At Memphis Gold and Diamond Buyers, junk silver is one of the most common items we buy – especially when the price of silver is at a record high. We get a lot of questions about junk silver, and many people don’t know that they could be sitting on cash when it comes to their old coins.
Read below to get the answers to the most frequently asked questions we hear about junk silver (or 90% silver coins).
What is junk silver?
Junk silver are common-date coins that are graded below the threshold considered collectible. In other words, any coin worth only it’s bullion (or melt) value would be considered junk silver.
Usually, junk silver refers to U.S. coins that are 90% silver. Such as the Barber Dime, Mercury Dime, Roosevelt Dime, Barber Quarter, Standing Liberty Quarter, Washington Quarter, Barber Half Dollar, Walking Liberty Half Dollar, Franklin Half Dollar, Kennedy Half Dollar (minted in 1965), Trade Dollar, and Peace Dollar.
But, it can also include U.S. coins that contain 40% silver, like the Kennedy Half Dollar (1965-1970) and the Eisenhower Silver Dollar (1971-1978).
How do you know if a coin is silver or not?
One way is to check the date on your coin. All U.S. dimes, quarters, half dollars, and dollars minted before 1965 are 90% silver.
You can also view the edge of the coin. If you see a solid silver strip, then you can be confident it’s silver. If you see a copper (or reddish) stripe, then the coin is silver clad. If you just see faint traces of copper, then it’s possible your coin is 40% silver.
Another test we use to determine the validity of coins is to weigh them. Your coin should weigh very closely to the specification for each coin. If the weight of your coin fluctuates just a bit, don’t fret. It’s likely due to typical wear and tear. View the chart below in the next question to see the weight specifications for each U.S. silver coin.
Of course, if you’re ever unsure, you can always bring your coins by our store, and we can do a quick check for free with no obligation to sell.
What U.S. Coins are 90% silver vs 40% silver?
The chart below lists all the U.S. coins that are 90% silver and 40% silver, including the years they were minted in and the weight specification.
How do I sell my junk silver coins?
Selling junk silver coins is very quick and easy. Find a gold buyer or coin broker you trust with a solid reputation. The buyer will check the dates and weight of your coins to confirm authenticity, and then make you an offer.
Where can I sell my junk silver coins?
We, at Memphis Gold and Diamond Buyers, buy all coins that are gold, silver, or platinum, and especially buy small or large quantities of junk silver coins. The process typically takes less than 10 minutes from the time you walk in the door to the time you walk out with cash in hand.
Usually, no matter who you sell to, you receive an amount below spot price. Why? Well, whoever you’re selling to needs to cover overhead costs to purchase your coins and make a small profit too (very small profit). Without that margin, the business would not be able to stick around so you could have a place to sell your junk coins!
How much can I sell junk silver coins for?
Junk silver coins are only worth their melt value. You can check the spot price of silver for the day to get an idea of what you might get for your coins. You can also call us at 901-324-4009, and we can give you an estimate over the phone.
Can I sell junk silver coins to the bank?
No, banks do not broker or buy junk silver coins. If you were to take your coins to the bank, they would swap them out for coins of equal face value. For example, your 90% silver quarter for a recently minted silver clad quarter that’s worth exactly 25 cents. You’d lose out on the additional melt value of your silver coins (and the bank would gain it). So, we highly recommend not taking your junk silver coins to any bank.
Is it illegal to melt junk silver coins?
As of this writing, it’s legal to melt old silver coins in the United States. Presently, there aren’t any silver coins currently being made for circulation in the United States.
What else can I do with my junk silver coins besides selling them?
Accumulate it! Because junk silver has no collector’s value, there isn’t much more you can do with your junk silver coins besides stack them up in your house or sell them. Junk silver coins that are melted are usually melted by a refinery to produce silver ingots and bars.
