What if we just conducted commerce in US Treasury issued Eagles? Their face value is what is recognized LEGALLY.
American Silver Eagle bullion coins carry a face value of US$1. This is their legal value reflecting their issue and monetization as coins. Per 31 U.S.C. § 5112(h), the coins are legal tender for all debts public and private at their face value. This value does not reflect their intrinsic value which is much greater than their $1 legal tender face value. American Silver Eagle Coin prices and premiums are mainly dictated by the fluctuating silver spot price and ongoing supply-demand.
What if we just conducted commerce in US Treasury issued Eagles? Their face value is what is recognized LEGALLY.