Build and track a junk silver bag
Short answer: Buy by face value, record how many of each coin type you hold, and value the bag by its pure silver content at the current spot price.
Know what is in the bag
A typical bag holds 90% silver dimes, quarters and half dollars dated 1964 or earlier. Count each coin type, because the silver per coin differs.
- Dimes hold about 0.0723 troy oz of silver
- Quarters hold about 0.1808 troy oz
- Half dollars hold about 0.3617 troy oz
Value it at melt
Multiply the number of each coin by its silver content, add them up and multiply by the spot price. The junk silver calculator does this in one step.
Watch the premium
Dealers sell bags at a premium over melt that changes with demand. Compare the price per troy ounce of silver, not the price per bag.
Record each purchase
Note the face value, the coin types, the total price and the date, and keep the invoice, so your average cost per ounce stays accurate.
Questions
Is junk silver a good way to own silver?+
It is popular because the coins are recognisable and easy to sell in small amounts. Whether it suits you depends on the premium you pay and how you plan to use it.
Do I need to check every coin?+
Dealers sell bags by face value and weight, but checking a sample for date and wear helps you spot coins that are not what they claim.