The notion of the weak value of a quantum mechanical observable has recently been introduced by Aharonov et al., hereafter referred to as AAV. Their analysis led to the controversial result that the weak values for an observable can lie well outside its associated eigenvalue spectrum. We have performed an experiment similar to one proposed by Knight et al. and demonstrated that weak values can be observed and that they exhibit the properties described by AAV within the regime of validity defined by Duck et al. It is shown that these properties are produced by interference phenomena that result from the loss of ‘welcher Weg’ information. We have also identified an intrinsic ‘weak energy’ which appears in the equation of motion for the weak value of an observable and have shown that it can be non–vanishing only for systems which are both preselected and postselected. It is noted that such a ‘weak spin–rotation coupling energy’ can be associated with our experiment and that it is manifested in our experimental data. We suggest that preselection and postselection measurement techniques could be useful for the creation and study of physical phenomena that might be otherwise unobservable.