How this instrument works
Face value is what the mint stamped on a coin; melt value is what its metal is worth once that stamp stops mattering. Every US dime, quarter, and half dollar struck before 1965 was minted in 90% silver to a fixed weight, so a coin's silver content is not something you weigh or assay coin by coin — it is a known constant tied directly to the dollar amount stamped on its face. That is why this instrument asks for a face value in dollars rather than a weight in grams: count the denominations, and the silver content follows automatically.
The 0.715 troy ounces per dollar this instrument defaults to is a wear-adjusted industry figure, not the mint's original spec. A brand-new 1964 dime, quarter, or half dollar carries about 0.7234 troy ounces of metal per dollar of face value based on its as-struck weight and fineness; coin dealers trim that to roughly 0.715 because decades of circulation before 1965 wore a small, measurable amount off every coin that changed hands. Uncirculated rolls run closer to the higher figure, and a buyer who assumes worn pocket change matches uncirculated coin weight will overstate what a bag is worth.
The number returned here is a floor, not a quote. It assumes every coin in the pile is genuine 90% silver, ignores any numismatic premium a rare date or mint mark might carry above its metal content, and takes no cut for the refining, storage, and resale risk a dealer prices into a real cash offer. It also excludes coins outside the 90% standard entirely — 1965-1970 half dollars dropped to 40% fineness, wartime nickels ran 35%, and Morgan or Peace dollars use a different content-per-dollar ratio because one large coin, not ten dimes, makes up their face value.
- Add up the stamped denominations of your dimes, quarters, and half dollars and enter the total under Face value of 90% silver coins, $.
- Leave Silver content, troy oz per $1 face value at its 0.715 default for an average worn bag, or nudge it toward 0.7234 for uncirculated coins.
- Enter Silver spot price, $/troy oz using whatever quote you're checking against — spot shifts throughout the trading day.
- Read Melt value, $ for the coins' raw silver content, kept separate from any premium a dealer or collector would add on top.
Worked example — a $100 face value bag
Take a $100 face value bag of pre-1965 dimes, quarters, and half dollars — the kind a bank teller once counted by weight rather than one coin at a time. At the default content of 0.715 troy ounces per dollar and a $25 spot price, the instrument multiplies 100 by 0.715 by 25 and returns a melt value of $1,787.50, nearly eighteen times what the coins say they are worth on their faces.
That $100 figure is a denomination, not a weight — the bag could hold roughly 1,000 worn dimes, 400 quarters, or some mix a teller once bagged by hand, and the formula treats them identically because the constant already accounts for the coins' fixed alloy. Raise spot to $30 and the same bag melts for $2,145; face value stays fixed at $100 while melt value tracks whatever the metal is trading for that day.
Questions
Why is a $100 face value bag worth so much more than $100?
Because silver metal trades far above the cents-on-the-dollar denomination stamped on a pre-1965 dime or quarter. Multiplying $100 face value by 0.715 troy ounces per dollar and a $25 spot price returns $1,787.50 — once these coins stopped circulating as money in 1965, their metal content, not their mint denomination, became what sets the price.
Where does the 0.715 troy ounces per dollar figure come from?
It is a wear-adjusted average of the original mint weights for 90% silver dimes, quarters, and half dollars. New coins carry about 0.7234 troy ounces of silver per dollar of face value based on their as-struck weight; dealers shave that to roughly 0.715 to account for metal worn off during decades of circulation before 1965, when these denominations still changed hands as everyday money.
Does this apply to 1965-1970 half dollars or silver dollars?
No. Half dollars struck from 1965 through 1970 dropped to 40% silver, and Morgan or Peace silver dollars carry roughly 0.7734 troy ounces per dollar of face value because one large coin, not ten dimes, makes up that dollar. Both need a different content-per-dollar constant than the 0.715 this instrument assumes for 90% coins.
Will a coin dealer actually pay me the melt value shown here?
Usually less. A buyer discounts spot price to cover refining, storage, and the risk of resale, so a real payout commonly runs a few percent under this instrument's number — which itself assumes every coin is genuine 90% silver. A clad slug or counterfeit mixed into a bag adds nothing toward what actually gets paid.
Can a single coin be worth more than its melt value?
Yes, if it carries a numismatic premium for rarity, condition, or a scarce mint mark — a well-preserved 1916-D Mercury dime is worth far more to a collector than its 0.0723 troy ounces of silver. This instrument prices raw metal only; have an unusual date or an uncirculated coin appraised before selling it into a melt bag.
Is selling junk silver taxable?
Yes — the IRS treats precious-metal coins as collectibles, and net gains on a sale can be taxed at a maximum 28% long-term rate rather than the lower brackets that apply to stocks. Keep a record of what you originally paid, since taxable gain is the sale price minus that cost, not the melt value this instrument estimates.
References
- IRS Topic No. 409 — Capital Gains and Losses (collectibles rate)
- SEC Investor.gov — Protect Your Investments
Read this first: This instrument shows arithmetic, not advice. Real offers add fees, taxes and terms that vary by lender and place — verify the figures against your actual paperwork before deciding anything.