Today let's check out a 1oz silver trade unit that came about as a result of the Hunt brothers unsuccessful attempt to corner the silver market in late 1979 and early 1980. They eventually managed to accumulate two-thirds of the entire global supply of privately owned silver.
If your interested in that story, this is a good article.
Silver spot price hovered around $7/oz for most of 1979. By late December, 1979 it had risen to nearly $25/oz. On January 20, 1980, silver hit an all-time high of $49.45/oz. From here spot price started to decline and by March of that year had lost half the January 1980 value. However, price was still artificially high so the US government took a step that led to this round being minted from US stockpile silver.
On March 14, 1980, President Jimmy Carter approved legislation abolishing the United States Assay Commission. This was done for many reasons and one of them was to auction off the US silver stockpile to bring the silver spot price down to what was considered "appropriate" prices.
And that's how we get to this round (along with various weight silver bars) being minted by the Continental Coin & Jewelry Company based in Van Nuys, California (mintmark CC).
Continental Coin bought a large portion of the assay office stockpile and minted a variety of rounds and bars. You can see those and read more in this article.
The rounds came in two variants type 1 and type 2. The difference being the eagle on the obverse, type 1 displays the Eagle preparing to land, whereas, type 2 (the one pictured here) displays the Eagle preparing to fly away.
Was happy to pick this up and learn more about it. Have a gr8 day #fam.
That one’s a dandy! Nice piece tooth — maybe I can recommend some tech for you:
Bah ha ha ha… cheers buddy 💪😎
So you charge it with farts?
Hmmmm, looks a litt small........🤣
Yep. The government showing everyone that they control it all…. For now anyway. Nice round. I’ll come back with some pimp soon. Almost back to slap.
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Very interesting story about the coin.
the government hands seems to be on everything isn't it?
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Yeah it's a cool coin and yes the gov't loves to insert itself into everyones business :(
!PIMP
You must be killin' it out here!
@summertooth just slapped you with 10.000 PIMP, @ekavieka.
You earned 10.000 PIMP for the strong hand.
They're getting a workout and slapped 3/4 possible people today.
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That is some seriously cool silver. I haven't seen one of those before! I'll have to keep an eye out for one of those! I'd PIMP you but I'm out at the moment. Can't wait to get to 50K!
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Yeah, these are cool.
!PIMP
You must be killin' it out here!
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You earned 5.000 PIMP for the strong hand.
They're getting a workout and slapped 2/4 possible people today.
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I’m back….
!pimp
You must be killin' it out here!
@silverd510 just slapped you with 10.000 PIMP, @summertooth.
You earned 10.000 PIMP for the strong hand.
They're getting a workout and slapped 3/3 possible people today.
Read about some PIMP Shit or Look for the PIMP District
That's !PIMP
You must be killin' it out here!
@summertooth just slapped you with 1.000 PIMP, @silverd510.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/4 possible people today.
Read about some PIMP Shit or Look for the PIMP District
A very nice round, @summertooth !
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Thanks SAver. I wonder if you have any of the bars from these guys?
A lot of the old A-Mark bars were from the Hunt's hoard as well I recall.
Oh cool that makes sense, I think A-Mark was located in southern California back then as well.
That's an amazing story, thank you for sharing it. I have one of these and it's among my favorite rounds. Knowing the story behind it, I think it's even more my favorite. Love a good story.
I suppose when gold and silver is removed from circulation, there's no more need for an Assay.
I see you read the article, very nice. The story is amazing, I love to know the orgin of stuff like this. I was always curious about these because they mention a gov't agency.
I love how after 1964 the Assay office would just produce medals and have a yearly banquet at a cost of $20,000! What the heck wold they do the rest of the year 🤣