What Is Junk Silver?
“Junk silver” refers to pre-1965 US coins that contain 90% silver. The term “junk” is a misnomer — these coins have no numismatic premium but they contain real, measurable silver content. Because of that, they trade at prices tied directly to the silver spot price.
Junk silver is one of the most popular ways to buy silver because it comes in small denominations, is easy to verify, and trades at relatively low premiums over spot compared to silver rounds or bars.
Which Coins Are 90% Silver?
Any US dime, quarter, half dollar, or dollar coin minted in 1964 or earlier (with a few exceptions) is 90% silver. This includes:
- Roosevelt dimes (1946–1964) and Mercury dimes (1916–1945)
- Washington quarters (1932–1964) and Standing Liberty quarters (1916–1930)
- Franklin half dollars (1948–1963) and Walking Liberty halves (1916–1947)
- Morgan silver dollars (1878–1921) and Peace dollars (1921–1935)
Note: Kennedy half dollars from 1965–1970 are 40% silver, not 90%. War nickels (1942–1945) are 35% silver. These are separate categories.
The Junk Silver Melt Value Formula
The standard formula for 90% junk silver is:
Melt Value = Face Value × 0.7234 × Silver Spot Price
Where 0.7234 = troy ounces of pure silver per $1 face value of 90% silver coins
This 0.7234 constant comes from the coin specifications. A standard 90% silver dollar has a gross weight of 26.73 grams, and at 90% silver content, contains 24.057 grams of silver — which equals 0.77344 troy ounces (1 troy oz = 31.103g). Scaled down, $1 face value of dimes, quarters, or halves all converge on 0.7234 ozt.
Example:
Silver spot = $32.00/ozt. You have $10 face value of 90% silver quarters.
Melt Value = $10 × 0.7234 × $32.00 = $231.49
ASW Reference Table
The table below shows the actual silver weight (ASW) for common 90% silver coins. These values account for the exact weight and composition of each coin type.
| Coin | Face Value | Pure Silver (ASW) |
|---|---|---|
| Roosevelt / Mercury / Barber Dime | $0.10 | 0.07234 ozt |
| Washington / Standing Liberty / Barber Quarter | $0.25 | 0.18084 ozt |
| Walking Liberty / Franklin / Barber Half Dollar | $0.50 | 0.36169 ozt |
| Morgan Silver Dollar | $1.00 | 0.77344 ozt |
| Peace Silver Dollar | $1.00 | 0.77344 ozt |
| Kennedy Half Dollar (1965–1970) | $0.50 | 0.14792 ozt (40%) |
| Jefferson War Nickel (1942–1945) | $0.05 | 0.05626 ozt (35%) |
How to Evaluate a Junk Silver Deal
When a dealer offers you a roll of quarters or a bag of mixed silver, you want to know two things: (1) what is the melt value? and (2) what premium are they charging above melt?
Step 1: Calculate the total melt value
Add up the face values of all coins in the lot. Multiply by 0.7234, then multiply by the current silver spot price.
Step 2: Calculate the premium
Premium % = (Asking Price − Melt Value) / Melt Value × 100
A premium of 5–15% is typical for junk silver. Over 20% is high. Below spot is exceptional and worth snapping up.
Step 3: Calculate effective spot per ounce
Effective Spot = Asking Price / Total ASW
This normalizes the deal to a per-ounce basis, making it easy to compare different lots regardless of size.
Common Mistakes When Buying Junk Silver
- Mixing coin types: Kennedy halves (1965–1970) are only 40% silver, not 90%. Confusing them inflates your melt calculation.
- Using the wrong spot price: Spot changes throughout the day. Use a live source.
- Ignoring wear: Heavily worn coins have slightly less silver than the nominal ASW due to weight loss, but the difference is usually negligible for investment purposes.
- Overpaying at coin shows: Dealers at shows often mark up 15–25%. Knowing your melt value in real time prevents overpaying.
Use a Calculator for Instant Results
Doing this math manually at a coin show is error-prone. BullionAssistant's melt value calculator handles all of this automatically — just select the coin type, enter the quantity, and it calculates melt value in real time against live silver spot. You can compare multiple deals side-by-side to find the best effective price per ounce.