Check your change jar now: Your old ‘junk silver’ coins could be worth almost 20 times face value — here’s what to look for

Most of these coins were made with 90% silver, containing 0.715 troy ounces per $1 (3) face value. Pricing is based on their melt value. Here's a quick calculation: Melt value = spot price x silver content x face value. Based on the April 7 spot price, that $1 in coins would be worth roughly $52.

In an economy where every dollar (or dime, quarter or half dollar) counts, households who can hunt down "junk silver" might be in for a payday.

Cash doesn't always depreciate

These old silver coins aren't valuable because they're rare or few in circulation. Coins today don't contain silver, but they did before the Coinage Act of 1965, in response to rising silver prices and coin hoarders.

When referring to junk silver, it's most often dimes (Roosevelt and Mercury), quarters (Washington and Standing Liberty quarters) and half dollars (Franklin, Walking Liberty and the 1964 Kennedy half dollar).

1964 isn't a hard cut off, as the Kennedy half contained 40% silver up until 1970 (4), so don't be quick to disregard by dates alone.

Check the date on each silver coin, look at the design, and see if there's a solid grey edge around the perimeter. Modern coins have a copper color. Do a weight and sound check. As a dense metal, silver coins are heavier and produce a higher-pitch ring when dropped on a surface.

For example, a 90% silver dollar is 26.73 grams (5). A clad dollar is 22.68 grams.

A fun family financial project

Given junk silver is usually stored in places with plenty of family memories, make it a weekend exercise. A scavenger hunt and learning experience, for any kids in the family. Share lessons about money and the value of these family heirlooms.