Old money is almost always worth at least its face value, and in many cases it’s worth significantly more. Every U.S. coin and Federal Reserve note ever issued remains legal tender, meaning you can deposit it at a bank or spend it today. But before you do, it’s worth checking whether your old currency has collector value or precious metal content that pushes it well above face value.
Old Currency Still Counts as Legal Tender
All designs of Federal Reserve notes remain legally valid for payments regardless of when they were issued, covering every denomination from 1914 to the present under federal law (31 U.S.C. ยง 5103). That faded $20 bill from the 1950s sitting in a drawer? A bank will accept it at face value. The same goes for old coins. A worn 1920s quarter is still worth 25 cents at minimum.
One small caveat: while the government backs old currency at face value, private businesses aren’t federally required to accept any particular form of cash. Some stores may refuse a bill they don’t recognize. Banks, however, will exchange old notes and coins without issue.
Silver Coins Are Often Worth Far More Than Face Value
The biggest surprise for people sorting through old change is that many U.S. coins contain real silver, and silver’s market price makes them worth multiples of their stamped denomination. Before 1965, dimes, quarters, and half dollars were struck from 90% silver. A single pre-1965 Washington quarter contains about 0.18 troy ounces of silver. With silver trading around $71 per ounce as of late April 2026, that quarter’s metal alone is worth roughly $13, more than 50 times its face value.
Here’s a quick guide to which coins contain silver:
- Dimes (1964 and earlier): Roosevelt, Mercury, and Barber dimes are all 90% silver, each containing about 0.07 ounces.
- Quarters (1964 and earlier): Washington, Standing Liberty, and Barber quarters are 90% silver, each containing about 0.18 ounces.
- Half dollars (1964 and earlier): Franklin, Walking Liberty, and Barber halves are 90% silver with about 0.36 ounces each. The 1964 Kennedy half dollar is also 90% silver.
- Kennedy half dollars (1965 to 1970): These dropped to 40% silver, still containing about 0.15 ounces.
- Morgan and Peace silver dollars: These large dollars from 1878 through 1935 contain about 0.77 ounces of silver, putting their melt value alone near $55 at current prices.
- Wartime nickels (1942 to 1945): Jefferson nickels from these years contain 35% silver. You can identify them by the large mint mark on the reverse above the dome of Monticello.
To calculate any silver coin’s melt value, multiply its actual silver weight (listed above in troy ounces) by the current spot price of silver. You can check the spot price on any major precious metals or coin pricing site. Keep in mind that melt value is a floor, not a ceiling. Many of these coins are worth even more to collectors.
What Makes Old Money Valuable to Collectors
Beyond metal content, three factors drive collector (numismatic) value for both coins and paper currency.
Rarity. The U.S. Mint produced wildly different quantities of coins from year to year and from one mint facility to another. A coin with a low mintage number is harder to find, which generally makes it more valuable. The small letter stamped on a coin (the mint mark) tells you which facility produced it, and certain mint marks in certain years are far scarcer than others. For paper money, the same logic applies: older series, discontinued denominations (like $500 or $1,000 bills), and notes from less common Federal Reserve districts tend to command higher prices.
Condition. A coin or bill in near-perfect shape is worth dramatically more than the same item in poor condition. Professional grading services assign a numerical grade to coins on a 1 to 70 scale, where 70 represents a flawless, uncirculated specimen. The difference between a grade of 55 and 65 on the same coin can mean hundreds or thousands of dollars. For paper money, grading follows a similar principle: sharp corners, no folds, and vibrant ink all push the value up.
Demand. Some coins and bills are perennially popular with collectors. Morgan silver dollars, for example, have a large and active collector base, which keeps prices strong. Other items move in and out of fashion. A coin that’s both rare and in high demand will command the highest premiums.
Paper Money Features That Add Value
Old paper bills can be valuable even without the precious metal factor that boosts coins. A few things to look for:
- Star notes: If the serial number on your bill ends with a star symbol instead of a letter, it’s a replacement note produced to substitute for a defective one during printing. Star notes are printed in smaller quantities and many are collectible, especially from older series.
- Fancy serial numbers: Collectors pay premiums for unusual serial number patterns. Solid numbers (like 77777777), ladders (12345678), low numbers (00000003), and repeaters all carry extra value.
- Large-size notes: Bills printed before 1929 are physically larger than modern currency and are almost always worth more than face value, sometimes substantially so.
- Discontinued denominations: The U.S. once printed $500, $1,000, $5,000, and $10,000 bills. These haven’t been produced since 1945 and are worth far more than their face value to collectors.
How to Find Out What Your Old Money Is Worth
Start by identifying what you have. For coins, note the year, denomination, and mint mark. For bills, record the series year (printed on the front), the serial number, and whether it’s a star note. Then look up recent sale prices on coin and currency pricing guides or completed auction listings online. This gives you a baseline.
If you think you have something valuable, consider professional grading. Services like PCGS and NGC authenticate your item, assign a standardized numerical grade, and seal it in a protective holder. That grade becomes a universally recognized measure of condition, which makes the item easier to sell and typically increases what buyers are willing to pay. You don’t need any special documentation to get started, though any provenance you have (previous purchase receipts, certificates of authenticity, or letters from prior owners) can sometimes add to the value.
When it comes to selling, a local coin and currency shop with a physical storefront is often the simplest and safest route, especially if you’re new to collecting. You get a face-to-face transaction with someone who can evaluate your items on the spot. Online auction platforms can sometimes fetch higher prices because you’re reaching a larger pool of buyers, but you take on the risks of shipping, non-payment, and dealing with unfamiliar buyers. For high-value pieces, the investment in professional grading before selling almost always pays for itself.
When Old Money Is Worth Only Face Value
Not every old bill or coin carries a premium. A circulated 1970s penny, a worn 1980s quarter (no silver content), or a common-series $1 bill from the 1990s is generally worth exactly what it says on the front. Coins made after 1964 from copper-nickel alloy don’t have meaningful metal value above face. Common-date bills in poor condition from recent decades rarely attract collector interest. If your old money falls into this category, there’s nothing wrong with simply spending it or depositing it at the bank.