What Is Junk Silver?
The term junk silver is one of the more misleading names in precious metals — it has nothing to do with quality. Junk in this context means the absence of numismatic or collectible premium. These are ordinary circulated coins with no special date, condition, or rarity value above their silver content. What they do have is guaranteed purity: every pre-1965 US dime, quarter, half dollar, and silver dollar was struck by the US Mint to a composition of exactly 90% silver. That guaranteed composition — backed by the full weight of the US government — is precisely what makes junk silver one of the most trusted and liquid forms of physical silver ownership available today.
The United States used 90% silver in its circulating coinage from the 1790s through 1964. The Coinage Act of 1965 eliminated silver from dimes and quarters entirely as rising spot prices made the metal content worth more than the nominal face value — the classic Gresham's Law scenario where good money is driven out of circulation by bad. Kennedy halves were reduced to 40% silver from 1965 through 1970, then eliminated entirely in 1971. This makes the cutoff dates critically important: a 1964 dime is 90% silver; a 1965 dime is copper-nickel with zero silver content despite looking nearly identical.
Junk silver offers several practical advantages over other silver forms such as silver rounds or bars. It trades at low premiums of 2–5% over spot price for full bags, compared to 10–20% for bullion rounds or bars. Every coin dealer, pawn shop, and refiner recognizes US coin silver instantly — no assay, no XRF testing, no verification delay. The smallest tradeable unit is a single dime containing 0.07234 troy ounces of pure silver. See our .900 Silver Calculator for coin silver purity calculations, or our Silver Dollar Calculator for Morgan and Peace dollar values specifically.
Junk Silver Melt Value by Face Value — Live Table
The standard trading unit for junk silver is the $1,000 face value bag, historically containing between 715 and 720 troy ounces of pure silver depending on coin wear. The formula is straightforward: multiply the total face value in dollars by 0.7234 to get troy ounces of pure silver, then multiply by the current silver spot price. The table below applies this formula at the live spot price to the most commonly traded face value increments. Dealer payout columns assume 90% and 95% of melt value respectively — the range you should expect from legitimate bullion buyers. Anything below 85% of melt is below market. Use the Silver Dime Calculator or Silver Quarter Calculator for coin-specific totals.
| Face Value | Coin Type | Troy Oz | Melt Value | Dealer 90% | Dealer 95% |
|---|---|---|---|---|---|
| $1 | 90% silver coins | 0.7234 | $— | $— | $— |
| $10 | 90% silver coins | 7.234 | $— | $— | $— |
| $100 | 90% silver coins | 72.34 | $— | $— | $— |
| $500 | 90% silver coins | 361.7 | $— | $— | $— |
| $1,000 | 90% silver coins | 715–720 | $— – $— | $— | $— |
| $1 | 40% Kennedy Halves | 0.2950 | $— | $— | $— |
| $1 | 35% War Nickels | 1.125 | $— | $— | $— |
$1,000 face value range reflects coin wear — 715 oz circulated to 720 oz lightly circulated. Dealer payouts based on 90% and 95% of melt. Updates with live spot price.
Silver Content by US Coin Type — Complete Reference
Each US silver coin type has a legally fixed silver content that does not vary — a 1958 Roosevelt dime always contains exactly 0.07234 troy ounces of silver, regardless of its condition or which mint struck it. This fixed composition is why no scale or testing is required if you know the coin count: multiply the quantity by the oz-per-coin figure in the table below and you have the precise pure silver weight. The purity is 90% for virtually all circulating US silver coinage before 1965, with two important exceptions: Kennedy halves from 1965 through 1970 reduced to 40% silver, and War Nickels from 1942 through 1945 — struck in a 35% silver alloy to conserve nickel for World War II military use. All weights below are for genuine circulated specimens; proof and uncirculated issues have the same silver content but higher numismatic premiums that this calculator does not account for.
| Coin | Date Range | Purity | Total Weight | Silver (troy oz) | Silver (grams) |
|---|---|---|---|---|---|
| Mercury Dime | 1916–1945 | 90% | 2.50 g | 0.07234 | 2.250 |
| Roosevelt Dime | 1946–1964 | 90% | 2.50 g | 0.07234 | 2.250 |
| Washington Quarter | 1932–1964 | 90% | 6.25 g | 0.18084 | 5.625 |
| Walking Liberty Half Dollar | 1916–1947 | 90% | 12.50 g | 0.36169 | 11.250 |
| Franklin Half Dollar | 1948–1963 | 90% | 12.50 g | 0.36169 | 11.250 |
| Kennedy Half Dollar | 1964 | 90% | 12.50 g | 0.36169 | 11.250 |
| Kennedy Half Dollar | 1965–1970 | 40% | 11.50 g | 0.14792 | 4.600 |
| Morgan Silver Dollar | 1878–1921 | 90% | 26.73 g | 0.77344 | 24.057 |
| Peace Silver Dollar | 1921–1935 | 90% | 26.73 g | 0.77344 | 24.057 |
| 35% War Nickel | 1942–1945 | 35% | 5.00 g | 0.05626 | 1.750 |
Several critical date exceptions are worth memorizing before sorting a collection. Not all Kennedy half dollars contain silver — only the 1964 (90%) and 1965–1970 (40%) issues do. From 1971 onward, Kennedy halves are copper-nickel with zero silver content. War Nickels are identified by the large mint mark (P, D, or S) placed prominently above Monticello on the coin's reverse — standard Jefferson nickels from the same era do not have this large mint mark and contain no silver. Morgan dollars struck in 1921 and Peace dollars struck in 1921 are both 90% silver with identical weights to their earlier counterparts. Eisenhower dollar coins (1971–1978) are copper-nickel clad and contain no silver, though special 40% silver collector versions were issued for sale by the Mint in blue and brown packaging — these are not circulating coins. See our Silver Dollar Calculator for detailed Morgan and Peace dollar values.
How Much Is a $1,000 Junk Silver Bag Worth Today?
The $1,000 face value bag is the standard trading unit for junk silver and the benchmark that professional bullion dealers, coin dealers, and refiners quote against. A standard circulated $1,000 bag contains approximately 715 troy ounces of pure silver. At today's live spot price of $— per troy ounce, a 715 oz bag has a melt value of $—. A lightly circulated bag of 720 oz is worth $— at the same spot price.
The variance between 715 and 720 troy ounces comes from coin wear — heavily circulated dimes and quarters lose measurable silver gram weight through handling over decades. The professional industry standard adopted by APMEX, JM Bullion, Provident Metals, and most major bullion buyers is 715 oz for circulated coins. Theoretical uncirculated maximum is 723.4 oz (the exact product of $1,000 × 0.7234). When a dealer quotes you a price for a $1,000 bag, ask explicitly whether they are using 715 or 720 oz as the reference — the difference at current spot prices is meaningful.
Dealers pay 92–96% of melt value for full $1,000 bags because the large lot size eliminates sorting, counting, and verification costs. Partial bags — say $200 or $300 face — typically get 1–2% less because more handling is involved. Half bags ($500 face, approximately 357 troy oz) are also a recognized trading unit at most major bullion buyers and command the same 92–96% payout range as full bags.
Where to Sell Junk Silver — Payout Comparison
Junk silver is the easiest form of silver to sell because US government guaranteed purity eliminates the need for any testing, assaying, or authentication. Every coin dealer, bullion buyer, and most pawn shops will immediately recognize pre-1965 US silver coins and make an offer based directly on melt value. For large quantities — full $1,000 bags or multiple bags — online bullion buyers such as APMEX, JM Bullion, and Provident Metals post live daily buy prices and provide insured shipping kits, often producing payment within 24 hours of receipt. For smaller amounts under $100 face, local coin dealers or coin shows provide immediate same-day cash without shipping delays. One critical warning: never sell junk silver coins to a jeweler who buys by gram weight. Jewelers often apply generic scrap silver rates that ignore the coins' 90% purity standard and are typically well below the fair melt value calculation of face value × 0.7234 × spot price.
| Buyer Type | Typical Payout | Best For |
|---|---|---|
| Online bullion buyers | 92–96% of melt | Full bags, $500+ face value |
| Local coin dealers | 87–93% of melt | Under $100 face, same-day cash |
| Coin shows | 88–95% of melt | Any amount, room to negotiate |
| Pawn shops | 50–70% of melt | Emergency only |
| Jewelers | Often incorrect | Never for junk silver — use coin dealers |
Frequently Asked Questions — Junk Silver
Junk silver refers to pre-1965 US dimes, quarters, half dollars, and silver dollars containing 90% silver with no collectible premium above their melt value. The word "junk" means absence of numismatic value, not low quality — these are US Mint guaranteed 90% pure silver coins, instantly liquid, and accepted by every coin dealer and bullion buyer in the country without testing or assay. Every $1 of face value contains approximately 0.7234 troy ounces of pure silver. Kennedy half dollars from 1965 to 1970 are 40% silver (0.2950 oz per dollar face). War Nickels from 1942 to 1945 identified by the large mint mark above Monticello are 35% silver containing 0.05626 troy oz per coin. Despite its unflattering name, junk silver is the most widely traded and most practical form of small-denomination physical silver ownership, offering low premiums, maximum divisibility, and zero counterparty risk.
Multiply your total face value in dollars by 0.7234 to get troy ounces of pure silver for standard 90% coins, then multiply by today's silver spot price. Example: $100 face × 0.7234 = 72.34 troy oz × $— per oz = $— melt value. For 40% Kennedy half dollars (1965–1970) use 0.2950 oz per dollar of face value instead. For 35% War Nickels, each individual coin contains 0.05626 troy oz, giving 1.125 oz per dollar of face value ($0.05 face per coin). The two-tab calculator at the top of this page handles all three coin types automatically at the live spot price — you can enter either total face value or individual coin counts for a mixed collection.
Dimes and quarters dated 1964 and earlier are 90% silver — this includes Mercury Dimes (1916–1945), Roosevelt Dimes (1946–1964), Washington Quarters (1932–1964), and Standing Liberty Quarters (1916–1930). Half dollars: 1964 and earlier are 90% silver (Walking Liberty, Franklin, and 1964 Kennedy); 1965–1970 Kennedy halves are 40% silver; 1971 and later have zero silver. Dollar coins: Morgan dollars (1878–1904 and 1921) and Peace dollars (1921–1935) are 90% silver. Eisenhower dollars (1971–1978) are copper-nickel with no silver except special collector versions in blue or brown Mint packaging. War Nickels (1942–1945) with a large mint mark above Monticello on the reverse are 35% silver — all other Jefferson nickels have no silver. When in doubt about any coin, see our Silver Hallmarks Guide.
Approximately 715 to 720 troy ounces of pure silver, depending on coin wear. The professional dealer standard is 715 troy oz for circulated coins — this is what APMEX, JM Bullion, and most major bullion buyers use as their reference weight when making purchase offers. Lightly circulated bags may yield up to 720 oz. The theoretical uncirculated maximum is 723.4 troy oz (exactly $1,000 × 0.7234). At today's silver spot price of $— per troy ounce, a 715 oz bag has a melt value of $— and a 720 oz bag is worth $—. Always ask a dealer which weight standard they are using — the difference between 715 and 720 oz is significant at higher spot prices.
Junk silver offers fractional silver ownership at low premiums of 2–5% over spot for full bags, compared to 10–20% for silver rounds or bars. Every coin dealer in the country recognizes pre-1965 US silver instantly — no assay, no paperwork, no verification delay — making it among the most liquid physical silver forms available. Coins are divisible from a single dime downward: current melt value of one Roosevelt dime is $—. There is zero counterparty risk (no storage company, no certificate, no ETF intermediary between you and the silver), and the US government guaranteed the purity in 1964, which no third-party assayer can replicate. Whether silver as an asset is a good investment depends entirely on future price movements, which no calculator or analyst can reliably predict. This tool shows today's melt value only — consult Silver Price Today for historical context and the Scrap Silver Calculator for dealer payout estimates.