Well, Spot Silver (Bid) is at $4.52 as I post.
So you still just have a promotional token whose bullion value is less than half of face value.
It's not the intrinsic value of the silver that is the main issue here, it's usefulness as currency.
If the intrinsic value of a given commodity is higher than its face value, then it is not useful as circulating currency. This is why the face value of the Silver Liberty is $10.00, instead of a daily-fluctuating value that happened to be $4.52 earlier today, and why you don't get $1 Silver Eagles in change at McDonald's.
That's why the US Mint switched from pure copper to copper-plated zinc for the penny. It was getting too close to the point where you could change a dollar for 100 pennies, then melt them down and sell the resulting slug of copper for $1.20.
And a consistent fixed value also reduces the transaction friction making it easier for silver to circulate in concert with Federal Reserve Notes. The vendor can simply enter $10.00 in their register, rather than having to go look up the current market price of a 5,000 ounce bar of silver in New York, which is what the spot price represents.
Alder Gold, which has the best prices online I've seen for metals, has $5.35 an ounce for a 100-ounce ingot.
And at least the vendor is getting $5.00 in intrinsic value in the transaction, which has the potential to increase in value over time, as opposed to $10 worth of monetized government debt as with a Federal Reserve Note, on which we owe interest to the Federal Reserve Bank that issued it.