Rare US Coins and the 1981 US Essay Silver Dollar
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 coins circulating in the United States.
In 1977, no member of the commission was appointed. Then in 1980, President Jimmy Carter signed legislation to abolish the Assay Commission altogether.
These 1981 Assay One Ounce Silver Dollars have become rare US coins, not produced by the US Mint.
The Assay Commission’s role was to oversee the annual testing of gold, silver, and, in its final year, base metal coins produced by the United States Mint to ensure they met specifications. Beginning in 1797, it was minted most years at the Philadelphia Mint.
In the late 1960s, the Defense Logistics Agency had more than 165 million ounces of silver in its reserves. The Federal Government sold much of this silver on the open market in 1980 and 1981.
After the US Mint stopped using silver in circulating coins, the US government was forced to sell portions of its reserves to the public to stabilize the high silver market created partially by the Hunt brothers who hoarded vast amounts of silver.
The Continental Coin Company of California purchased a large amount of this silver from the United States government’s Treasury reserves. They proceeded to mint 1 oz rounds as well as 10 oz and 100 oz bars in 1981.
They made sure everyone knew it was made from silver that had been stored in the San Francisco Assay Office by boldly stating US STOCK SILVER COINTED Y Formerly stored at the UNITED STATES ASSAY OFFICE IN SAN FRANCISCO. Many people who buy these bullion products still think they were minted by the US Mint in San Francisco for the Bureau of Assay.
The CC on the reverse represents Continental Coin rather than Carson City, further adding to the confusion. These bullion rounds are even represented by sellers as minted by the US government for the purpose of public distribution.
The obverse features an American bald eagle soaring in front of the US flag. The legend above the eagle reads “One troy ounce 31.1 grams” and the legend below reads “0.999 Fine Silver Trade Unit” with olive branches between the words around the edge. The design is reminiscent of US Mint coins, but not as detailed.
The center of the reverse reads “Formerly in storage at the US Bureau of Assays in San Francisco” with the CC logo below. The legend “Minted From US Strategic Stockpile Silver” is around the rim, and the date 1981 is flanked by 3 stars on each side.
These are only slightly harder to find than Engelhard Prospectors or other silver bullion rounds, but they’re not exactly rare American coins. They are an example of the history of American precious metal bullion that preceded the Prospector by a year.
The 10 oz and 100 oz silver bullion bars have similar stamped details, but are not as easily confused with actual US Mint products. They look like standard bullion bars.