The physical assumptions underlying the static and dynamic Jiles-Atherton (JA) hysteresis models are critically analyzed. It is shown that the energy-balance method used in deriving these models is actually closer to a balance of coenergies, thereby depriving the resulting JA phenomenology of physical meaning. The non-physical basis of its dynamic extension is demonstrated by a sharp contrast between hysteresis loops predicted by the model and those measured for grain-oriented steel under conditions of controlled sinusoidal flux density at frequencies of 50, 100, and 200 Hz.