Why does the mint bother putting $1.00 on the coin if I can't go to the bank and get one?
2007-11-23 06:30:38 · 4 answers · asked by Frodisman 3 in Games & Recreation ➔ Hobbies & Crafts
It's a bullion coin. It's value is dependent on the price of silver. Silver spot prices can be found here;
http://www.kitco.com/market/
2007-11-23 07:08:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It is actually legal tender but its value exceeds the legal tender 0ne dollar it is marked, due to its silver content. Just as no one will spend a $20 double eagle coin for the value it is marked, because the gold in the coin is worth far more. In order to make the requirements for the term coin and to make it legal tender the American Silver eagle was given the denomination of $1. This makes it a coin that the U.S. will back up at least to the value of $1. The same has been done to the gold American Eagle bullion coins. Hope this helps you understand.
2007-11-23 10:26:48 · answer #2 · answered by Taiping 7 · 0⤊ 0⤋
Technically, they might desire to be worth their gold or silver marketplace cost. in the event that they're a million Troy ounce, then they could be nicely well worth the equivalent interior the useful metals marketplace. although, because of the fact they are funds, collector call for comes into play. in the event that they are older or in extra desirable situation they're going to advance the linked fee. in many circumstances an eagle coin in MS-70 situation will choose for lots extra advantageous than an MS-sixty 9 or sixty 8, or an eagle from 1995 would be nicely worth extra advantageous than 2012, however the coin isn't nicely worth below its weight interior the metallic it grow to be minted. desire this solutions your question, and those funds are an extraordinary investment in our modern financial device.
2016-12-16 16:54:58 · answer #3 · answered by barreda 4 · 0⤊ 0⤋
It's not Government Issue Legal Tender, its a collector's item.
2007-11-23 06:38:10 · answer #4 · answered by Wounded Duck 7 · 0⤊ 0⤋