Silver Eagles, are they coins?

I just got to know what you'all think - (this is for opinion sake only and FUN!) is an American Silver Eagle a coin?
When I first heard of them I thought of my God what have we here - I was wrong (not the first time) I thought they would never amount to anything approaching a collector type coin with numismatic value other than the silver and most still don't.
Now I know they got a declared value, (denomination) and they qualify under definition to be a coin but I just don't really "get it". That would not be a first either.

Reasons I do not think they are a coin:
1. It does not circulate, (now I know proofs don't either but at least they are copies of a coin that does).
2. They all are MS- 65 or above, (I mean what's the challenge? you never see a couple of dealers arguing over if it is mint state or a slider).
3. Nobody spends them or gets them in change, (either they are worth too much and everybody knows it or the clerk won't take it cause they do know what it is). Even proofs, usually impaired enter circulation.
4. Their value is in the silver and it is always much more than face. (I know silver coins are also now but were not during the years they were minted or not nearly by that much).
5. By definition they are bullion coins -( who uses bullion coins for anything other that storing value defined by it's content and not so much for the grade).
6. I don't know about you but I sure don't get the same feeling of "wow" looking at a 2008 Silver eagle as I do a gem mint state Buffalo nickel. To tell you the truth the eagle is kind of boring and coin collecting should not be boring. That's one of the reason I do it - it ain't boring.
I mean go to a show and display set of almost anything else in mint state, (of course leaving out all Franklin's, Kennedy's, Washington's, Jefferson's SBA's and Sac's plus Roosevelt's) say Buffs or Lincoln's or Indians and then shove a mint state set of Eagles in front of someone and see how much attention they really pay to those poor old eagles.
For the above reasons and for fun and banter I declare Silver American Eagles to be un-coins on this day Jan. whatever, 2009!!!!!!!!!!!!!!
Now guys and gals this is for FUN!
Ben Peters

 

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I agree with you, Ben. Technically, yes, they are coins. But in the same breath, a coin is a monetary devise intended for circulating in a transaction of goods or services, therefore, it's not. But, who's going to go out and spend $12 in silver value at the $1 face value? In my opinion, if it was never really (emphasis on "really") made for circulation, then it was never a coin to begin with.
Guy~

 

I think they're coins, and not just because I like to be contrary.

1)They have a face value, and could be spent if needed.
2)They're not all above MS-65, as you claim. I've seen plenty of damaged, cleaned, and AU silver Eagles.
3) It's true they probably don't circulate (I say probably, because I suppose one could have been spent for $1), but bust dollars don't circulate either. Are they coins?
4) It's extremely likely that silver will never drop below $1 per ounce, but it could; say, if a new compound was found that had electrochemical properties similar to silver, but very cheap to make.

 

Of course bust dollars did circulate... aren't bullion coins, commemoratives and proof coins minted only for collectors or investors and not meant to circulate? I can't imagine trying to spend a silver eagle or getting one in change. Anyway, I consider them coins, but I'm not sure exactly why. I guess because they appear in all the coin magazines (that's a lame reason if I ever heard one)!

 

I wonder if the Norwebs or Louis Eliasberg would have collected them? Not being sarcastic, I really wonder!

Jim

 

Do british sovereigns circulate? Nope

 

I think they are coins.

They are a transfer of worth just like regular coins only it's silver instead of face.

They do circulate among collectors and investors, they just don't wind up in the hands of 5 year olds.

 

I like that answer... they're coins, but not real coins. That about sums it up!

 

They are coins, but indeed not real coins, but yet they are more real than say presidential dollars or sacagaweas which are coins in the technical sense, but not real coins because they fail to be used in commerce.

 

Let's look at some definitions from the Merriam Webster online dictionary:

Coin: a: a usually flat piece of metal issued by governmental authority as money b: metal money

Money: 1: something generally accepted as a medium of exchange, a measure of value, or a means of payment.

I suppose under those restrictions, the ASE is not a coin because it isn't really money.

 

I consider them to be coins, they are legal tender even if they don't circulate.

 

Something doesn't have to be a coin to be legal tender, and legal tender doesn't mean that something must be a coin. They are two completely different definitions.

 

I know that. What I mean is that the US Mint produces them, they have a value on them so to me they are legal tender. Commem coins fall into this category too, even though I have yet to find a 1986 Statue of Liberty Dollar in my change.

 

people occasionally spend silver eagles too, doesn't make them anymore coins than presidentials.

 

They are coins and could be spent as one dollar if one desired, therefore they are coins.

 

Feebay has them under the "COIN" catagory, so if Feebay says they are coins they must be coins......just bullion coins though........:hail:

 

A Lamborgini is not normally used as an everyday commuter vehicle, but it is still considered (legally) a car.
So, IMHO, since they meet all U.S. legal requirements to be considered coins, the fact that they are not normally used as circulating currency is irrelavant.

 

Real coins are mostly pot metal and of no intrinsic value. I'd rather have the silver...