What Is Junk Silver? A Plain-English Guide to 90% and 40% Silver Coins

Junk silver is a dealer term for common circulating US coins, mainly dimes, quarters and half dollars dated 1964 or earlier, that contain 90% silver and are bought and sold mostly for their metal content rather than for collector appeal.

Why the name sounds worse than it is

The word "junk" describes how the coins are priced, not their quality. Several bullion dealers explain that it means the coins carry little or no numismatic premium for date, mint mark or grade. The silver in them is the same as in any other 90% silver coin, and a coin in poor condition is not necessarily a bad one. You may also see the term "constitutional silver" used for the same group of coins.

Which coins count as 90% junk silver

Under the usual definition, junk silver includes circulating dimes, quarters and half dollars minted in 1964 or earlier. In practice that means series such as:

• Barber, Mercury and Roosevelt dimes
• Barber, Standing Liberty and Washington quarters
• Barber, Walking Liberty and Franklin half dollars
• Kennedy half dollars dated 1964 only

Silver dollars such as the Morgan and Peace dollars are also 90% silver. Some dealers include them in the group, while others treat them as a separate category because of their collector following.

40% silver and war nickels

Kennedy half dollars dated 1965 through 1970 contain 40% silver, and many dealers include them under the junk silver heading. Nickels struck from 1942 to 1945 contain 35% silver and can be identified by a large mint mark above the dome of Monticello on the reverse. Dimes and quarters dated 1965 and later contain no silver.

Why 1964 is the dividing line

Congress passed the Coinage Act of 1965 amid a growing coin shortage, as silver coins were being hoarded and pulled from circulation. The law removed silver from dimes and quarters and reduced the silver in the half dollar from 90% to 40%. That is why 1964 is the last year for 90% silver dimes, quarters and Kennedy half dollars.

How silver content is counted

Junk silver is usually counted by face value. Dealers commonly cite about 0.715 troy ounces of pure silver per one dollar of face value for 90% dimes, quarters and half dollars. For 40% Kennedy half dollars the figure is lower. Because the coins are sold by weight or face value, a bag of mixed dates is typical, though individual coins with better dates or higher grades may be sold separately.

What to know before you buy

Ask whether the lot is sold by face value or by individual coin, and whether it contains 90% coins only or includes 40% halves and war nickels. Check the listing photos and descriptions for dates. Reputable sellers will describe wear honestly, since condition varies widely in circulated coins.

Frequently asked questions

Is junk silver real silver?

Yes. The coins are genuine US coins made of 90%, 40% or 35% silver depending on the series and date. The "junk" label refers to the lack of a collector premium, not to the metal.

Are all pre-1965 coins silver?

Dimes, quarters and half dollars dated 1964 and earlier are 90% silver. Nickels contain silver only for the 1942 to 1945 war issues.

Are 1965 to 1970 Kennedy half dollars junk silver?

Many dealers include them because they contain 40% silver, though they hold less silver per dollar of face value than the 90% coins.

Browse related series in our Mercury dimes, Washington quarters and Kennedy half dollars collections.