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The majority of U.S. silver coins struck before 1965 were struck from an alloy consisting of 90% silver and 10% copper. Most of these coins have circulated extensively and have no numismatic value above their silver value. Such coins are regarded as "junk silver" and are sold very near the price of the actual silver they contain. To determine the value of your junk silver, all you will need to do is calculate the face value of your coins, multiply by 0.715 to get the silver weight of your coins and, finally, multiply that figure by the current spot price of silver. You should be careful, though, to confirm that you don’t have any valuable rare coins (coins with numismatic value) in your collection. [1] X Research source
Steps
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Confirm that your silver coins have no numismatic value. The majority of junk silver is valued almost exclusively by its silver content. However, rare coins hold additional value. Search online for the value of your coin by referencing the date and image on the coin.- In general, coins that pre-date the 1940s may have some collector value whereas as those dated 1940 and later usually do not.
- Other coins have collector value because of the rarity of their date and mintmark, a small letter indicating which mint produced the coin. Still others gain value because they are mint errors or are collected varieties. [2] X Research source
- You should also pay attention to a coin's grade. This is how dealers and collectors determine the quality of a coin's condition. [3] X Research source Grading takes into account how well the coin was struck when originally minted, how well it has been preserved, and how much wear and damage the coin has suffered. [4] X Research source
- Examples of rare coins include early date Mercury dimes, early date Walking Liberty half dollars, and Morgan (or Peace) dollars. Newer coins like the Kennedy silver dollar need to be in near-pristine physical condition to have appreciable collector value. [5] X Research source
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Calculate the face value of your junk silver. The silver content of most pre-1965 U.S. coinage is proportional to its denomination so you can just determine the dollar value (face value) of your junk silver. For example, a half-dollar has precisely double the silver content of a quarter. Therefore, the first step in determining the total silver content is to add up the face value of every piece of junk silver you are considering.- Do not include nickels or pennies which as these were not struck from 90% silver. War nickels dated 1942-1945 have a large mintmark over the dome of Monticello on the reverse and these do contain silver.– They are 35% silver along with 56% copper and 9% manganese. Pricing war nickels requires a separate calculation which can then be added to the silver content of the 90% silver coins.
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Multiply the total face value of your junk silver by 0.715 to calculate the quantity of silver in troy ounces. (Rare metals are typically measured in troy ounces rather than the avoirdupois weight used for common materials.) A dollar face of 90 percent silver coins contained 0.723 troy ounces of silver when struck. However, because old coins are worn, silver dealers universally calculate using an average weight of 0.715 troy ounces per dollar of circulated coins.- A troy ounce is a unit of measurement that is common when weighing precious metals. One troy ounce is equal to 31.103 grams or 1.097 ounces.
- Because half-dollars circulated less, they will generally be a bit less worn. You might reasonably expect a slightly higher payment for a batch of coins that is minimally worn, 0.718-0.72 ounces of silver per dollar face value. [6] X Research source
- Newer coins might also have a slightly higher silver content.
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4Add together weight of the different types of junk silver– well-circulated 90%, lightly circulated 90%, non-numismatic silver dollars, war nickels, and any other coins that contain silver but do not have appreciable numismatic value.
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Research the current spot price for silver. The current market price of silver (often called the "spot price") can be found online. Silver prices should be assumed to be in dollars per troy ounce unless otherwise stated.- Nasdaq is a reputable source for current silver prices. It will also show how the price of silver has changed over time, giving you an inkling as to whether you should sell now or wait until later for a higher price. [7] X Research source
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Multiply your silver weight by the current spot price. Multiplying your silver weight by the current price of silver will yield the total value of your junk silver.- For example, if you have 71.5 troy ounces of silver and the current spot price is $32/troy oz., your junk silver is worth (71.5 * $32) or $2288.
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Factor in specie value. It is fairly common for junk silver to sell at a premium to the price of raw silver if you sell to a retail buyer. If, however, you sell to a wholesale buyer such as a coin dealer, you will likely be offered the melt value or less.- Pre-1936 silver dollars contain more silver per dollar of face value, so the multiplier for these coins is 0.769 rather than 0.715. Be aware of the difference and, if you include silver dollars with your junk silver, be sure to demand a premium for the silver dollars.
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4Verify your calculation by using an online melt value calculator such as this one. Note that 1.16% wear corresponds to 0.715 troy ounces per dollar of face.
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Things You'll Need
- Junk silver
- Calculator
- Computer
- Internet access
References
- ↑ https://www.moneymetals.com/pre-1965-junk-silver-coins-dimes-or-quarters/35
- ↑ http://www.coin-collecting-guide-for-beginners.com/mint-marks.html
- ↑ http://www.coin-collecting-guide-for-beginners.com/coin-grading.html
- ↑ http://www.coin-collecting-guide-for-beginners.com/coin-grading.html
- ↑ http://www.coinstudy.com/silver-coin-values.html
- ↑ http://www.cmi-gold-silver.com/90circulated/
- ↑ https://www.nasdaq.com/market-activity/commodities/si%3Acmx
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