So i'm a relatively new collector and I'm sure that there is an obvious answer- How do you calculate the spot value of each junk silver coin relative to the price per OZ?

You could use the interwebs: Coinflation (will tell you silver content depending on type including proof/mint sets) I also sometimes use a coin dealer's website that posts buy/sell spreads for junk silver (as well as other bullion.) My bookmarked example is Scotsman Coins' "Trading Sheet" page in St. Louis.

Coinflation . com Just pick the right calculator and wa la! http://www.coinflation.com/coin_calculators.html

You weigh the coin, divide by 31.1 (grams in a troy ounce), multiply by the silver purity .90 etc, then multiply by the spot price. Let's say $17 an ounce for silver. So a quarter weighs 6.25 divided by 31.1= .2009646x.9= .1808681x 17.00= 3.0747577 or $3.07