Numistify guide
Are Silver and Gold Coins Worth More Than Face Value?
Yes. A coin made of silver or gold is worth at least the metal it contains, and for older US coins that is far more than the face value. Here is which coins qualify and how to work out the metal value.
The short answer
Yes, if they contain silver or gold. US dimes, quarters and half dollars dated 1964 and earlier are 90% silver, Kennedy halves of 1965–1970 are 40% silver, and 1942–1945 nickels with a large mint mark above Monticello are 35% silver. Melt value is the pure metal content times the spot price; for mixed 90% coins, multiply the face value by about 0.715 troy ounces, then by the spot price.
Which US coins contain silver
90% silver: every dime, quarter and half dollar dated 1964 or earlier, plus the Morgan (1878–1921) and Peace (1921–1935) silver dollars.
40% silver: Kennedy half dollars dated 1965 to 1970.
35% silver: Jefferson “war nickels” from 1942 to 1945.
The Coinage Act of 1965 removed silver from the dime and quarter and cut the half dollar to 40%. Circulating dimes and quarters dated 1965 or later, and halves from 1971 on, contain no silver.
How much silver each coin holds
| Coin | Years | Silver | Pure silver (troy oz) |
|---|---|---|---|
| Dime | 1964 and earlier | 90% | 0.0723 |
| Quarter | 1964 and earlier | 90% | 0.1808 |
| Half dollar | 1964 and earlier | 90% | 0.3617 |
| Morgan and Peace dollars | 1878–1935 | 90% | 0.7734 |
| Kennedy half dollar | 1965–1970 | 40% | 0.1479 |
| Jefferson “war nickel” | 1942–1945 | 35% | 0.0563 |
Working out melt value
Melt value is the value of the metal alone: pure metal content × spot price. Look up the current spot price of silver, which changes daily, and multiply. One Morgan dollar holds 0.7734 troy ounces, so its melt value is 0.7734 times the spot price.
The 0.715 shortcut. For a mix of 90% dimes, quarters and halves, every $1 of face value holds about 0.715 troy ounces of silver — whether it is ten dimes, four quarters or two halves. The figure allows for normal wear. Multiply your total face value by 0.715, then by the spot price.
The silver war nickels, and how to spot them
During the Second World War, nickel was needed for the war effort, and from 1942 to 1945 the five-cent piece was struck in an alloy with 35% silver. These coins carry a large mint mark above Monticello on the back — P, D or S. Some 1942 nickels were struck before the change and contain no silver, so look for the large letter, not just the date.
Gold coins
US gold coins struck before 1933 are 90% gold. Each holds a fixed amount of pure gold, worth that weight times the gold spot price, and often more as a collectible.
| Coin | Gold | Pure gold (troy oz) |
|---|---|---|
| $20 double eagle | 90% | 0.9675 |
| $10 eagle | 90% | 0.48375 |
| $5 half eagle | 90% | 0.24187 |
| $2.50 quarter eagle | 90% | 0.12094 |
When a coin is worth more than its metal
Melt value is a floor, not a ceiling. A scarce date, a mint mark or a coin in excellent condition can be worth far more than its metal — which is why no coin should be sold for melt without first checking whether it is collectible. Look it up in the Red Book or a world coin catalogue, compare auction records and eBay sold listings, and ask your local coin shop. Our guide to telling whether a coin is valuable shows what to look for.
Questions people ask
Which US coins are made of silver?
Dimes, quarters and half dollars dated 1964 and earlier are 90% silver, as are Morgan and Peace dollars. Kennedy half dollars from 1965 to 1970 are 40% silver, and Jefferson nickels from 1942 to 1945 with a large mint mark above Monticello are 35% silver.
How do I calculate the melt value of a silver coin?
Multiply the coin’s pure silver content in troy ounces by the current spot price of silver. For mixed 90% coins, multiply the total face value by about 0.715 troy ounces, then by the spot price.
How much silver is in a pre-1965 quarter?
About 0.1808 troy ounces of pure silver. A pre-1965 dime holds about 0.0723 and a half dollar about 0.3617.
Are 1965 quarters silver?
No. The Coinage Act of 1965 removed silver from dimes and quarters, so quarters dated 1965 and later are copper-nickel clad. Kennedy half dollars kept 40% silver until 1970.
Will a dealer pay the full melt value?
Not usually. A dealer buying bullion-value coins generally pays somewhat below the full melt value. Compare offers from your local coin shop and check current prices before selling.
Related guides
What is my coin worth? — researching a coin’s collector value.
Where is the mint mark? — including the large war-nickel mint mark.
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