At Memphis Gold and Diamond Buyers, junk silver is one of the most common items we buy – especially when the price of silver is at a record high. We get a lot of questions about junk silver, and many people don’t know that they could be sitting on cash when it comes to their old coins.
Read below to get the answers to the most frequently asked questions we hear about junk silver (or 90% silver coins).
What is junk silver?
Junk silver are common-date coins that are graded below the threshold considered collectible. In other words, any coin worth only it’s bullion (or melt) value would be considered junk silver.
Usually, junk silver refers to U.S. coins that are 90% silver. Such as the Barber Dime, Mercury Dime, Roosevelt Dime, Barber Quarter, Standing Liberty Quarter, Washington Quarter, Barber Half Dollar, Walking Liberty Half Dollar, Franklin Half Dollar, Kennedy Half Dollar (minted in 1965), Trade Dollar, and Peace Dollar.
But, it can also include U.S. coins that contain 40% silver, like the Kennedy Half Dollar (1965-1970) and the Eisenhower Silver Dollar (1971-1978).
How do you know if a coin is silver or not?
One way is to check the date on your coin. All U.S. dimes, quarters, half dollars, and dollars minted before 1965 are 90% silver.
You can also view the edge of the coin. If you see a solid silver strip, then you can be confident it’s silver. If you see a copper (or reddish) stripe, then the coin is silver clad. If you just see faint traces of copper, then it’s possible your coin is 40% silver.
Another test we use to determine the validity of coins is to weigh them. Your coin should weigh very closely to the specification for each coin. If the weight of your coin fluctuates just a bit, don’t fret. It’s likely due to typical wear and tear. View the chart below in the next question to see the weight specifications for each U.S. silver coin.
Of course, if you’re ever unsure, you can always bring your coins by our store, and we can do a quick check for free with no obligation to sell.
What U.S. Coins are 90% silver vs 40% silver?
The chart below lists all the U.S. coins that are 90% silver and 40% silver, including the years they were minted in and the weight specification.
How do I sell my junk silver coins?
Selling junk silver coins is very quick and easy. Find a gold buyer or coin broker you trust with a solid reputation. The buyer will check the dates and weight of your coins to confirm authenticity, and then make you an offer.
Where can I sell my junk silver coins?
We, at Memphis Gold and Diamond Buyers, buy all coins that are gold, silver, or platinum, and especially buy small or large quantities of junk silver coins. The process typically takes less than 10 minutes from the time you walk in the door to the time you walk out with cash in hand.
Usually, no matter who you sell to, you receive an amount below spot price. Why? Well, whoever you’re selling to needs to cover overhead costs to purchase your coins and make a small profit too (very small profit). Without that margin, the business would not be able to stick around so you could have a place to sell your junk coins!
How much can I sell junk silver coins for?
Junk silver coins are only worth their melt value. You can check the spot price of silver for the day to get an idea of what you might get for your coins. You can also call us at 901-324-4009, and we can give you an estimate over the phone.
Can I sell junk silver coins to the bank?
No, banks do not broker or buy junk silver coins. If you were to take your coins to the bank, they would swap them out for coins of equal face value. For example, your 90% silver quarter for a recently minted silver clad quarter that’s worth exactly 25 cents. You’d lose out on the additional melt value of your silver coins (and the bank would gain it). So, we highly recommend not taking your junk silver coins to any bank.
Is it illegal to melt junk silver coins?
As of this writing, it’s legal to melt old silver coins in the United States. Presently, there aren’t any silver coins currently being made for circulation in the United States.
What else can I do with my junk silver coins besides selling them?
Accumulate it! Because junk silver has no collector’s value, there isn’t much more you can do with your junk silver coins besides stack them up in your house or sell them. Junk silver coins that are melted are usually melted by a refinery to produce silver ingots and bars.
Want to learn more about the process for selling your gold, silver, platinum, or diamonds? Check out this article that breaks down how the buying process works.
FAQs
Junk silver refers to silver coins in circulation prior to 1965 that contain a higher silver content—making them 90% silver. These coins, unlike rare collectibles, carry value mainly for their silver bullion content rather than their rarity or condition.
Are 90 percent silver coins worth anything? ›
The currency “face value” of a 90% Silver U.S. Coin Bag is guaranteed to be $1000 U.S. Dollars. However, silver junk bags are worth close to their intrinsic metal value. General shortage or surpluses of silver coins in the marketplace can affect their worth as related to pure investment grade bullion.
Is it worth buying junk silver coins? ›
The coins, while no longer in circulation, offer a way to accumulate silver without the premium associated with newly minted bullion coins. This affordability makes junk silver an attractive option for those looking to diversify their investment portfolio with a tangible and historically rooted asset.
What to do with 90 silver coins? ›
Typically these coins are not considered for their numismatic value, and they are often traded for their silver bullion content in $100, $500, and $1000 face value rolls or bags.
How many 90% silver coins make an ounce? ›
A 90% silver quarter contains 0.1808479 of an ounce of silver, so 5.5 of them adds up to one troy ounce. Since you can't have half of a coin, rounding up means it takes six silver quarters to make more than a troy ounce. To add up to an ounce of silver, it takes three pre-1965 half dollars, six quarters, or 14 dimes.
When did they stop making 90 silver coins? ›
254, enacted July 23, 1965, eliminated silver from the circulating United States dime (ten-cent piece) and quarter dollar coins. It also reduced the silver content of the half dollar from 90 percent to 40 percent; silver in the half dollar was subsequently eliminated by a 1970 law.
How much silver is in a $1000 bag of junk silver? ›
Approximately 715 ounces of silver per bag. $1,000 USD Face Value.
Should I keep or sell my silver coins? ›
The value of silver has historically increased over time, so keeping your coins for a longer period may result in a greater return on investment. On the other hand, if you have a short-term need for cash, cashing in your silver coins may be the best option.
How do I sell junk silver coins? ›
You have several options, including local coin shops, online precious metals dealers, online marketplaces, and direct sales to collectors. Rare coins are best sold direct to collectors who may pay a healthy premium. If you need to sell a large quantity of silver coins, then a dealer is ideal.
How much silver coins should I own? ›
Some analysts recommend allocating 5–10% of your portfolio toward gold and silver. Others suggest allocating up to 25%.
The Treasury Department claims every one was accounted for and melted. None have publicly surfaced in the 45 years since. If an original 1964 Peace silver dollar were to turn up, it would be subject to immediate confiscation since it would be assumed to be stolen government property.
How do you clean 90% silver coins? ›
Use a ratio of 3-parts baking soda and 1-part water. Rub the paste onto the silver using a microfiber cloth. You can use a toothbrush instead if there are any grooves. Rinse it with cold water and wipe it dry with a microfiber cloth.
Is it worth buying 90% silver coins? ›
Since 90 percent silver coins are older and no longer officially minted, they can be worth much more than their actual face value. For example, an 1894-S Barber dime has a stated value of nearly $2 million. In this instance, the reason is because only 24 of these silver coins were made.
How to value junk silver coins? ›
Junk silver refers to common coins sold at or very near the price of their actual value in silver. To determine the value of these, all you will need to do is calculate the weight of these coins in silver and then multiply that figure by the current price of silver.
How much is a 90% silver half dollar worth today? ›
Melt Values of U.S. Silver Coins
| Coin | Composition | Melt Value Updated 6/6/2024 |
|---|
| Barber Half Dollar (1892-1915) | 90% Silver | $11.28 |
| Walking Liberty Half Dollar (1916-1947) | 90% Silver | $11.28 |
| Franklin Half Dollar (1948-1963) | 90% Silver | $11.28 |
| Kennedy Half Dollar (1964) | 90% Silver | $11.28 |
13 more rowsHow can I tell if my coin is 90% or 40% Silver? Coins minted before 1965 are 90% Silver, while half dollars minted between 1965 and 1970 are 40% Silver. If you're unsure, you can check the coin's date or consult a coin dealer or expert.
How can you tell if a coin is 90 silver? ›
All U.S. dimes, quarters, half dollars, and dollars minted before 1965 are 90% silver. You can also view the edge of the coin. If you see a solid silver strip, then you can be confident it's silver. If you see a copper (or reddish) stripe, then the coin is silver clad.
How much silver is in a 90 percent dime? ›
Every one of these coins weighs 2.5 grams or 0.088 troy ounces. So, the pure silver content in these mentioned US 90% silver dimes comes out to approximately 0.0723 troy ounces per coin.
