Sunday, July 21, 2024

Junk Silver

August 12, 2010 by  
Filed under Silver Coins

This term is often used to refer to silver coins in any form that are not in a fair condition and that do not any value above the normal bullion value of the its silver content. This just means that these coins will only have the value of the silver content present in them, irrespective of their age but one thing that does count will exchanging these coins for money is their condition. If the condition of these coins has deteriorated then it is difficult to search for a buyer. That was briefly about our topic for today, which is junk silver.

For people who can’t invest in a metal like silver for large amounts can use these coins as a smaller form of investment. The silver content in these coins varies a lot; the gap that it extends up to is 30% – 90%. The silver in these coins is said to be 99.9% pure and this is the normal ratio for the coins that are minted in the US.  The most basic definition to identify junk silver is that coins which has been minted in the US before the 1965 classify for this category.

Some people also refer to these coins as “Ugly” due to scratches or wear and tear which is spotted all over the coin, often a smart seller will concentrate on the overall image but only consider the silver content of these coins. These coins are usually sold in forms of bags which have a face value of $1000.00 USD. The face value of these bags means that the numbers of coins present in the bag, the sum of their silver content adds up $1000 USD. Another thing to be considered while handling junk silver is that a bag of silver coins will normally contain 715 ounces of silver.

But if the coins are newly minted which means the average silver content of each coin is minimum 90%, then the total silver content of a $1000 USD bag reaches to 723 ounces. Another thing to note is that although not many sellers encourage the look of such coins but if the condition of a coin at your possession is good enough that it can easily fetch you a few hundred dollars. Museum officials are always on a lookout for coins in good condition and they do pay a lot. That is everything that is there to known about junk silver.

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