Junk silver, coin by coin
Half dollars are one of four US denominations that were struck in silver. If you are sorting a jar or pricing a bag, these are the numbers for all of them, at the live silver price.
| Coin | Dates | Weight | Silver | Melt |
|---|---|---|---|---|
| Dime | 1892 - 1964 | 2.50 g | 0.0723 ozt | $4.93 |
| Quarter | 1892 - 1964 | 6.25 g | 0.1808 ozt | $12.32 |
| Half dollar | 1892 - 1964 | 12.50 g | 0.3617 ozt | $24.64 |
| Half dollar | 1965 - 1970 | 11.50 g | 0.1479 ozt | $10.07 |
| Silver dollar | Morgan and Peace | 26.73 g | 0.7735 ozt | $52.69 |
By the bag
Junk silver is bought and sold by face value, not by weight. A “$100 face bag” is any mix of pre-1965 dimes, quarters and halves adding up to $100, and every such bag holds close to the same silver whatever the mix.
| Face value | Mint weight | Trade weight | Metal value |
|---|---|---|---|
| $1 | 0.72 ozt | 0.71 ozt | $48.71 |
| $10 | 7.23 ozt | 7.15 ozt | $487.05 |
| $100 | 72.34 ozt | 71.50 ozt | $4,870.51 |
| $500 | 361.70 ozt | 357.50 ozt | $24,352.54 |
| $1,000 | 723.39 ozt | 715.00 ozt | $48,705.09 |
Metal value uses the trade weight, which is what a dealer will actually price on. Mint weight is what the coins held when struck.
The one people forget
War nickels. Five-cent pieces struck from mid-1942 through 1945 contain 35% silver, because nickel metal was needed for the war effort. Each holds about 0.0563 troy ounces. They are easy to spot: a large mint mark letter sits above the dome of Monticello on the reverse, and it is the only place a P mint mark appears on US coinage before 1979.
They routinely get spent as ordinary nickels because nobody expects a nickel to be silver. If you are going through a jar, check the reverse of every wartime nickel before it goes back in.
What is not junk silver
- Anything dated 1965 or later, except halves to 1970. Dimes and quarters lost their silver completely in 1965.
- Eisenhower dollars from circulation. The 1971 to 1978 dollars are clad. Only the S-marked collector versions are 40% silver.
- Silver Eagles. They are one ounce of 99.9% silver and trade as modern bullion at a bullion premium, not as junk.
- Key dates and high grades. Selling a scarce coin by weight is the most expensive mistake in this whole business. Which dates to pull out first.
Common questions
- What does 'junk silver' actually mean?
- Pre-1965 US dimes, quarters and half dollars that are worn enough to have no collector value above their metal. The word junk refers to the condition and the commonness, not to the silver, which is the same 90% alloy used in every other coin of the period.
- Why is a bag priced at 0.715 ounces per dollar of face value?
- Because circulated coins have lost metal to wear. At mint weight a dollar of face value holds about 0.7234 troy ounces, but the entire US market prices worn bags at 0.715 regardless of what the coins actually weigh. The gap is roughly one and a half percent.
- Do the denominations matter if I am buying for the silver?
- Barely. A dollar of face value contains close to the same silver whether it is ten dimes, four quarters or two halves, because the weights are proportional to face value. Halves usually carry a slightly higher premium because fewer survived and buyers like the larger coin; dimes are often the cheapest way in.
- Are 40% silver half dollars junk silver?
- They are usually traded separately, because mixing them into a 90% bag would break the 0.715 convention. A 1965 to 1970 half contains 0.1479 troy ounces, about 41% of what a pre-1965 half holds, and they often sell at a lower premium per ounce as a result.
- Are war nickels silver?
- Yes, and they are the one denomination people miss. Five-cent pieces struck from mid-1942 to 1945 contain 35% silver, about 0.0563 troy ounces each, because nickel was needed for the war. They are identifiable by a large mint mark letter above the dome on the reverse, the only time a P mint mark appeared on US coinage before 1979.