Morgan Dollar Coin
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A worthless silver coin for collecting purposes is any circulated silver coin that is only in fair condition and has value to collectors beyond the value of the silver bullion it contains.
This is an unofficial term used in the United States and Canada. Junk silver is not scrap silver. These coins can still be spent in the US and Canadian markets for the value stamped on the coin. However, coin collectors call them "junk" because they have little numismatic, or trading, value.
The Mercury and Roosevelt dimes, the Washington quarters, and the Franklin and Kennedy half dollars are the most popular US coins collected for junk silver. These coins, minted before 1964, contain 90% silver composition, with 0.7 troy ounces of silver per each dollar of face value. Kennedy half-dollars minted from 1965 to 1970 contain 40% silver composition, so they are collected but are not as popular. The Peace Dollar (minted from 1921 to 1928, then again in 1934 and 1935) is also collected for its silver value, which is high at a little over 90%. However, these are more rare and may have collectible value beyond the value of the silver.
Circulated Canadian coins - dollars, half dollars, dimes and quarters - may also be sought for their silver value. These coins minted before 1966 contained 80% silver. In 1967, they transitioned to 50% silver by minting both 50% and 80% coins, but by 1968, they were all 50%.
While not as common as in the past, many junk silver coins are still in circulation in the United States and Canada. People wishing to collect junk silver can purchase these coins for a small premium over the price of silver at the current time. Especially during periods when the economy is stable, this has become an affordable way to invest in silver at levels below bullion prices. Because these coins are legal tender, they will never fall below their face value, regardless of how low silver may fall. The current values for the coins listed above range from $.90 to around $11 US. The Morgan Dollar and the Peace Dollar have the highest value, and the Mercury and Roosevelt dimes have the lowest.
Junk silver coins have become a popular collectible among survivalist. These individuals have speculated that a disaster or crisis will eventually occur which will render the paper currency worthless and that silver will be the currency of choice because of its inherent value.
11/02/2009 David Hall Coin Market Comments - PCGS - Professional Coin Grading Service
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Morgan Dollar Coin