What exactly are “junk silver coins” ?
I think coins where the surface has rubbed off so you can’t really even read the date on the coin, much less tell what type of coin it is.
Here is an explanation:
Older United States silver coins (1964 and before) are now in demand because of their silver content. (Many were melted down years ago.) At one time these were referred to as - junk silver - because they had no special collector value at the time. Junk silver is still used today to refer to old silver coins. However, times have changed. Today “junk silver coins” are becoming harder to find.
From: http://lynncoins.com/jsilv.htm
NO IDEA! That’s why I said what I said.
They are what used to be referred to as "lawful money." The legal definition of a dollar is a coin containing a specific amount of fine silver. When I was growing up (until 1964) the coins minted by the United States values at 10 cents and about each contained the amount of silver proportional to their value. The word "junk" is used to distinguish them from coins which have some numismatic value.
ML/NJ
There used to be a futures contract on $1000 face-value bags of coins on the old NYMEX (before NYMEX bought COMEX, whose members killed the contract).
See all the useless 'knowledge' one accumulates over 36 years of trading?
;^)