The move Saturday makes Hill eligible to play Sunday against the Bengals. The rookie had returned to practice this week after serving a four-game suspension for violating the NFL's policy on performance-enhancing substances.
Coe has battled hamstring injuries. He missed a game at Carolina earlier this season and did not dress for Philadelphia. He said he tweaked the injury against Dallas two weeks ago and hurt it again in practice this week.
Hill played in the season's first five games with seven tackles, and four others on special teams.
Coe played in seven of the Giants' nine games and had eight tackles and two passes defensed. He also had five solo special teams tackles.