Junk Silver: 90% Silver U.S. Coins
"Junk silver" is the trade name for circulated U.S. dimes, quarters, half dollars and dollars minted with 90% silver, mostly coins dated 1964 or earlier. They have little or no collector value, so they trade on their silver content. Because their fineness is .900, well below the IRS .999 standard for silver, they cannot be held in a precious metals IRA.
Why Pre-1965 Coins Contain Silver
For most of U.S. history, circulating dimes, quarters and half dollars were struck in an alloy of 90% silver and 10% copper. As silver became more valuable than the face value of the coins in the early 1960s, people began pulling them out of circulation. Congress responded with the Coinage Act of 1965, which replaced silver in dimes and quarters with the copper-nickel "clad" composition still used today. The U.S. Mint's history pages describe this transition and the coin designs on either side of it.
The half dollar was handled differently. Kennedy halves dated 1965 through 1970 were reduced to 40% silver rather than eliminated outright, which is why dealers sell those as a separate category.
Which Coins Count as 90% Silver
The most common 90% silver coins found in dealer inventory are:
- Dimes: Roosevelt dimes from 1946 to 1964, Mercury (Winged Liberty) dimes from 1916 to 1945, and older Barber dimes.
- Quarters: Washington quarters from 1932 to 1964, plus older Standing Liberty and Barber quarters.
- Half dollars: Franklin halves (1948 to 1963), Walking Liberty halves (1916 to 1947), and 1964-dated Kennedy halves.
- Silver dollars: Morgan and Peace dollars. These are also 90% silver but usually sell separately, because many carry numismatic premiums.
Two related categories often appear next to junk silver: 40% silver Kennedy halves (1965 to 1970) and "war nickels" struck from 1942 to 1945, which contain 35% silver. Check which one a listing refers to before comparing prices.
How Much Silver Is in Each Coin
Because the alloy and weights were set by law, the silver content of each denomination is consistent. A dime weighs 2.5 grams, a quarter 6.25 grams, and a half dollar 12.5 grams, each at 90% silver. That works out to roughly:
| Coin | Total weight | Approximate pure silver |
|---|---|---|
| Dime | 2.5 g | 0.0723 troy oz |
| Quarter | 6.25 g | 0.1808 troy oz |
| Half dollar | 12.5 g | 0.3617 troy oz |
Since these weights are proportional to face value, one dollar of face value in 90% dimes, quarters or halves holds about 0.723 troy ounces of silver when the coins are new. Circulated coins have lost a little metal to wear, so dealers commonly use a working figure of about 0.715 troy ounces per dollar of face value. If you're unfamiliar with the unit, our guide to the troy ounce explains how it differs from a kitchen ounce.
How Junk Silver Is Sold
Dealers quote junk silver by face value rather than by coin count. You might see listings for $1, $10 or $1,000 in face value, with the price expressed as a multiple of face value or as a premium over the silver content. The larger "bag" sizes are traditional in the wholesale market, while smaller lots are common at coin shops.
Pricing tends to follow the silver spot price, with a premium or discount that moves with demand. During periods of heavy buying, premiums on 90% coins have at times been noticeably higher than on newer bullion; at other times they have been lower. For a fuller explanation of how dealers set these numbers, see premiums and bid/ask spreads.
Why Some Buyers Like Junk Silver
- Small units. A single dime holds well under a tenth of an ounce of silver, so 90% coins come in finer increments than one-ounce rounds or bars.
- Recognizability. These were everyday U.S. coins, and their designs and dimensions are widely known.
- No collector premium. Common dates in worn condition are priced mainly on metal content, not rarity.
The Trade-Offs to Weigh
- Not IRA eligible. Under 26 U.S.C. 408(m), metals bought in an IRA are generally treated as collectibles unless they meet the bullion fineness standard (.999 for silver) or are one of the specifically named coins, such as the American Silver Eagle. Ninety-percent coins meet neither test. Our page on the collectibles rule covers this in detail.
- Bulk. Storing a meaningful amount of silver in dimes and quarters takes more space and more counting than storing bars.
- Variable condition. Bags may contain heavily worn coins, so the actual silver content can differ slightly from the rule-of-thumb figure.
- Taxes on sale. The IRS generally treats physical precious metals, including silver coins, as collectibles for capital gains purposes. Our overview of taxes on selling physical metals explains the basics; a licensed tax professional can address your situation.
Silver for a Retirement Account Instead
If your goal is to hold silver inside a self-directed IRA, the options are .999-fine bullion and the American Silver Eagle. The American Silver Eagle guide and our list of IRA-eligible silver coins cover what qualifies. Goldco, a precious metals company, lists several silver coins for IRAs and marks at least one silver product on its site as not IRA eligible, which is a useful reminder to confirm eligibility for each specific item. You can see what it offers on our page about silver coins available through Goldco.
Buying Tips
- Confirm whether a listing is 90%, 40% or 35% silver.
- Compare price per ounce of silver content, not price per coin.
- Ask how the dealer handles worn or damaged coins in a lot.
- Get the dealer's buyback price in writing alongside the selling price so you can see the spread.
- Review our broader guide on how to buy silver before placing an order.
Frequently Asked Questions
Why is it called "junk" silver?
The name reflects the coins' lack of collector value, not their metal. Common-date, circulated coins are priced mainly on silver content.
Are 1965 quarters silver?
No. Starting with 1965, dimes and quarters were struck in copper-nickel clad metal. Only certain proof and special sets made later contain silver.
Can I put junk silver in an IRA?
No. Ninety-percent coins fall below the .999 silver fineness standard and aren't among the coins named as exceptions in the tax code.
How much silver is in $1 face value of junk silver?
About 0.723 troy ounces when new, and roughly 0.715 troy ounces as a common allowance for circulation wear.
Are Morgan and Peace dollars junk silver?
They are 90% silver, but they usually trade separately because many carry collector premiums above their metal value.