I was taught that the 'spin' of an elementary particle was its inherent, unalterable magnetic moment due to its physical spin, or angular momentum, that may or may not actually exist.
Therefore, if the quantum spin of a particle is not directly observable (because it probably doesn't exist, as such), but is measurable as its magnetic moment due to its seeming physical spin, how can its gyromagnetic ratio, or $g$-factor, be anything other than one?
What am I missing here?