Should the "Annual Assay Commission" be restored?
RogerB
Posts: 8,852 ✭✭✭✭✭
An "Annual Assay Commission" (aka 'American trial of the pyx') has examined and certified the weight and fineness of U.S. gold and silver coinage since the first issues. President Ford eliminated public membership, begun in 1837, in 1977 and the Commission was abolished after the 1980 meeting.
Now that our Mint Bureau issues large quantities of gold, silver, platinum and palladium "coins" and bullion pieces, it occurs to me that reviving the Commission would add a level of public confidence and reassurance in the weight and purity of these government products.
Basic selection criteria and procedures would be similar to those of the past, and the Commission would report directly to the President at conclusion of its work. There would be no remuneration, only expenses; and a dated, standard medal might be presented to public members.
Members who feel this would be advantageous to confidence in U.S. Mint precious metal coinage, should contact their Member of Congress, Secretary of the Treasury Steven T. Mnuchin. Mint Director David J. Ryder, the American Numismatic Association, the American Numismatic Society and others who might be interested.
Comments
Sounds good to me. But if there are reasons against, let me know.
FYI - Steven Mnuchin is not on the left of this photo.
The negatives in 1977 were that the Mint no longer made coins from precious metal so public oversight and review was not necessary. Further, the argument was that Mint staff could do this faster and more easily, and they had to do the work anyway if there was a pubic meeting. Lastly, there was a small monetary saving which at the time was not balanced by positive publicity about the Commission's purpose.
Since it has not been an issue after all these years, why revive it now? Have there been questions about the claimed metal purity/weight? I have not heard of this as an issue. So no, not necessary. If it is revived it may never go away, like most government programs now....Cheers, RickO
President Carter axed the pyx.
I can't see any reason for reviving it. If the mint starts short weighting their or debasing the bullion and commemorative coinage, the public is going to catch on. It would be a stupid move on the government’s part.
All the Assay Commission became was a boondoggle for some well connected collectors who got a free lunch and an assay medal they sell for more money later.
If revived, it would simply be a snob vehicle for the well-connected & snooty so-and-sos.
Unnecessary in an age when real money is in the form of encoded electronic blips.
We have come a long way from the Chapel of the Pyx.
Probably they could have it at a research arm of the MInt, you never know when an a$$ay may be needed. Also the "department of defense" should return to its former name "war".
Internal tests are conducted on all precious metal products. These include random tests of production and contractors' supplies.
hmm, more government and more committees and reports and red tape? Pass.
I think it should. First thing it should do is check on our Gold reserves in Fort Knox.
Pete
The Assay Commission was never associated with gold reserves, so it's unlikely any renewed version would do as you suggest.