The US Assay Commission was formed by the Mint Act of 1792 and continued to function until 1971, when precious metals were no longer used in American circulated coinage.
In 1977, no members were appointed to the commission. Then in 1980, President Jimmy Carter signed legislation to abolish the Assay Commission completely.
These 1981 Assay one ounce silver dollars have become rare American coins, not produced by the US Mint.
The Assay Commission’s function was to supervise the annual testing of the gold, silver, and in its final year’s base metal coins produced by the United States Mint to ensure that they met specifications. Beginning in 1797, it met in most years at the Philadelphia Mint.
In the late 1960s, the Defense Logistics Agency had over 165 million ounces of silver in its stockpile. The Federal Government sold much of this silver on the open market in 1980 and 1981.… Read More