Pre-1965 Silver Coins Value: Collecting These Treasured Pieces of American History
For coin collectors and silver investors alike, pre-1965 U.S. silver coins hold a special allure. These classic dimes, quarters, half dollars and dollar coins from the mid-20th century and earlier contain 90% pure silver, making them significantly more valuable than their modern clad counterparts. Not only do they have bullion value, but many of these coins are also prized by numismatists for their historical significance, rarity and pristine condition.
In this comprehensive guide, we‘ll explore what makes pre-1965 silver coins so desirable and how to determine their value. Whether you‘re a seasoned collector or just starting to stack silver, read on to learn more about these glistening reminders of America‘s past.
A Brief History of U.S. Silver Coins
From the earliest days of the U.S. Mint in the 1790s up until 1964, dimes, quarters, half dollars and silver dollars were struck in an alloy of 90% silver and 10% copper. This high precious metal content made the coins valuable in circulation and also helped discourage counterfeiting.
However, by the early 1960s, the price of silver had risen to the point that the bullion value of these coins began to exceed their face value. To prevent hoarding and melting of coins for their silver content, the U.S. government removed silver from dimes and quarters in 1965 and reduced the silver content of half dollars to just 40%. 1964 marked the last year of 90% silver coins being minted for circulation.
Today, all pre-1965 dimes, quarters and half dollars, as well as silver dollars minted up until 1935, are 90% silver. This means that each coin contains 0.715 troy ounces of pure silver for every $1 in face value. For example, a pre-1965 Washington quarter with a face value of 25 cents actually contains around 0.18 troy oz of silver.
Most Popular & Valuable Pre-1965 Silver Coins
While most pre-1965 90% silver coins do have some numismatic value over their melt value, some dates and mintmarks are more collectible than others. Here are some of the most popular and sought-after pre-1965 U.S. silver coins:
Morgan Silver Dollars (1878-1921)
Minted from 1878-1904 and again in 1921, the Morgan dollar is named after its designer George T. Morgan and is arguably the most widely collected silver coin in U.S. history. A number of rare dates and mintmarks, such as the 1889-CC, 1893-S and 1895 proof, can be worth many thousands of dollars in uncirculated condition. Even common date Morgans are popular with collectors and generally sell for a significant premium over spot price.
Peace Silver Dollars (1921-1935)
Issued to commemorate the end of World War I, Peace dollars feature a striking design by Anthony de Francisci and were minted from 1921 to 1928 and again in 1934-35. Key dates like the 1921 and 1928 command high prices, but the silver coin series remains very popular overall with collectors.
Walking Liberty Half Dollars (1916-1947)
Designed by Adolph A. Weinman and considered one of the most beautiful American coins ever minted, Walking Liberty halves are always in demand. The 1916-D, 1921, 1921-D and 1921-S are scarce key dates worth big money in top condition.
Franklin Half Dollars (1948-1963)
These 90% silver half dollars honoring Founding Father Benjamin Franklin have a number of better dates, especially the 1949-S, 1953 and 1955. Franklin halves are very popular for completing silver coin sets.
Washington Quarters – 1932-1964
The Washington quarter series was first issued in 1932 to commemorate the 200th anniversary of George Washington‘s birth. All 90% silver issues from 1932 to 1964 are very common, but certain early dates like the 1932-D and 1932-S are notably scarce.
Mercury Dimes (1916-1945)
Also known as Winged Liberty Head dimes, Mercury dimes are widely collected for their beautiful design and 90% silver content. The 1916-D is the standout rarity, often selling for five-figure prices, while the 1921, 1926-S and 1931-D are also better dates.
Barber Coinage (1892-1916)
The Barber dime, quarter and half dollar series designed by Charles E. Barber are all 90% silver and very popular with collectors, especially for better dates and condition rarities. The 1894-S Barber dime is one of the greatest American coin rarities, with only 24 minted.
Although most common date pre-1965 silver coins only sell for a relatively small premium over their melt value, many collectors enjoy assembling complete date and mintmark sets of these series. Exceptional quality examples graded MS/PR65 and up by PCGS or NGC can also be very valuable in any series.
Grading and Eye Appeal
One of the biggest factors in determining the numismatic value of a pre-1965 silver coin is its condition or grade. Coins are graded on the Sheldon scale from 1 to 70, with higher numbers indicating a better preserved coin.
A coin‘s grade takes into account factors like the amount of wear, luster, contact marks, and any damage. Coins that grade 60 or higher are considered Mint State (MS) or uncirculated. Proof (PR) coins specially struck for collectors are also highly valued.
Another important factor is eye appeal – how attractive a coin looks at first glance. Coins with original luster, nice toning/color, and minimal distracting marks or defects are said to have great eye appeal and often command a premium.
Having a pre-1965 silver coin professionally graded and authenticated by a top tier grading service like PCGS or NGC can boost its value significantly, especially for higher end coins. Collectors place a premium on certified coins in high-quality "slabs."
How To Determine Melt Value
Of course, any pre-1965 90% silver coin will always be worth at least its intrinsic metal value or "melt value." This can be calculated based on the current market price of silver.
As mentioned earlier, $1 in 90% silver U.S. coins contains approximately 0.715 troy ounces of pure silver. Therefore, if silver is trading at $25 per troy oz, the melt value of a pre-1965 silver dollar would be around $17.88 (0.715 x $25), well above its $1 face value.
To figure the silver melt value of a single 90% silver coin, use these calculations:
- Dime: silver value = .0715 troy oz x silver spot price
- Quarter: silver value = .1788 troy oz x silver spot price
- Half dollar: silver value = .3575 troy oz x silver spot price
- Dollar: silver value = .7150 troy oz x silver spot price
Remember, some well-worn common date pre-1965 silver coins like Washington quarters may only be worth their melt value, while others in uncirculated condition or scarcer issues could be valued at many multiples of melt value due to their numismatic premium.
Most Valuable Pre-1965 Silver Coins (Updated 2023)
Here are some of the highest prices realized for pre-1965 90% silver U.S. coins in recent years:
-
1894-S Barber Dime PCGS PR66 CAC – $1,997,500 (2016)
Only 24 were minted and it is considered one of the great rarities of American numismatics. -
1876-CC Twenty Cent Piece PCGS MS65 – $1,710,000 (2022)
The short-lived 20 cent coin was 90% silver and this is finest known example from the famous Carson City Mint. -
1885 Trade Dollar PCGS PR66 CAM CAC – $1,320,000 (2019)
This 90% silver proof coin was struck in very limited quantities for collectors, not circulation. -
1795 Flowing Hair Dollar PCGS MS66+ CAC – $1,050,000 (2022)
An incredible gem example of the first silver dollar struck by the U.S. Mint. -
1892-S Morgan Dollar PCGS MS68 CAC – $1,050,000 (2021)
An ultra grade rarity, this is the single finest known 1892-S Morgan dollar. -
1893-S Morgan Dollar PCGS MS67 CAC – $735,000 (2019)
The key date and ultra grade rarity in the popular Morgan dollar series. -
1901-S Barber Quarter PCGS MS68 – $550,000 (2015)
An astounding gem example of this scarce, low mintage date. -
1893-O Morgan Dollar PCGS MS65 DMPL CAC – $504,000 (2021)
Deep mirror prooflike Morgans are highly coveted by registry set collectors. -
1878-S Morgan Dollar NGC MS67+ PL CAC – $499,375 (2021)
First year of issue Morgan dollars are very popular, especially prooflike gems. -
1918/7-S Standing Liberty Quarter PCGS MS66+ FH CAC – $456,000 (2021)
This overdate Standing Liberty quarter is a major rarity in gem full head condition.
While most collectors can only dream of owning pre-1965 silver coins worth into the six-figures, it‘s important to know what the top end of the market looks like. These record prices show the true potential of rare silver coins in superb condition.
Investing in Pre-1965 Silver Coins
For those looking to invest in silver, pre-1965 90% U.S. coins can be a great option with low premiums over spot compared to other bullion products. These coins are instantly recognizable and easy to liquidate, with a ready market of collectors and investors.
When investing in quantities of pre-1965 silver coins, most people will opt for "junk silver," which refers to common date coins in circulated condition. Coins like Mercury dimes, Roosevelt dimes, Washington quarters and Franklin halves are often sold by the $100 or $1,000 face value bag.
The advantages of investing in junk 90% silver include:
- Low premiums over melt value
- Easily divisible into small increments
- Legal tender status provides government backing
- Simple way to accumulate silver bullion
However, junk 90% silver does have some drawbacks compared to silver bars or rounds, including:
- Less silver content (purity) than .999 fine bullion
- More bulk and weight compared to pure silver
- Potential for numismatic value lost due to wear
- Difficult to identify key/rare dates
Whether you focus on high-grade rare coins for numismatic value or common date junk silver for stacking purposes, pre-1965 silver coins provide the opportunity for both collectibility and bullion investment. Many collectors like to set aside any better date coins they find while still accumulating bullion silver.
How and Where to Buy and Sell
For buying and selling pre-1965 silver coins, collectors and investors have plenty of options, both online and in-person. Here are some of the most popular:
Local coin shops – Many cities have one or more coin dealers with a retail location. You can view coins in-hand and support a local small business. Shops also make selling coins very easy.
Coin shows – Attending a regional coin expo or show gives you access to many dealers at once for buying, selling and trading. It‘s a great way to view a large selection of coins and learn more about the hobby.
Online dealers – Leading coin dealers like APMEX, JM Bullion, SD Bullion and others sell pre-1965 silver coins and bags on their websites at competitive prices. eBay is another popular marketplace.
Auction houses – For scarce and rare silver coins, major auction firms like Heritage Auctions, Stack‘s Bowers and Legend Rare Coin Auctions frequently sell high-end coins for top dollar. Online bidding has made auctions accessible to more collectors.
r/Coins4Sale – This Reddit forum allows collectors to buy and sell coins directly to each other. You can often find good deals from fellow hobbyists. However, be sure to buy from reputable posters and use goods & services payments for protection.
When buying expensive rare silver coins, be sure to deal with reputable sellers and insist on PCGS or NGC graded examples. For junk silver purchases, evaluate the seller‘s prices versus the prevailing silver spot price.
FAQs About Pre-1965 Silver Coins
What is considered junk silver?
"Junk silver" refers to common date, circulated 90% silver U.S. coins. It is valued primarily for its bullion content rather than collectible value. Coins like Mercury dimes, Roosevelt dimes, Washington quarters and Franklin half dollars are traded as junk silver in bulk ($100 or $1,000 face value bags).
Are all pre-1965 coins silver?
Only dimes, quarters, and half dollars minted in 1964 and earlier contain 90% silver, along with silver dollars coined 1935 and before. Nickels and pennies never contained silver (except for WWII "war nickels"). Not every coin dated pre-1965 is silver.
What are the silver coins to look for?
Aside from rare key dates, look for pre-1965 silver coins in uncirculated condition, which carry a significant premium over circulated grades. Also check for varieties like the 1942/1 Mercury dime and 1955 doubled die penny (not silver).
How much are pre 1964 silver dollars worth?
Common date circulated Morgan and Peace dollars (1878-1935) are worth roughly 20-25x their face value based on silver content. Uncirculated examples of rare dates can be worth anywhere from $100 to over $1 million, depending on condition.
What is the rarest pre-1965 silver coin?
The 1894-S Barber dime is considered the rarest pre-1965 U.S. silver coin, with only 24 minted. One example sold for nearly $2 million in 2016.
In Conclusion
Pre-1965 silver coins are a fascinating area of collection for both novice and experienced numismatists. Not only do they represent tangible pieces of America‘s history, but they also provide a relatively affordable way to invest in physical silver. By understanding how to grade and value these classic 90% silver coins, collectors can assemble sets of beautiful, lustrous pieces while also hedging against inflation. Whether you have a few old silver coins tucked away or actively buy them by the roll, pre-1965 coinage will continue to shine for generations to come.
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