Both, actually. Any generic ASE regardless of condition is worth its
bullion value. Example, I gave my grandson a raw, uncirculated 2001
ASE as a coin he could touch, hold, carry, show his friends, etc. It
was uncirculated and unslabbed. It cost me about $15 back then. Now
it's worth about $36. By now it's probably an AU-50, but he's happy.
On the flip side, high grade ASEs can command a hefty premium, some
more than others, depending on the year and grade. A 1995-W in
PR70DCAM is fetching five figures, while a so-called "common date"
PR70DCAM can be had for $200-$300. A full set of MS70 ASEs
(1986-2011) have been hawked on Coin Vault for over $30,000.
Jerry