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Junk silver: what it is, what it’s worth and how to buy it

Junk silver is old US coins bought for their silver. How it’s priced by face value, what $1 to $1,000 of it is worth today, and the pros, cons and taxes.

LemonTrades·Guides
A loose pile of old silver coins.

TL;DR

  • Junk silver is worn US dimes, quarters and half dollars from 1964 or earlier, 90% silver, with no extra collector value.
  • It’s sold by face value: each $1 of face value holds about 0.715 troy ounces of silver, so a $1,000 “bag” holds about 715 ounces.
  • Pros: small pieces, easy to recognize, low premiums. Cons: wear, storage, and US tax at collectibles rates.
  • LemonTrades follows the silver price for you, with alerts on sharp moves and the likely cause.

“Junk” doesn’t mean worthless; it means the coins are too common or worn for collectors to pay extra. You’re buying the silver, in pieces small enough to spend in a pinch.

What counts as junk silver

  • 90% silver: Roosevelt and Mercury dimes, Washington quarters, and Franklin, Walking Liberty and 1964 Kennedy halves, all 1964 or earlier.
  • 40% silver: Kennedy halves from 1965 to 1970, sold separately at lower prices.
  • 35% silver: 1942–1945 “war nickels.”

Silver dollars (Morgan and Peace) contain more silver per dollar and usually carry a collector premium, so they’re sold separately. Every coin and year is in what year of US coins are silver.

What junk silver is worth today

AmountSilver insideMelt value now
$1 face value, 90%10 dimes or 4 quarters or 2 halves0.715 oz$–
$10 face value, 90%a roll of dimes is $5, of quarters $107.15 oz$–
$100 face value, 90%71.5 oz$–
$1,000 face value, 90%a full bag, about 55 pounds715 oz$–
$1 face value, 40% halves2 Kennedy halves, 1965–19700.296 oz$–
$1 face value, war nickels20 nickels1.125 oz$–

At the live silver price of $– an ounce, updated every minute. Uncirculated 90% coins hold 0.7234 ounces per dollar; the 0.715 figure allows for wear.

Rule of thumb: $1 face value of 90% silver is worth about 0.715 times the silver price. Dealers sell above that (the premium) and buy a little below it. See live silver prices for the price per gram and kilo.

Pros and cons

Pros

  • Small units, easy to sell a little at a time
  • Hard to counterfeit: real US coins, known weights
  • Often lower premiums than small silver bars or coins

Cons

  • Worn coins: exact silver content varies slightly
  • Bulky to store; a $1,000 bag weighs about 55 pounds
  • Taxed as a collectible in the US

How to buy junk silver

  1. Check the silver price before you shop, and work out melt value (face value × 0.715 × price).
  2. Compare the premium over melt between dealers, including shipping.
  3. Buy from known dealers or local coin shops; check dates on the coins you get.
  4. Mind sales tax, which some states charge on bullion and coins.

Taxes

In the US, coins and bullion are collectibles: long-term gains are taxed at up to 28%, and short-term gains as ordinary income. Dealers file a Form 1099-B when you sell them $1,000 or more in face value of 90% US silver coins in one sale. Ask a tax professional about your own situation.

Sources

Education, not financial or tax advice. See our disclaimer.

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