View source for Junk silver

[[Image:JunkSilver.JPG|right|thumb|250px| Junk silver in the form of [[Coins of the United States dollar|Pre-1964 US Coinage]]. From top left: Silver dimes in paper holders, a roll of dimes and a mixed-loose lot of half dollars, quarters, dimes and "wartime" nickels.]]

'''Junk silver''' is an informal term used in the United States, United Kingdom, Canada and Australia for any [[silver coin]] which is in fair [[Coin grading|condition]] and has no [[Numismatics|numismatic]] or [[Coin collecting|collectible]] value above the [[Precious metal|bullion]] value of the [[silver]] it contains. Such coins are popular among people seeking to [[Silver as an investment|invest in silver]], particularly in small amounts. The word "junk" refers only to the value of the coins as collectibles and not to the actual condition of the coins; junk silver is not necessarily [[scrap]] silver.<ref name="Monex">
{{cite news
| title = 90% Silver U.S. Coin Bags
| url = http://www.monex.com/prods/silver_90.html
| work = Monex
| publisher = Monex Precious Metals
| location = Newport Beach, Calif.
| accessdate = 2009-07-31
}}</ref>

Precious metals including silver are measured in [[Troy weight|troy]] [[Troy ounce|ounces]] (ozt). A [[spot price]] for silver is the price for a troy ounce of silver which is 99.9-percent pure, or [[Millesimal fineness|999 fine]]. Silver coins including junk-silver coins have set silver-alloy contents ranging from 35-percent to 90-percent or more. The term "coin silver," for example, refers to 90-percent silver alloy which was the most common alloy used to mint silver U.S. coins.

Any combination of 90-percent silver U.S. coins which have a face value of US$1.00 contains 0.715 troy ounces of 99.9-percent silver<ref>{{cite web|title=1964 D Washington Quarter|url=http://www.coincommunity.com/us_quarter_dollars/1964_d_washington_quarter.asp}}</ref>  (0.7234 troy ounces if uncirculated), except for the silver dollars (Morgan and Peace) which contain .7736 troy ounces of silver. In other words, a full troy ounce of 99.9-percent silver is contained in any combination of 90-percent silver U.S. coins which have a face value of US$1.40.<ref name="Coinflation">
{{cite news
| title = U.S. Silver Coin Melt Value Calculator
| url = http://www.coinflation.com/coins/silver_coin_calculator.html
| work = Coinflation.com
| publisher = Coinflation.com
| location = Unknown
| accessdate = 2009-08-07
}}</ref>

==Common U.S. coins==
The most commonly collected junk-silver U.S. coins were minted before 1965 and include Morgan and Peace [[Dollar coin (United States)|dollars]]; Liberty Head "Barber," Walking Liberty, Franklin and Kennedy [[Half dollar (United States coin)|half dollars]]; Liberty Head "Barber," Standing Liberty and Washington [[Quarter (United States coin)|quarters]]; Liberty Head "Barber," Winged Liberty Head "Mercury" and Roosevelt [[Dime (United States coin)|dimes]]; and Jefferson "Wartime" [[Nickel (United States coin)|nickels]].<ref name="BullionSpotPrice">
{{cite news
| title = Spot Prices for Silver Bars, Silver Coins and Silver Rounds
| url = http://www.bullionspotprice.com/silver
| work = Bullion Spot Price
| publisher = BullionSpotPrice.com
| location = Unknown
| accessdate = 2009-08-10
}}</ref>

'''Dollars'''
*[[Morgan Dollar|Morgan]] (1878–1904 & 1921) -- 90-percent silver
*[[Peace Dollar|Peace]] (1921–1928 and 1934–1935) -- 90-percent silver
'''Half-Dollars'''
*[[United States Barber coinage|Liberty Head "Barber"]] (1892–1915) -- 90-percent silver
*[[Walking Liberty half dollar|Walking Liberty]] (1916–1947) -- 90-percent silver
*[[Franklin Half Dollar|Franklin]] (1948–1963) -- 90-percent silver
*[[Kennedy Half Dollar|Kennedy]] (1964) -- 90-percent silver
*Kennedy (1965–1970) -- 40-percent silver
'''Quarters'''
*[[United States Barber coinage|Liberty Head "Barber"]] (1892–1916) -- 90-percent silver
*[[Standing Liberty Quarter|Standing Liberty]] (1916–1930) -- 90-percent silver
*[[Washington Quarter (U.S.)|Washington]] (1932, 1934–1964) -- 90-percent silver
'''Dimes'''
*[[United States Barber coinage|Liberty Head "Barber"]] (1892–1916) -- 90-percent silver
*[[Dime (United States coin)#Winged Liberty Head ("Mercury") (1916–1945)|Winged Liberty Head "Mercury"]] (1916–1945) -- 90-percent silver
*[[Roosevelt dime|Roosevelt]] (1946–1964) -- 90-percent silver
'''Nickels'''
*[[Nickel (United States coin)#Wartime nickels|Jefferson "Wartime"]] (1942 (partial)-1945) -- 35-percent silver

==Common U.K. coins==
The most commonly collected junk-silver U.K. coins were minted before 1946 and include Edward VII, George V and George VI [[Crown (British coin)|crowns]]; as well as Victoria, Edward VII, George V and George VI [[Half crown (British coin)|half crowns]], [[Two shillings (British coin)|florins]], [[Shilling (British coin)|shillings]], [[Sixpence (British coin)|six pences]], and [[Threepence (British coin)|three pences]].<ref name="BullionSpotPrice"/>

'''Crowns'''
*Victoria(2nd & 3rd portraits) (1887-1900) -- 92.5-percent silver
*Edward VII (1902) -- 92.5-percent silver
*George V (1927–1936) -- 50-percent silver
*George VI (1937) -- 50-percent silver
'''Half Crowns'''
*Victoria (1837–1901) -- 92.5-percent silver
*Edward VII (1902–1910) -- 92.5-percent silver
*George V (1911–1919) -- 92.5-percent silver
*George V (1920–1936) -- 50-percent silver
*George VI (1937–1946) -- 50-percent silver
'''Florins (2 Shillings)'''
*Victoria (1849–1901) -- 92.5-percent silver
*Edward VII (1902–1910) -- 92.5-percent silver
*George V (1911–1919) -- 92.5-percent silver
*George V (1920–1936) -- 50-percent silver
*George VI (1937–1946) -- 50-percent silver
'''Shillings'''
*Victoria (1838–1901) -- 92.5-percent silver
*Edward VII (1902–1910) -- 92.5-percent silver
*George V (1911–1919) -- 92.5-percent silver
*George V (1920–1936) -- 50-percent silver
*George VI (1937–1946) -- 50-percent silver
'''Six Pences'''
*Victoria (1837–1901) -- 92.5-percent silver
*Edward VII (1902–1910) -- 92.5-percent silver
*George V (1911–1919) -- 92.5-percent silver
*George V (1920–1936) -- 50-percent silver
*George VI (1937–1946) -- 50-percent silver
'''Three Pences'''
*Victoria (1838–1901) -- 92.5-percent silver
*Edward VII (1902–1910) -- 92.5-percent silver
*George V (1911–1919) -- 92.5-percent silver
*George V (1920–1936) -- 50-percent silver
*George VI (1937–1945) -- 50-percent silver

==Other countries==
[[Image:Swedish coins 80 percent silver.JPG|right|thumb| Some Swedish coins with 80% silver content.]]

Canadian [[Canadian silver dollar|dollar]], [[50 cent piece (Canadian coin)|half-dollar]], [[Quarter (Canadian coin)|quarter]] and [[Dime (Canadian coin)|dime]] coins minted after 1919 and before 1967 contained 80-percent silver. Those minted 1919 or earlier are sterling (92.5%) silver.<ref name="CanadianCoinsSilverValue">
{{cite news|title=Coin Melt Calculator |url=http://metallicoin.com/calculator |work=Metallicoin.com |publisher=Metallicoin.com |location=United States |accessdate=2013-05-07 |deadurl=unfit |archiveurl=https://web.archive.org/web/20140808191034/http://metallicoin.com/calculator |archivedate=August 8, 2014 }}</ref> For these coins (1920 - 1966), every CAD$1.00 in face value contains 0.6 troy ounces of silver. The 1967 and 1968 [[Quarter (Canadian coin)|quarter]] and [[Dime (Canadian coin)|dime]] were also minted in  50-percent silver. 1968 also introduced the 100-percent nickel versions of all the coins mentioned beforehand.  To tell the 1968 nickel and silver coins apart, the ones made from nickel are magnetic whereas the silver coins are not.

Australian "pre-decimal" [[Florin (Australian coin)|florin]], [[Shilling (Australian)|shilling]], [[Sixpence (Australian)|sixpence]] and [[Threepence (Australian)|threepence]] coins minted from 1910 to 1945 contained 92.5-percent silver. From 1946 to 1964, they were minted in "post-silver" coins which contained 50-percent silver. In 1966, the [[Australian 50 cent coin (round)|"round" 50-cent coin]] contained 80-percent silver.<ref name="SilverStackersCoinCalculator">
{{cite news
| title = Handy calculators for Australian silver coins
| url = http://calculators.silverstackers.com
| work = Silver Stackers Forum
| publisher = silverstackers.com
| location = Australia
| accessdate = 2009-08-29
}}</ref>

Swiss 1/2 Franken, 1 Franken and 2 Franken minted from 1874 to 1967 contained 83.5 percent silver. 5 Franken minted from 1922 to 1928 contained 90-percent silver and weighed 25g, and those minted between 1931-1969 contained 83.5 percent silver and weighed 15g.

==Popularity==
Junk-silver coins may be a desirable method of investing in silver for several reasons:
;Low premiums: Coins can often be purchased for little or no [[buyer's premium|premium]] over the spot price of silver, particularly during periods of economic stability.
;Legal tender: Coins remain [[legal tender]] and maintain their face value regardless of the price of silver.
;Recognition
:Coins are familiar and less likely to have their value disputed than silver rounds or bars.
;Divisibility: Coins can be easily spent or traded in small amounts. In contrast, minted silver bullion is rarely smaller than a troy ounce, while minted gold bullion (and other precious metals) is highly valued in even small amounts, like the [[American Gold Eagle]] coins.

For these reasons, junk silver is popular among [[survivalism|survivalists]]. In the event of a crisis or catastrophe during which traditional currency collapses, it is speculated that silver coins could provide a viable alternative, temporarily or indefinitely, while [[fiat currency]], which is not backed by precious metals or other commodities, has no inherent value and can be subject to extreme [[inflation]], even [[hyperinflation]], similar to [[Weimar Germany]], post-WWII [[Hungarian pengő#Hyperinflation|Hungary]] and, more recently, [[Zimbabwe]]. Proponents of junk silver and other precious metals claim that, while fiat currencies have historically been subject to hyperinflation, precious metals will always have inherent value and can act as a medium of financial exchange when fiat currencies are obsolete.

==Junk copper==
Some coin collectors and investors are also informally using the term "junk copper" to refer to any [[copper]]-bullion coins of no numismatic value.<ref>{{cite web|title=Junk Copper Coins|url=http://junkcoppercoins.com/}}</ref> Prominent examples include U.S. pennies minted before 1982 (partial), [[Canadian penny|Canadian pennies]] minted before 1997, and some pre-Euro copper European coins. 154 junk-copper U.S. pennies contain a full pound of .950 fine copper.

==See also==
*[[Coin collecting]]

==References==
{{reflist}}

[[Category:Numismatic terminology]]
[[Category:Silver coins]]