Some silver coins, which were minted in the United States through 1964, remain in circulation and are often spent as pocket change. But even if sold for scrap or melt price, the silver in the coins far outweighs their face value. Because most of these coins are not rare and lack any real collector value, they are worth far more when melted down for investors than they are as collectibles. Some silver investors trade in sealed bags of "junk" silver coins, at $1,000 face value per bag.
Check the dates to determine which of your coins are silver. Dimes, quarters and half dollars minted before 1965 are 90 percent silver. These coins also stand out because they do not have a copper core visible from the edge.
Count out your silver change. A face-value dollar's worth -- such as four quarters -- will carry slightly more than 0.7 ounces of pure silver.
Monitor the spot silver price, which may change daily. The listed price is for one troy ounce of silver. Most brokers will factor in a dealer's commission, so the spot price won't be the amount you get. You can get the spot silver price online, or in the business section of your newspaper.
Locate a buyer. Your best bet may be a reputable silver and gold broker, or a local coin shop.
Call the potential buyer to get a price quote, and call more than one to get the best rate.
Bring your coins to the broker or dealer. They will be counted and inspected.
Collect your money. Even for large transactions, most coin dealers and silver brokers prefer trading in cash.
Tips
Hold onto any uncirculated silver dollars minted through 1935. If in brand-new condition -- determined by the complete lack of wear on the coin, not by how shiny it is -- it may fetch much more than the scrap price.
If you know the buyer, you may be able to get your quote "locked in." This may be a hedge if the silver price drops before you cash the coins in. You will, however, forfeit any last-minute price gains.
Precious metals are exchanged in troy ounces, which are heavier than the more common avoirdupois weight. A pound contains 12 troy ounces, compared to 16 ounces avoirdupois per pound.
Warnings
Be careful where you cash in your coins, and make sure you get a price that is close to the spot silver price.
Screen out any silver coins that may be more valuable than the scrap price -- particularly silver dollars. These coins have a high demand among collectors, particularly when in pristine condition.
References
- Kitco: New York Spot Price
- Silver Recyclers: U.S. Silver Coin Weight Conversion and Melt Value Calculator
- US Mint: Timeline of United States Mint
- Naples News: Buying and Selling Gold and Silver
- Department of the Treasury, Bureau of Engraving and Printing. "BEP History Fact Sheet: Silver Certificates." Accessed March 8, 2020.
- U.S. Department of Commerce. "The Monetary Use of Silver in 1933." Page 2. Accessed March 8, 2020.
- Dickson H. Leavens. "Silver Money." Pages 18-19, 24 and 36. Principia Press, 1939. Accessed March 8, 2020.
- Dickson H. Leavens. "Silver Money." Pages 36-39. Principia Press, 1939. Accessed March 8, 2020.
- U.S. Government Printing Office. "Public Law 88-36: An act to repeal certain legislation relating to the purchase of sliver, and for other purposes." Page 2. Accessed March 8, 2020.
- Federal Register. "Volume 29, Issues 43-63." Page 3819. Accessed March 8, 2020.
- U.S. Mint. "Treasury Publishes Procedures for Exchanging Silver Certificates for Silver Bullion." Accessed March 8, 2020.
- Robert Friedberg, Ira S. Friedberg, Arthur Friedberg. "Paper Money of the United States: A Complete Illustrated Guide with Valuations." Page 74. Coin & Currency Institute, 2010. Accessed March 8, 2020.
- Robert Friedberg, Ira S. Friedberg, Arthur Friedberg. "Paper Money of the United States: A Complete Illustrated Guide with Valuations." Page 187. Coin & Currency Institute, 2010. Accessed March 8, 2020.
- U.S. Department of the Treasury. "Silver Certificates." Accessed March 8, 2020.
- Paper Money Guaranty. "PMG Paper Money Grading Scale." Accessed March 8, 2020.
- Old Currency Values. "Series of 1957 $1 Silver Certificate Star Notes – Values and Pricing." Accessed March 8, 2020.
- Variety & Errors. "Fancy Serial Numbers and Collectible Bills Worth Lots of Money." Accessed March 8, 2020.
- Heritage Auctions. "How Much is a One Dollar Silver Certificate Worth?" Accessed March 8, 2020.
- Littleton Coin Company. "1896 $1 Silver Certificate Educational Series." Accessed March 8, 2020.
- Littleton Coin Company. "1896 $1 Silver Certificate Educational Series - Grade: Very Choice Uncirculated 64." Accessed March 8, 2020.
- IC Coin. "U.S. 1899 Black Eagle $1 Silver Banknote Certificate Very Good." Accessed March 8, 2020.
- Littleton Coin Company. "Series 1899 $1 Large-Size Silver Certificate, Black Eagle - Grade: Gem Uncirculated Premium." Accessed March 8, 2020.
- Silver Recyclers. "1928 One Dollar Silver Certificate." Accessed march 8, 2020.
- Silver Recyclers. "1934 One Dollar Silver Certificate." Accessed March 8, 2020.
- Wheaton Precious Metals. "2019/2020 Guidebook." Pages 3-5. Accessed March 8, 2020.
- Silvercorp Metals. "The Premier Silver Producer in China." Page 3. Accessed March 8, 2020.
- First Majestic Silver Corp. "About the Company." Accessed March 8, 2020.
- Hecla Mining Company. "About Us." Accessed March 8, 2020.
- SSR Mining. "Puna Operations." Accessed March 8, 2020.
Tips
- Hold onto any uncirculated silver dollars minted through 1935. If in brand-new condition -- determined by the complete lack of wear on the coin, not by how shiny it is -- it may fetch much more than the scrap price.
- If you know the buyer, you may be able to get your quote "locked in." This may be a hedge if the silver price drops before you cash the coins in. You will, however, forfeit any last-minute price gains.
- Precious metals are exchanged in troy ounces, which are heavier than the more common avoirdupois weight. A pound contains 12 troy ounces, compared to 16 ounces avoirdupois per pound.
Warnings
- Be careful where you cash in your coins, and make sure you get a price that is close to the spot silver price.
- Screen out any silver coins that may be more valuable than the scrap price -- particularly silver dollars. These coins have a high demand among collectors, particularly when in pristine condition.
Writer Bio
Al Bondigas is an award-winning newspaperman who started writing professionally in 1985. His print credits include the "Mohave Valley Daily News" and "The Mohave County Standard." Bondigas studied journalism at San Bernardino Valley College in California.