Junk coins refer to those coins minted before 1964 in US. These often comprise of mercury dimes, silver dollars, Kennedy half dollars and so on. In the old times, coins like dollars and quarters were made of silver in varying degrees.
Coins that were minted up to 1965 consisted of 90% silver but later on, the silver content came down to 40%. Junk coins offer more value for silver and are generally bought in bulks or bags. If you are thinking of investing in this type of silver and buying junk coins online, then this Reddit is just right for you. Today, these coins are in great demand.
Junk coin is the numismatic term refers to worn circulated silver coin. Junk coins are usually not bullion coins like American Eagles, Mexican Libertads or Canadian Maple Leaf coins. In the most cases junk coins contain from 40% to 90% of pure silver.
Junk coins do not have any collector’s value because there are signs of wear and tear, scratch marks, nasty nicks etc. The value of junk coins lies in the silver content of the coins. For example, the U.S. coin, minted before 1965, is often called junk coin. These coins have at least 40% – 90% silver content, depending on type of coins. Before 1965, coins were 90% silver and 10% copper. This was soon reduced to 40% silver content, and modern U.S coins have no silver content at all.
Although the junk dime coins are not very valuable to coin collectors, they do have value because of their obvious silver content. Depending on the price of silver, the value can be quite substantial over face value for a worn out pre-1964 quarter or dime silver coin. Although there will be wear and tear on the junk coin the silver content is still usually about 99% intact, making the junk coin worth way more than face value of the coin.
It is very rare to find pre-1965 dime, quarter, haft, dollar coins in circulation anymore as many people have searched for them and banks have started using automatic sorting machines that set the coins with the silver content aside.
Why should you buy junk silver coins.
Quick fact;
- Coin shows are a great place to find deals on 90%.
- shops are paying spot for junk silver if you were to sell.
- Shop sell junk silver for around 20x face value.
Junk coins are popular among precious metals investors who want to invest in small amounts of silver. The coins are the best choice for investing if you want to invest in silver bullion only $5,000 or less. Always try to find junk coins for sale. If you must buy silver right now, this is one of those times where it is best to go against current market trends. The best time to buy junk silver was before the price spike when you could get it cheap in comparison to other forms of silver. Now that more ordinary people have suddenly become buyers, the situation has changed. You can buy junk silver if you want and pay a $5-6 premium for each $1 face of 0.715 oz, depending on where you go and if you buy in bulk. They are selling all 90% percent for 21 times $1 dollar face. If you buy the Barber dimes, quarters, and halves they are selling it for 22 times $1 dollar face.
Junk silver coins have many benefits for investors:
- 1. Little or no premium over the spot silver bullion prices, especially if you buy them for sale at the lowest prices.
- 2. Junk coins have legal tender and real face value.
- 3. Junk silver coins are very liquid: they are familiar and recognized around the world as a trading medium so they can be sold easily.
- 4. In the event of a crisis silver junk coins could provide a good alternative when fiat currencies are obsolete.
Buying junk 90% silver in bags.
Junk coins are generally lower priced than silver bullion coins. You can buy those without any premium over spot silver.
Dealers usually sell junk silver coins in lots, or “junk silver bags” of varying price and size. The name “junk silver bags” developed in the 1970s and was used to describe a bag of average circulated silver coins. Usually junk silver bags contain either all dimes, quarters, or half dollars and no mixed junk silver bags offered.
Because of their circulated condition, there’s no particular need to protect each individual coin. Silver bags sold by dealers typically contain coins for the amount between $1000 and $10000 in face value. Junk silver bag with $1000 face value contains approximately 715 ounces of silver (for 90% junk coins).
You can expect to pay a little more for half-dollar junk coin than for junk silver dime or quarter because of the higher silver content. Half-dollars coins also are much more popular among collectors and investors. Another reason is fewer silver half-dollars were minted than junk silver quarters and dimes.
Places to look for buying junk silver coins.
One must be aware as to where to start from. Needless to mention, you will come across nearly everyone with offers of selling these coins. One of the most reputes markets on the web is Ebay which is a wonderful site. Remember that it is standard to pay a premium of 15-25% over the silver spot price for each silver coin. Another reliable choice is Craigslist. Almost any amount (from $5 dollars to $1,000 dollars) can be found on eBay and you can often find bargains on Ebay. In addition to U.S. junk coins, you can find junk silver bags from all over the world (Canadian coins, Australian coins, Chinese coins and so on).
You can buy junk bags from dealers like Lynn Coins, C.C. Silver & Gold Inc., CMI Gold & Silver and or APMEX.
Tips on buying junk silver coins.
As always, when buying online, look for only at the reputed places with good recommendations. The web is teeming with scammers, so be wise and make the right and well-informed choices. You can also look at various online auction sites where you will find sellers selling in lesser quantities and giving free shipping. When buying online, you will often come across the term “X times face”. This means x times the face value. You can buy these coins in bulk or a single coin. People with a low budget often start with one coin. One small downside about these junk silver coins is the different quantities of silver found in these coins. So, expect a different value for each coin.
People often get interested in precious metals during hard economic times as they are looked upon as a practical way of trade when money is no longer used. Therefore, do not delay as these half dimes and quarters are a wise choice today for your investment portfolio. There is no time to waste.
Silver content in junk coins.
Coins that are minted 1965 through to the present time in the U.S. have little or no silver content at all. The silver content of various pre-1965 coins will be around 90%.
- Dollars – 24.06 grams of silver;
- half-dollars – 11.25 grams of silver;
- quarters – 5.625 grams of silver;
- dimes – 2.25 grams of silver. It takes 14 dimes to equal one ounce of silver.
Percentage of silver in U.S. junk coins
- Liberty Head “Barber” half-dollar (1892-1915)- 90%;
- Walking Liberty half-dollar (1916-1947) – 90%;
- Franklin half-dollar (1948-1963) – 90%;
- Kennedy half-dollar (1964) – 90%;
- Kennedy half-dollar (1965-1970) – 40%;
- Liberty Head “Barber” quarters (1892-1916) – 90%;
- Standing Liberty quarters (1916-1930) – 90%;
- Washington quarters (1932, 1934-1964) – 90%;
- Liberty Head “Barber” dimes (1892-1916) – 90%; 14 Liberty Head “Barber” dimes equal one ounce of silver.
- Winged Liberty Head “Mercury” dimes (1916-1945) – 90%; 14 Liberty Head “Mercury” dimes equal one ounce of silver.
- Roosevelt dimes (1946-1964) – 90%; 14 Roosevelt dimes equal one ounce of silver.
- Jefferson “Wartime” (1942 (partial)-1945) – 35%;
Percentage of silver in U.K. junk silver coins
- Victoria silver Half Crown (1837-1901) – 92.5%;
- Victoria Florin (2 Shillings) (1849-1901) – 92.5%.
- Victoria Shilling (1838-1901) – 92.5%.
- Victoria Six Pences (1837-1901) – 92.5%.
- Victoria Three Pences (1838-1901) – 92.5%.
- Edward VII Crown (1902) – 92.5%;
- Edward VII Half Crown (1902-1910) – 92.5%;
- Edward VII Florin (1902-1910) – 92.5%.
- Edward VII Shilling (1902-1910) – 92.5%.
- Edward VII Six Pences (1902-1910) – 92.5%.
- Edward VII Three Pences (1902-1910) – 92.5%.
- George V Crown (1927-1936) – 50%.
- George V Half Crown (1911-1919) – 92.5%.
- George V Half Crown (1920-1936) – 50%.
- George V Florin (1911-1919) – 92.5%.
- George V Florin (1920-1936) – 50%.
- George V Shilling (1911-1919) – 92.5%.
- George V Shilling (1920-1936) – 50%.
- George V Six Pences (1911-1920) – 92.5%.
- George V Six Pences (1920-1936) – 50%.
- George V Three Pences (1911-1920) – 92.5%.
- George V Three Pences (1920-1936) – 50%.
- George VI Crown (1937) – 50%;
- George VI Half Crown (1937-1946) – 50%.
- George VI Florin (1937-1946) – 50%.
- George VI Shilling (1937-1946) – 50%.
- George VI Six Pences (1937-1946) – 50%.
- George VI Three Pences (1937-1945) – 50%.
Percentage of silver in other countries junk silver coins
- Canadian quarter and silver Canadian dime (before 1966) – 80%.
- Canadian quarter and silver Canadian dime (1967) – 50% or 80%.
- Canadian quarter and silver Canadian dime (1968) – 50% or no silver.
- Australian florin, shilling, sixpence and three pence (1910-1945) – 92.5%.
- Australian florin, shilling, sixpence and Threepence (1946-1964) – 50%.
- Australian florin, shilling, sixpence and Threepence (1946-1964) – 50%.
- Australian round 50-cent coin (1966) – 80%.