'junk' silver definition...

'junk' silver is, as my understanding goes, USA silver coins that are worth more as silver than as coins. Right?

Which, if any, of the following would you NOT sell for silver content, but would try to move for their numismatic value primarily instead? Assuming common dates for all examples.

worn thin, but dates and main shapes still visible, G03-04 barber dimes
worn mercury dimes
circulated mercury dimes
uncirculated mercury dimes
uncirculated roosevelt dimes

vf to xf war nickels

thin, dates and shapes still visible G03-04 barber quarters
dateless standing liberty quarters
uncirculated washington quarters

thin G03-04 barber halves
worn walking liberty halves
circulated walking liberty halves
uncirculated walking liberty halves
circulated franklin halves
uncirculated franklin halves
uncirculated '64 kennedy halves
uncirculated 40% kennedy halves

worn morgan dollars
circulated morgan dollars
uncirculated morgan dollars
circulated peace dollars
uncirculated peace dollars


basically, at what point does a common date coin count as junk vs. not junk?

 

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Given your stating they are common dates only, I would think the uncirculated silver coins would not be considered junk and carry numismatic value above silver value. TC

 

what about barbers? only asking because the pcgs price guide puts even G04 barber coins well above melt, but i'm not sure what the community thinks.

 

I promise I am not trying to be obstinate or argumentative, just trying to be sure I get it right. If I'm about to sell this huge amount of silver, i'd rather not include a large portion of coins worth a decent amount more than their silver value I'd prefer to let those go individually, if that were the case.

 

Any worn/cleaned/damaged common year silver coin can be considered junk silver, it doesn't need to be issued by the US mint. I'd argue that any modern silver coin could be called junk silver too

 

The way I think about it is that coins are junk silver when their melt value exceeds their numismatic value. At that point they become a commodity.

 

Barbers in all denominations were not avidly collected in their time (they were considered ugly!) so most of them ended up circulating extensively. It is estimated that 90% of existing Barber coins are in grades of G-VG or worse. If you have any that would grade F or better you certainly should not consider them 'junk' silver.

 

Barber coins seem to trade at a premium to melt even when badly worn. Dealers at the local coin show ask more than melt for them (although I'm sure they try to buy them at melt or below). They go for more on eBay, too.

Uncirculated Walkers and Mercs certainly go for more than melt.

Peace dollars and especially Morgan dollars go for more than melt -- much more, when uncirculated.

Slick Barbers are often light by 5% (for halves) to as much as 20% (for dimes). Don't sell them as silver by weight!

A Morgan or Peace dollar contains more silver than a dollar's worth of dimes, quarters or halves. Ten uncirculated silver dimes (or four quarters or two halves) weigh 25 grams, containing 22.5g of silver; an uncirculated silver dollar weighs 26.73 grams, containing just over 24g of silver, or 6.92% more. So, only a sucker would agree to sell "$1000 FV of 90% silver" and then include silver dollars in the total.

The smaller the coin, the higher its surface area relative to its volume/weight, and the more weight it will lose at a given grade. One AG Barber half will weigh more than five AG Barber dimes. Silver dollars lose weight most slowly.

Watching eBay, $10 FV of halves can go for a bit more than $10 FV of quarters, which can go for a bit more than $10 FV of dimes -- but, again, good luck trying to get that when selling to a dealer.

I don't see much premium for uncirculated Kennedy, Franklin, Roosevelt or (more recent) Washington coinage. Of course, really high-grade examples will always demand a premium.

Of course, please forget all this if you're ever selling to me. If I agree to buy $100 FV of silver, you should definitely send me silver dollars, to save yourself time in the counting...

 

It's however you define it. Anything you consider to have no other value than silver - is junk silver.

Just ask any lowball collector

 

This is exactly the kind of information I was hoping to get - thank you I'm still trying to figure out the "best" way to sort, then sell my silver, without shooting myself in the foot - I'm both trying to take it slow and careful, so I do not make any major mistakes... but I also have the urge to get stuff done "now, now, NOW!" because I like doing things when I make a decision, not way after I am about ready to let go of about 500-1000 fv of silver, but it's taking a long time, because a lot of it will need to go separate, rather than as junk.

 

Spend some time on eBay looking at past sales (make sure you match up silver prices alongside the sales to make sure you understand clearly). Check out some sold listings for $10 face value in halves and other coins. That will probably give you the best idea of how things will go. Also, remember that if you don't have a huge rating on eBay, you might not make the most out of your first few sales, so make sure they're the ones you're willing to not make the most money on until you build a base. Also, make sure you have all the mailing supplies and plan in place before listing on eBay. Buyers can be ruthless if you don't mail coins in time or package them to their expectations.

 

Thanks for the advice. I will check out ebay for values. However, I do not have the ability to sell on ebay, myself. I do sell video games for a living, though, and do a lot of the sales online, so I know all about having packaging ready to go

 

"Junk" coins begin at the point where you will no longer pay a numismatic premium for them. None of us get to decide what you consider an appropriate price, based on your collecting intent and standards. I have never, ever paid a price greater than I was willing to pay for a coin; how can anyone accuse me of "overpaying?" By your standards, maybe, but you don't dictate my standards.

A $1 coin to me that's a $10 coin to you is a $10 coin.

 

Lol - good point

I'm trying to sort out the "junk" to sell first. Problem is, I have a ton - like probably over 150-200 - franklin halves in nearly uncirculated condition. I have coins of many other types in great condition, too, but the franklins are what is currently giving me a headache, trying to decide if a full roll of 1950 franklin halves that are at least uncirculated is worth more than the silver value. Franklin seems to be an immensely unpopular coin, compared to others. Same thing with '64 kennedys - I have a few rolls worth in nearly MS. Sell at silver value, or try to sell separately/for a premium?

I guess what I need to do FIRST< is go back to square one, and sort into 2 categories - DEFINITE junk (worn and ugly later-date silver, as long as it's not a key), and "the rest" - older types like barber stuff, and nice condition coins. Problem is, the "definite junk" is an EXTREME minority

I also feel I need to get a bunch of hard plastic holders - lighthouse/intercept 2x2s and kointain/airtite round holders. Maybe someone will trade a bunch of them for some silver lol.

 

I count everything that is 'average circulated' for its age as junk. Rare dates get more tolerance, run of the mill coins need to stand out from the crowd to be worth keeping. If they do not have appeal as 'well preserved' they won't sell for more than scrap prices.

When buying I count everthing as 'junk' if it is a large mixed lot, an accumulation, not a collection, and check later for any that might be worth keeping.

A proper collection will not contain any junk grade silver so there more careful consideration is required.

 

PS

By the time you have sorted them a bit the hike in the silver price, if it sticks, will nett you more selling as silver than you would have got a month ago as silver plus numismatic premium.

 

Haha, what a terrible problem to have

You are right on. Sort first, sell later. Sorting is the most important part.

 

With today's silver price, what should I expect selling 25 silver dollars? (13 Morgans/12 Peace Dollars)

 

Depends entirely on who you're selling to, but:

Provident currently sells cull Morgan and Peace dollars at $22.98 each in quantities of 20-99.

They sell junk 90% at $16.65 per dollar of face value, $16.22 for $100 FV or more.

They're offering to buy 90% at $14.79 per dollar of face value, with a $1000 minimum (that minimum corresponds to about $68 FV -- it's not a $1000 face value minimum).

So, assuming everything's proportional, I'd expect them to offer somewhere around ($14.79/$16.22) * $22.98 = $20.95 each for a reasonable volume of cull silver dollars. (They used to list their buy price for them, but not any more.) If I were selling to a local coin shop, I'd expect a lot less; at a show, I'd expect closer to maybe $20, less for culls, more for worn but problem-free coins, and significantly more for uncirculated common dates. If I were selling to an individual, I'd ask for more than Provident is charging.

But I'm not a dealer, and I don't even sell to dealers that often, so you should definitely look for more opinions.

 

Thanks, appreciate the info!