Junk Silver Value Guide 2026: What Pre-1965 Coins Are Worth at Today's Silver Prices

With silver trading around $80 per ounce in February 2026—up from under $30 at the start of 2025—pre-1965 U.S. silver coins have become increasingly valuable. Often called junk silver, these circulated dimes, quarters, half dollars, and dollar coins contain 90% pure silver and trade primarily for their metal content rather than numismatic rarity. At $80/oz, a common quarter is worth approximately $14.42 in melt value, and a mixed bag of coins can yield 100+ ounces of silver per $1,400 face value. This guide provides exact melt values for every denomination, a calculator formula, and buying/selling strategies for investors seeking affordable silver exposure.

Junk Silver Melt Values at $80 per Ounce

Coin Type	Mint Date Range	Purity	Silver Content (oz)	Melt Value at $80/oz	Typical Dealer Premium
Dime (Roosevelt/Mercury)	1946-1964	90%	0.0723	$5.78	+3-5%
Quarter (Washington)	1932-1964	90%	0.1808	$14.46	+3-5%
Half Dollar (Kennedy)	1948-1964	90%	0.3617	$28.94	+3-5%
Morgan Dollar (1878-1921)	1878-1921	90%	0.7734	$61.87	+8-15%
Peace Dollar (1921-1935)	1921-1935	90%	0.7734	$61.87	+8-15%
Kennedy Half (40% silver)	1965-1970	40%	0.1479	$11.83	+5-8%

These values are calculated at $80/oz spot price. As silver moves, melt values scale proportionally—at $100/oz, multiply each value by 1.25; at $60/oz, multiply by 0.75.

How to Calculate Junk Silver Melt Value

The formula is straightforward:

Melt Value = Face Value × Silver Content Multiplier × Spot Price

For 90% coins (dimes, quarters, half dollars pre-1965): Melt Value = Face Value ÷ 14.11 × Current Silver Price

• The divisor 14.11 accounts for the 90% purity of older U.S. coins. Here's why:
• $1 face value of 90% silver coins contains 0.7734 troy ounces of pure silver
• $1 ÷ 0.7734 oz = 1.293 coins per ounce of pure silver
• 1.293 × $1 = approximately 14.11 (the multiplier)

• Examples:
• $100 face value of quarters: $100 ÷ 14.11 × $80 = $568.30 melt value
• 500 dimes ($50 face value): $50 ÷ 14.11 × $80 = $284.20 melt value
• A roll of 20 quarters ($5 face value): $5 ÷ 14.11 × $80 = $28.46 melt value

Shortcut for quick mental math: Face value × 5.67 = melt value at $80/oz. A $10 face value bag = 10 × 5.67 = $56.70 melt value.

Pre-1965 Silver Content by Coin Type

Not all pre-1965 U.S. coins contain the same amount of silver. Here's the breakdown:

Coin Type	Composition	Pure Silver Content	Total Weight	Notes
Dime (Roosevelt)	90% silver, 10% copper	0.07234 oz	2.5g	Minted 1946-1964. Pre-1946 Mercury dimes identical composition.
Quarter (Washington)	90% silver, 10% copper	0.1808 oz	6.25g	Minted 1932-1964. Standing Liberty quarters (1916-1930) same content.
Half Dollar (Kennedy/Franklin)	90% silver, 10% copper	0.3617 oz	12.5g	Minted 1948-1964. Franklin half dollars (1948-1963) have identical content.
Morgan Dollar	90% silver, 10% copper	0.7734 oz	26.73g	Minted 1878-1921. High demand among collectors; trades at premium to melt.
Peace Dollar	90% silver, 10% copper	0.7734 oz	26.73g	Minted 1921-1925, 1928-1935. Same silver content as Morgan; lower collector premium.
Kennedy Half (1965-1970)	40% silver, 60% copper	0.1479 oz	11.5g	Post-1965 clad coins. Half the silver content of pre-1965; less desirable for stackers.

Key takeaway: All 90% coins (dimes through half dollars) minted before 1965 contain predictable, uniform silver content. There are no surprises or grade-dependent variations. The math is the same whether you buy circulated common-date coins or higher-grade examples.

Best Junk Silver to Buy for Investment

When building a junk silver position, focus on these characteristics:

• Highest silver content per dollar spent:
• Quarter bags ($250 face value, ~18 oz pure silver, typically $900-950)
• Dime bags ($500 face value, ~36 oz pure silver, typically $1,800-1,900)
• These bulk denominations offer the lowest premiums (3-5% over melt) because dealers don't have to process individual coins.

• Best mixed junk silver bags:
• Mixed 90% bags (variety of dimes, quarters, halves) offer diversity without requiring manual sorting
• Typically 10-20% premium over melt due to dealer handling

• Silver dollars (Morgan and Peace):
• Trade at 10-15% premium over melt due to collector demand and size (0.7734 oz per coin makes them easy to handle)
• Morgan dollars (1878-1921) command higher premiums than Peace dollars (1921-1935), especially rare dates
• Better for gift-giving and portfolio showpieces; higher transaction costs make them less efficient for pure silver accumulation

• Avoid:
• Post-1965 Kennedy clad halves (40% silver, half the content, same handling cost)
• Rare key dates or exceptional grades unless you're a numismatist—premiums reduce silver exposure
• Heavily cleaned or damaged coins (only matters if you later try to sell to collectors; melt buyers don't care)

Where to Buy Junk Silver

• Online bullion dealers:
• JM Bullion (JMBullion.com): Large selection, competitive premiums (3-6% over melt), ships quickly
• APMEX (APMEX.com): Extensive inventory, good pricing on bulk bags
• Scottsdale Mint (ScottsdaleMint.com): Known for junk silver selection and quality
• Golden Eagle Coins (GoldenEagleCoin.com): Often low premiums on bulk quantities

• Local coin dealers:
• Typically charge 5-10% premiums but offer immediate delivery (no shipping delays)
• Good for spot-checking retail prices and building relationships
• Negotiate bulk discounts ($5,000+ purchases often yield 2-3% premiums)

• eBay and numismatic auction sites:
• Can find better deals on bulk lots, but buyer beware—authentication risk and shipping costs
• Best for buyers experienced in grading and authenticating coins

• Silver spot price considerations:
• Buy when spot dips. At $80/oz, junk silver is attractive; at $120+/oz, wait for pullbacks
• Cumulative premiums matter: a 5% premium at $80/oz is $4 per $100 face value. At $120/oz, it's $6. Timing saves money.

How to Sell Junk Silver

• Sell to dealers:
• Online dealers typically bid 2-5% below melt (their spread)
• Expect payment in 3-7 business days after shipment
• Example: 100 oz of junk silver at $80/oz melt value = $8,000 spot. Dealers may bid $7,600-$7,840 (2-5% below melt).

• Sell locally:
• Coin dealers usually beat online bids by 1-2%, offering same-day payment
• Build a relationship; volume buyers get better offers
• Verify scale accuracy and spot price references before selling

• Timing the sale:
• Sell into strength. If silver spikes to $100/oz, liquidate some positions
• Don't chase bottoms hoping for $120/oz—capture gains at $90-100/oz levels
• Tax-loss harvesting: sell underwater positions in down years to offset gains

Grading and Premium Considerations

Unlike modern bullion (where all American Eagles trade at the same premium), junk silver's value depends almost entirely on silver content and spot price. Grading has minimal impact on investment-grade junk silver:

• Heavily circulated (G-4 to VG-8): Melt value only, no premium
• Fine to Very Fine (F-12 to VF-25): Melt value + 0-2% premium
• Extremely Fine to AU-50: Melt value + 5-10% premium (only for rare dates/mints)
• Uncirculated (MS-60+): Melt value + 10-50% premium (significant numismatic collector demand, especially for key dates)

For pure silver exposure, buy circulated common-date junk silver (the cheapest grades). Premiums are minimal, and you're maximizing silver per dollar. Leave high-grade and rare coins to numismatists.

Junk Silver vs. Modern Bullion: A Comparison

• Junk Silver (pre-1965 common coins):
• Pros: Low premiums (3-5%), familiar U.S. coins, divisible ($5 face value = small unit)
• Cons: 90% purity (vs. 99.9%), bulkier for same silver weight, older/worn coins, harder to authenticate without experience
• Best for: Budget-conscious stackers, long-term holders, tax-advantaged accounts

• Modern Bullion (American Eagles, Canadian Maples):
• Pros: 99.9% purity, government guaranteed, easier authentication, shinier/newer condition
• Cons: Higher premiums (10-20%), higher dealer markup, less divisible
• Best for: Gifts, portfolio displays, small positions, newer investors

The verdict: For accumulating maximum silver at minimum cost, junk silver wins. For convenience and certainty, modern bullion is worth the premium. Many professional stackers maintain a 70/30 split: core holdings in junk silver, supplemented with modern bullion for insurance and gifting.

Conclusion: Junk Silver at $80/oz

At $80 per ounce, pre-1965 U.S. silver coins represent one of the most efficient ways to own physical silver. A $1,400 face value bag contains over 100 ounces of pure silver—enough to move the needle in a precious metals portfolio. Use the melt value calculator (face value ÷ 14.11 × spot price) to quickly evaluate purchases, focus on quarters and dimes for lowest premiums, and buy from reputable dealers offering competitive pricing.

Whether you're new to silver or a seasoned stacker, junk silver offers divisibility, low transaction costs, and deep liquidity. Refer to our complete silver price and value guide for broader market context, and consider junk silver as the foundation of a diversified physical silver portfolio alongside modern bullion, bars, and investment-grade mining stocks.