The American Silver Eagle vs. The Canadian Silver Bald Eagle
Does Face Value Matter When Buying Silver Coins?
In April 1933, with a stroke of a pen, President Franklin Delano Roosevelt issued Executive Order 6102, requiring U.S. citizens to turn in their gold coins, gold bullion and gold certificates to the government.
The United States government paid face value for the gold coins returned which at the time was the equivalent of $20.67 an ounce.
In the event of a confiscation of silver by the U.S. government they might demand that the American Silver Eagles be turned in and in return they would pay “just compensation” of $1 per coin, the face value of the coins.*
If something/anything is confiscated it won't matter what the owner thinks the value is. The confiscator will supply the valuation. In the case of a promise, written value or note it will simply be repromised, rewritten or revalued.
I agree. But governments normally try to provide rationale and sugar coat such acts, lest they appear tyrannical and spark a revolt.