Constitutional silver is the collective term for pre-1965 US coins — dimes, quarters, half dollars, and silver dollars — that were struck in 90% silver as the legal monetary currency of the United States. The standard measure is 0.715 troy ounces of actual silver weight (ASW) per $1 of face value, which accounts for the slight silver loss from circulation wear.
Where the Term Comes From
The phrase references the constitutional foundation of US monetary law. Article I, Section 10 of the US Constitution prohibits states from making anything other than gold and silver coin legal tender. Under this framework, US silver coins were the literal constitutional currency of the country until the Coinage Act of 1965 removed silver from circulation coinage.
Coin collectors and precious-metals traders use “constitutional silver” and “junk silver” interchangeably, but the terms carry different connotations:
- Constitutional silver emphasizes the coins’ historical monetary role and their status as pre-1965 legal tender.
- Junk silver emphasizes that the coins have no collector premium and trade near their metal melt value.
Both terms mean the same physical coins.
Which Coins Qualify as Constitutional Silver?
Any pre-1965 US coin struck in 90% silver:
| Denomination | Series included | ASW per coin |
|---|---|---|
| Dime | Roosevelt (1946–1964), Mercury (1916–1945), Barber (1892–1916), Seated Liberty (1837–1891) | 0.0723 ozt |
| Quarter | Washington (1932–1964), Standing Liberty (1916–1930), Barber (1892–1916), Seated Liberty (1838–1891) | 0.1808 ozt |
| Half dollar | Kennedy (1964 only), Franklin (1948–1963), Walking Liberty (1916–1947), Barber (1892–1915), Seated Liberty (1839–1891) | 0.3617 ozt |
| Silver dollar | Morgan (1878–1921), Peace (1921–1935) | 0.7734 ozt |
War nickels (1942–1945, 35% silver) are sometimes grouped informally with constitutional silver but are technically a different category — they were never 90% silver.
40% Kennedy halves (1965–1970) and 40% Eisenhower dollars from Mint sets are also excluded from the strict constitutional silver definition.
How the 0.715 ozt per $1 Standard Works
An unworn 90% dime contains 0.0723 ozt. Ten dimes ($1 face) would then contain 0.723 ozt. But coins wear in circulation, losing a small fraction of their silver. The industry-standard 0.715 ozt per $1 face already deducts for average circulated wear across mixed denominations.
The exact figure per denomination for uncirculated coins:
| Denomination | Coins per $1 face | ASW per $1 face (uncirculated) |
|---|---|---|
| Dimes | 10 | 0.7234 ozt |
| Quarters | 4 | 0.7232 ozt |
| Half dollars | 2 | 0.7234 ozt |
| Silver dollars | 1 | 0.7734 ozt |
The 0.715 standard is used for mixed bags of circulated coins where the exact wear is unknown. Silver dollars (Morgan and Peace) have their own higher per-coin figure because their larger size has historically meant they circulated less and suffered less wear.
Worked Example: Value of a Constitutional Silver Collection
Suppose you have the following coins from a family collection at spot prices of October 7, 2026 ($60.73/ozt):
| Coins | Qty | ASW each | Total ASW | Melt value |
|---|---|---|---|---|
| Roosevelt dimes | 85 | 0.0723 ozt | 6.146 ozt | $373.16 |
| Washington quarters | 40 | 0.1808 ozt | 7.232 ozt | $439.00 |
| Walking Liberty halves | 12 | 0.3617 ozt | 4.340 ozt | $263.57 |
| Morgan dollars | 3 | 0.7734 ozt | 2.320 ozt | $140.89 |
| Total | 20.038 ozt | $1,216.62 |
Use the junk silver calculator to enter your specific quantities and get the current live value.
The Coinage Act of 1965: Why Constitutional Silver Ended
Silver prices rose steadily through the early 1960s. By 1963–1964, the metal value of a 90% silver dime was approaching its $0.10 face value. People began hoarding silver coins, and the coins disappeared from circulation. The US Mint could not keep pace with demand.
The Coinage Act of 1965, signed by President Lyndon B. Johnson on July 23, 1965, eliminated silver from dimes and quarters (replacing them with copper-nickel clad) and reduced half dollars to 40% silver. Silver dollars were not struck for circulation after 1935 (Peace dollar). By 1971, even the 40% composition was dropped from half dollars.
The result: anyone who held pre-1965 coins found them immediately worth more than face value at the prevailing silver price. A dime worth $0.10 in purchasing power at the counter contained silver worth more than $0.10 at spot prices. This gap has widened dramatically as silver has risen — at $60.73/ozt, that same dime melts to $4.39.
Constitutional Silver as a Unit of Exchange
Some advocates of sound money treat constitutional silver as a practical store of value or medium of barter because:
- Each coin’s silver content is known by date and denomination without assay.
- US legal-tender status means the coins are universally recognizable.
- Denominations as small as one dime (0.0723 ozt, $4.39 at current prices) allow divisible transactions.
This is not investment advice. Silver price is volatile and constitutional silver carries liquidity risk if spot prices fall sharply.
Traditional Units for Trading Constitutional Silver
| Unit | Face value | ASW | Melt at $60.73/ozt |
|---|---|---|---|
| “Junk bag” (dimes or quarters) | $1,000 | 715 ozt | $43,422 |
| Half bag | $500 | 357.5 ozt | $21,711 |
| $100 face | $100 | 71.5 ozt | $4,342 |
| $10 face | $10 | 7.15 ozt | $434 |
These figures use October 7, 2026 spot prices ($60.73/ozt silver). Use the junk silver calculator for today’s live figure. The dealer payout calculator estimates what a dealer will offer versus melt.
Constitutional Silver vs. Silver Bullion
| Feature | Constitutional silver | .999 silver bullion |
|---|---|---|
| Purity | 90% | 99.9% |
| Authentication | Date + denomination | Brand / assay |
| Premium over spot | Typically 2–8% | Typically 3–15% |
| Divisibility | High (individual coins) | Moderate (rounds) or Low (bars) |
| Legal tender | Yes | No (for bullion) |
Constitutional silver’s lower purity is a minor issue for bullion buyers — the silver ounce content is well-established and dealers compute it instantly. Its main advantage over bars and rounds is the ease of identity verification: a 1964 dime needs no assay card.
For how all pre-1965 silver fits together, read what is junk silver. To compare 90% and 40% silver side by side, see 90% vs. 40% silver.