It was my impression that silver investors purchased junk silver because the premiums were much lower than, for example, an American Silver Eagle. I have compared prices from online dealers for the ASEs, Sunshine 1 oz silver rounds, and a roll of 90% Franklin Half Dollars ($10.00 face value). From my limited (but hopefully useful) data, calculations show the average premium of Sunshine 1 troy oz is on par with $10.00 roll of Franklin Half Dollars. Now that the premiums of junk silver are about the same as that for a silver round, are there any advantages of buying junk silver? I can think of one disadvantage, the smelting fees for 90% silver.
IMO pre-1965 U.S. silver coins are not purchased with the intent of melting, but because they are easily recognizable, something that can not be said about silver rounds.
They're always fun to go through, looking for errors, oddities, and the like. I get mine in small lots (1-10 coins or so at a time, for 10x face) and came across 1946 DDR Walking Liberty Half. Low grade, but still worth about $25, or more.
older 90% 'junk' silver (e.g. mercs & walkers) are actually 'coin of the realm', have a numismatic history and tend to maintain their premium over time - most bullion rounds and bars are just .999 silver and have have little or no premium value above spot price
