Silver Eagles, are they coins?

I never thought of it that way. Well, since eBay says they're coins, and since eBay can't get anything right, then...

I'm changing my answer. Not coins!

 

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Quite literally people, what does it state on the planchet...that's right, One Dollar. It's monetized, it's a coin.

Now, it also states one ounce fine silver. Okay, now people decide....am I going to take this coin to McDonalds and get a dollar value meal or am I going to hold this coin and realize its intrinsic value? That's right..gonna hold it.

Bottom line....my feeling.....you guessed it ....COIN.

 

hmmmm...... very confusing but you always seem to make the most confusing sheeeot seem logical

 

coin

 

A local doctor owned a Lamborgini Countach which he drove to work every other day. On alternate days he drove his 1936 Rolls Royce.

 

Most wooden nickels say 5 Cents on them as well, but you know what they say about taking them. I've never read any legislation stating they are monetized.
Guy~

 

I've always thought of them as silver rounds that the mint put a design on to make it look cool. Just bullion.

 

Best answer yet!

 

They are coins, I mean what else would they be? Something you wear around your neck? I dont think so.

 

Well it was straightforward and summed it up best, so I posted it.

 

The Internet is full of statements that sound authoritative but in reality are not true. Just goes to show, never believe everything you read online.

I use Presidential dollars and Sacs daily for commerce and have since 2000 and so have many others.

 

They are round and can be used for a skeet shooting target if desired, therefore they are pigeons.

For me to be a coin they must be issued by a legal authority, usually a government, with the INTENT that they be used as money. The Silver eagle was never intended to be used as money even though it has a denomination and is legal tender. So as far as I am concerned it is not a coin. Just a denominated bullion round.

 

Liberty coin act of 1985 Authorizes the production and sale of silver and gold bullion. It also indicates that the various weights of gold and silver issues will be stamped with a particular dollar amount relating to their weight.
The fact that the mint (government agency) issues these coins and the fact that each coin carries a specific dollar amount would indicate to me that these issues are indeed monetized.

But, then again, GD could pop in here later on an blow my logic to bits.

We'll wait and see.

 

What's more authoritative then the U.S mint?

 

You mean the people who call cents pennies?

 

I'm just saying they mint the coins, not that they have numismatic knowledge.

 

Not normally, but there are more than a few people who use exotics for daily transport.

But back to the subject, I suppose it's technically a coin but it was never intended to be used for commerce. I seem to recall the term being "Medal Coinage" for coins that are sold as collectibles and have a token face value but were never intended to be used in commerce.

 

Oh boy! For Cointalk members that have been around for awhile, you have just scratched your fingernails across the virtual blackboard!!!!!!

Let the Good Times Roll!

 

Another reason they are not coins.

I like the comments so far esp. the one where they are coins but they are really not coins - that's the way I think, good going!!!
Another reason or two:
They (Silver Eagles) Are not monetized, For a coin to be a circulating coin and have value it must be ordered by one of the 12 Fed Banks and payed for before it enters circulation. In other words, the way I understand it any coin that is stolen out of the mint before being paid for by the Fed as not been monetized and can be confiscated - this has happened many times with error coins being smuggled out of the mint. It actually should have been the case with the 1913 Liberty Nickels and many other but a digress.
Now proof and uncirculated coin sets are sold to the public for collecting but at least Unc. Silver Eagles were not sold directly to the public till a few years ago. They had to go thru. a middleman (silver broker) and then be sold to the public so the question begs to be answered, Has the mint left it up to a third party to help determine it's worth? When you order your silver eagle has not the middleman helped determine the coins worth so much above face values that it is almost ridiculous then to think the coin in reality represents the worth of 1 dollar by the U.S. Govt.? Perhaps some one else can clarify what I just said to make more sense but I may be on to something here at least I'm challenging my little brain.
I'm going to look up the Public law on American Silver eagles and get back with you on Monday.
So far I'm yes, technically it's a coin but by most all other standards it is not a coin at all.
One more point - yes it may be worn out or damaged but a common dated silver eagle is worth about $10 and in mint state it's worth about thirteen or so but it is never worth $1 really to anybody practicably speaking - even the coin novice will turn it over not knowing what it is and see the one ounce silver and know it's worth more than what it says won't they?
So if a U.S. coin that is modern and is never worth what it says but is always worth more than what it says can that coin be a coin?
It's like, yes it's this but yes it's that but really it's a 1 ounce hunk of silver not ever a dollar in any practicable terms at all!
Keep thinking,
Ben Peters

 

But the specific dollar amount makes it very easy for government to steal the coins if desired and pay only that value and not what the coin is worth. That is exactly what they did in the 1930's.