Homepage / Bullion Investment Basics: Junk Silver

Junk Silver Coins

The term "junk silver coin" is used in the bullion market for old circulated silver coins minted in the United States, Canada and many other Countries around the world.

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Why "Junk?"

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It sounds odd to call old silver coins "Junk," but most of these coins are categorized as 'junk' because they have been in circulation for a long time and are generally in poor condition.

These silver coins have no numismatic value or collector's premium above their intrinsic value, which comes from the amount of silver contained within them.

In addition, dealers of junk silver coins, usually check the coins for any collectible coins, which is why few people find any real collectible coins in these coin lots.

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Gresham's Law

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In the United States, Junk Silver Coins are old pre-1965 circulated coins that Americans used to use in everyday life.

The Coinage Act of 1965 was signed in response to coin shortages caused by the rising price of silver in terms of a devaluing U.S. dollar, the shortage of silver coins in 1965 was blamed on "Gresham's Law."

Gresham's Law is a monetary principle stating that "bad money drives out good." 

Money that has intrinsic value because it contains a precious metal will be over-valued and will leave the country or disappear from circulation due to hoarding.

While money that has no intrinsic value and is made of base metals or easily manufactured commodities is undervalued and will flood into circulation.                          

- Sir Thomas Gresham (1519–1579)

After 1965, Gresham's Law was in full effect by Americans who understood the intrinsic value of silver, they hoarded these old circulated silver coins, making them increasingly harder to find.

Note: the one exception was the 1965-1970 Kennedy half dollar, it was minted in 40% silver.

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Face Value vs. Intrinsic Value

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Intrinsic Value is determined by the spot price of a precious metal and the weight of the precious metal contained inside the coin.

Junk Silver Coins are listed in Face Value amounts, but sold by the precious metal's weight of the coin.

The term "Face Value" is used Only in the terms of the Total Face Value of the Coins' themselves. 

Examples:

• 10 dimes = Face Value of $1.00
• 200 half dollars = Face Value of $100.00
  
• 4000 quarters = Face Value of $1000.00

Junk Silver is often sold in bags of the Face Value's above.

However, this is not the price you'll be paying when purchasing the coins; you'll be paying for the weight of silver in the coins, at Silver's Spot Price.

For Example, a $1,000 face value bag Of 90% junk silver contains approximately 715 ounces of pure silver. 

If the spot price of silver was $25.00 a troy ounce, a $1000 face value bag of junk silver coins would cost at least $17,875 to purchase.

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Silver Spot Price

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Click Here to learn more about buying Junk Silver Coins and the

practices of the Bullion Dealers who sell them.

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Face Value - a True Story

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by Steven Warrenfeltz

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Over 15-years ago, I was at a convenience store in Northern Virginia to pay for items I wanted to purchase.  

After I had handed the cashier a ten-dollar bill to pay for my items, when he was giving me change, I noticed that he grabbed a Morgan Silver dollar that was in the quarter tray of the cash register.

I immediately knew what the coin was and as he was about to put it in my hand, and I started to grin.

I could not hold the grin back because I have no poker face, and I knew the 'true' value of the coin he was about to give me, and it wasn't 25 cents.

He saw my grin as he was handing me the change, and he took a second look at the Morgan Silver Dollar. 

He looked at it and said "my mistake this is a dollar coin" (which is the 'Face Value' of Morgan silver dollar).

As he started to put the Morgan Silver Dollar back in the drawer and hand me a quarter, I told him “I’ll give you a dollar for it.”

He took my dollar and handed me the silver coin.

I got paid that day for going to that convenience store because the intrinsic value of the silver coin was, and still is worth more than the dollar ($1) I paid for it.

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U.S. "Junk Silver Coins"

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Directly below is a list of U.S. "Junk Silver" bullion coins. 

For each coin you will find a obverse and reverse photo, the coin's face value, total weight, purity, silver content, circulated mintage, and the name of the person who designed the coin.

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Note: Mintage Figures do not include proof mintages.

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FIVE CENTS

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1942 - 1945 : War-Time Nickel

Face Value:..............FIVE CENTS

Total Weight:............5 grams

Purity.......................35% / 0.3500 silver

Silver Weight............1.75 grams / .0563 oz.

Metal Composition:...35% silver, 56% copper, 9% manganese

Circulated Mintage:...869,896,100

Designer:.................Felix 0. Schlag

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ONE DIME

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1892 - 1916 : Liberty Head "Barber" Dime

Face Value:..............ONE DIME

Total Weight:............2.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............2.25 grams / .0723 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...504,317,075

Designer:.................Charles E. Barber

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1916 - 1945 : Winged Liberty Head
(Mercury) Dime

Face Value:..............ONE DIME

Total Weight:............2.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............2.25 grams / .0723 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...2,677,153,880

Designer:.................Adolph A. Weinman

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1946 - 1964 : Roosevelt Dime

Face Value:..............ONE DIME

Total Weight:............2.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............2.25 grams / .0723 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...6,595,617,673

Designer:.................John R. Sinnock

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QUARTER DOLLAR

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1892 - 1916 : Liberty Head "Barber" Quarter

Face Value:..............QUARTER DOLLAR

Total Weight:............6.25 grams

Purity.......................90% / 0.900 silver

Silver Weight............5.63 grams / .1808 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...264,670,880

Designer:.................Charles E. Barber

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1916 - 1930 : Standing Liberty Quarter

Face Value:..............QUARTER DOLLAR

Total Weight:............6.25 grams

Purity.......................90% / 0.900 silver

Silver Weight............5.63 grams / .1808 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...226,769,600

Designer:.................Hermon A. MacNeil

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1932 - 1964 : Washington Quarter

Face Value:..............QUARTER DOLLAR

Total Weight:............6.25 grams

Purity.......................90% / 0.900 silver

Silver Weight............5.63 grams / .1808 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...3,780,077,001

Designer:.................John Flanagan

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HALF DOLLAR

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1892 - 1915 : Liberty Head "Barber"
Half Dollar

Face Value:..............HALF DOLLAR

Total Weight:............12.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............11.25 grams / .36169 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...135,916,889

Designer:.................Charles E. Barber

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1916 - 1947 : Walking Liberty Half Dollar

Face Value:..............HALF DOLLAR

Total Weight:............12.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............11.25 grams / .36169 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...485,320,340

Designer:.................Adolph A. Weinman

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1948 - 1963 : Franklin Half Dollar

Face Value:..............HALF DOLLAR

Total Weight:............12.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............11.25 grams / .36169 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...465,814,455

Designer:.................John R. Sinnock

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1964 : Kennedy Half Dollar

Face Value:..............HALF DOLLAR

Total Weight:............12.50 grams

Purity.......................90% / 0.900 silver

Silver Weight............11.25 grams / .36169 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...429,509,450

Designer:.................Gilroy Roberts (obverse); Frank Gasparro (reverse)

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1965 - 1970 : Kennedy Half Dollar

Face Value:..............HALF DOLLAR

Total Weight:............11.50 grams

Purity.......................40% / 0.400 silver

Silver Weight............4.60 grams / .14789 oz.

Metal Composition:...40% silver, 60% copper

Circulated Mintage:...848,895,006

Designer:.................Gilroy Roberts (obverse); Frank Gasparro (reverse)

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ONE DOLLAR

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1878 - 1921 : Morgan Dollar

Face Value:..............ONE DOLLAR

Total Weight:............26.73 grams

Purity.......................90% / 0.900 silver

Silver Weight............24.057 grams / .77343 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...656,989,387

Designer:.................George T. Morgan

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1921 - 1935 : Peace Dollar

Face Value:..............ONE DOLLAR

Total Weight:............26.73 grams

Purity.......................90% / 0.900 silver

Silver Weight............24.057 grams / .77343 oz.

Metal Composition:...90% silver, 10% copper

Circulated Mintage:...191,028,756

Designer:.................Anthony DeFrancisci

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U.S. Junk Silver Calculator

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A website apply named 'Silver Coins' currently has the easiest to use Junk Silver Calculator, you can find it by 'Clicking this Link.'

If you want to Buy Junk Silver Coins, scroll down to see a list of reputable Affiliated Dealers who offer these coins.

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