Melt value is the dollar value of the pure gold or silver actually contained in a coin, bar, or round, based on nothing but its metal content and the current spot price. It ignores design, mintage, and collector appeal entirely. If you have ever wondered what a handful of old coins or a generic silver round is really worth with everything but the metal stripped away, melt value is the number you are looking for.
Melt value comes down to one simple equation: fine metal weight, in troy ounces, multiplied by the current spot price per troy ounce. Fine weight is the part that trips people up. It is not the same as an item's total, or gross, weight. Gross weight includes any alloy metals mixed in with the gold or silver, while fine weight counts only the pure precious metal itself. Our guide on how much silver coins, rolls, and bars actually weigh breaks down gross versus fine weight product by product if you want the full picture.
Say you own a $10 face value roll of 90% junk silver quarters, one of the most common ways people start stacking silver. U.S. quarters minted before 1965 were struck from a 6.25 gram planchet that was 90% silver, which works out to about 0.1808 troy ounces of pure silver per coin, based on official pre-1965 U.S. Mint coin specifications. A $10 face value roll contains 40 quarters, so you are holding roughly 7.23 troy ounces of fine silver.
At the time of writing, silver is trading above $66 per troy ounce, though spot prices move throughout every trading day, so always check a live quote before doing your own math. Multiply 7.23 troy ounces by the current spot price, and you have the roll's melt value: the floor price its silver content is worth, independent of any collector interest in the coins themselves.
These three terms get used interchangeably, but they mean different things. Spot price is the current market price for one troy ounce of gold or silver, set by trading activity. Melt value applies that spot price to the actual fine metal weight of a specific item. Premium is the amount a dealer charges above melt value or spot price to cover minting, distribution, and their own margin. Our breakdowns of spot price versus premium and bid price versus ask price go deeper on how these numbers interact when you buy or sell.
Melt value is the most useful yardstick for generic bullion, products where the entire value comes from the metal itself, like silver bars or 90% junk silver. It matters far less for numismatic or collectible coins, where grade, rarity, and collector demand can push the price well above melt. Our look at the difference between bullion and collector coins explains that distinction in more detail.
Alloyed coins add one more wrinkle. The American Gold Eagle, for example, is not pure gold. It is struck from a 22 karat alloy, which is why a "1 oz" Gold Eagle actually weighs more than a full troy ounce on a scale, even though it contains exactly one troy ounce of fine gold. We cover exactly why that happens in a companion article on Gold Eagle specifications, useful reading once you understand how fine weight drives melt value.
Three things are all you need.
At Monument Metals, we list each product's price relative to spot right on the product page, so you can see the premium you are paying at a glance. Our deals page is a good place to compare where premiums are running lowest right now.
What is melt value?
Melt value is the dollar value of the pure gold or silver content in a coin, bar, or round, calculated by multiplying its fine metal weight by the current spot price.
How is melt value different from face value?
Face value is the legal tender amount stamped on a coin by the government that issued it, which is often far lower than what the coin is actually worth in metal. Our article on why some bullion products have a face value explains why that number rarely reflects real worth.
Does melt value include the dealer's premium?
No. Melt value reflects only the metal content. Anything you pay above that, for minting, rarity, or dealer margin, is the premium.
What is the melt value of a 90% silver quarter?
Each pre-1965 quarter contains roughly 0.1808 troy ounces of fine silver. Multiply that by the current spot price to find its melt value.
Why does an American Gold Eagle weigh more than one troy ounce if it's "1 oz" gold?
Because it's struck from a 22 karat alloy rather than pure gold. It still contains exactly one troy ounce of fine gold, but the added silver and copper push its gross weight to 1.0909 troy ounces.
Can melt value change during the day?
Yes. Spot prices move continuously while markets are open, so melt value shifts right along with them. Always check a current quote before relying on a calculation.