Face value to silver
Silver is $63.84 a troy ounce. A dollar of face value in 90% US coin holds 0.715 troy ounces circulated, or 0.7234 as struck.
| Face value | Silver, circulated | Melt, circulated | Melt, as struck |
|---|---|---|---|
| $1 | 0.7150 ozt | $45.65 | $46.18 |
| $5 | 3.5750 ozt | $228.23 | $230.91 |
| $10 | 7.1500 ozt | $456.46 | $461.82 |
| $25 | 17.88 ozt | $1,141 | $1,154 |
| $50 | 35.75 ozt | $2,282 | $2,309 |
| $100 | 71.50 ozt | $4,564 | $4,618 |
| $500 | 357.50 ozt | $22,822 | $23,090 |
| $1000 | 715.00 ozt | $45,645 | $46,181 |
The gap between the last two columns is the wear allowance, about 1.2%. It looks trivial on a $10 bag and is not on a $1,000 one. Dealers quote and pay on the circulated figure unless the coins are demonstrably uncirculated, which for junk silver they are not.
What goes in the bag
Dimes, quarters and half dollars dated 1964 and earlier, all 90% silver, all struck to the same weight per dollar of face. A dollar of face is ten dimes, or four quarters, or two halves, or any mix that adds up. Silver dollars are the exception and do not belong in a face value calculation: a Morgan or Peace dollar is heavier per dollar of face than the smaller denominations and is traded individually.
Keep 40% Kennedy halves from 1965 to 1970 in a separate pile. They look almost identical, they are worth well under half as much, and a bag salted with them is the oldest trick in the junk silver trade. Check dates on every half.
Reading a dealer quote
Junk silver is quoted as a multiple of face: "seventeen times face" means $17 per dollar of face value. To turn that into a price per ounce, divide by 0.715. To check a buy offer against spot, do the same and compare. A quote at the melt figures in the table above is a quote at spot, and in practice junk silver trades at a small premium to spot because it needs no assay and is easily divisible.
Weigh the bag as a cross check if the amount is large. A $100 face bag of circulated 90% coin should weigh close to 2,480 grams. If it is meaningfully light, something in it is not what it says, and if it is heavy there may be silver dollars mixed in.
Junk silver questions
What is junk silver?
Circulated US dimes, quarters and half dollars dated 1964 or earlier, struck in 90% silver, with no collector value beyond their metal. The word junk refers to the condition and the lack of numismatic interest, not to the silver, which is exactly as good as any other silver.
How much silver is in $1 face value of junk silver?
About 0.715 troy ounces for circulated coin, and 0.7234 as struck. The trade uses the lower figure because coins that spent decades in tills lost roughly 1% of their weight to wear. Dimes, quarters and halves were all struck to the same weight per dollar of face value, so the mix does not matter.
Why is junk silver priced by face value?
Because it makes a mixed bag countable without weighing it. Ten dimes, four quarters and two halves all come to a dollar of face and all hold the same silver, so a dealer can quote "sixteen times face" on a bag of any composition.
What does times face mean?
A multiplier on the face value. If a dealer says junk silver is at 18 times face, a $10 face bag costs $180. Divide the multiplier by 0.715 to get the implied price per troy ounce and compare it to spot.
Does junk silver sell above spot?
Usually yes, at a modest premium, because it is divisible, instantly recognisable and needs no assay. The premium widens when retail demand for small silver is high and narrows when it is not.
Are 40% silver half dollars junk silver?
They are traded separately. Kennedy halves from 1965 to 1970 are 40% silver and hold about 0.2959 troy ounces each, well under half of a 90% half dollar. Do not mix them into a 90% bag.
Should I clean junk silver before selling?
No. Cleaning coins damages surfaces and removes metal, and it gains you nothing on a melt-priced sale. It can also destroy the value of a coin that turned out to be better than junk.