How junk silver is valued
“Junk silver” is pre-1965 US dimes, quarters and halves (90% silver), along with 1965–70 half dollars (40%) and 1942–45 war nickels (35%). None of it carries much collector premium — it is traded simply as a quantity of silver, and the trade quotes it two ways: by actual silver weight(troy ounces) or by face value.
Face-value quoting works because any mix of 90% dimes, quarters and halves contains the same silver per dollar of face: 0.7234 ozt unworn, discounted by convention to 0.715 ozt for circulated coins (a $1,000-face bag is quoted as 715 ozt). Multiply by the spot price and you have melt value. Silver dollars are the exception — each Morgan or Peace dollar contains 0.7734 ozt, far above its face share, which is why the calculator counts them separately.
Dealers buy below melt (the bid) and the difference — the spread — is their margin for refining and handling. The calculator applies a bid percentage you control, so you can see both the metal value and a realistic walk-away price.
Silver content reference table
Statutory weights and compositions from US Mint specifications; silver content is computed from weight × fineness. These figures are fixed by law — they never change.
| Coin | Years | Face | Fineness | Silver (ozt) |
|---|---|---|---|---|
| Dimes | pre-1965 | $0.10 | 90% | 0.0723 |
| Quarters | pre-1965 | $0.25 | 90% | 0.1808 |
| Halves | pre-1965 | $0.50 | 90% | 0.3617 |
| Dollars | 1878–1935 | $1.00 | 90% | 0.7735 |
| 1965–70 Kennedy halves | 1965–1970 | $0.50 | 40% | 0.1479 |
| 1942–45 war nickels | 1942–1945 | $0.05 | 35% | 0.0563 |
Per $1 face of 90% coinage: 0.7234 ozt unworn, 0.715 ozt by the circulated-bag convention.
Worked example
Take $100 face of mixed 90% coinage. At the worn-bag convention that is 71.5 ozt of silver (100 × 0.715); unworn it would be 72.34 ozt. Multiply by the spot price you enter — the calculator does this live — and subtract your dealer's spread to see a realistic buyback. Swap to the count mode and the same math runs coin by coin: fifty dimes, twenty quarters and ten halves all resolve through the same statutory weights.
Common mistakes
- Treating 1965–70 halves as 90%. They are 40% silver — worth barely a third of a pre-1965 half per coin. 1964 is the last 90% year for every denomination.
- Assuming every old nickel is silver. Only 1942–45 war nickels qualify, and only part of 1942 — look for the large mintmark above Monticello. 1946 onward contains no silver.
- Valuing silver dollars by face value. A dollar coin holds 0.7734 ozt versus the 0.7234 ozt its $1 face implies — a 7% understatement if you lump it in with the mix.
- Selling collectible coins by weight. Key dates, mint errors and better-grade coins can be worth many times melt. Sort them out before the rest goes on a scale.
- Forgetting coins after 1970.Eisenhower dollars, 1971+ halves, and all modern clad coinage contain no silver (40% Eisenhower collectors' versions excepted).
Limitations
- Melt value only — numismatic (collector) value is excluded by design.
- The worn/unworn switch is an average convention; individual cull or damaged coins can be discounted further.
- The dealer bid percentage is your assumption, not a quote; actual spreads vary by dealer, volume and market.
- Spot price is entered manually (default dated 2026-11-01); there is no live price feed.
- Estimates for information only — not an offer, valuation service, or investment advice.
Sources & methodology
- Coin weights and compositions: US Mint coin specifications (usmint.gov).
- Worn-bag convention of 0.715 ozt per $1 face (0.7234 unworn): standard bullion-trade bag pricing.
- Default spot price: Kitco silver quote, as of 2026-11-01, shown only as an editable input default.
- All engine math is verified by hand-computed vectors in scripts/verify-metals.mjs (37 checks).
Frequently asked questions
How much silver is in $1 face value of 90% silver coins?
Unworn, $1 face of 90% silver (any mix of dimes, quarters, or halves) contains about 0.7234 troy ounces of actual silver. The bullion trade prices circulated bags at 0.715 ozt per $1 face to account for average wear, so $100 face is quoted as roughly 71.5 ozt worn or 72.34 ozt unworn. Silver dollars are the exception — each one (Morgan or Peace) contains 0.7734 ozt on its own, well above its face-value share.
Are 1965–1970 Kennedy half dollars 90% silver?
No. 1965–1970 halves are 40% silver (silver-clad), containing about 0.1479 troy ounces each. 1964 was the last year of 90% silver halves. The 1970-D is the scarcest of the 40% years and was only issued in mint sets, but 40% halves are still overwhelmingly traded near silver value. From 1971 onward, Kennedy halves contain no silver.
Which nickels are made of silver?
Only the wartime nickels minted from mid-1942 through 1945. To save nickel for the war effort, these were struck in 35% silver and can be identified by a large mintmark (P, D, or S) above the dome of Monticello on the reverse — the first P mintmark ever used. Each contains about 0.0563 troy ounces of silver. Regular nickels from 1946 onward, and all other years, contain no silver.
Why do dealers pay less than melt value for junk silver?
The difference is the dealer spread — it covers refining, handling, inventory risk, and profit. Typical buyback quotes run a few percent below melt, and the spread narrows for larger lots. Spreads vary meaningfully between dealers and over time, so if you are selling, get quotes from more than one buyer and compare them against the melt value shown above.
Does wear really reduce what a bag of junk silver is worth?
Slightly, on average. The trade convention prices worn coinage at 0.715 ozt per $1 face versus 0.7234 unworn — about 1.2% less, because decades in circulation shave off a little metal. Heavily worn, damaged, or cull coins can be discounted further, while coins that never circulated are worth the full unworn weight. This calculator lets you switch between both conventions.
Does this calculator include collector value for rare coins?
No. Junk silver is priced purely on silver content. Key-date coins, mint errors, and better-condition pieces can be worth many times their melt value — a 1932-D Washington quarter or a 1916-D Mercury dime is worth far more to collectors than its silver. If your pile might contain collectible coins, identify them with a coin guide or have them checked before selling by weight.