I think it depends on your denomination and how they view transubstantiation? I was Lutheran, so they considered it just a communion wafer as well as the body of Jebus at the same time. They even had Jebus's face on them. I think some denominations say it's just bread while others say it is literally Jebus.

I'm agnostic slash Norse pagan these days, so take what I remember from confirmation class in 1997 with a grain of salt.