Junk Silver Prices & Premiums — Live Comparison Across 11 US Dealers

The name comes from mid-20th-century coin-dealer jargon. "Junk" meant coins with no collector premium — worth only their metal content. Nothing pejorative about the silver itself; it's the same 90% purity struck by the US Mint. Numismatists reserve the term for coins graded poorly enough that only their silver content matters, but in the bullion market the term has broadened to mean any circulated pre-1965 US silver coin bought by weight.

Constitutional silver is a synonym for junk silver used among long-time stackers and some dealers. SD Bullion labels it this way in product titles. The term references the fact that these coins were the constitutionally-minted silver currency of the United States until the Coinage Act of 1965. If you see "constitutional silver" and "junk silver" used interchangeably, they refer to the same coins.

Two US dime series are junk silver: Mercury dimes (1916–1945) and Roosevelt dimes dated 1946–1964. Both are 90% silver, both contain 0.0723 troy ounces of silver per coin, and both trade at the same premium in ordinary circulated grade. Mercury dimes command a small premium over Roosevelts in some markets due to collector demand for the older Winged Liberty Head design, but the metal content is identical.

Washington silver quarters (1932–1964) are 90% silver, containing 0.1808 troy ounces per coin. Standing Liberty quarters (1916–1930) are also 90% silver but usually sold as semi-numismatic pieces at meaningful collector premiums; they don't circulate as generic junk silver in the modern market.

Three half-dollar series count as junk silver: Walking Liberty (1916–1947), Franklin (1948–1963), and the 1964 Kennedy. All three are 90% silver, containing 0.3617 troy ounces per coin. Walking Liberties and 1964 Kennedys often carry a slight premium over Franklins due to design demand, but in bulk-bag pricing the three trade at the same rate.

Kennedy half dollars minted 1965–1970 are 40% silver, containing 0.1479 troy ounces per coin. They trade at a lower premium per ounce than 90% junk silver but are sold in the same face-value bag format. Sometimes called "40% halves" or "clad halves."

During WWII, Jefferson nickels struck from October 1942 through 1945 were 35% silver, 56% copper, 9% manganese — nickel metal was reserved for the war effort. Each war nickel contains 0.0563 troy ounces of silver. Identified by a large mint mark (P, D, or S) above the dome of Monticello on the reverse. Nickels without a mint mark above Monticello are ordinary cupronickel and worth face value.

One dollar face value of pre-1965 90% silver coinage — any combination of dimes, quarters, and halves — contains 0.715 troy ounces of silver. This is the number every junk silver buyer memorizes. A $10 face value roll of dimes contains 7.15 oz; a $100 face bag contains 71.5 oz; a $500 face "half bag" contains 357.5 oz; a $1,000 face "monster bag" contains 715 oz.

The rule holds because the ratio of silver per face-dollar is identical across dimes, quarters, and halves — each denomination was struck at proportionally the same silver weight per dollar of face value.

Junk silver premiums track supply and secondary-market flow more than bullion premiums do. When silver prices spike, retail sellers dump inherited coin jars into local shops, wholesalers get flooded, and junk silver premiums compress — sometimes going negative at wholesale for brief windows. When silver drops, that flow dries up and premiums widen. Junk silver premiums also tend to be slower to reflect spot moves than American Silver Eagles, which sit closer to mint-fresh markets.

Watch for two floors: junk silver has periodically traded below spot at wholesale during panics — the retail-side floor is refining cost (roughly 5-8% under spot). At retail, the floor tends to sit 8-15% over spot, with normal levels 20-35% over spot in ordinary markets.

Face-value bags are quoted as "$X face" — you're buying a specified dollar amount of pre-1965 US coinage. Weight-based listings quote per troy ounce of silver content. The math is the same; the format is dealer-specific. Face value is more common at legacy dealers (Money Metals, SD Bullion); weight quotes are more common at web-first dealers. Convert between them using the $1 face = 0.715 oz rule.

Standard "monster bag" = $1,000 face value = 715 oz silver. Half bag = $500 face = 357.5 oz. Quarter bag = $250 face = 178.75 oz. Smaller denominations exist below quarter bag ($100, $50, $25, and roll-sized offerings), but per-ounce premiums typically rise as bag size shrinks. If you're building a position and can absorb the outlay, larger bags are cheaper per ounce.

Most junk silver ships as "average circulated" — meaning legible date, no holes, no jewelry solder, general readability. Some dealers ship higher grades (BU rolls of Franklin halves are common) at a numismatic premium. "Culls" — coins with holes, heavy damage, or missing dates — sometimes ship at a small discount and are fine for stackers not chasing collectibility.

Two red flags: premiums above 40% over spot in an ordinary market (you're overpaying), and any seller who won't let you weigh or test the coins before purchase in a face-to-face transaction. Online, stick to established dealers with a real return policy — the 11 dealers INGOTX tracks all have one. Verify shipping cost separately; some dealers advertise low premiums and offset with high shipping.