Every silver coin’s melt value comes from one three-part formula:
melt value = gross weight × fineness × spot price
Weight is what the coin weighs, fineness is the fraction of it that is actually silver, and spot is the market price of silver per unit of weight. Get those three numbers and you can value anything from a Mercury dime to a sterling gravy boat.
Worked example: a silver quarter
- Gross weight: a pre-1965 Washington quarter weighs 6.25 g.
- Fineness: US coin silver is 90%, so 6.25 × 0.90 = 5.625 g of pure silver.
- Convert to troy ounces:5.625 ÷ 31.1035 = 0.1808 ozt (this is the coin’s ASW — actual silver weight).
- Multiply by spot: at a $30.00 spot price, 0.1808 × $30.00 = $5.43.
Note the troy ounce conversion in step 3 — spot is quoted per troy ounce (31.1035 g), not the kitchen ounce. Mixing them up skews every result by about 10%; see troy ounce vs regular ounce.
ASW cheat sheet
| Coin | Fineness | ASW (ozt) |
|---|---|---|
| War nickel (1942–45) | .350 | 0.0563 |
| Dime (≤1964) | .900 | 0.0723 |
| Quarter (≤1964) | .900 | 0.1808 |
| Half dollar (≤1964) | .900 | 0.3617 |
| Half dollar (1965–70) | .400 | 0.1479 |
| Morgan/Peace dollar | .900 | 0.7734 |
| Silver Eagle | .999 | 1.0000 |
The bulk shortcut: face value
For 90% silver in quantity, skip per-coin math: $1.00 of face value ≈ 0.715 ozt of silver (0.7234 as minted, discounted for wear). A $10 face roll of quarters ≈ 7.15 ozt × spot. Why this works and when wear matters is covered in what is junk silver.
Getting the spot price
Use a live quote, not yesterday’s close — silver moves. Our silver chart refreshes every minute, and every calculator on this site applies the live price automatically: US coins, Canadian coins, world coins and sterling scrap. Each lets you override spot to model a different price.
Frequently asked questions
What does ASW mean?
Actual Silver Weight — the troy ounces of pure silver in a coin, computed as gross weight times fineness. A 90% silver quarter has an ASW of 0.1808 troy ounces.
Why do dealers use 0.715 instead of 0.7234 ounces per dollar of face value?
0.7234 is the as-minted figure; 0.715 discounts roughly 1% for metal lost to circulation wear. For worn junk silver, 0.715 is the fairer and near-universal trading convention.
Is melt value what a dealer will pay me?
No — melt value is the reference. Dealers buy junk silver somewhere around melt (slightly under or, in tight markets, slightly over) and sell above it. Knowing the melt number is how you judge whether a quote is fair.