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If you have a coin that weighs 1 ounce and is 50% silver and 50% copper, then its ASW is .5 ounce, right? That is, half of its weight is silver. Presumably, the other half of its weight is copper.
Just two things to note here before we look in detail at your question.
Non-pure coins are rarely weighed in troy ounces so make sure, when you're talking about a .500 fine coin "weighing 1 ounce", that you know which "ounce" you're talking about. To avoid confusion, avoid using the avoirdupois ounce completely: weigh the coin in grams, multiply the weight in grams by the fineness to get the weight of pure silver in grams, then convert that number to troy ounces.
Second, coins that are .500 fine often have other minor constituents other than copper. Most British and all Australian and New Zealand .500 fine coins, for example, are 50% silver, 40% copper, 5% zinc and 5% tin. This composition was chosen because the British discovered that straight 50:50 alloy looked a bit too coppery after it had been in circulation a while.
With regard to the weight/volume question...
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However, silver is heavier than copper (per cubic foot), so is there actually more copper by volume in the coin than silver, to make up for it?
To avoid confusion, rather than saying "silver is heavier than copper (per cubic foot)" it would be better to say "silver is denser than copper" or "silver has a higher specific gravity than copper". And the answer, as others have alluded to, is yes, a less dense component of an alloy will take up more space within the alloy's structure for the same amount of mass.
If you take one troy ounce of silver and one troy ounce of copper, melt them both and mix them together, you will get two troy ounces of 50:50 alloy. Mass is not created nor destroyed just by mixing things together - you need a nuclear reaction to do that.
However, one troy ounce of silver has a volume of 2.97 cubic centimetres, while the same mass of copper has a volume of 3.48 cubic centimetres. So an alloy that's 50:50 by weight is actually 46:54 by volume. However, weight percentage is always what is used when measuring content of metals, since the mass is invariable, whereas the volume is not.
It should also be noted that when mixing metals together to make alloys, volume is not always strictly additive - it's a result of the physical properties of the alloy at a macro, micro and molecular level, making it more or less dense than the component metals. But for copper-silver mixtures, the difference is not enough to be statistically significant, so assuming that the volumes are additive is close enough for most real-world work. Our two one-troy-ounce pieces of metal we mixed earlier should have a volume near enough to the "expected" 6.44 cm3.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis