver coins, the main factors determining their worth are face value and melt value. Face value is the amount the coin is worth for everyday transactions, like a nickel being worth five cents, or a dime worth ten cents. However, for junk silver coins, the true value lies in their melt value, which reflects the silver content in the coin when melted down and compared to the current spot price of silver on the market.
In the United States, junk silver coins generally refer to pre-1965 coins made from 90% silver. These coins include the following:
| Coin Name | Years Struck | Silver Content (Ounces) per Coin |
|---|---|---|
| Morgan Silver Dollar | 1878-1904, 1921 | .77344 |
| Peace Silver Dollar | 1921-1935 | .77344 |
| Walking Liberty Silver Half Dollar | 1916-1947 | .36169 |
| Franklin Silver Half Dollar | 1948-1963 | .36169 |
| Kennedy Silver Half Dollar | 1964 | .36169 |
| Washington Silver Quarter | 1932-1964 | .18084 |
| Mercury Silver Dime | 1916-1945 | .07234 |
| Roosevelt Silver Dime | 1946-1964 | .07234 |
| Jefferson Silver Nickel | 1942-1945 | .05626 |
Historically, dealers would bundle junk silver coins into bags with a total face value of $1,000. This could mean 1,000 silver dollars, 2,000 half dollars, 4,000 quarters, 10,000 dimes, 20,000 nickels, or any combination of these coins as long as the total face value equaled $1,000. The silver content in these bags was typically around 715 ounces, based on the proportion of silver in each coin type. For instance, a quarter contained about 25% of the silver found in a dollar coin. Dealers would often reduce the total amount of silver in a bag to account for wear and tear on the coins, which caused some of the silver to be worn away during circulation.
