This is a vintage round by a little-known company called A.S.& M. Co.
It is undated. The vintage round was minted by the Lecher Mint, located in the Lancaster, California. The Letcher Mint was in operation from 1972 until around 1981.

I've encountered only one other bar by this company. If anyone of you know more about this company, do share it with us! Here is the one I found on the web:

Source of Photo

They are all marked with the mark "AS&M Co.".

The design is evocative of retro rounds made in the middle of the 1970s with the standard silver trade unit scales that were present on a lot of old rounds during that era.

Scales is the prominent feature on the reverse. The inscription "ONE TROY OUNCE" is placed above the scales, while the weight "31.1 GRAMS" is placed just beneath it.

The mint mark "AS & M Co." appears on both sides of the main picture. ".999 FINE SILVER" is the purity listed directly beneath the scales. Just below the purity inscription, on the outside circle, is the phrase "SILVER TRADE UNIT".

The focal point features a stylized heraldic eagle that bears resemblance to Letcher Mint's 1973 design. The words "ONE TROY OUNCE" are written in a box beneath the eagle. The Eagle depiction appears to have native American origins.¹

Rounds come in the same shape and size as bullion coins but devoid of government minting or monetary amounts. The clear distinction between the round and coin permits banks and private enterprises to join the global silver market and trade silver without infringing on national borders. Silver rounds are not as collectible as coins and proofs because they are privately made, but stackers and collectors buy them frequently as they make good investments.

Even if production has stopped or the company that made the rounds has gone out of business, silver rounds made throughout the 20th century are still in use. One of the best-known examples of these rounds are the Engelhard Silver Prospectors, which were produced by a business that was eventually swallowed up in the previous years' never-ending wave of mergers throughout the 1980s for a brief period of six years.

Because of the rounds' wear, these silver rounds might be offered for a somewhat narrower premium above the spot price. The structure of the market means that while flawless rounds will fetch a little bit more, their value will never increase by more than a few dollars over spot.

So, if the price of a round is unusually high, I just pass over it. I buy them for their price and the fact that they are vintage pieces.

Reference
https://www.pinterest.com/pin/246853623300986910/
¹https://davidmint.com/buy-silver/the-mint-coin-shop/the-letcher-mint-silver-rounds/
https://www.apmex.com/product/170857/1-oz-silver-round-letcher-mint-eagle

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