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Many (U.S.-based) silver refiners and smelters are not accepting lower silver content coins such as 90% “junk silver” or sterling for refining, or have severely restricted these categories. This policy shift emerged in October 2025 in response to extreme demand for physical silver, which overwhelmed refinery capacity and forced processors to prioritize higher purity metals like .999 fine and .9999 fine bars and sovereign bullion coins. Refining lower-purity silver is more labor-intensive and costly, so refiners are cutting back on these less profitable categories.
Refining lower purity metals requires more resources and energy, which is untenable when backlogs are severe and rapid delivery of high-purity silver is prioritized.