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Tuesday, March 28, 2006

Junk Silver Coins

Junk silver coins are silver coinage that has no real value to collectors but does have value as silver content.

The coins still have the value of the silver content which can be quite substantial.

Junk silver refers mainly to those coins minted pre 1964 or 65. Pre 1965 the amount of silver in silver coins was around 90%, after that date the amount of silver in each coin was reduced to around 40 percent or so, so it is a good idea, if you are accumulating silver this way, to stick to the pre 1965 coins.

Although there will be wear and tear on the coins, scratch marks nicks and the face worn, the silver content is still usually about 99.9 percent intact making these coins worth their silver content.

For those concerned with the future economic uncertainty these coins make an ideal hedge therefore.

You can get ‘junk silver’ very easily. Many dealers sell old silver in bags of various denominations and sizes. You can buy a less than a hundred dollars worth or up to thou8sands of dollars worth. Only restricted by your budget and willingness to part with money.

Also you can even check your change in your pocket. You might be surprised at how much real silver you have.

Old silver coins can also be found on eBay and at flea markets but ensure you know the current value of silver to ensure you are not paying too much. Ensure you know the weight of the coins you are buying and do not pay more than 25 percent over the value of the silver in the coins. (there will always be a mark up as the dealer has to make his money of course).

As stated previously, avoiding all 1965 or later coins to make things easier.

Here is the silver content of various earlier silver coins:
Silver dollars contain 0.77344 Troy oz. silver content
Half dollars contain 0.36169 Troy oz silver content
Quarters contain 0.18084 Troy oz silver content
Dimes contain 0.0723 Troy oz silver content

Work out before the value of each coin before you buy. There is no substitute for doing due diligence to ensure you are getting the best deal and not paying a premium.

Following this principle will help to ensure you pay the least for your junk silver coins.



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