In decades past, junk silver coins — which contain 90% silver — served as legal tender for everyday necessities like food and clothing. These days, people purchase junk silver for both investment and survival purposes. While junk silver coins do not contain an even amount of bullion (like 1-oz American Silver Eagles) they possess qualities that sometimes make them preferable to bullion coins.
Note: It is called junk silver when a coin’s value is based solely on its metal content. This is different from scrap silver.
90% Silver U.S. Coins were the basis for our currency for hundreds of years until 1965, when the price of Silver started increasing more drastically, and the U.S. government replaced it with a coin made of a copper-nickel mixture known as cupronickel. Shortly thereafter, the American public started hoarding the older U.S. Silver coins. Since then, these original Silver coins have become scarcer and more desirable.