90% silver coins contain 0.715 troy ounces of actual silver weight (ASW) per $1 of face value. Forty-percent silver coins contain roughly 0.295 ozt ASW per $1 face value (based on the 40% Kennedy half’s 0.1479 ozt per $0.50 coin). The silver content difference per coin is large, but what matters for buyers is the premium over spot and liquidity.
What Coins Are 90% Silver and What Are 40%?
90% silver coins (pre-1965 US “constitutional silver”):
- Roosevelt dimes, Mercury dimes, Barber dimes (through 1964)
- Washington, Standing Liberty, Barber, Seated Liberty quarters (through 1964)
- Walking Liberty, Franklin, Barber, Seated Liberty half dollars, and 1964 Kennedy halves
- Morgan silver dollars (1878–1921) and Peace dollars (1921–1935)
40% silver coins:
- Kennedy half dollars, 1965–1970
- Eisenhower dollars in special Mint collector packs, 1971–1976 (not the standard clad circulation coin)
- 1976-S Bicentennial Kennedy half in silver sets (40%)
Silver Content per Coin, Side by Side
| Coin | Gross weight | Silver % | ASW (ozt) | Melt at $60.73/ozt |
|---|---|---|---|---|
| 90% dime | 2.50 g | 90% | 0.0723 | $4.39 |
| 90% quarter | 6.25 g | 90% | 0.1808 | $10.98 |
| 90% half dollar | 12.50 g | 90% | 0.3617 | $21.97 |
| 90% silver dollar | 26.73 g | 90% | 0.7734 | $46.97 |
| 40% Kennedy half | 11.50 g | 40% | 0.1479 | $8.98 |
| 40% Ike dollar | 24.59 g | 40% | 0.3161 | $19.19 |
Reference: spot prices of October 7, 2026 ($60.73/ozt). Use the junk silver calculator for live figures.
Silver per Dollar of Face Value
This is the key comparison for buyers deciding which type to buy:
| Type | ASW per $1 face | Melt per $1 face at $60.73/ozt |
|---|---|---|
| 90% coins | 0.715 ozt (standard, worn) | $43.42 |
| 40% Kennedy half | 0.2958 ozt (2 × 0.1479) | $17.96 |
| 40% Ike dollar | 0.3161 ozt | $19.19 |
On a face-value basis, 90% coins carry more than twice the silver of 40% Kennedys. If a dealer offers the same percentage-of-spot premium for both, 90% coins deliver more silver per dollar of face value.
Worked Example: Choosing Between 90% and 40% at Equal Premium
Suppose a dealer sells both types at 5% over melt:
$100 face value in 90% coins:
- ASW = 100 × 0.715 = 71.5 ozt
- Melt = 71.5 × $60.73 = $4,342.15
- Cost at 5% premium = $4,342.15 × 1.05 = $4,559.26
- Cost per ozt of silver = $4,559.26 ÷ 71.5 ozt = $63.77/ozt
$100 face value in 40% Kennedy halves (200 coins):
- ASW = 200 × 0.1479 = 29.58 ozt
- Melt = 29.58 × $60.73 = $1,796.00
- Cost at 5% premium = $1,796.00 × 1.05 = $1,885.80
- Cost per ozt of silver = $1,885.80 ÷ 29.58 ozt = $63.77/ozt
At equal percentage premiums, cost per ounce of silver is identical. The 40% Kennedy halves only represent better value if their premium is lower than 90% coins.
Liquidity and Dealer Demand
90% coins win on liquidity. Any coin dealer, precious metals buyer, and many pawn shops recognize pre-1965 quarters and dimes on sight and price them accurately. The 0.715 ozt per $1 face formula is universal.
40% Kennedys are recognized but less universal. Some buyers unfamiliar with silver coins misidentify 40% halves as clad and underpay. Selling 40% coins may require more explanation than pre-1965 dimes and quarters.
Premium Differences in Practice
In a typical market, common-date 90% coins trade at:
- Retail (buying from dealer): 5–12% over melt
- Sell to dealer: 95–100% of melt
Common-date 40% Kennedy halves trade at:
- Retail: 3–8% over melt (sometimes lower than 90%)
- Sell to dealer: 90–97% of melt
The 40% coins can sometimes be acquired more cheaply relative to melt, which benefits buyers stacking silver by the ounce. The tradeoff is slightly wider spreads when selling.
Identification: 40% Kennedy Halves in the Wild
Kennedy halves dated 1965–1970 are the only 40% coins you might realistically encounter in bank rolls or old coin jars. They look identical to 1971+ clad Kennedys at a glance, but:
- Date: 1965, 1966, 1967, 1968, 1969, or 1970 → 40% silver.
- Edge: More uniform silver-colored edge than a clad coin (which has an obvious copper stripe), but not as bright-white as a 90% coin.
If you find Kennedy halves and are unsure, date is the most reliable field test.
Which Should You Buy?
| Goal | Better choice |
|---|---|
| Maximum liquidity and universal recognition | 90% coins |
| Potentially lower premium per ounce | Check 40% Kennedys when premiums diverge |
| Smallest divisible unit | 90% dimes ($4.39 each) |
| Highest ASW per coin | 90% silver dollar (0.7734 ozt) |
| Most affordable entry into silver half dollars | 40% Kennedy (often sold near $9) |
For the full picture on Kennedy halves specifically, see Kennedy half dollar silver content. For understanding how all pre-1965 silver fits together, read constitutional silver explained.
How to Value a Mixed Lot of 90% and 40% Coins
If you have a jar or bag containing both types, calculate each group separately rather than using the 0.715 ozt per $1 face blended formula (which applies to 90% coins only). Steps:
- Sort coins into 90% (pre-1965 dimes, quarters, halves, dollars) and 40% (Kennedy halves 1965–1970).
- Count each group. Record face value for each.
- Multiply face value of 90% group by 0.715 ozt/$1 to get ASW.
- Multiply number of 40% Kennedy halves by 0.1479 ozt each to get ASW.
- Sum the two ASW figures and multiply by spot price.
Example: 20 quarters (90%, $5 face) + 10 Kennedy halves (40%):
- 90% group: $5 × 0.715 = 3.575 ozt
- 40% group: 10 × 0.1479 = 1.479 ozt
- Total: 5.054 ozt × $60.73 = $306.93 melt
The junk silver calculator handles separate inputs for 90% and 40% coins automatically. The dealer payout calculator estimates what a dealer will offer on each type.
Selling 90% vs. 40% Silver
When selling, segregate your coins by type before approaching dealers. A mixed bag sold as a single lot may be priced conservatively. Separating 90% from 40% usually yields the better combined offer.
Common-date 90% dimes and quarters are the easiest to sell quickly — every coin dealer knows the $1 face = 0.715 ozt formula without counting individual coins. Forty-percent Kennedys require date identification, so dealers occasionally underprice them or prefer separate transactions.
This is not investment advice. Silver prices change daily. Melt values here use spot prices of October 7, 2026 ($60.73/ozt). Use the coin melt value calculator for current prices.