What Is It and Why Does It Matter?

"Junk silver" (and also called "Constitutional Silver") is a term used to describe U.S. coins that were minted before 1965 and contain a significant amount of silver—typically 90%. These coins were once part of everyday commerce, exchanged just like today’s pocket change. But as the market value of silver began to rise, the U.S. Mint transitioned to using cheaper base metals like copper and nickel, making these older silver coins increasingly rare in circulation. Though this terminology refers to the coins with 90% silver content, there are other coins with silver content. For instance, war time (WWII) nickels have 35% silver, and Kennedy half dollars between the years of 1965 through 1969 were 40%. At one point, these coins may have pages added here which point to their use.

The most common examples of junk silver are dimes, quarters, and half dollars from that pre-1965 era. Despite the somewhat misleading name, "junk" doesn't mean the coins are worthless. On the contrary, it simply indicates that they don’t have added value for collectors — either because they’re too common or not in pristine condition. And, quite often, at least for the much older coins, they are well worn, giving them a lower numismatic grading of "VeryGood/Good" or less. Even though those more worn coins have less silver in them, what gives them their most lasting value is the silver content they still carry, which makes them attractive to investors, survivalists, and anyone interested in tangible assets.

Usually, the hardest thing that most collectors/stackers have to wrap their heads around is how much actual silver there is in each coin due to the fact that they're 90% silver. For instance, a one ounce coin or round has (of course) 1 ounce of silver in it. However, since these coins are 90% silver, sometimes it's just harder to figure out how much is one ounce of silver. For instance, what's generally accepted is that $1.40 face value equals one ounce of silver. When we say 'accepted' we mean that the older coins which are very worn, will have a bit less actual silver in the coin than a brand new, uncirculated coin. And when we say one ounce, we mean one troy ounce, which is equivalent to 31.1034768 grams. The "every day" ounce that most people are used to is about 28.35 grams, so a troy ounce is actually heavier than the regular ounce. Even though this is also in another part of the site, it seems a good place to refer to this here also:

Math to Remember:

• For every $1 FV of Consititutional Silver = (appr) .715 ozt (ounces/troy)
  (When first minted, in uncirculated condition, $1 FV is .723 ozt so, .715 is the accepted amount due to wear once coins have been circulated)
• Also - Every $1.40 FV of Constitutional Silver = 1ozt (ounces/troy)
  (Whenever you see "FV" here, it means "Face Value")