How to Sell Junk Silver for the Best Price

To sell junk silver for the best price, sort your coins, count the face value, work out the melt value, then get at least two quotes priced per $1 of face value. Local coin shops are usually the fastest and simplest buyers, and online dealers can sometimes pay more for larger lots once you account for shipping. Whichever you choose, know your numbers before you walk in.

Here's the full process, step by step.

1. Sort what you have

Dump the coins onto a towel and split them into piles. This matters because each group sells at a different rate, and a mixed bag invites a lowball offer.

• 90% silver: dimes, quarters and half dollars dated 1964 or earlier.
• 40% silver: Kennedy halves dated 1965 through 1970.
• 35% silver: Jefferson war nickels from 1942 to 1945 with a large mint mark over Monticello.
• Silver dollars: Morgans and Peace dollars, which usually sell individually rather than as junk.
• Clad: everything with a copper stripe on the edge. Spend it or roll it for the bank.

If you're unsure about a coin, the edge test settles most cases: a solid silver-colored edge means silver, a copper stripe means clad. Our beginner's guide to junk silver has a full table of which coins count.

2. Pull out anything that might be collectible

Before any coin goes into the melt pile, take five minutes to look for the outliers. Unusually old dates, sharp details, original mint luster or a mint mark you don't usually see can mean a coin is worth more than its silver. Our list of coins to check before you sell for melt shows where to look.

Set those aside and have them looked at separately. Don't clean them. Cleaning leaves fine scratches that collectors and graders spot immediately.

3. Count face value and work out melt

Count each pile by face value. Coin tubes help: 50 dimes, 40 quarters or 20 halves each make a standard roll ($5, $10 and $10). Then convert to silver:

• 90% coins: face value × 0.715 = troy ounces.
• 40% halves: face value × 0.2958 = troy ounces.

Enter your face values into the calculator below and you'll see the silver content and live melt value of your pile.

That melt value is your yardstick. Every offer you get should be compared against it. For the reasoning behind the 0.715 number, see how much junk silver is worth.

4. Get quotes the right way

Call or visit at least two buyers on the same day, and ask the same question each time: "What do you pay per dollar of face for 90% silver?" Asking that way keeps the answers comparable. If a shop quotes "a percentage of spot," convert it with your calculator.

Check the live price before each call. This card shows the current silver spot price and today's change.

A few habits help:

• Tell them the face value and coin mix, not just "a bag of old coins."
• Ask whether the quote changes for larger amounts.
• Ask if they pay the same rate for dimes, quarters and halves.
• Write each offer down with the time and the spot price at that moment.

If one buyer is clearly below the others, it's fine to say so politely. Our guide on negotiating with a coin dealer covers how to do that without souring the deal.

5. Choose where to sell

Each kind of buyer has trade-offs. This table sums them up:

For most people with less than a few hundred dollars in face, a local coin shop is the most practical answer. You see the buyer, you see the count and you leave with payment. Larger holders may find it worth getting an online quote too. Our guide to where to sell silver coins compares these options in more depth.

6. Close the sale and get paid safely

Selling in person

• Watch the count. Ask the buyer to count in front of you, by roll or by face value.
• Confirm the price on the spot. Silver moves during the day, so agree on a number before the coins leave your hands.
• Get a written receipt showing face value, coin type and the total paid.

Selling by mail

• Lock the price with the dealer first and get the confirmation in writing or by email.
• Pack coins tightly in tubes so they don't rattle, and use a plain box with no hint of the contents.
• Insure the package for the full value and keep the tracking number.

Our guide to shipping coins safely has packing and insurance details.

7. Keep records for taxes

The IRS treats coins and bullion as collectibles. If you sell at a gain, long-term gains (on coins held more than a year) are taxed at a maximum federal rate of 28%, and short-term gains at ordinary income rates. Dealers may have to report some sales to the IRS. Keep your receipt and any record of what you or the original owner paid, and confirm your situation with a tax adviser.

A worked example: one jar, two offers

Say Dan inherits a jar with $46 face in 90% coins and $8 face in 40% Kennedy halves.

1. 90% silver: 46 × 0.715 = about 32.9 ozt.
2. 40% silver: 8 × 0.2958 = about 2.4 ozt.
3. If silver were $40, melt would be about $1,316 + $95 = $1,411.

Shop A offers 88% of melt across the board: about $1,242. Shop B offers 94% on the 90% coins and 85% on the 40% halves: about $1,237 + $81 = $1,318. A seven-minute drive to the second shop is worth about $76. That's why you get two quotes.

Common selling mistakes

• Taking the first offer. Offers on the same coins can differ by a meaningful amount between shops. One extra phone call is the cheapest money you'll ever make.
• Selling on a guess. Walking in without knowing the face value or the spot price puts all the information on the buyer's side of the counter.
• Selling everything as junk. A worn 1950s Roosevelt dime is junk silver. A sharp, older coin with an unusual mint mark might not be. Check first.
• Answering "what do you want for it?" If a buyer asks you to name a price, turn it around and ask for their bid per $1 face. You can always say no.
• Letting coins out of sight. Stay at the counter while coins are counted, and don't leave a bag "to be counted later."

Seller's checklist

• Sort into 90%, 40%, war nickels, dollars and clad.
• Set aside anything that might be collectible.
• Count face value and check today's silver price.
• Get at least two quotes per $1 face, at the same time of day.
• Pick the buyer that fits your lot size, and get a receipt.
• Keep your records for tax time.