Are you one of the 11.6% of Americans who invest in silver? If you are, or you’re thinking about it, then you need to know what is junk silver so you can invest wisely. Doing your own research is crucial for making smart investment decisions, whether you’re a beginner or an experienced investor.
Before investing in precious metals, it’s important to learn about different silver investment options, and how to make informed choices. This guide will give you all the information you need to make the best financial decisions. You’ll also get insight into the latest silver prices and trends.
What Is Junk Silver?
Junk silver refers to pre-1965 US coins that contain a high percentage of silver. The term “junk” describes their condition. They are often less than perfect, making them unsuitable for collecting.
Despite their appearance, they are still valuable because of their silver content. The coins include dimes, quarters, half dollars, and dollars.
Junk silver dimes for example contain 90% silver and 10% copper. These dimes are considered “junk” because they have no collectible value. The weight and purity of the silver they contain determine their value.
They are often bought and sold as a form of investment in silver, rather than as rare coins.
What Is Junk Silver Worth?
The value of junk silver is determined by its weight and silver content, which is typically expressed as a percentage of fine silver (e.g., 90% silver). These changes are based on supply and demand.
The value of a junk silver coin equals the current market price of silver multiplied by its silver content. For instance, a pre-1965 quarter contains about 0.18 troy ounces of silver. This is worth about $6.00 (assuming a silver price of $26.00 per troy ounce).
As the price of silver fluctuates, so does the value of junk silver. It’s important to note that the value of junk silver is not based on its rarity or numismatic value, but rather on its silver content.
What to Do With Junk Silver?
You can sell junk silver coins to a coin or precious metal dealer for the current market price of silver. Some individuals choose to keep them as a hedge against inflation and economic uncertainty.
Silver is a finite resource and its value often increases during economic instability. Junk silver coins can serve as a form of currency. While they may not be considered legal tender, they can be accepted for barter in uncertain economic times.
Invest in Precious Metals
Investing in precious metals, such as gold and silver, is a popular way to protect your wealth and secure your financial future. However, understanding the market and making informed decisions can be challenging.
This is where Only Gold in Phoenix comes in. We offer expert advice and guidance to those interested in investing in precious metals. Now that you know what is junk silver, contact Only Gold today and start securing your financial future through precious metal investments.