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Recent Spiking Neural Networks (SNNs) works focus on an image classification task, therefore various coding techniques have been proposed to convert an image into temporal binary spikes. Among them, rate coding and direct coding are regarded as prospective candidates for building a practical SNN system as they show state-of-the-art performance on large-scale datasets. Despite their usage, there is little attention to comparing these two coding schemes in a fair manner. In this paper, we conduct a comprehensive analysis of the two codings from three perspectives: accuracy, adversarial robustness, and energy-efficiency. First, we compare the performance of two coding techniques with various architectures and datasets. Then, we measure the robustness of the coding techniques on two adversarial attack methods. Finally, we compare the energy-efficiency of two coding schemes on a digital hardware platform. Our results show that direct coding can achieve better accuracy especially for a small number of timesteps. In contrast, rate coding shows better robustness to adversarial attacks owing to the non-differentiable spike generation process. Rate coding also yields higher energy-efficiency than direct coding which requires multi-bit precision for the first layer. Our study explores the characteristics of two codings, which is an important design consideration for building SNNs. The code is made available at https://github.com/Intelligent-Computing-Lab-Yale/Rate-vs-Direct.