Face Value: Silver Coins in Circulation
Posted on 1/10/2023
Since ancient times, silver has been a popular medium for coinage. It was part of the circulating coinage in the United States from the dawn of the US Mint in the late 1700s until 1971, when silver was removed from the Kennedy Half Dollar. (The business strikes of the Washington Quarter and Roosevelt Dime lost their silver in 1965.)
Today, the US Mint continues to produce millions of silver coins annually for bullion or collecting purposes, including commemorative coins, American Silver Eagles and the various Silver Proof Sets. While these are not intended for circulation, some US coins that contain silver can still be found in pocket change, though it certainly isn't easy. This is because most of these coins have been plucked from circulation by collectors who are aware that their silver value makes them worth several times their face value.
Silver last traded below $15 an ounce in 2008, and has hovered around $20 to $25 for much of the past year. The NGC website offers a Coin Melt Value resource. This powerful tool calculates the melt (or intrinsic) value of a coin based on its composition and the value of the metal it is struck in.
Here are three groups of silver coins to look for in circulation:
1932-1964 Washington Quarters
Washington Quarters were 90% silver from their inception in 1932 until the Coinage Act of 1965, which was passed amid a coin shortage in the early 1960s. This shortage was caused by surging demand for silver that resulted in the hoarding of silver coins: dimes, quarters and half dollars.
The value of a 1932-1964 Washington Quarter begins with its melt value, which floats based on the price of silver. Here are some examples:
- If silver is $20 per ounce, a 1932-1964 Washington Quarter has a melt value of $3.62
- If silver is $25 per ounce, a 1932-1964 Washington Quarter has a melt value of $4.52
- If silver is $30 per ounce, a 1932-1964 Washington Quarter has a melt value of $5.42
To learn more about Washington Quarters and to see the latest melt values and values from the NGC Price Guide, check out NGC Coin Explorer.
1946-1964 Roosevelt Dime
The Coinage Act of 1965 also stripped the silver from dimes. Because of silver's higher density, the copper-nickel versions dated 1965 and later are lighter than earlier Roosevelt Dimes: 2.27 grams vs. 2.5 grams.
The value of a 1946-1964 Roosevelt Dime begins with its melt value, which floats based on the price of silver. Here are some examples:
- If silver is $20 per ounce, a 1946-1964 Roosevelt Dime has a melt value of $1.45
- If silver is $25 per ounce, a 1946-1964 Roosevelt Dime has a melt value of $1.81
- If silver is $30 per ounce, a 1946-1964 Roosevelt Dime has a melt value of $2.17
To learn more about Roosevelt Dimes and to see the latest melt values and values from the NGC Price Guide, check out NGC Coin Explorer.
1942-1945 Jefferson Nickel (Wartime Silver Alloy)
It might seem strange, but World War II actually forced the United States to add silver to its low-denomination Jefferson Nickel. Previously, the coins had been struck in 75% copper and 25% nickel, but nickel was needed for the war effort. So, the Mint switched to planchets that were 56% copper, 35% silver and 9% manganese.
All Nickels dated 1943, 1944 and 1945 should have the silver alloy. Nickels dated 1942 with the silver alloy weigh the same as the copper-nickel ones, but can be distinguished by a large mintmark above Monticello on the obverse. (Rarely, when a coin's composition changes and an incorrect planchet is used to strike a coin, a mint error called a "transitional error" occurs. World War II-era Jefferson Nickels are among the coins that have been found with this error.)
The value of a 1942-1945 Wartime Alloy Jefferson Nickel begins with its melt value, which floats based on the price of silver. Here are some examples:
- If silver is $20 per ounce, a 1942-1945 Wartime Alloy Jefferson Nickel has a melt value of $1.13
- If silver is $25 per ounce, a 1942-1945 Wartime Alloy Jefferson Nickel has a melt value of $1.41
- If silver is $30 per ounce, a 1942-1945 Wartime Alloy Jefferson Nickel has a melt value of $1.69
To learn more about Jefferson Nickels and to see the latest melt values and values from the NGC Price Guide, check out NGC Coin Explorer.
1964-1970 Kennedy Half Dollar
It has been decades since the half dollar was routinely used as circulating currency in the US. Indeed, even in 1964, the new Kennedy Half Dollars were snapped up and saved by an American public eager to commemorate the slain president. But if you do come across a Kennedy Half Dollar, it's a good idea to check its date.
The 1964 version is 90% Silver, while the business strikes dated 1965 to 1970 are 40% Silver. (A small number of 1971-D and 1977-D Kennedy Half Dollars are known to have been mistakenly struck on silver-clad planchets, and they can sell for thousands of dollars at auction.)
The value of a 1964-1970 Kennedy Half Dollar begins with its melt value, which floats based on the price of silver. Here are some examples:
- If silver is $20 per ounce, a 1964 Kennedy Half Dollar (which is 90% silver) has a melt value of $10.85
- If silver is $20 per ounce, a 1965-1970 Kennedy Half Dollar (which is 40% silver) has a melt value of $2.96
- If silver is $30 per ounce, a 1964 Kennedy Half Dollar has a melt value of $10.85
- If silver is $30 per ounce, a 1965-1970 Kennedy Half Dollar has a melt value of $4.44
To learn more about Kennedy Half Dollars and to see the latest melt values and values from the NGC Price Guide, check out NGC Coin Explorer.
Transitional Errors
Some silver coins might be hiding in circulation because they have transitional errors. These errors occur whenever a coin's metal composition changes. Sometimes, a coin is mistakenly struck using the older planchet, or sometimes a coin is struck with a planchet intended for the following year.
For example, a Heritage Auctions sale has a 1965 Dime and a 1965 Quarter that were struck using the 90% silver planchets that were supposed to have been used only for coins dated 1964 and earlier. These coins are likely to sell for thousands of dollars, because nearly all their value comes from the fact that there are extremely rare errors.
1965 Dime on a 90% Silver Planchet graded NGC Mint Error MS 62 and a 1965 Quarter on a 90% Silver Planchet graded NGC Mint Error AU Details. Click images to enlarge. |
If you think you might have a 1965 Dime or 1965 Quarter that was mistakenly struck on a 90% planchet but you don't have access to the equipment to run a metallurgical analysis, don't worry. You can start by weighing them: The heavier silver would make the coin weigh significantly more than it should. A coin dealer or respected online coin community could offer some advice, and third-party coin certification would remove all doubt.
Related Link: Face Value columns
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