90% "Junk" Silver Coins: How to Calculate Melt Value Per Dollar of Face Value

Ask any coin shop what moves steadily across the counter and pre-1965 U.S. silver coins will be near the top of the list. Often called "junk silver" or "constitutional silver," these are circulated dimes, quarters and half dollars bought and sold for their silver content rather than their collector value. Pricing them is simple once you know the numbers.

Which coins qualify

According to NumisView's guide to constitutional silver, U.S. dimes, quarters and half dollars minted from 1892 through 1964 are 90% silver. Silver dollars such as Morgan and Peace dollars are also 90% silver but are usually priced separately because they carry a larger premium.

After the Coinage Act of 1965, dimes and quarters switched to copper-nickel clad. Kennedy half dollars dropped to 40% silver from 1965 through 1970.

Silver content per coin

Figures from NumisView and USAGold's junk silver guide.

The per-dollar-of-face rule

Because the coins were made to the same standard, every $1 of face value in 90% dimes, quarters or halves contains the same amount of silver: about 0.7234 troy ounces at original mint weight.

Circulated coins have lost a little metal to wear, so dealers often use a slightly lower figure. USAGold, for example, uses 0.715 troy ounces per $1 face as its working rule. Pick one figure and use it consistently on both your buy and sell side.

Melt value = face value x silver per $1 face x silver price

Worked example

Silver traded near $59 an ounce in early October 2026, according to Tradingpedia's market report. Using a round example price of $58 per ounce:

Update the silver price and the table updates with it.

How coin shops price it

Junk silver is usually quoted in one of three ways:

• Multiple of face value, for example "40x face," meaning $40 for each $1 of face.
• Spot plus a premium per ounce of silver content.
• Per coin or per roll for walk-in customers buying small amounts.

Dealers sell above melt and buy below it, with the spread covering handling and market risk. Premiums rise when demand is strong and shrink when it's quiet.

Keep tags in step with the market

Because junk silver tracks the silver price so closely, a tag printed in the morning can be wrong by the afternoon. A formula-based tag (face value x silver per $1 x spot, plus your premium) keeps the displayed price honest without constant reprinting. For more on market-linked pricing, see our guide to digital price tags for gold and silver stores.

Sources

• NumisView, Constitutional silver: pre-1965 U.S. coins
• USAGold, 90% silver coins buying guide
• Tradingpedia, Silver slides as gold/silver ratio climbs