Silver Coin Commerce

 JUNK SILVER:

Junk silver is not junk at all,  it is actually very valuable.

Junk silver is an informal term used for silver coins which are in fair condition and have no numismatic value above the bullion value of the silver that it contains. The word “junk” refers only to the value of the coins as collectibles and not to the actual condition of the coins; junk silver is not necessarily scrap silver.

COINS THAT ARE CONSIDERED JUNK SILVER:

US silver dollars, half dollars, quarters, and dimes minted before 1965 contain 90% silver.

1965-1970 half dollars, and 1971-1976 Eisenhower dollars contain 40% silver. The Eisenhower dollars that contained 40% silver were issued as collectibles only and are generally not found in circulation. The Eisenhower dollars that were circulated were minted in the 1971-1978 timeframe and are composed of copper and nickel; and therefore not considered junk silver.

The only US nickels that contain silver are the ones called War Nickels that were minted 1942-1945 when nickel was in such high demand for use in armor plating that Congress ordered its removal from Nickel coins. The War Nickels are 35% Silver, 56% Copper, and 9% Manganese.

There are a number of forein coins that could be put in the junk silver catagory as well, but will only discuss Canadian coins as others are not likely to be used in the United States as commerce. The coins from our neighbor to the north that would fit into the junk silver catagory would be Canadian half dollars and dollars minted before 1968, they contained 80% silver. Canadian dimes and quarters minted before 1967 are  80% silver. Dimes and quarters in 1967 were isues in both 80% and 50% silver varieties. 1968 Canadian dimes and quarters are 50% silver.

AMOUNT OF SILVER IN COINS:

As a rough guide, there is approximately one troy ounce of silver in any combination of  90% U.S. junk silver coins which have a face value of $1.40. So for example, if you have a mismatch of 90% silver U.S. coins that totaled $15.40 in face value, that would be about 11 ounces of silver. At todays silver spot price of $16.49/oz multiplied by 11 ounces would be a silver value of  $181.39, not bad for a pocketful of change.

Another guide that could be used to determine the value of  junk silver would be its face value. Face value could be figured by multiplying the silver weight of a dollars worth of coins by the current spot price.  90% silver U.S. coins which have a face value of $1.00 contain 0.7234 troy ounces of silver, if uncirculated. So 0.7234 X todays spot price of $16.49 equals 11.93. Therefore take 11.93 times the valu of your junk silver to find out its worth.

Junk silver could easily be converted to use in daily commerece by either using its weight or face value.