Junk silver refers to US coins minted before 1965 that are 90% silver, traded for their metal content rather than collector value. A 1964 Washington quarter, 1958 Roosevelt dime, or 1921 Morgan dollar is junk silver if it shows no rare date or exceptional grade. Despite the name, these coins are not worthless — every dollar of face value in circulated 90% silver coins holds 0.715 troy oz of silver by the industry convention. At spot prices of October 7, 2026 ($60.73/ozt), that is $43.42 per dollar of face value in melt.
The term emerged in the early 1970s when coin dealers needed a label for common-date silver coins with no numismatic premium above metal value, according to APMEX and Provident Metals. “Junk” means no rarity premium — not that the coins are without value.
What counts as junk silver
Three categories of US coins contain silver:
| Type | Years | Silver % | Ozt Ag per $1 face | Melt per $1 face (Oct 2026) |
|---|---|---|---|---|
| 90% silver coins | 1964 and earlier | 90% | 0.715 (worn) / 0.7234 (unc.) | $43.42 / $43.92 |
| Kennedy halves (40%) | 1965–1970 | 40% | 0.2956 | $17.95 |
| War nickels | 1942–1945 | 35% | 0.0563 per coin | $3.42 per coin |
90% silver coins — the core of junk silver:
- Dimes: Barber (1892–1916), Mercury (1916–1945), Roosevelt (1946–1964). Each weighs 2.5 g and contains 0.0723 ozt Ag.
- Quarters: Barber (1892–1916), Standing Liberty (1916–1930), Washington (1932–1964). Each weighs 6.25 g and contains 0.1808 ozt Ag.
- Half dollars: Barber (1892–1915), Walking Liberty (1916–1947), Franklin (1948–1963), Kennedy (1964 only). Each weighs 12.5 g and contains 0.3617 ozt Ag.
- Dollar coins: Morgan (1878–1921), Peace (1921–1935). Each weighs 26.73 g and contains 0.7734 ozt Ag.
Specifications per US Mint coin specifications.
40% silver Kennedy halves (1965–1970): Only the 1965–1970 Kennedy half dollars contain silver (40%). The easiest confirmation: silver-colored edge with no copper stripe visible, and the date falls in that range. These trade separately from 90% coins and carry a lower premium per ounce.
35% war nickels: Jefferson nickels dated 1942–1945 bearing a large P, D, or S mint mark above Monticello on the reverse. Regular Jefferson nickels have no silver; only the 1942–1945 wartime issues do. These are exempt from the 31 CFR Part 82 melting prohibition that covers post-war nickels, per eCFR § 82.2(d).
How to identify junk silver
Check the edge. This is the fastest field check. Pre-1965 dimes, quarters, and halves show a solid silver-colored edge with no copper stripe. Post-1964 clad coins have a visible copper layer sandwiched between silver-colored surfaces — obvious on the edge. Practice with a known 1964 quarter and a known 1965 quarter side by side.
Check the date. Any dime, quarter, half dollar, or silver dollar dated 1964 or earlier (for the series listed above) is 90% silver. Morgan and Peace dollars are always silver. The 1965–1970 Kennedy half is 40%; 1971 and later Kennedy halves are clad with no silver.
Use a scale. US Mint weights are precise. A Washington quarter should weigh 6.25 g. A Mercury dime should weigh 2.5 g. A Morgan dollar should weigh 26.73 g. A scale accurate to 0.01 g will confirm authenticity. Significantly underweight coins may be counterfeit or badly worn — either way, buy accordingly.
How much silver is in junk silver coins
For 90% silver coins, multiply face value by 0.7234 (new/uncirculated) or 0.715 (worn circulated).
Per-coin silver content:
| Coin | Weight | Silver content | Melt at $60.73 (Oct 2026) |
|---|---|---|---|
| Dime (90%) | 2.5 g | 0.0723 ozt | $4.39 |
| Quarter (90%) | 6.25 g | 0.1808 ozt | $10.98 |
| Half dollar (90%) | 12.5 g | 0.3617 ozt | $21.96 |
| Kennedy half (40%, 1965–70) | 11.5 g | 0.1479 ozt | $8.98 |
| Morgan / Peace dollar | 26.73 g | 0.7734 ozt | $47.01 |
| War nickel | 5.0 g | 0.0563 ozt | $3.42 |
Worked examples
Example 1: $100 face value of 90% silver quarters
- Silver content (worn convention): $100 × 0.715 = 71.5 troy oz
- Melt value at $60.73/ozt: 71.5 × $60.73 = $4,342.15
- At 85% dealer payout: $3,690.83
Example 2: Roll of 20 Morgan dollars
- Silver per coin: 0.7734 ozt (theoretical, or 0.773451 from data)
- Total silver: 20 × 0.7734 = 15.468 ozt
- Melt at $60.73/ozt: 15.468 × $60.73 = $939.35
Example 3: $1,000 face value bag (worn circulated)
- Silver: 715 ozt (worn convention)
- Melt: 715 × $60.73 = $43,422
Use the Junk Silver Calculator for live prices and any face-value amount.
The 0.715 vs 0.7234 difference — when it matters
Both figures appear in the industry. The difference:
- 0.7234 ozt — pure math from US Mint specs: a new, unworn 90% coin contains this much silver per dollar of face value.
- 0.715 ozt — the traditional dealer convention for bags of circulated 90% silver. It accounts for roughly 1.2% weight loss from average wear.
On a single $1 face value, the difference is $0.50 — negligible. On a $1,000 face value bag at $60.73 spot, it is about $501 — real money. Use 0.715 when buying or selling circulated bags. Use 0.7234 for new rolls or uncirculated coins.
Key dates to check before treating a coin as junk silver
Some dates carry significant numismatic value that far exceeds melt. Before selling any coin as junk silver, check:
- 1916-D Mercury dime — extremely rare; worth thousands even in worn condition
- 1894-S Barber dime — one of the rarest US coins (about 24 known examples)
- 1932-D and 1932-S Washington quarters — worth $100–$300+ in circulated grades
- Any Morgan or Peace dollar with a key date or mint mark — 1893-S, 1895, 1921-D deserve a price guide check before melting or selling as junk
- 1916 Standing Liberty quarter — rare; the low-relief type without the date exposed by wear
The rule: when in doubt, look up the date and mint mark in PCGS or NGC price guides before treating a coin as junk silver.
Buying and selling junk silver
Buying: Coin dealers, APMEX, JM Bullion, SD Bullion, estate sales, and eBay all carry junk silver. Premiums over spot melt typically run 3–8% for small quantities of common 90% coins in normal market conditions. During high-demand periods, premiums can rise. Check current dealer listings for live buy prices.
Selling: Get at least three quotes. Most reputable dealers pay 88–95% of melt for standard circulated 90% silver in sufficient quantities — lower for small lots or mixed materials. Bring your calculated melt value so you can evaluate offers. Use the Dealer Payout Calculator to convert any offer into a payout percentage.
For bulk bags at major online dealers, posted buyback prices are published live and typically represent the most competitive offers available. Coin shows and local shops may match or beat online prices for larger quantities.
Related guides
- Which quarters are silver? — full date and mint mark guide
- Which dimes are silver? — Mercury, Barber, Roosevelt silver dates
- 90% vs 40% silver explained — comparing the two Kennedy half series
- How to calculate melt value — the full formula and worked math