The value of scrap silver coins is primarily determined by their silver content, also known as their “melt value”. This value fluctuates with the current spot price of silver in the market.
- Silver Purity: The percentage of silver in the coin is a major determinant. Most US silver coins minted in 1964 and earlier contain 90% silver, while some special issues like the Kennedy half dollar (1965-1970) contain 40%. Fine silver, often found in bullion coins like the American Silver Eagle, has a purity of 99.9% or higher.
- Weight: The heavier the coin, the more silver it contains, and thus the higher its melt value.
- Spot Price: The current market price of an ounce of silver plays a crucial role. This price is influenced by global supply and demand, market conditions, and geopolitical events.
- Identify the silver content: Coins minted in the United States before 1965 (dimes, quarters, half dollars) typically contain 90% silver. Kennedy half dollars minted between 1965 and 1970 contain 40% silver. Some rarer silver coins might have lower or higher silver content. You can often find this information on online resources dedicated to silver coin values.
- Determine the weight: Use a precise scale to weigh the silver coins.
- Calculate the amount of pure silver: Multiply the coin’s weight by its silver purity percentage. For example, a 90% silver coin weighing 6.25 grams contains 5.625 grams of pure silver (6.25 grams * 0.90).
- Convert to troy ounces (if needed): The spot price of silver is typically quoted per troy ounce. Convert the weight of pure silver from grams to troy ounces (1 troy ounce = 31.1035 grams).
- Multiply by the current spot price: Multiply the number of troy ounces of pure silver by the current silver spot price to get an estimated melt value.
Given a silver spot price of $38.17 per troy ounce, here are some approximate melt values for common US silver coins:
- War Nickels (1942-1945, 35% silver): $2.15
- 90% Silver Dimes (Barber, Mercury, Roosevelt): $2.76
- 90% Silver Quarters (Barber, Standing Liberty, Washington): $6.90
- 90% Silver Half Dollars (Barber, Walking Liberty, Franklin, Kennedy 1964): $13.81
- Morgan and Peace Dollars (90% silver): $29.52
- 40% Silver Kennedy Half Dollars (1965-1970): $5.64
- 40% Silver Eisenhower Dollars (1971-1976): $12.06
- Silver Eagles (1986-Date, 99.9% silver): $38.14
- These are melt values and don’t account for any potential numismatic or collectible value a coin might possess. Some coins, even if considered “scrap,” might be worth more to a collector depending on their rarity, condition, and other factors.
- The actual price you receive for your scrap silver coins will likely be slightly less than the melt value, as buyers and refiners need to cover their operational costs.
- It’s always recommended to consult with a reputable coin dealer or precious metals expert for an accurate valuation of your specific coins.
