Actually that's the value of the raw metal in the money, but if see the auctions below you can found that 3 coins worths about 1.73703703704 BTC (0,579BTC/cad) few minutes before the end of the auction, while some other another auction arrives at 0,82-0,86BTC but I think that is more for collectors effect than for investments.
Here in Italy is possible to find silver eagle dollars sold in coin shop at prices 40-50% over the spot, and some old silver coins like 500lire is sold at non less of 2BTC for collectors with top of 4-6BTC, while actually that coin worths less than 1,6BTC in metal (11grams of silver 825/1000). But other coins with the same amount of silver but larger mintage are sold at 1,3-1,4BTC.