Junk Silver: What 90% Silver Coins Are Worth by Weight

"Junk silver" is the collector-and-dealer term for common, circulated silver coins held purely for their metal content rather than any numismatic premium -- no rare dates, no special grades, just silver priced by weight. It's one of the most liquid ways to hold physical silver, because every coin's content is standardized and well documented. What trips people up is assuming all "junk silver" carries the same multiple over face value -- it doesn't, because the coins aren't all the same alloy.

The two silver alloys in U.S. coinage

From 1837 until 1964, U.S. silver dimes, quarters, half dollars, and dollars were struck in a 90% silver, 10% copper alloy. When the Coinage Act of 1965 phased silver out of dimes and quarters, half dollars got a partial reprieve: from 1965 through 1970, half dollars were struck in a reduced 40% silver alloy before going fully clad (0% silver) in 1971. That 40%-silver window makes 1965-1970 half dollars their own distinct category, worth noticeably less per coin than their 90%-silver predecessors despite looking almost identical.

Running the numbers, denomination by denomination

At a reference silver spot price of $29.50/troy oz, the Silver-vs-Face-Value Calculator's built-in presets for standard U.S. denominations work out to:

• Roosevelt/Mercury dime (pre-1965, 90% silver, 2.5g): melt value ≈ $2.13 against a $0.10 face value -- about 21.3x face.
• Washington quarter (pre-1965, 90% silver, 6.25g): melt value ≈ $5.34 against $0.25 face -- also about 21.3x face, since it's the same alloy scaled up by weight.
• Franklin/Kennedy half dollar (pre-1965, 90% silver, 12.5g): melt value ≈ $10.67 against $0.50 face -- the same ~21.3x ratio again.
• Kennedy half dollar (1965-1970, 40% silver, 11.5g): melt value ≈ $4.36 against $0.50 face -- only about 8.7x face, roughly a third of the 90%-silver ratio, because there's simply less silver in the coin.
• Morgan/Peace silver dollar (90% silver, 26.73g): melt value ≈ $22.82 against $1.00 face -- about 22.8x face.

Notice that every 90%-silver denomination lands at almost exactly the same multiple of face value, because they're all the same alloy and the U.S. Mint scaled their weights to match their denominations reasonably consistently. The 40%-silver Kennedy half is the clear outlier -- easy to mistake for full junk silver at a glance, worth substantially less per coin in reality.

Where the "junk" in junk silver comes from

The name isn't a knock on the coins -- it means the coins have no meaningful numismatic premium above their silver content. A common-date, well-worn pre-1965 quarter with nothing special about it is exactly what dealers mean by "junk silver": bought and sold by weight, typically in bulk (a common unit is "$1 face value" of pre-1965 coins, meaning any mix of dimes, quarters, and halves totaling a dollar in stamped denominations). Before assuming any given coin belongs in that bucket, it's worth a quick rarity and grading check -- a coin that looks like ordinary junk silver but happens to be a scarce date or unusually well preserved can be worth far more as a collectible than as bullion.

A quick sanity check for any coin

If you're not sure whether a specific coin qualifies as 90% or 40% silver, three physical clues help: 90%-silver coins have a distinctive solid, unbroken edge with no visible copper stripe, while clad coins show a copper-colored line around the rim; 90%-silver coins ring with a clear, higher-pitched tone when tapped, versus a duller thud from clad coins; and, most reliably, 90%-silver coins from 1964 and earlier will show that date, while 40%-silver half dollars are specifically dated 1965 through 1970. When in doubt, the Coin Melt Value Calculator handles any weight-and-purity combination directly if you have a scale and know (or can look up) the coin's specifications.

Junk silver beyond U.S. coinage

The same 90%-and-40%-silver story played out, with different dates and different denominations, in many other countries -- Canada moved its coinage off 80% silver in 1968, and various other national mints reduced or eliminated silver content from circulating coinage around the same era for the identical reason: rising silver prices making the metal worth more than the coin. Any pre-decimalization or pre-debasement circulating silver coin from essentially any country follows the identical weight-times-purity math once you know its specifications -- the formula doesn't care which country's mint struck the coin.

Sorting a mixed accumulation quickly

Faced with an unsorted jar or box that might include both 90% and 40% silver coins alongside ordinary clad change, a fast triage works better than weighing every single coin individually: pull every pre-1965 dime, quarter, and half dollar into one pile (90% silver), pull every 1965-1970 half dollar into a second pile (40% silver), and set aside anything dated 1971 or later along with any post-1964 dime or quarter (no silver at all). Weigh and value each pile using its correct purity, rather than assuming a uniform rate across the whole jar -- a single misclassified pile of 40%-silver halves treated as 90% silver overstates that portion's value by more than double.

Frequently asked questions

Is junk silver a good way to invest in silver? This is general information, not investment advice -- junk silver is simply one common, liquid way to hold physical silver, with the advantage of standardized, well-documented content. Whether it suits your goals depends on factors well beyond the scope of a coin calculator.

Do junk-silver dealers pay full melt value? Typically somewhat below it -- dealers need a margin to resell, so expect offers at a percentage of calculated melt value rather than the exact figure.

The bottom line

All junk silver is silver, but not all junk silver is the same silver. Knowing which denomination and which years you're holding -- and specifically watching for the 1965-1970 half dollar's lower purity -- is the difference between a quick, accurate valuation and one that's off by a factor of two or three.