What is the true definition of junk silver ?

I was wondering about this since i have heard several versions, one being worth less
coins that contain a high content of silver to mom,s old silver ware set..LOL

And since we are talking silver content only how does that differ from Bullion ?

 

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Silver that's been buried in someone's backyard to prep for when zombies take over.

 

I would think:

Bullion is .999
Junk Silver is less pure and coin but of no Numismatic value.

 

Junk silver is not pure and it's value is based on current pricing and metal content. Usually it's minted coins by a government.

 

Junk silver: is an informal term used in the United States, United Kingdom, Canada and Australia for any silver coin which is in fair condition and has no numismatic or collectable value above the bullion value of the silver it contains. Such coins are popular among people seeking to invest in silver, particularly in small amounts. The word "junk" refers only to the value of the coins as collectibles and not to the actual condition of the coins; junk silver is not necessarily scrap silver.

 

What is "scrap silver" then?

 

Mostly sterling items that are just worth melt, I've got a scrap bucket that I throw mangled sterling forks, bent .925 spoons and candlesticks with the weight removed for instance, that I take to the refiners when when the price is right.

 

Utentils, cups, candlestick holders and like items which are usualy "Electro Plated"
and have a very low silver content.

 

My Mom passed my family's sterling flatware on to me and I use it everyday, the forks alone weigh around 75-76 grams each.

 

No no no. Junk silver is not silver at all. Rather, it's the junk talk against silver from billowing windbags who are excercising their lungs in preparation to "leap tall buildings in single bound."

 

When you say "take to the refiners", is that some place locally, or where do you take/send it?

 

I have an account at Dillon Gage here in Dallas, they pay in either a check or you can get bullion coins in payment.

 

My definition of junk silver is US Minted dimes, quarters and halves dated prior to 1965, that are kept as an investment vehicle.

 

you would need allot of them, No ? especially the dimes !

 

So is .925 the same value as .999 ??

 

Thanks for the definition, sounds good to me

 

You will not get as much for 0.925 because it requires more refining. I have a formula I use in my spreadsheet which I use to estimate the value of any world coin which contains silver. It discounts the actual weight of silver based on the fineness.

For example, if a world coin is contains half an ounce of 0.999 silver I will count it as 0.5 ounces for valuation, but if it contains half an ounces of 0.5 silver I will count it as 0.35 ounces for valuation. According to my formula I would count 0.5 oz sterling as only 0.48 oz.

 

Great information !! and thank you !!

 

No it's not, I usually just multiply spot times .925, for instance, $16.62 spot price means $15.37 sterling price. I get things that people sell for scrap that's perfectly usable all the time, like the 4 sterling wine goblets (162 grams each) I got in a deal that the only thing wrong with them was that they were heavily tarnished.

 

Thank you.
A friend of mine used to take all his gold and silver with him when he went to AZ each year. I don't remember exactly where he took it, but they gave him credits towards having coins made, or check. Sounds like what you do.