What is Constitutional or“junk silver”?
Constitutional or “Junk silver” is legal tender issued silver-content coins that are less than fine (.999 silver content) or sterling silver (92.5% or .925 silver content), typically used in reference to US silver content coins ranging from 35–90% silver content. Constitutional or “Junk silver” is not necessarily scrap silver. The U.S. coin silver that is included in Constitutional or “Junk silver” in the U.S. includes:
- Dollars: Morgan (1878–1904 & 1921) and Peace (1921–1928 and 1934–1935) that contain 90% silver.
- Half-Dollars: Liberty Head “Barber” (1892–1916), Walking Liberty (1916–1947),Franklin (1948–1963), and Kennedy (1964) that contain 90% silver content and Kennedy (1965–1970) that contain 40% silver content
- Quarters: Liberty Head “Barber” (1892–1916), Standing Liberty (1916–1930), and
Washington (1932, 1934–1964) that contain 90% silver content - Dimes: Liberty Head “Barber” (1892–1916), Winged Liberty Head “Mercury” (1916–1945), and Roosevelt (1946–1964) — 90-percent silver
- Nickels: Jefferson “Wartime” (1942 (partial)-1945) that contain 35% silver content
For both numismatic reasons and reasons tied to Gresham’s Law of Money — that people will hold onto higher quality forms of money like gold and silver and spend the money viewed as less valuable, “junk silver” has largely disappeared from circulation in the U.S, but folks will occasionally come across it. It used to be common and some folks still do go to the bank to request rolls of half-dollars, quarters, dimes or even nickels to extract the Constitutional or “Junk silver” from them. The most that is possibly lost is time and larger denomination currency.
Today Constitutional or “Junk silver” is bought and sold as an investment for a variety of reasons. Many choose to invest in Constitutional or “Junk silver” as it has a legal tender value but also a silver content, accomplishing two goals at once. Others view it as a less expensive way to purchase silver as great deals can often be found if buying Constitutional or “Junk silver” in bulk or if acquired at local pawn shops, flea markets, coin shops, local dealers, garage sales, estate sales, or other places where the sellers acquired it free through inheritance or very inexpensively themselves. Nearly all precious metals dealers, online or off, also deal in “junk silver”. Another reason folks invest in Constitutional or “Junk silver” is that if society and civilization were to see some sort of power down or collapse, that this Constitutional or “Junk silver” would be a great store of value given its known fixed silver content and widespread acceptance and use. Other investors in Constitutional or “Junk silver” melt it down for recasting into jewelry or other items including homemade fine silver bars and rounds. Lastly, the numismatic value of old Constitutional or “Junk silver” coins may appreciate overtime and/or collectors may simply like owning historic junk silver coins.
While investing in Constitutional or “Junk silver” is not an opportunity embraced by all, it does offer a few advantages to the budget-conscious and/or deal seeking silver investor and while fakes and frauds do exist, their likelihood at the moment is less than that of fine silver due to the price of silver still being relatively low. Simply said, it is not worth it in potential gain to fake most Constitutional or “Junk silver” coins for profit. One great resource for quickly knowing the current spot value of any Constitutional or “Junk silver” U.S. coin is the Coinflation website. Premiums are paid for Constitutional or “Junk silver” in most instances but the premiums can vary greatly from seller to seller and Bullion TP highly recommends shopping around for good premium deals, typically obtained at large volumes or through physical purchases.
Constitutional or “Junk silver” is liquid as the demand for it is high, even if not as high as the .999 fine silver that is the most desirable by investors. As the price of silver and its scarcity increase, owning some Constitutional or “Junk silver” may prove to be a beneficial investment for existing holders and it may also be a way for silver investors to continue acquiring some silver, given the large amount of it out there, at reasonable prices as prices rise.
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