The Company was originally responsible for hallmarking platinum, gold and silver. (The word "hallmarking" arises from the fact that precious metals were officially inspected and marked in Goldsmith's Hall, the Company's official home.) Today, the Company is one of the few Livery Companies that continues to carry out its ancient functions. The Company operates the London Assay Office, where objects made of precious metals are tested for purity, and then marked with an official symbol if it passed the necessary tests.
The Company ranks fifth in the order of precedence of Livery Companies. Its motto is Justitia Virtutem Regina, Latin for Justice and Virtue are Queen.