Reasons why you collect junk silver coins (90% or 40%)

junky old coins!

So called "junk silver" coins are simply coins that have at least 40% silver content and might be "collectable" if they werent so dang wore out or are simply a year and mint that is so plentiful and thus cheap, everyone who wants to collect it already has several! I believe the expression 'junk' became popular about in the 70s during the Hunt Bros market runup when virtually ANYTHING with silver content was being thrown in the recycle pile. So along with bags of old silver candlesticks from junkshops, you found bags of silver coins and even pallets of old photographic x ray film. When the price of the silver in an old Barber quarter or a 1878 Morgan dollar was more than what it would bring as a collectable coin, they went into the bag along with other forms of 'junk silver' and it was off to the refinery.
So many $1000 bags in fact that actual $1000 face value bags of silver coins that were so common before the meltdown are now relatively scarce and bring a premium over some other bullion forms. Today anything like a 1921 Morgan that is so common the usual price is the same buying as a coin as you could get selling for meltdown is refereed to as 'junk silver' like you said, it just depends on why you are buying that coin. To put in your album or to save as bullion.
I love junk as I can pick up coins Ive never had before and get them dirt cheap just to amuse myself. Im easily amused and they are great fun. You can even fill albums with lowgrade coins from a bag of junk and not spend a fortune.

 

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I haven't bought much junk silver unless the deal was super attractive, and I haven't bought much at all since silver went above $20, my personal buy ceiling. I was lucky enough to buy 120 mercury dimes for $0.30 each, and I used to buy canadian dollars for $8 to $10 because uncirculated and AU coins sold at junk prices. The rest came from searcing halves.

 

Do I?

Yes.

Why?

Why not.

 

I buy junk 90% silver at melt and, occasionally, 40% silver under melt about once a month
I usually get half dollars but have gotten dimes and quarters too..
I put together a complete set of Franklin halves, a decent but incomplete set of Walkers, several complete Roosie sets and a fair-to-middlin Merc set missing only the key dates.
I look for die varieties and the occasional semi-key.
It keeps me off the streets at night and occupies my time.
And no matter what, they'll always be worth face value!

 

I have one dealer who sells the stuff for just around spot, another dealer who buys it for about 5% under, and sells it for about 10% over. I buy from the one dealer who if the seller does not have numismatic coins separated just dumps the whole thing in a coffee can, I usually buy slqs, barbers, wlhs, frankies and an occasional proof or commem, and upgrade my collections. The rare things to find in the junk silver for me are seated coins, I have only got a couple of em. I was able to fill a merc album that my father started except for the 16-d and the 42/1 and the two early 20s semi key mercs which I purchased at a show. I still buy mercs in the junque if they look nice and upgrade the album.

I find a few better than vg barbers now and then.

As for profit, to me it is mainly a hobby. I would be lying to you if I said I did not like finding an 1908-o Barber dime in vf in the melt for 3 dollars and selling it for 36. Or selling a couple rolls of dimes that I bought for a buck for two and a half, but any profit is sunk right back into the hobby. I also would be lying if I said that was the usual deal, the usual deal is more often buying a bunch of junque silver at 2 and a half and selling it for 2 and a quarter, because I need the money for an upcoming show.