What is Junk Silver?

If you’ve inherited a jar of old coins or found pre-1965 quarters tucked away, you may already own silver without realizing it. These coins — often called “junk silver” — can hold real value tied to today’s silver prices, which remain relatively accessible compared to gold. Despite the name, junk silver isn’t worthless. The term refers to older circulating coins that contain silver but aren’t considered rare or collectible. Before the mid-1960s, the United States Mint used silver in everyday coinage. Today, these coins are valued primarily for their metal content rather than their rarity.

What is junk silver?

Junk silver is the industry term for silver coins that have no numismatic value, meaning they aren’t of interest to rare coin collectors. With a few exceptions, the U.S. Mint stopped using silver in circulating coins after the Coinage Act of 1965, but that’s recent enough that many of these coins are still available through dealers and collectors today. They’re often worn from years of circulation or were minted in such high quantities that they aren’t considered rare. Instead, their value is tied directly to the amount of silver they contain. The word “junk,” therefore, refers only to their lack of collectible appeal, not the quality of the metal. These coins remain a legitimate source of high-purity silver.

How to tell if you already own junk silver

If you’ve inherited coins or have a jar tucked away, a few quick checks can help you determine whether they contain silver:

• Check the date: Most U.S. dimes, quarters and half dollars minted 1964 or earlier contain 90% silver.
• Look at the edge: Silver coins have a solid gray edge, while newer coins show a copper stripe.
• Listen to the sound: When gently dropped, silver coins tend to produce a higher-pitched “ring” compared to modern coins.

If your coins meet these criteria, they may have value beyond their face amount—based on their silver content.

TIP: While it was once possible to find silver coins in circulation or bank rolls, this is now extremely rare, as most have already been identified and removed by collectors and investors over time.

How junk silver is valued

The price of junk silver is based on its melt value — the value of the silver content if the coin were melted down. In this context, junk silver is sometimes also referred to as “scrap silver,” meaning silver that is valued primarily for its metal content rather than collectibility.

This value depends on two main factors: the current market price of silver and the amount of silver in the coins. For example, $1.00 in face value of 90% silver coins contains about 0.715 troy ounces of pure silver. If silver is trading at $25 per ounce, that $1.00 in coins could be worth roughly $17 to $18 before dealer premiums.

Because individual coins contain small amounts of silver, dealers typically sell junk silver in bulk, grouped by face value — often in $100, $500 or $1,000 increments. You’ll also see pricing quoted as a multiple of face value. For instance, “20x face” means $1.00 in coins would cost $20. This multiple rises or falls with silver prices and market demand. Source

Happy Easter!

Hope you had a blessed holiday weekend! -Martinez Coin And Jewelry Exchange

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Vallejo, CA 94590

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Coin Storage Tips | How and Where to Keep Your Collection Safe

 

Keep your coin collection safe and secure with these expert tips for storing coins and explore the best coin storage options for collectors. If you're serious about protecting your investment, former ANA Education Director Rod Gillis covers options for collectors from affordable coin tubes and cardboard flips to high-end plastic holders and graded cases.

Rod breaks down the pros and cons of various coin storage methods, discussing how to protect your collection from damage while keeping it organized. Whether you're looking for economical solutions or premium options, you'll learn how to store your coins with confidence.

When Were Dimes and Quarters Made Of Silver?

What Dimes Are Made of Silver?

The main types of dime that were made of silver were the Barber dimes, Mercury dimes, and Roosevelt dimes.

The Barber dime was minted from 1892-1916. Created by Chief Engraver of the U.S. Mint, Charles Barber. The design features Lady Liberty’s profile on the obverse, and the reverse shows a wreath and the denomination “one dime”.

The Mercury dime was minted from 1916-1945. This dime was designed by Adolph Weinman, and is actually a representation of Liberty wearing a winged cap, though the similarity to the Roman god Mercury was enough to nickname it “the Mercury dime”.

And the Roosevelt dime was first minted in 1946. The Roosevelt dime was designed by John R. Sinnock to honor President Franklin D. Roosevelt, in part for his work in helping to found the National Foundation for Infantile Paralysis (later renamed the March of Dimes), which raised money to aid in polio research and victims of the disease.

What Quarters Are Made of Silver?

 All quarters before 1965 were made of silver, so if you’ve got a quarter dated before then, it’s a safe bet to say it’s a silver quarter.

There were also some Bicentennial quarters made with silver (but not all), the Bicentennial quarters that are made of silver are the ones with an S mintmark (struck at the San Francisco Mint). These quarters were made with 40% silver

There are also silver Proof quarters that are made with 90% silver, but generally speaking these are quarters you would purchase in a set, and you’re unlikely to find them in circulation anywhere as they’re worth more than their face-value.

When Did They Stop Making Silver Coins?

Production of silver coins ended in the year 1965, when the mint switched the composition of quarters, dimes, and half dollars to a copper-nickel alloy, which is still used in coins to this day.

Collectors aren't a big fan of the new compositions but that doesn't mean there aren't still valuable or rare coins being produced today!

Are Silver Dimes and Quarters Valuable?

While they do inherently hold more value than modern coinage, the value of silver dimes and quarters isn’t always much. You can probably get close to the intrinsic value of the silver for a silver quarter or dime, though there are some coins that are worth more because of scarcity, rarity, age, and other numismatic values. Currently (at the time of publishing) the spot price of silver is at about 24.06, if you multiply that by the silver weight of a dime, which is 0.07234 troy ounce, you’ll get the melt value of your dime, which in this case would be $1.74. If you had a good size collection of silver dimes, that would be a good chunk of change!

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Top 10 Rare Error Coins

Among the many error coins, some stand out for their rarity and the stories behind their creation. Here are ten of the most valuable:

• 1943 Bronze Lincoln Cent: Mistakenly struck in bronze instead of the usual zinc-coated steel during wartime shortages.
• 1955 Double Die Lincoln Cent: Famous for its clear doubling of inscriptions and date.
• 1972 Double Die Obverse Lincoln Cent: This coin features dramatic doubling on its obverse, making it a collector's favorite.
• 2000 Sacagawea Dollar Coin/Quarter Mule: A rare mule coin with a Sacagawea reverse and a state quarter obverse.
• 1969-S Double Die Obverse Lincoln Cent: Known for its strong and obvious doubling, this coin is highly prized.
• 1982 No Mint Mark Roosevelt Dime: These dimes accidentally left the Philadelphia mint without a mint mark.
• 1918/7-S Standing Liberty Quarter: A rare overdate error where a 1918 quarter was struck over a 1917 die.
• 1942/1 Mercury Dime: Another overdate, with a 1942 die struck over a 1941 die, available from both Philadelphia and Denver mints.
• 1937-D 3-Legged Buffalo Nickel: This error was caused by a die abrasion that removed one of the buffalo's legs.
• 1922 Plain Lincoln Cent: Due to die polishing, these cents came out missing the "D" mint mark.

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What to Do if I Inherit Gold or Other Precious Metals

In the event of the passing of a loved one, it is possible you may inherit some of their assets, which are items that can be passed down and are often of monetary value. A few of the many types of assets you may receive are bank accounts, real estate, gold and other precious metals, jewelry, and more. 

When you inherit an asset, there may be rules or guidelines you will want to adhere to, such as estate taxes you may have to pay or documents that will need to be signed to pass the asset to the next person. Inheriting assets can be a more complicated process than one may initially realize due to these added rules. When you inherit gold or other precious metals, there are different rules and guidelines depending on what you choose to do with your inheritance. Trust & Will is going to break down the guidelines based on whether or not you plan to keep the gold or other precious metals or sell them.

If You Keep Inherited Gold or Precious Metals

When you inherit gold or other precious metals, it counts toward the amount of money you can inherit and not have to pay any taxes on. Federally, this amount is quite high at $11.7 million. However, your state may have its own individual inheritance taxes that you will want to be sure to read over. 

If the amount of your gold or precious metals—along with the rest of your inheritance—is below $11.7 million, you will be able to keep them tax free. If you receive over this amount, you will have to pay taxes on the amount of gold or precious metals that exceed the limit. 

If You Sell Inherited Gold or Precious Metals 

When you choose to sell inherited gold or precious metals, you may incur a tax liability upon the sale of the item, dependent on the specific circumstances. To make this determination, the gold or precious metals will have to be professionally appraised to determine their fair market value. The IRS defines fair market value as "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent's gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate." (Regulation §20.2031-1).

The appraisal process will occur twice to evaluate their worth, as it is constantly fluctuating. First, they will be appraised based on their worth on the day the person you inherited them from passed away. The second appraisal should take place on the day you choose to sell the assets. When you choose to sell, you will not be taxed on the amount that the gold or precious metals were worth when they were first appraised. However, at the time that you choose to sell the gold or precious metals, they may end up being worth more than when you originally inherited them. In this case, you will be liable to pay taxes on the additional amount of money you may make from selling them. This is known as capital gains.

According to the IRS, gold and precious metals are considered collectibles and can be taxed at a maximum of 28% when they are sold. Therefore, you will pay capital gains taxes up to 28% on any additional money you make on the sale of gold or precious metals. You will be responsible for reporting this to the IRS when you pay your taxes at the end of the year, as the taxes will not immediately be taken out upon selling them. However, if you do not make any additional money on the sale of your inherited gold or precious metals, you will not be required to pay any additional estate taxes. 

Importance of Estate Planning for Gold or Other Precious Metals

Estate planning will be beneficial when you are passing down inherited gold or other precious metals because, unlike houses and cars, there are no deeds required to register ownership of gold or precious metals. At the same time, their worth is not within a bank account, making gold and precious metals their own worth separate from your cash. The only direct evidence you may have that you own gold or precious metals is through tax returns. However, the amount of gold or precious metals you own may change throughout the year after you submit your taxes. Therefore, documenting within your Estate Plan, the exact value of the assets you are passing down - and where it is located, can be very beneficial to the person managing your estate after you pass. 

Including this information in your Estate Plan also gives you the opportunity to have full control over who you want to inherit your gold or other precious metals. If you do not create an Estate Plan and designate who you want to inherit your gold or precious metals, it is possible they may end up in the hands of someone you may not have wanted it to go to. 

Without an Estate Plan explaining who you want to inherit your assets—including gold and other precious metals—your family and loved ones will be put through unnecessary added stress at a time when they should be making room to grieve your loss. They will instead have to spend time and money determining who is meant to inherit your assets. This means hiring an attorney to navigate the time-consuming and complicated probate process. This can lead to frustration and unnecessary disputes among family members that could have been easily avoided by having an Estate Plan. Source

Handling Your Collection

Hold a coin by its edges between your thumb and forefinger over a soft towel or surface. Wear soft cotton gloves to protect the coin’s surface from fingerprints and the natural oils on your skin, which can be corrosive.

While you may be tempted to polish your coins to make them look shiny and new, proceed with caution. Polishing and/or cleaning coins can reduce their value. 

Older coins that show deep age coloration are more desirable than coins whose surfaces have been stripped away by improper polishing or cleaning. If you do polish a coin to remove dirt, use mild soap and water.  Once you’ve washed the coin, pat it dry with a soft towel. Brushing or rubbing can scratch a coin’s delicate surface. And now that you know how to properly care for and store your collection, remember the most important part of coin collecting . . . Have fun!

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