CGG

Junk Silver is any silver coin in fair condition that is worth only bullion value and does not have any numismatic value. These coins are common amongst those who seek to invest in silver in small amounts. The term, "junk", only suggests the value of the coins as a collectible, and is not to be mistaken for the coin's actual condition. The most sought after junk silver coins were minted before 1965. The Morgan and the Peace dollar are particularly popular choices."

These coins typically come in bags containing coins composed of either ~90% or ~40% silver. 90% silver contains coins minted prior to 1965. 40% silver contains coins minted between 1965 and 1970.