Silver Coins: Sell for Melt or Keep?

Melt value is a floor, not a verdict

Melt value means the worth of the silver inside a coin at the day's spot price. Almost nobody actually melts US silver coins. They trade back and forth as is, because a known weight of 90 percent silver in coin form is convenient to buy and sell. So when people say a coin is worth melt, they mean the silver sets its price and the date and design add nothing.

The question for each coin is simple: would a collector pay more than the silver is worth? For most worn Roosevelt dimes, Washington quarters, Franklin halves and 1964 Kennedy halves, the answer is no, or only a little. For key dates, uncirculated coins and older series, the answer is often yes.

Silver content of common US silver coins (actual silver weight)

First, make sure it's silver

Check the date and then the edge. A silver dime, quarter or half shows a solid silver-gray edge. A clad coin from 1965 or later shows a copper stripe between two nickel layers. Silver also rings with a higher, longer tone when gently dropped on a hard surface. It also develops gray, gold or rainbow toning rather than the dull look of clad.

Watch the transition dates. The last 90 percent silver dimes and quarters are dated 1964. Kennedy halves dated 1965 to 1970 are 40 percent silver and look a little lighter at the edge. War nickels from 1942 to 1945 have a large P, D or S above Monticello on the reverse; a 1942 nickel without that large mint mark is ordinary copper-nickel.

Which silver coins to keep

Set these aside before anything goes into a junk silver pile. Each of them often sells for more than its silver.

• Any coin that looks uncirculated: full luster, no wear on the high points. Even common dates bring a premium in high grade.
• Mercury dimes 1916-D, 1921 and 1921-D, plus the 1942/41 overdate.
• Washington quarters 1932-D and 1932-S.
• Walking Liberty halves dated 1921 and 1921-D, the low mintage dates of the series.
• Standing Liberty quarters, especially the 1916. Look for coins with a clear date. Dates wore off these easily, so a full date is a plus.
• Barber dimes, quarters and halves (1892 to 1916). Even worn ones usually beat melt. Keys such as the 1895-O dime and the 1896-S, 1901-S and 1913-S quarters bring much more.
• Seated Liberty coins and anything older. These are collector coins first.
• Morgan and Peace dollars. Nearly every one sells above its silver. Carson City (CC) Morgans, the 1893-S and the 1928 Peace dollar bring substantially more.
• Proof coins and coins from 1950 to 1964 proof sets, which sell better in their original packaging.
• Errors and varieties, such as doubled dies or off-center strikes.

What counts as junk silver

Junk silver is the trade name for circulated 90 percent silver coins with no extra collector value. In practice that means worn Roosevelt dimes, Washington quarters dated 1934 and later (except key dates), Franklin halves, 1964 Kennedy halves and common worn Mercury dimes and Walking Liberty halves. The term isn't an insult to the coins. It just means you are paying for silver, not history.

Forty percent Kennedy halves and war nickels are traded the same way, but separately, since they contain less silver per dollar of face value.

How junk silver is counted and sold

Dealers count 90 percent silver by face value. Ten dimes, four quarters or two halves equal one dollar face. One dollar face of circulated 90 percent coins contains about 0.715 troy ounce of silver. That's a little less than a brand new coin would hold, because circulation wears metal away. The trade uses 0.715 as the standard.

Sort your coins into dimes, quarters and halves and stack them in tens. Add up the face value of each group. Count 40 percent halves and war nickels separately. Then call two or three local dealers or check online bullion buyers and ask what they are paying per dollar face for 90 percent silver. Offers are tied to the spot price and change through the day, so compare quotes at roughly the same time.

Junk silver is also sold in standard rolls and in bags by face value. A full roll of dimes, quarters or halves is a convenient unit for dealers. Large bags trade at slightly different terms than small lots. The dealer's spread is usually narrower on bigger quantities.

A quick way to decide

Ask three questions about each coin. Is it a key date or a known variety? Does it look uncirculated? Is it older than about 1916, or a silver dollar? If the answer to all three is no, it is almost certainly junk silver and should be sold by face value with the rest. If any answer is yes, look it up on its date page or show it to a dealer as a separate item before you sell.

Frequently asked questions