Silver Coin Values UK: What Are Your Old Coins Actually Worth?
Published 2026-03-05 • Updated 2026-03-05
Found a bag of old coins in a drawer? Inherited a collection? Before you take them to a dealer, you need to know one thing: not all "silver" coins actually contain silver.
The UK switched from silver to cupro-nickel in 1947, which means any crown, half crown, florin, shilling, or sixpence dated before 1947 contains real silver — and could be worth many times its face value. Pre-1920 coins are even more valuable, containing 92.5% sterling silver instead of the 50% debased alloy used from 1920 to 1946.
This guide covers everything: how to identify which coins are silver, what they're worth in melt value, which rare dates are worth thousands, how modern bullion coins like the Silver Britannia compare, and the UK tax rules you need to know before selling.
The Three Eras of British Silver Coinage
British coinage went through three distinct metallurgical eras. Understanding which era your coin belongs to is the single most important step in valuation.
92.5% Silver
The historic standard maintained for centuries. Worth approximately 18-22x face value at current silver prices.
50% Silver
Reduced after WWI due to rising silver prices. Worth approximately 8-10x face value at current prices.
0% Silver
Cupro-nickel (75% copper, 25% nickel). Worth face value only unless a rare date.
The 1920 debasement followed WWI when silver bullion prices surged, threatening to make the metal value of coins exceed their face value. In 1947, post-WWII debts (including Lend-Lease silver repayments to the US) forced the government to remove silver from circulation entirely.
UK Silver Coin Identification: Master Reference Table
Use this table to identify any pre-decimal silver coin. The key columns are the date range and actual silver weight — these determine the melt value of your coin. You can check the current silver price per gram to calculate what your coins are worth today.
| Denomination | Date Range | Silver % | Coin Weight | Silver Weight | Notes |
|---|---|---|---|---|---|
| Crown (5s) | 1816-1919 | 92.5% | 28.28g | 26.16g | Large dollar-sized coin, often commemorative |
| Crown (5s) | 1920-1946 | 50.0% | 28.28g | 14.14g | Debased alloy; 1935 & 1937 most common |
| Half Crown (2s 6d) | 1816-1919 | 92.5% | 14.14g | 13.08g | Primary high-value circulating coin |
| Half Crown (2s 6d) | 1920-1946 | 50.0% | 14.14g | 7.07g | Same weight, half the silver |
| Florin (2s) | 1849-1919 | 92.5% | 11.31g | 10.46g | Step toward decimalisation |
| Florin (2s) | 1920-1946 | 50.0% | 11.31g | 5.66g | Common in bulk silver lots |
| Shilling (1s) | 1816-1919 | 92.5% | 5.65g | 5.23g | 20 per pound; standard unit |
| Shilling (1s) | 1920-1946 | 50.0% | 5.65g | 2.83g | Often heavily worn |
| Sixpence (6d) | 1816-1919 | 92.5% | 2.83g | 2.62g | The 'Tanner'; high mintage |
| Sixpence (6d) | 1920-1946 | 50.0% | 2.83g | 1.42g | Silver through WWII |
| Threepence (3d) | 1816-1919 | 92.5% | 1.41g | 1.31g | Tiny 'Joey' coin |
| Threepence (3d) | 1920-1944 | 50.0% | 1.41g | 0.71g | Replaced by brass 12-sided version in 1937 |
| Groat (4d) | 1836-1862 | 92.5% | 1.89g | 1.75g | Later Maundy only |
| Maundy (1d-4d) | 1947-present | 92.5% | Variable | Variable | Reverted to sterling; given by the monarch on Maundy Thursday |
The 1920 Anomaly
Both sterling (.925) and debased (.500) coins were minted in 1920 for some denominations. Without destructive testing, it's impossible to distinguish them. Standard dealer practice is to value all 1920-dated coins at the .500 rate unless clearly identified as Maundy issues.
Is My Coin Silver? Quick Decision Tree
Found a coin and want to know if it's silver? Follow these steps:
Step 1: Check the Date
- 1919 or earlier92.5% sterling silver — worth ~18-22x face value
- 1920-194650% silver — worth ~8-10x face value
- 1947 onwardsNo silver (cupro-nickel) — face value only, unless a rare date or Maundy/Proof issue
Step 2: Check the Denomination
- Crown, Half Crown, Florin, Shilling, Sixpence: These are the silver denominations
- Penny, Half-Penny, Farthing: Never silver (bronze/copper) — except extremely rare Maundy 1d
- 12-sided Threepence: Nickel-brass, not silver (the round threepence before 1937 was silver)
Step 3: Physical Tests (If Date is Unclear)
- Ping Test: Tap the coin gently. Silver rings with a clear, high-pitched, long-lasting tone. Cupro-nickel thuds.
- Magnet Test: Silver is non-magnetic. If it sticks to a magnet, it's not silver.
- Ice Test: Place ice on the coin. Silver's high thermal conductivity melts ice visibly faster than cupro-nickel.
How to Calculate the Melt Value of Silver Coins
For the vast majority of UK silver coins, the value is determined by the "melt" or "scrap" price of the silver content — commonly called "junk silver" in the trade. The formula is simple:
Melt Value = Coin Weight (g) × Silver % × Silver Price Per Gram
Separate your coins into two pools: pre-1920 (multiply by 0.925) and 1920-1946 (multiply by 0.50). Use our silver calculator to get a live valuation based on today's spot price.
For example, at a silver price of £0.675/gram (approximately £21/troy ounce):
14.14g × 0.925 × £0.675
~£8.83
14.14g × 0.50 × £0.675
~£4.77
Pre-1920 coins are worth nearly double their debased counterparts of the same denomination. Professional dealers weigh total lots rather than counting individual coins, since worn coins may weigh less than the original specification.
Rare Silver Coins Worth Thousands: Key Dates to Check
While melt value provides a price floor, certain rare dates can be worth far more. Before selling any collection, check your coins against these key dates. Never clean rare coins — it can reduce numismatic value by 50% or more.
| Denomination | Year | Mintage | Est. Value (Fine) | Notes |
|---|---|---|---|---|
| Crown | 1934 | 932 | £1,500+ | 'Wreath' Crown; legendary low mintage |
| Crown | 1847 | Limited | £1,200+ | 'Gothic' Crown; masterpiece of Victorian engraving |
| Half Crown | 1905 | 166,008 | £200+ | Extremely scarce Edward VII date |
| Half Crown | 1839 | Proof | £7,500+ | Early Victorian Proof; highly sought |
| Florin | 1848 | Limited | £250+ | First year of issue; 'Godless' type |
| Shilling | 1850 | Limited | £800+ | Scarcest Victorian shilling |
| Threepence | 1945 | ~2 million | £20,000+ | Almost entire mintage melted; only ~2 known |
Condition Matters Enormously
For common dates, only "Uncirculated" condition commands a premium above melt value. For rare dates, even "Fine" condition (significant wear, legends visible) is valuable. Coins are graded: Fine (F), Very Fine (VF), Extremely Fine (EF), and Uncirculated (Unc).
Modern Silver Bullion Coins: Britannia and Beyond
For investors who want silver without the complexity of numismatics, modern bullion coins offer high purity, easy verification, and (for Royal Mint coins) significant tax advantages. The Silver Britannia is the cornerstone of UK silver investment.
| Coin | Weight | Purity | CGT Exempt? | VAT | Best For |
|---|---|---|---|---|---|
| UK Britannia | 1 Troy Oz | .999 | Yes | 20% new / margin 2nd hand | UK investment; CGT-free |
| Queen's Beasts | 2 Oz / 10 Oz | .999 | Yes | 20% new / margin 2nd hand | Higher-weight holdings |
| Silver Sovereign | 7.98g | .999 | Yes | 20% new / margin 2nd hand | New for 2025/2026; limited |
| American Eagle | 1 Troy Oz | .999 | No | 20% new | Global liquidity |
| Canadian Maple | 1 Troy Oz | .9999 | No | 20% new | Highest purity |
| Austrian Philharmonic | 1 Troy Oz | .999 | No | 20% new | European recognition |
The Silver Britannia moved from .958 "Britannia silver" (1997-2012) to .999 fine in 2013 to compete with international bullion standards. Since 2021, advanced anti-counterfeiting features (latent image, surface animation, micro-text) make it one of the most secure bullion coins in the world.
Tax Rules for Silver Coins in the UK
Capital Gains Tax (CGT) Exemption
Under the Coinage Act 1971, any coin produced by the Royal Mint that qualifies as British legal tender is exempt from Capital Gains Tax. This includes all Silver Britannias, pre-decimal silver coins (still legal tender at face value), Silver Sovereigns, and commemorative £5 and £2 coins.
If silver doubles in price, profits on Britannias are kept in full. Profits on bars or foreign coins like American Eagles are subject to CGT once you exceed the annual allowance. Read more in our ISA, SIPP & pension guide.
VAT on Silver
Unlike gold, silver is subject to 20% VAT when purchased new in the UK. This makes silver a longer-term investment. Three ways to mitigate the VAT hit:
- Second-hand margin scheme: Buy pre-owned silver from dealers — VAT is only charged on the dealer's profit margin, not the full coin value
- Offshore storage: Some dealers offer VAT-free silver stored in bonded warehouses (e.g. Zurich). VAT is only payable on UK delivery
- Private sales: No VAT, but higher verification risk
Is It Legal to Melt Silver Coins?
No. Section 10 of the Coinage Act 1971 makes it illegal to melt or break up any coin that is or has been legal tender after 16 May 1969. This covers pre-decimal coins, all modern decimal coins, and bullion coins like Britannias. Selling to a licensed dealer is legal — the dealer must hold a Treasury licence to process coins as scrap.
Where to Sell Silver Coins in the UK
The right selling channel depends entirely on what you have. Using the wrong route can cost you significantly.
| What You Have | Best Route | Typical Payout | Why |
|---|---|---|---|
| Inherited bag of old silver | Bullion dealer | 90-94% of melt | Fast, transparent, based on weight |
| Single rare date | Coin auction / numismatist | Market value minus commission | Bullion dealers only pay melt, ignoring rarity |
| Modern Silver Britannias | Bullion dealer | 97-99% of spot | Highly liquid; easy to verify and resell |
| Mixed foreign coins | Scrap dealer / online marketplace | 85-90% of melt | Less specialised; more verification needed |
Reputable dealers publish live buyback prices — typically 98% of spot for Britannias and 90-94% for junk silver lots. Always request a quote based on the live silver price, not a fixed offer. Compare dealers using our UK gold & silver dealer directory.
Silver Coin Values: Frequently Asked Questions
How much is a pre-1947 silver coin worth?
Pre-1947 silver coins (1920-1946) contain 50% silver and are typically worth about 8-10 times their face value. For example, a pre-1947 shilling is usually worth around £1.50-£2.00 in silver content at current prices.
Are old sixpences worth anything?
Yes, if dated before 1947. A pre-1920 sixpence contains about 2.6g of pure silver (92.5% sterling). A 1920-1946 sixpence contains about 1.4g of pure silver (50% silver). Post-1947 sixpences are cupro-nickel with no silver content.
How much silver is in a half crown?
A pre-1920 half crown contains 13.08g of pure silver (92.5% of 14.14g total weight). A 1920-1946 half crown contains 7.07g of pure silver (50% of 14.14g). The coin weight remained constant despite the 1920 debasement.
Are 1920s coins silver?
Yes, UK coins from 1920-1946 contain 50% silver. In 1920 the Royal Mint reduced the silver content from 92.5% (sterling) to 50%. While still containing real silver, they have roughly half the silver value of pre-1920 coins.
What are pre-decimal coins worth?
It depends on the denomination and date. Copper coins (pennies, halfpennies) have little value unless rare. Silver denominations (crowns, half crowns, florins, shillings, sixpences) dated before 1947 are worth significantly more due to their silver content.
Is a silver Britannia coin CGT exempt?
Yes. As UK legal tender issued by the Royal Mint, all Silver Britannias are exempt from Capital Gains Tax for UK residents. This makes them one of the most tax-efficient ways to invest in silver in the UK.
How can I tell if a coin is silver without checking the date?
Use the 'ping test' - gently tap the coin and listen. Silver produces a clear, high-pitched, long-lasting ring, while cupro-nickel thuds. You can also use the magnet test (silver is non-magnetic) or the ice test (ice melts noticeably faster on silver due to its high thermal conductivity).
Is a 1950 shilling worth anything?
A 1950 shilling contains no silver — it is made of cupro-nickel (75% copper, 25% nickel). Its value is only what a collector might pay for its condition, typically just pennies above face value.
Are pre-decimal pennies silver?
No. British pennies, half-pennies, and farthings were always made of bronze or copper, never silver. The only exception is the extremely rare Maundy penny, a tiny sterling silver coin given by the monarch on Maundy Thursday.
Is Maundy money valuable?
Extremely. Maundy coins have always been minted in sterling silver (92.5%), even after 1947 when circulating coins switched to cupro-nickel. Sets often sell for £100-£200 or more, far above their tiny melt value.
Should I clean my silver coins?
No. Cleaning removes the original surface and natural patina (toning), which can reduce a rare coin's numismatic value by 50% or more. Collectors and dealers prefer original, uncleaned surfaces. If you must handle coins, hold them by the edges.
What is the most valuable UK silver coin?
Among modern-era rarities, the 1945 silver threepence is legendary — almost the entire mintage was melted, with only about 2 known survivors, valued at over £20,000. The 1934 'Wreath' Crown (mintage 932) regularly sells for £1,500+.
Where is the best place to sell silver coins in the UK?
For common 'junk' silver and bullion coins, specialist online dealers offer the best rates — typically 90-94% of melt value. For rare dates with numismatic value, use a specialist coin auction or numismatist to avoid selling at melt price.
Are Olympic 50p coins silver?
The ones found in circulation are cupro-nickel with no silver content. However, the Royal Mint produced limited-edition silver proof versions for collectors, which are worth significantly more.
Can I legally melt silver coins?
No. Under Section 10 of the Coinage Act 1971, it is illegal to melt or break up any coin that is or has been legal tender in the UK after 16 May 1969. This includes pre-decimal coins. However, selling them to a licensed dealer for their silver value is perfectly legal.
