If you've been considering investing in silver, you might think that your only option is to buy silver bullion. That's not true. There is a very popular alternative that involves buying old coins that were high in silver. The U.S. mint used to make coins with a high percentage of silver.
These coins were not created to be bullion, but rather regular coins. They were used in everyday transactions. Coin collectors only value certain years and only if the coins are in very good condition. Junk silver is only valued for its silver content.
Below is a description of which junk coins you should look for and where you might find them.
What Type Of Junk Silver Should You Invest In?
When buying junk silver you want to pay close to the spot price. You want coins that were in heavy circulation and are not desirable to collectors.
The most popular coins are:
These were minted for almost 20 years, starting in 1946 and ending in 1964. They are 90 percent silver. These are one of the most popular junk silver coins.
Washington Quarters minted from 1934 to 1964 were 90 percent silver. In 1965, because of the rising price of silver, coins were changed to a copper and nickel formula.
Franklin and Kennedy Half Dollars
Franklin Half Dollars were minted from 1948 to 1963. They are 90 percent silver. The following year, the Kennedy Half Dollar was issued. This was also 90 percent silver. However, later Kennedy Half Dollars were only 40 percent silver.
Which Coins Should You Avoid
You should avoid silver coins that are being marketed as collectible coins. This means that many Morgan and Peace silver dollars should be avoided. These will often sell for well above the spot price of silver.
The other coin you have to be careful about are the War Time nickels. These were Jefferson nickels minted from 1942 to 1945. They only contained 35 percent silver. This makes them undesirable from a silver perspective.
Where To Find Junk Silver
One of the great things about junk silver is that you can find them in many places: garage sales, auctions, vintage stores, and flea markets. This is because these coins are so abundant. People all over the country have them.
The second method is to buy them online. You can buy them at most online stores that sell silver coins. When you buy junk silver you will buy it in bulk. A popular method of selling junk silver is to sell a bag of coins according to face value. So, what you might do is purchase $500 dollars in dimes. Of course, you would pay more than $500 because the value of the silver is worth more than the face value.