Junk Silver UK Coins: Buyer's Guide and Live Melt
"Junk silver" means circulating silver coins traded by weight rather than for collector value. In the UK that is pre-1947 sixpences, shillings, florins, half crowns and crowns: sterling .925 fineness until 1919, then .500 fineness until 1946. With silver at £55.57/oz, this guide tells you exactly what each pre-decimal silver denomination is worth in melt today, how much premium to expect, where to buy bulk lots, and how to avoid the cupronickel imposters slipped into mixed lots.
Some links below take you to eBay; if you buy through them we earn a small commission at no cost to you. This never affects what we recommend.
Want to skip straight to bulk lots and start stacking?
Buy mixed pre-1947 silver lot on eBay → Browse pre-1920 sterling silver coins →
What "junk silver" means
The term junk silver originates from US stackers in the 1980s describing pre-1965 Mercury dimes, Washington quarters and Walking Liberty half dollars. The phrase has carried over to UK forums and dealer pricing pages, where it now refers to circulating-grade pre-1947 British silver coinage bought for its metal content.
The defining characteristic: these coins are worth more for their melt value than their face value or collector premium. A common-date 1936 George V florin in average circulated grade has no real numismatic following — it was struck in the millions, survives in the millions, and the only meaningful price driver is the silver content. Buy by the gramme, sell by the gramme.
Two fineness eras define UK junk silver:
- Sterling silver era (1816–1919). The Great Recoinage of 1816 standardised all UK silver at .925 fineness (92.5% pure silver, 7.5% copper). This continued through the Victorian, Edwardian and early George V years.
- Debased silver era (1920–1946). Post-WW1 Treasury pressures forced a reduction to .500 fineness (50% silver). The size and weight of every coin stayed identical — only the alloy changed.
- Cupronickel era (1947 onwards). All silver was removed. 1947+ "silver" coins contain zero silver and are pure cupronickel.
The transition years are critical for buyers: a 1919 sixpence is sterling; a 1920 sixpence is .500; they are otherwise indistinguishable. A 1946 sixpence is silver; a 1947 sixpence is junk metal worth only its face value (2½p in modern decimal terms, well under 5p in copper-nickel scrap).
Live silver melt calculator
Silver spot is currently £55.57/oz (2 May 2026), which equals £1.787/g of pure silver. Each table row below uses the exact published Royal Mint coin weight, multiplied by fineness, multiplied by the live spot price.
| Denomination | Period | Total weight | Fineness | Pure silver | Melt today |
|---|---|---|---|---|---|
| Threepence (silver, pre-1920) | 1816–1919 | 1.41 g | .925 | 1.30 g | £2.33 |
| Threepence (silver, 1920–1944) | 1920–1944 | 1.41 g | .500 | 0.71 g | £1.26 |
| Sixpence (pre-1920) | 1816–1919 | 2.83 g | .925 | 2.62 g | £4.68 |
| Sixpence (1920–1946) | 1920–1946 | 2.83 g | .500 | 1.42 g | £2.53 |
| Shilling (pre-1920) | 1816–1919 | 5.66 g | .925 | 5.24 g | £9.35 |
| Shilling (1920–1946) | 1920–1946 | 5.66 g | .500 | 2.83 g | £5.06 |
| Florin / Two Shillings (pre-1920) | 1849–1919 | 11.31 g | .925 | 10.46 g | £18.69 |
| Florin (1920–1946) | 1920–1946 | 11.31 g | .500 | 5.66 g | £10.10 |
| Half Crown (pre-1920) | 1816–1919 | 14.13 g | .925 | 13.07 g | £23.35 |
| Half Crown (1920–1946) | 1920–1946 | 14.13 g | .500 | 7.07 g | £12.62 |
| Crown (silver, pre-1920) | 1816–1919 | 28.27 g | .925 | 26.15 g | £46.72 |
| Crown (1927–1936 wreath) | 1927–1936 | 28.27 g | .500 | 14.14 g | £25.25 |
Melt values calculated live from the latest LBMA silver spot price held in our database. Reference for silver coin specifications: Royal Mint Museum and Spink Standard Catalogue.
Best junk silver to buy
Not every pre-1947 silver coin offers equal value per gramme. The combination of mintage, survival, average grade and dealer supply produces clear winners for bulk stackers:
| Coin / period | Why it's good junk silver | Typical premium |
|---|---|---|
| George V .500 florins (1920–1936) | High volume, easy to source by the kg, predictable weight, no collector premium on common dates | spot + 5–12% |
| George V .500 half crowns (1920–1936) | Heavy coin (14.13 g), efficient packaging, popular with bulk dealers | spot + 5–15% |
| George VI .500 florins (1937–1946) | Last debased silver, often available in bulk circulated lots | spot + 5–15% |
| Edward VII sterling shillings (1902–1910) | Sterling fineness, low premium because Edward VII reign is short and unfashionable | spot + 10–20% |
| George V sterling sixpences (1911–1919) | Smallest sterling silver UK denomination still available cheaply | spot + 15–25% |
| 1935 George V Silver Jubilee crown | Half-ounce of silver per coin, attractive design, modest collector premium | spot + 20–35% |
What to skip on the bullion side: anything pre-1880 (already collectable above melt), Victorian Gothic florins (numismatic premium 5× melt), 1937 Edward VIII patterns (six-figure rarities), and proof issues from any era.
Ready-made bulk lots tend to surface most readily on eBay UK from house clearances and inherited collections. Some current entry points:
Find George V silver florin lots → Bid on silver half crown lots → Browse pre-1947 shilling lots →
Premium over melt: what to pay
Premium is the markup over pure-silver melt value. It compensates the seller for sourcing, sorting, and the small per-coin handling cost; it is the spread bulk dealers and private sellers live on.
| Lot type | Premium range | Notes |
|---|---|---|
| Mixed pre-1947 bulk (kilo+ lots) | spot + 0–15% | Lowest premium tier. Buyer accepts mixed dates, some wear, some near-melt-only |
| Sorted .925 sterling lots | spot + 10–20% | Slightly higher because pre-1920 silver attracts both stackers and entry-level collectors |
| Single attractive examples (VF+ grade) | spot + 20–40% | Visible date, full rim, no holes, no cleaning. Crossover stackers/collectors |
| Slabbed (PCGS/NGC) common-date silver | spot + 50–120% | Authentication and grade premium. Liquid in the secondary market |
| Branded UK dealer pre-packaged tubes | spot + 20–30% | Authenticity guaranteed; convenient; pay for the dealer overhead |
The cheapest junk silver is almost always private-seller bulk on eBay UK, particularly auctions ending in mid-week, mid-afternoon when bidder traffic is lowest. Buy-It-Now lots from established UK sellers run a small premium for convenience.
Bid on silver lots ending today → Buy-It-Now silver lots, lowest first → Find slabbed silver coins →
What to look for in a junk silver lot
The cheapest lots typically photograph poorly and require manual sorting on arrival. Five things to check, on listing or on receipt:
- Readable date on every coin. Silver content is established by date alone. A coin with a worn-off date is melt-only at best, and you have to weigh and assay to confirm even that. Aim for lots where 90%+ of dates are legible.
- No 1947+ cupronickel imposters. The transition was visually invisible. A seller who lists "silver coins" and includes 1948 sixpences either does not know what they have or is hoping you do not. Date-check every coin on arrival.
- Intact rims, no holes, no soldered loops. Holes for jewellery were a Victorian habit and these coins still circulate; a holed coin loses 5–10% of its weight and any collector premium. Solder repairs add base metal to the weight, throwing off scale checks.
- No harsh cleaning. Wire-brush cleaning leaves bright but distinctly scratched surfaces. Silver dip cleaning leaves an unnaturally even pale surface with no patina. Both kill numismatic premium without changing melt value.
- Total weight matches expected fine-silver content. Weigh the whole lot, multiply by fineness, compare to the per-coin melt table above. If the total comes in 5%+ light, you have either underweight worn coins or a salting of cupronickel.
Storing junk silver properly
Silver tarnishes when exposed to atmospheric sulphur compounds — the black film you see on untreated silverware. Tarnish does not reduce melt value but it does reduce the visual appeal of individual coins, which matters if you ever want to upgrade a lot to per-coin pricing.
- Coin tubes (rigid plastic). Stack pre-decimal sixpences, shillings, florins, half crowns and crowns into BCW or Lighthouse-brand tubes sized to each denomination. Inert plastic, lid-sealed, neat to store.
- Avoid PVC flips and album pages. PVC slowly leaches plasticisers (phthalates) which form a green sticky residue on silver and copper. Once etched, the surface does not recover. Mylar or polyester flips are the inert alternative.
- Cool, dry, dark. Tarnish accelerates with heat and humidity. A cardboard archival box on a top shelf in an unheated room is better than a hot loft or damp cellar. Silica gel sachets keep humidity in check.
- Anti-tarnish strips. 3M Intercept or similar copper-impregnated paper strips absorb sulphur compounds before they reach the silver. One strip per tube; replace yearly.
Tax treatment of UK silver coins
Silver enjoys none of the gold-coin tax advantages. UK private investors face two specific headwinds:
- VAT applies. Investment gold is VAT-exempt under VAT Notice 701/21A. Investment silver is not. New-issue silver from a VAT-registered dealer attracts the full 20% VAT. Many UK silver dealers operate the second-hand margin scheme, where VAT is charged only on the dealer's margin rather than the full price; ask before buying.
- Capital Gains Tax applies to most silver. The CGT exemption under HMRC manual CG78308 applies only to coins that currently hold UK legal tender status. Pre-decimal silver ceased to be legal tender in 1971 and is therefore not CGT-exempt. Modern Britannias and gold sovereigns remain exempt. Junk silver gains above the annual CGT allowance (£3,000 in 2025/26) are taxable.
- Inheritance Tax. All silver coins, like all collectibles, count toward the deceased's estate at market value on the date of death.
The practical implication for stackers: silver only really makes financial sense as second-hand junk lots under the margin scheme, or via Britannias if you accept the higher per-ounce premium for the CGT exemption. New-issue VAT-inclusive silver bars are the worst deal for UK private investors.
Where to buy junk silver in the UK
The UK market splits cleanly into four channels:
-
eBay UK bulk lots. The deepest source for unsorted bulk pre-1947 silver,
usually at the lowest premium. Sellers range from retiring collectors to estate clearances.
Risk: cupronickel imposters, occasional fakes, no authentication. Reward: spot + 0–10%
is genuinely achievable on auctions ending mid-week.
Bulk pre-1947 lots BIN, lowest first → By-the-ounce silver florin lots →
- UK scrap-silver dealers. Firms with published per-ounce buy/sell rates in sterling silver and .500 silver. Tighter spreads, instant pricing, no buyer-protection issues. Premium typically spot + 8–15%. Useful when you want a known quantity at a known price.
- Local coin fairs. The BNTA-listed coin fair circuit (Midland, London Coinex, Stafford, etc.) usually has at least one bulk pre-1947 silver dealer. Cash-in-hand transactions, no postage risk, ability to inspect each coin. Premium spot + 10–25% for hand-sorted lots.
- BNTA-registered coin dealers. The most expensive but the best authentication. Pre-packaged sterling tubes, written guarantees, postal returns. Premium spot + 20–30% for retail-grade junk silver. Worth it if you are nervous about counterfeits and sourcing for the first time.
Pre-decimal silver coins on MyCoinage
Our database covers every UK silver denomination 1816–1946 with realised auction data and grade-by-grade pricing. A short list of starting points:
- Florin values UK — the two-shilling silver coin 1849–1970, including all the .500 era issues most relevant to stackers.
- Shilling values UK — the workhorse pre-decimal silver coin, English and Scottish reverses 1816–1970.
- Threepence values UK — the small silver 3d 1551–1944 plus the brass 12-sided thrupenny bit.
- Crown coin values UK — the half-ounce silver crown is the heaviest pre-decimal denomination.
- Pre-decimal coins guide — full reference for the LSD system, denominations, fineness changes and 1971 decimalisation.
- Britannia bullion £2 — the modern CGT-exempt silver alternative to junk silver stacking.
Silver vs gold for UK stackers
Junk silver is the cheap entry point into precious-metal stacking but it is rarely the most tax-efficient. A like-for-like comparison for UK private investors:
| Factor | Junk silver | Britannia silver | Sovereign gold |
|---|---|---|---|
| VAT on purchase | 20% (or margin scheme) | 20% (or margin scheme) | Zero |
| Capital Gains Tax | Taxable above allowance | Exempt | Exempt |
| Premium over spot | +0–15% | +12–25% | +5–15% |
| Per-unit cost | £10 (florin) | £56 (1 oz) | £812+ (sovereign) |
| Liquidity | Variable | High | Highest |
| Counterfeit risk | Low | Low | Medium |
For a UK stacker building a long-term position, sovereigns and Britannias usually beat junk silver on net-of-tax return. Junk silver wins on per-pound entry cost and as a way to learn the silver market without committing serious capital.
If sovereign-tier is the better fit:
Find gold sovereigns on eBay → Find Britannia 1oz silver →
Frequently asked questions
What does "junk silver" mean?
Which UK coins are pre-1947 silver?
How do I tell .925 from .500 silver coins?
How is junk silver priced?
Is junk silver VAT-free in the UK?
Are pre-1947 UK silver coins exempt from Capital Gains Tax?
What is the best junk silver to buy?
How do I store junk silver?
How do I avoid fakes in junk silver lots?
Should I clean junk silver?
Where do I sell junk silver?
How much silver is in a 1947 sixpence?
Further reading
- Royal Mint Museum — primary historical reference for UK silver coin specifications.
- Spink Standard Catalogue of British Coins — trade-standard reference for date, mintage and grade-specific values.
- LBMA precious metals prices — daily silver fix.
- HMRC CG78308 — CGT exemption rules for legal-tender coins.
- HMRC VAT Notice 701/21A — investment-gold VAT exemption (defines what silver is excluded from).
- Change Checker — circulation rarity reference (modern circulating coins, useful for the cupronickel post-1947 era).
- Baldwin's — specialist auction archive of high-grade pre-decimal silver.