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Pre-decimal UK silver coins - particularly those minted before 1947 - contain genuine silver and can be bought and sold by weight as a form of bullion. The term “junk silver” (more common in the US) refers to circulated silver coins with no numismatic premium, valued purely for their metal content.
UK pre-decimal coins fall into two meaningful categories based on silver content: pre-1920 coins (92.5% silver) and 1920–1946 coins (50% silver). Coins from 1947 onwards contain no silver.
At a glance
| Period | Silver content | Coins included |
|---|---|---|
| Pre-1920 | 92.5% (sterling silver) | Crowns, half-crowns, florins, shillings, sixpences |
| 1920–1946 | 50% silver | Same denominations |
| 1947–1970 | 0% (cupro-nickel) | Not silver - no investment value |
| Post-1971 decimal | 0% unless commemorative | Standard circulation coins contain no silver |
What is pre-decimal silver?
Pre-decimal UK currency was replaced by decimal coinage in 1971, and coins minted before 1947 contain genuine silver alloys - at fixed, historically documented standards that make silver content straightforward to calculate.
Common pre-decimal silver coins in circulation today:
- Crown (5 shillings) - large coin, high silver content per piece
- Half-crown (2/6) - the most commonly traded pre-decimal silver
- Florin (2 shillings) - popular with collectors and bullion buyers alike
- Shilling - smaller coin, often sold in bags
- Sixpence - smallest and most common denominator
Post-1947 examples of these denominations look identical but contain no silver. Always verify the date before buying.
How to calculate silver content
For pre-1920 coins (92.5% fine):
Silver content (grams) = coin weight (grams) × 0.925
For 1920–1946 coins (50% fine):
Silver content (grams) = coin weight (grams) × 0.500
Weights by coin type:
| Denomination | Weight |
|---|---|
| Crown | 28.28g |
| Half-crown | 14.14g |
| Florin | 11.31g |
| Shilling | 5.66g |
| Sixpence | 2.83g |
A bag of 100 pre-1920 florins contains approximately 1,046g of fine silver - just over 33.6 troy ounces. At £27/oz silver spot, that is worth around £907 in silver content alone.
CGT and VAT treatment
CGT: Each pre-decimal silver coin is treated as a chattel (tangible moveable property). Under the chattels exemption, gains on individual items sold for £6,000 or less are exempt from CGT. Given that most individual pre-decimal silver coins are worth well under £6,000 each, this exemption typically applies.
If you sell a large collection in a single transaction that values above £6,000, the rules become more complex. Selling individual coins or small batches keeps most transactions within the exemption.
VAT: Silver coins sold purely for silver content (investment silver) are subject to 20% VAT. Coins with numismatic value may be eligible for the Margin Scheme (dealers pay VAT only on their profit margin, not the full sale price), which can reduce effective VAT costs when buying from dealers using the scheme.
The VAT treatment of pre-decimal silver is a genuine complication and worth confirming with a dealer before purchase.
This guide contains factual information only and does not constitute financial or tax advice.
Where to buy pre-decimal UK silver
Bullion dealers: Some UK dealers offer pre-decimal silver by weight - bags of mixed half-crowns or florins priced per troy ounce of silver content. This is the cleanest investment approach.
Coin dealers and auction houses: Better for specific coins or dates with numismatic interest. Prices may include a collector premium above silver value.
eBay and private sales: High risk of misidentified coins (post-1947 cupro-nickel mixed in, or incorrectly described lots). Verify dates carefully.
Pre-decimal silver vs modern silver coins
| Pre-decimal silver | Modern Silver Britannia | |
|---|---|---|
| VAT | 20% (or Margin Scheme) | 20% |
| CGT | Chattels exemption (under £6k) | Exempt (legal tender) |
| Purity | 50% or 92.5% | 999.9 |
| Premium | Low (near silver melt) | 5–10% over spot |
| Collector interest | Some - numismatic overlap | Minimal for standard dates |
For purely investment-driven silver buying, modern Silver Britannias have the cleaner tax position. Pre-decimal silver tends to attract buyers who want the lower premium, the numismatic overlap, or both.
How people usually decide
Buyers who come to pre-decimal silver from a coin collecting background often already hold these coins and are considering their investment angle. For them, understanding the silver content value is useful context.
Pure investment buyers rarely choose pre-decimal silver over modern coins - the VAT complexity, variable purity, and need to verify dates carefully make it a more involved product. The main attraction is premium close to melt value when bought in bulk bags from dealers.
Frequently asked questions
How do I know if a UK coin contains silver? Check the date. Pre-1920 coins have sterling silver (92.5%). 1920–1946 coins have 50% silver. 1947 and later contain no silver. For older coins, the dates are stamped clearly and are the most reliable guide.
Is it legal to melt down old UK coins? Technically, destroying UK legal tender currency is an offence under the Currency and Banknotes Act 1928. In practice, enforcement against individual investors is essentially unheard of, and dealers do resell pre-decimal coins for their silver content routinely. This is a legal grey area worth being aware of.
Where can I sell pre-decimal silver? Bullion dealers who buy by weight are the most straightforward buyers. Coin dealers offer another route, particularly for nicer individual pieces. eBay works for retail prices on specific dates.