{"id":29459,"date":"2024-02-28T10:27:03","date_gmt":"2024-02-28T18:27:03","guid":{"rendered":"https:\/\/www.advantagegold.com\/?p=29459"},"modified":"2024-02-28T10:27:03","modified_gmt":"2024-02-28T18:27:03","slug":"what-is-junk-silver","status":"publish","type":"post","link":"https:\/\/www.advantagegold.com\/blog\/what-is-junk-silver\/","title":{"rendered":"What Is Junk Silver?"},"content":{"rendered":"

Junk silver coins are circulated U.S. coins<\/span>, typically minted before 1965, <\/span>that contain 90% silver. <\/span>Contrary to its name, junk silver <\/span>is not junk at all. Instead, they\u2019re coins with no numismatic\u2014a fancy word for collectible\u2014value and derive their worth exclusively from their content of silver.\u00a0\u00a0<\/span><\/p>\n

Confused? <\/span>Well, think about it this way.\u00a0<\/span>\u00a0<\/span><\/p>\n

We\u2019ve all come home from work, emptied our pockets of change, and tossed it atop a dresser or into a change jar.\u00a0\u00a0<\/span><\/p>\n

That overflowing jug of old shiny pieces of money is probably filled with junk silver. You might be a silver collector <\/span>without<\/span> even <\/span>knowing<\/span> it.\u00a0\u00a0<\/span><\/p>\n

If you dig through that jar and find any coins minted in 1964 or <\/span>earlier<\/span>, you could potentially sell them\u2014not for their face value of 10 or 25 cents but for the value of silver in the coin.\u00a0\u00a0<\/span><\/p>\n

Junk Silver History\u00a0<\/b><\/h2>\n

Before 1965, <\/span>t<\/span>he U.S. Mint made all dimes, quarters, 50-cent pieces, and dollar coins with silver. That\u2019s why dollar coins are called silver dollars.\u00a0<\/span><\/p>\n

With the<\/span> Coinage Act of 1965<\/span><\/a>, <\/span>the U.S. Mint changed its recipe<\/span>. As a result, it eliminated silver from many coins and began manufacturing them <\/span>with<\/span> a mix of nickel and copper.\u00a0<\/span><\/p>\n

One of the main reasons for this change was the dramatic increase in the bullion value of silver coins compared with their face value. Speculators began to hoard and melt the coins, which caused imbalances in the coinage system.\u00a0<\/span><\/p>\n

While many pre-1965 coins have become rare <\/span>and sell <\/span>for a king\u2019s ransom, most junk silver coins are in poor condition and of no interest to collectors.\u00a0\u00a0<\/span><\/p>\n

Today\u2019s Silver Coin Market\u00a0<\/b><\/h3>\n

Today\u2019s silver coin market is quite different, especially for those looking to invest in the Silver IRA. IRS guidelines for precious metal IRA storage require investors to purchase new coins. Although uncirculated and in perfect condition, this type of coin still derives its value primarily from <\/span>its<\/span> silver content and not collectability. The market refers to them as<\/span> bullion coins<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

The IRS has specific rules about<\/span> which silver coins it approves<\/span><\/a> for use in a precious metals IRA.\u00a0<\/span><\/p>\n

The Silver IRA\u2014a popular investment vehicle used to own physical silver inside a retirement account<\/span>\u2014<\/span>allows for newly minted bullion coins that are not numismatic. It doesn\u2019t allow for the pre-1965 junk silver coins.\u00a0\u00a0<\/span><\/p>\n

What does this mean for your jar of change? That potentially rare silver dollar coin<\/span>,<\/span> which may be worth hundreds of thousands of dollars to a numismatist, is not allowed in the Silver IRA.\u00a0\u00a0<\/span><\/p>\n

Junk Silver Coins<\/b><\/h3>\n

People often ask where to buy junk silver and how<\/span> to <\/span>spot a junk silver coin. <\/span>Generally, the<\/span> term junk silver typically applies to any U.S.-minted silver coin manufactured before 1965. <\/span>But, <\/span>in technical terms, <\/span>a junk silver coin is any government-issued <\/span>silver coin <\/span>intended <\/span>for circulation<\/span> but now <\/span>solely valued for its bullion (meltdown value).\u00a0\u00a0<\/span><\/p>\n

The coin\u2019s date is the easiest clue to check. All dimes, quarters, half dollars, and silver dollars before 1965 can qualify as junk silver. <\/span>Next, examine the coin\u2019s edge<\/span>. If the edge of a coin has a solid silver strip, it\u2019s likely silver. If you only see traces of copper, the coin is probably 40% silver.\u00a0\u00a0<\/span><\/p>\n

Here is a list of popular coins that were once in wide circulation but are now considered junk silver:\u00a0<\/span><\/p>\n