Junk silver premiums vary widely depending on the “prepper premium”.
In this live stream we discussed Junk silver.
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What is Junk Silver?
Junk silver refers to United States dimes, quarters, half dollars and dollar coins with mint marks before 1965. These coins were minted with 90% silver and were intended for everyday use. The pejorative sounding “junk” name shouldn’t put you off from these coins. Junk silver coins are convenient to buy and easily recognizable. Junk silver is puchased and sold for it silver content.
While junk silver coins have no numismatic value, these coins have attractive designs and with some persistence can be collected in near entire sets with the exception of a few key dated coins.
Junk silver coins were (and still are) legal tender and minted for general circulation. Today’s one ounce American Silver Eagle coins (1986-present) produced by the United States Mint are legal tender consisting of .9993 pure silver and .0007 copper and have a face value of $1.
There was .07234 oz of silver in each pre 1965 dime, .18084 ounces of silver in each quarter, .36169 ounces of silver in each half dollar and .77344 ounces of silver in each dollar.
The decision to remove silver from the United States’ coinage was made under President Lyndon Johnson who warned those who might consider hoarding the silver coins that there would be no profit in doing and that “Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.”
The U.S. Treasury’s silver is all gone and there has been a very tidy profit for those that held onto their pre- 1965 silver coins.
The Great Silver Melts
What’s left after the melts – PCGS estimates
The First Silver U.S. Coins
The first U.S. silver coins, the Flowing Hair Half Dime and Flowing Hair Half Dollar were minted in 1794 consisting of .8924 silver/.1076 copper. In 1796 dimes and quarters, also of .8924 silver/.1076 copper were first minted.
In 1836, the first .900/.100 copper coin, the Capped Bust Half Dollar, was minted and in 1837 the U.S. Mint began minting .900/.100 copper dimes and quarter. These coins fetch hefty numismatic premiums and are not considered “junk silver”.
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Types of Junk Silver
Since nickel was needed for war munitions, the U.S. Mint ceased using nickel to mint “nickel” chosing instead to make five cent pieces of 56% copper, 35% silver and 9% manganese. The coins contained the mint market “P” (for the first time ever on a U.S. coin), “D” and “S” on the reverse to indicate the origin of their mintage. They were so marked to make it easier to identify and remove them from circulation once the war ended.
Silver Nickels
Composition/Weight:.560 copper/.350 silver (.05626 oz pure silver).090 manganese
Face Value $.05
Designer: Felix Schlag
Mint Locations: Philadelphia, Denver and San Francisco
Year Minted1942 – 1945
From 1942-45 nickels were made of silver and contained no nickel
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Silver Dimes
Junk silver dimes, unlike 1/10 ounce silver rounds which come with hefty premiums due to fabrication costs, have relatively low premiums and may sometimes have a lower premium than silver quarters and half dollars!
Composition/Weight: .900 silver/.100 copper (.07234 oz. pure silver)/2.50 grams
Face Value:$.10
Barber or Liberty Head Dime
Description:Obverse:
Designer: Charles E. Barber
Mint Locations: Philadelphia, Denver, New Orleans and San Francisco
Years Minted: 1892-1916
The design of the Barber Dime also appeared on the quarters and half dollars from 1892-1916
The Barber dime was designed by Charles E. Barber who hit the trifecta as his design was used for the dime, quarter and half dollar! While Barber dimes are valued for their silver content, they command a higher premium than Mercury and Roosevelt dimes because they are older and were minted in lower quantities.
The largest mintage of Barber dimes was just 22 million in 1907 compared to 231 million Mercury dimes minted in 1944 and over 2 billion Roosevelt dimes minted in 1964.
Buy Barber Dimes by year on Golden Eagle Coins.
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Mercury or Winged Liberty Head Dime
Description: Obverse:
Designer: Adolph A. Weinman
Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1916-1945
Mercury dimes were minted from 1916-1945.
The Mercury dime was designed by Adolph A. Weinman whose depiction of Lady Liberty walking appears on the Liberty Walking Half Dollar and the American Silver Eagle.
The Mercury dime is popular among collectors for its beauty and since they were minted in relatively large amounts they are accessible at affordable prices in almost all dates and mint marks.
The largest mintage of Mercury Dimes was in 1944 when approximately 340 million were minted at the U.S. Mints in Philadelphia, Denver and San Francisco.
Search Mercury Dimes by year at Golden Eagle Coins .
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Roosevelt Dime
Description: Obverse:
Designer: John R. Sinnock Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1946-1964
Roosevelt silver dimes are dated 1946-1964.
The Roosevelt dime follows the relatively new practice in U.S. coinage of placing former presidents on the coins. For the entire history of the United States in the 18th and 19th centuries, coins featured images of mythical individuals symbolizing liberty.
Abraham Lincoln was the first President to appear on a U.S. coin in 1909 when he began to grace the front of the penny. Since Lincoln, George Washington (the quarter in 1932) Thomas Jefferson (the nickel in 1938), Franklin D. Roosevelt (the dime in 1946) John F. Kennedy (the half dollar in 1964) and Dwight D. Eisenhower (the dollar coin in 1971) have all appeared on U.S. coins.
Pre 1965 Roosevelt silver dimes are perfect of barter as they as instantly recognizable with the same design as the dimes that are in circulation today.
Roosevelt dimes have little numismatic value other than those that are in near perfect or proof condition.
Silver dimes are usually purchased in $1 increments or 10 dimes. A roll of dimes has a face value of $5 and contains 50 dimes.
Search uncirculated, certified and proof Roosevelt Silver Dimes at Golden Eagle Coins.
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Silver Quarters
Composition/Weight: .900 silver/.100 copper (.18084 oz. pure silver)/6.25 grams
Face Value: $.25
Barber or Liberty Head Quarter
Description: Obverse:
Designer: Charles E. Barber
Mint Locations: Philadelphia, Denver, New Orleans and San Francisco
Years Minted: 1892-1916
The Barber Quarter shares the same design as the Barber Dime and like the dime was minted in lesser quantities than the Liberty Standing and Washington quarters.
The largest mintage of Barber Quarters was 12.6 million in 1899.
Buy Barber Quarters by date at Golden Eagle Coins
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Liberty Standing Quarter
These coins are of limited mintage and often show signs of excessive wear. Many Liberty Standing Quarters may have the dates completely obliterated due to a design flaw. From 1916-1924, the Liberty Quarter was minted with the date appearing on a raised pedestal. It became apparent after less than a decade of use that the dates on many of the coins were already showing signs of serious wear.
In 1925, the U.S. mint altered the Liberty Quarter to eliminate the raised pedestal and to place the date recessed in the same position to protect it from wear.
Liberty Standing Quarters with dates will sell for a premium over those without dates.
Description: Obverse:
Designer: Herman A. MacNeil
Mint Locations: Philadelphia, Denver and San Francisco
Years Minted:1916-1930
Standing Liberty Quarters were minted from 1916-1930.
The Liberty Standing Quarter (pictured aboveow) was minted for only fifteen years.
Certified Liberty Standing Quarters sell for extreme premiums.
You can Buy certified Liberty Standing Quarters at Golden Eagle Coins.
The largest mintage of Liberty Standing Quarters was 27.8 million in 1920.
Washington Quarter
Description: Obverse:
Designer: John Flanagan
Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1932-1964
Pre-1965 Washington quarters are instantly recognizable as they share the same design as the quarters currently in circulation. A silver quarter in 1964 would buy a gallon of gas. Today that same silver quarter is worth about the price of a gallon of gas, a testament to the value preservation of silver.
Silver quarters are usually purchased in $1 increments or four quarters. A roll of quarters has a face value of $10 and contains 40 quarters.
Search uncirculated, certified and proof Washington Silver Quarters on Golden Eagle Coins
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Silver Half Dollars
Composition/Weight: .900 silver/.100 copper (.36169 oz. pure silver)/12.50 grams
Face Value: $.50
Barber Half Dollar
Description: Obverse:
Designer: Charles E. Barber
Mint Locations: Philadelphia, Denver, New Orleans and San Francisco
Years Minted: 1892-1915
The Barber Half Dollar shares the same design as the Barber Dime and Barber Quarter.
Buy Barber Half Dollars by Date at Golden Eagle Coins
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Liberty Walking Half Dollar
Description: Obverse:
Designer: Adolph A. Weinman
Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1916-1947
The obverse of the Liberty Half Dollar shares the same design as the American Silver Eagle one dollar coin.
Buy Silver Walking Liberty Half Dollars by date and condition at Golden Eagle Coins
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Franklin Half Dollar
Description: Obverse:
Designer: John R. Sinnock Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1948-1963
Franklin Half Dollars were minted from 1948-1963.
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Kennedy Half Dollar
Description: Obverse:
Designers: Gilroy Roberts and Frank Gasparro
Mint Locations: Philadelphia and Denver
Years Minted: 1964 (90% silver) 1965-1970 (40% silver)
After Kennedy’s death in November 1963, the U.S. Mint changed the half dollar to feature JFK on the obverse. The Kennedy half dollar was minted in 90% silver in 1964 and 40% silver from 1965-1970.
Buy Kennedy Half Dollars at Golden Eagle Coins
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The most common silver dollars are the Morgan and Peace dollars. These coins were minted from 1878-1935.
Composition/Weight: .900 silver/.100 copper (.77344 oz. pure silver)/26.73 grams
Face value: $1
Morgan Dollars
Description: Obverse: the date and Liberty Head with the words “E Pluribus Unum”
Reverse:Picture of an eagle clasping arrows and olive branch with the words “One Dollar” “In God We Trust” “United States of America”
Designer: George T. Morgan
Mint Locations: Philadelphia, New Orleans, Carson City, Denver and San Francisco
Years Minted: 1878-1904 and 1921
The Morgan Silver Dollar began production at the United State Mint in 1878. In 1878 it was produced in Philadelphia, Carson City and San Francisco. Morgan Silver Dollars would also be produced in 1921 in New Orleans and Denver.
Morgan Silver Dollars contain a little over three quarters of an ounce of silver (.77344 ounces).
The Morgan Silver Dollar was designed by George T. Morgan who had been a pupil of William Wyon of the Royal Mint in London.
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The Pittman Act
In 1918, Congress passed the Pittman Act, that provided for the destruction of over 270 million Morgan silver dollars which were no longer in production, to support the price of silver. The Morgan silver dollars were melted down and the silver bullion sold to England to alleviate its silver shortage. Under the Pittman Act, starting in 1921 through 1933, the U.S. would buy back 270 million ounce of silver from U.S. mining companies at a subsidized price of $1 an ounce in order to replace the Morgan Silver Dollars destroyed.
The production of the Morgan Silver Dollar recommenced for one year in 1921. Later that year, a new US silver dollar, the Peace Dollar was introduced and was minted from 1921-1928 and in 1934 and 1935.
Peace Dollars
Description: Obverse: the date and the words “Liberty” and “In God we Trust” with a crowned female head in the center. Reverse: The words “United States of America” “e pluribus unum” and “peace” and “one dollar with a perched bald eagle in the center.
Designer: Anthony de Francisci
Mint Locations: Philadelphia, Denver and San Francisco
Years Minted: 1921-1928/1934-35.
Peace Silver Dollar reverse
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Silver Confiscation
What Did The Government Do With The Silver?
The great melt of Morgan Silver Dollars and the requirement to replace them, pressured silver stocks to the point, most available silver in the 1920’s went towards the production of silver dollars, leaving little silver for the minting of dimes, quareter and half dollars.
The U.S. government needed the silver to mint coins or to “print money”. In 1918 pursuant to the Pittman Act, the U.S. melted down over a quarter of a billion (270 million) U.S. Silver dollars and converted them into silver bullion and sold it to England who needed the silver to alleviate a silver coin shortage in India which was a colony of England’s at the time.
Under the Pittman Act, the amounts of silver sold to England would have to be replaced by minting new silver dollars. In 1921 the replacement process began as the U.S. Mint recommenced minting Morgan Silver Dollars which hadn’t been minted since 1904. Also in 1921, the U.S. Mint began producing Peace Dollars.
The Pittman Act of 1918 was sponsored by Key Denson Pittman, a Senator from Nevada, a state with a large silver mining industry, such that its nickname is the “Silver State”. Senator Pittman was a fierce advocate for the silver industry. The Pittman Act provided that all that silver that was melted down and sold to England would have to be replaced. Most of it would come from Pittman’s home state of Nevada’s mines AND at a subsidized price of $1 an ounce!
The Silver Purchase Act of 1934 was also sponsored by Senator Pittman.
Executive Order 6814 dated August 9, 1934, was entitled Executive Order 6814 Requiring the Delivery of All Silver to the United States for Coinage and required all persons to deliver silver to the U.S government pursuant to the Silver Purchase Act of 1934, subject to certain exemptions.
How Much Silver Was Confiscated?
Nearly 113 million ounces.
112,937,925 ounces of silver were “nationalized” pursuant to Executive Order 6814.
Nationalized Silver
1935: 112,301,335 ounces
1936: 650,452 ounces
1937: 68,777 ounces
1938: 17,361 ounces
Total: 112,937,925
Silver Acquired Pursuant to The Silver Purchase Act of 1934
An additional 1.353 billion ounces of silver were purchased under the Silver Purchase Act of 1934.
Over 1.3 billion ounces of silver were acquired pursuant to the Silver Purchase Act of 1934.
Morgan Silver Dollars for sale
The chart below shows that the bulk of silver the U.S. used to mint coins the 1920’s went into replacing the silver dollars melted down pursuant to the Pittman Act. Little silver went into the minting of dimes, quarter and half dollars.
From 1921-1923 an over 171 million ounces of silver was used to produce 90% silver U.S. coins. Of the silver used, 95% went into producing silver dollars which meant that there was not enough silver to mint sufficient quantities of dimes quarter and half dollars. From 1921-1923, 171,821,261 ounces of silver were used to mint U.S. dimes, quarters, half dollars and dollars. Of that, 163,338,884 ounces or over 95% of the silver used went to produce silver dollars!
Amount of Silver Used to Mint U.S. Dimes, Quarters, Half Dollars and Dollars 1921-23
The enormous sum of 163,388,884 ounces of silver or 95% of the 171,821,261 total ounces of silver used to mint U.S silver coins from 1921-23 went to mint silver dollars.**
In comparison, prior to the Pittman Act of 1918, less silver was used for minting U.S. coins and the silver used was distributed more evenly among dimes, quarters, half dollars and dollar coins. For example, consider the three year period from 1894-1896, illustrated below when about 29 million ounces of silver were used to mint silver coins and 64% of that silver went to produce silver dollars vs. 95% during the period of 1921-23 above.
Amount of Silver Used to Mint U.S. Dimes, Quarters, Half Dollars and Dollars 1894-96
The minting of silver dollars from 1894-96 took up the bulk of the 28,660,046 ounces of silver used to mint U.S. silver coins during those years.
U.S. Dimes, Quarters and Half Dollars Get A Boost From the Silver Purchase Act of 1934
The first ounces of silver started flowing into the U.S. Treasury on August 14, five days after signing of Executive Order 6814. With the silver acquired from the Silver Purchase Act of 1934 pursuant to Executive Order 6814, the U.S. Mint ramped up silver coin production that had slowed and even come to a standstill in the late 1920’s early 1930’s. Only approximately 9% of the 63,503,999 ounces of silver used to mint dimes, quarters, half dollars and dollar coins from 1934-36, however, went to produce silver dollars.
Amount of Silver Used to Mint U.S. Dimes, Quarters, Half Dollars and Dollars 1934-36
Mintages of dimes, quarters and half dollars rose during the period of 1934-36.
The mintages of the following 90% silver U.S. coins show a dearth of dimes quarters and half dollars minted from 1921 (the year of reintroduction of silver dollar minting under the Pittman Act) to 1933.
Mercury Head Dimes
In 1920 92,021,100 Mercury Dimes were minted. In 1921, the year silver dollar production recommenced, just 12,310,000 Mercury Dimes were minted. None were produced the following year. In 1923 the 56,570,000 Mercury dimes were minted, the most of any year from 1923-1931. In 1932 and 1933 no dimes were minted.
In 1934, 30,852,000 Mercury dimes were minted. The number of Mercury dimes minted increased to 85,147,000 in 1935 and to 112,842,000 in 1936.
Liberty Standing Quarters
In 1920, 37,826,400 Liberty Standing Quarters were minted. The next year when silver dollar production recommences only 1,916,000 were made. None were produced in 1922. From 1923-1930, the last year of production of the Liberty Standing Quarter, the highest mintage was 16,892,000 in 1924.
Washington Quarters
The Washington Quarter was introduced in 1932 to mark the 200th anniversary of George Washington’s birth. The George Washington quarter was not minted in 1933 and benefited from the increased Treasury silver in 1934, 1935 and 1936 when it was produced in mintages of 35,439,252, 43,924,000 and 50,502,000, respectively.
Liberty Walking Half Dollars
In 1920, 12,547,000 Liberty Walking Half Dollars were minted. In 1921, just 1,002,000Liberty Walking Half Dollars were minted, none in 1922, 2,178,000 in 1923, none from 1924-26, 2,392,000 in 1927, 2,941,200 in 1928 and 2,903,200 1929. None were produced from in 1930-32. From 1921 to 1932 the U.S. Minted just 11,416,400 Liberty Walking Half Dollars.
In 1934 Liberty Walking Half Dollar production increased to 12,977,000, to 16,019,800 in 1935 and to 20,749,400 in 1936.
Farewell Peace Dollars
Silver dollar production had stopped with the 1928 mintage and did not begin again until 1934. The Peace Dollar was introduced in 1921 to mark the end of the Great War and was phased out at the end of 1935. After all, World War II was coming. Peace dollars were produced in mintages of 2,733,768 and 2,737,978 in 1934 and 1935 and never again.
The Mint totals from each year are from each of the Philadelphia, Denver, New Orleans and San Francisco Mints.
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Silver Buying Tip: Compare Pricing and Shipping of Morgan Silver Dollars
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Junk Silver Premiums
American Silver Eagle sales rose in anticipation of the year 2000 and spiked during the financial crisis of 2008- 2009 and it aftermath
Sale of one ounce and 1/10 American gold eagles, however, were the real sale winner in the run up to Y2K.
The Junk Silver Prepper Premium
Why Do Premiums on Junk Silver Rise?
Price
Junk silver can be an economical way of obtaining silver in bulk. Premiums fluctuate and may be low on the perception that junk silver is relatively plentiful. Many silver stackers prefer to purchase their silver bullion with higher percentages of silver purity. Silver products with at least .999% silver content like silver rounds, bars and government issued coins like American Silver Eagles and Canadian Silver Maple Leaf coins have captured a large percentage of silver demand.
In 1964-65, the United States Mint produced nearly four billion dimes, quarters and half dollars using about 550 million ounces of silver in the process. During the period of silver coinage in the United States ending in early 1965, billions of ounces of silver were used in the production of silver coins.
The United States Mint produced a prodigous amount of silver coins dated 1964.
No New Supply of Junk Silver
Despite the massive amounts of junk silver produced during their history, none have been produced for over fifty years. Many of these coins have been melted down for their silver content, although no records are kept as to the amounts. In addition, collectors pull key dated coins and other coins from the supply of junk silver. Thus, the supply of junk silver available to purchase in bulk diminishes each year.
During Periods Anticipating Crisis, Demand for Junk Silver Coins Increases
Higher junk silver premiums may act as a barometer of economic uncertainty among a certain segment of the population. During times of economic uncertainty, demand for junk silver increases. While investors in silver bullion may prefer 99+% silver products in larger sizes, those concerned about having instantly recognizable small silver coins for barter, covet the pre 1965 dated 90% silver dimes, quarters and half dollars.
Thus, junk silver premiums rise not only when overall silver demand rises, but when that demand is driven in part by economic or geopolitical uncertainty.
Since supply of junk silver is never increasing, any increase in demand will push the premiums on it higher.
The chart below shows the premiums for junk silver from 2009 – September 2015. You can see that premiums at that time were increasing and surpassed the recent highs of 2013 when there was concern over a U.S. government shut down.
An increase in junk silver premiums often indicates an increase in silver demand and heightened economic uncertainty.
Ideal Barter Currency – The Prepper Premium
SIlver coins provided the United States, a complex economy with a fully functioning currency for over 160 years. In the event of a power or internet outage, currency crisis or other circumstance where digital currencies do not work, junk silver coins would be the most likely medium of exchange.
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550 MILLION OUNCES OF SILVER WERE USED IN 1964 AT THE UNITED STATES MINT
Standing Tall Against Controversy and Scandal – The Standing Liberty Quarter
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