New American Buffalo 24-Karat Gold Coins

b1pw3ha

Full Member
May 17, 2005
102
2
Pittsburgh-Pa
go to the mints website for photos of the coin


http://www.usmint.gov/mint_programs/buffalo24k/

New American Buffalo 24-Karat Gold Coins


American Buffalo 24-Karat Gold
Bullion Coin Obverse Design


American Buffalo 24-Karat Gold
Bullion Coin Reverse Design The United States Mint is pleased to introduce its new line of 24-karat gold coins.

Production of these highly anticipated coins is authorized by Public Law 109-145, dated December 22, 2005, also known as the Presidential $1 Coin Act.

The new American Buffalo Gold coin’s obverse and reverse designs feature images originally prepared by noted American sculptor James Earle Fraser, once a student of Augustus Saint-Gaudens, for America’s 5-cent coin (nickel).

That popular coin, known as the Indian Head, or Buffalo, nickel was introduced in 1913 and showcases the native beauty of the American West.

The Native American depiction on the coin’s obverse is believed to be based on three different Indian chiefs – two of whom were named by the designer as Chief Iron Tail and Chief Two Moons – who modeled for Fraser as he sculpted its design. Conflicting statements exist on the third Indian as being either Chief John Big Tree of the Onondaga tribe, or John Two Guns, son of White Calf. It is widely believed that the bison on the coin’s reverse was modeled after "Black Diamond," a popular attraction at the New York Zoological Gardens.

In the first year of the coin’s issuance, 1913, there were two distinct varieties, the first showing the bison on a mound and the second with the base redesigned to a thinner, straight line. American Buffalo Gold Coins bear the original Fraser Type I design.

United States Mint American Buffalo Gold Bullion Coins

American Buffalo Gold Bullion Coins are the first .9999 fine 24-karat gold coins ever struck by the United States Mint and offered for sale through a network of Authorized Purchasers. These $50 gold coins will be available to members of the public seeking a simple and tangible means to own and invest in 24-karat gold in the form of legal tender coins whose content and purity is guaranteed by the United States Government.

American Buffalo Gold Bullion Coins will be available at many coin and precious metals dealers as well as many brokerage houses and participating banks. Pricing for precious metal investment coins typically depends on the market price of the metal. Click here to locate a dealer.

United States Mint American Buffalo Gold Proof Coins

The United States Mint will produce a proof version of these coins for collectors. The term "proof" refers to a specialized minting process that begins by manually feeding burnished coin blanks into presses fitted with special dies. Each coin is struck multiple times so the softly frosted and highly detailed images seem to float above the field.

An official Certificate of Authenticity will accompany each coin. American Buffalo Gold Proof Coins will sell at a fixed price and can be purchased directly from the United States Mint.

Product Information

All 24-karat American Buffalo Gold coins will be struck at the United States Mint at West Point . The 24-karat American Buffalo Gold Bullion Coins will be minted and sold in the same manner as American Eagle Bullion Coins .
 

A beautiful coin. I have saved up just enough allowances now to get one to add to my collection of regular buffalos.

-CC
 

Does anyone know how much of a troy ounce one of those coins is?
 

Right Now Gold is $575.20 a TROY OZ.

Knowing the Mint, They will also want a Premium.
 

jeff of pa said:
Knowing the Mint, They will also want a Premium.

Quoting from a U.S. Mint press release issued earlier today:

"American Buffalo Gold Bullion Coins are sold by the United States Mint to Authorized Purchasers based on the current price of gold plus a small premium to cover minting, distribution and marketing costs."

http://usmint.gov/pressroom/index.cfm?action=press_release&ID=674

It will be interesting to see just how "small" that premium turns out to be. In any case, you can bet your last bullion Buffalo that the entire cost will be passed along to the collector/investor.
 

The mint says "investment for the public". It seems it's another Mint Rip Off. You can bet the Proof versions will sell at a HEFTY premium. and the "bullion" versions will be exploited by the "authorized purchasers" to take full advantage of the public.
The mint should eliminate paper money, and mint high denom coins for circulation. That way WE could FIND them.
 

They are selling the non proof coins for the spot price of gold, the coin contains one ounce, not to bad of a deal...
 

The 2006 Buffalo Proofs go on sale June 22, 2006 for $800 (not $885?) for one ounce coin. You can order one of the 300,000 1 oz proofs to be minted, online at the US mint website tomorrow..

The 1 ounce 2006 Gold Eagle Proof is already sold out (at $885.00). The single coin maximum mintage for the 2006 Gold Eagle Proof was 12,000, although you may still buy one of the 27,000 4 coin sets for $1,575 which have the 1 oz, 1/2 oz, 1/4 oz and 1/10 oz proofs included.

For the bullion coins, another story. According to my local coin shop owner, first, the coins are sold to one of the four national dealers, who then re-sell (as in, mark up and make a profit on) the coins to one of the hundreds of regional dealers. Then these dealers will sell the coins to your local coin shop, again making a "small" profit. You may then go to your coin store, bend over, and pay the "small premium" to get one for your own. (Of course after this path, don't expect any MS-68, MS-69 or MS-70 bullion coins to make it to your pocket.)

Thank you government, may I have another?
 

It's out.... I saw it on the HSN.... $1300...... hmmm... 800 to 1300.... is that a SLIGHT premium?!?!??!
??? ??? ???
 

Question... Why bother putting a $50 value to the coin? Is this to ensure it's still worth something if for some reason the value of gold tanks? This coin would never be used to pay for a meal at a restaurant, or buy movie tickets... I'm just wondering... ???
 

Tabfry said:
Question... Why bother putting a $50 value to the coin? Is this to ensure it's still worth something if for some reason the value of gold tanks? This coin would never be used to pay for a meal at a restaurant, or buy movie tickets... I'm just wondering... ???
Good question, ??? anybody?
 

diggummup said:
Tabfry said:
Question... Why bother putting a $50 value to the coin? Is this to ensure it's still worth something if for some reason the value of gold tanks? This coin would never be used to pay for a meal at a restaurant, or buy movie tickets... I'm just wondering... ???
Good question, ??? anybody?

I dont think that there is any real reason for putting a face value on the coin. Since its not a commemorative and its not a coin made for circulation they probably just said "$50" to make it seem like a "real" coin. By real i mean ment to be used. Its almost like the old coins we collect. Why does it say one dollar on the morgan dollar when the silver value is much more? Why is a mercury dime 10 cents when its silver value is much more? For the same reason the coins says 50 dollars. Metal values are constantly changing, right now gold is worth far more than 50 dollars an ounce but maybe in a few months it could plummet for some reason or another. Although this is highly unlikly it could happen. At that point the coin may as well be used in circulation to buy things, at least it is guranteed to have some value if anything happens. Its also like the bullion coins. You can get $100 platinum coins that weigh one ounce, even though the platinum is worth much more. The dollar amount also gives some people a reason to buy the coin. My brother asks me all the time why buy a commemorative coin if it has no face value? I always respond thats its not all about face value. The $50.00 just adds a nice tough to the coin to make you feel like it could be used if worst comes to worst. Sorry for the long post. I think my fingers are going to fall off.. lol... ;)

-CC
 

midas777gold said:
The mint says "investment for the public". It seems it's another Mint Rip Off. You can bet the Proof versions will sell at a HEFTY premium. and the "bullion" versions will be exploited by the "authorized purchasers" to take full advantage of the public.
The mint should eliminate paper money, and mint high denom coins for circulation. That way WE could FIND them.

The proof version will be sold on HSN on July 11th.
 

Not sure if any of this has been said. Just started reading this thread. I looked at the Mint website and this is what I get from it.

Coin is 1oz .999 24k gold. The first pure 24k US gold coin minted. Eagles as some might know are not 24k. They are also heavier and larger than typical 1oz. coins. They are bigger and heavier because they are an alloy, formulated to last longer, wear better and hold up to handling etc. By making them larger and heavier, the mint still guarantees that, if broken down, they would contain the quantity and value of 1oz of pure gold. The Buffalos will be a little smaller and lighter, then, than an Eagle coin.

Face value is $50 but the coins sell for market price plus a premium (say a commission) when bought from certified or approved dealers, brokerages and participating banks. You can click on a link to see what dealers and some investment companies, in your area and, national sellers, that are selling them.

The coins that are being sold by the dealers, brokers and banks are Bullion coins that are directed toward those who want to buy simple coins for investment, inclusion in your investment portfolio in precious metals or some collecting etc.

If you want PROOF coins, they are available from the US Mint and will be available to ship on July 13, 2006. They come in a presentation case and appear to be encapsulated. They are, it appears, taking advanced orders right now for the proofs.
 

From todays (07/10/2006) inquiry of the US Mint site:

Product Name Quantity Price(each) Total Item Status
2006 AMERICAN BUFFALO 24K GOLD PRF 1 OZ 1 $800.00 $800.00 1 unit backordered. Expected to ship on 07/06/2006.

todays date = 07/10/2006
expected ship = 07/06/2006

I guess competence is too much to expect.....
 

I put in a purchase last week. Ship date was July 6 back then. It has been on hold until today and now the order says, In Process. No indication of actualy shipping though. Right before I ordered it, the website said that ship date was July 22nd and it had changed while I was looking at them. Who knows when they will actually ship.

Incidentally, one thing occoured to me. If the innitial release date was to be July 6th for the proofs, how come some of the eBay sellers that were selling the PROOFS were saying that they had them in their possession and ready to ship. ???

I know the regular coins that were being sold, the slabbed 70s and 69s that were listed on eBay had been released a few weeks ago and sent then to the graders for encapsulation. The sellers on some of those said they were awaiting their return from the grading companies. However, the PROOFs, I understood weren't to be released until the 6th.
 

Hi Gang,

This is just another ploy by the mint to rip off the public.
A 1oz. gold selling for over $800.00 !! Proofs even higher !!

Remember the 2001 Buffalo Commemorative Silver Dollar ?
One of the most popular designs ever and the Mint in its wisdom only makes 500,000 ! That helps keeps the price up.

And the $50.00 gold eagles ? At these prices i can buy an original St.Gaudens $20.00 gold piece.

Think about it! None of these coins are ever circulated.They should all be in MS68 or better condition. Then they will charge you a premium to be in the condition they are supposed to be in !!!

I quit buying the US bullion coins(except for the Silver Eagle) about a year ago.They are way overpriced.

The Canadian Maple Gold Leaf is a beautiful coin and is .9999 pure.
The Chinese Panda's are very beautiful.
The Isle of Man Cat Gold coins are sweet too.

Just my 2 centavos,

Mike in SC
 

Not that your sentiments are wrong in any way. To each his own and you are entitled to your feelings on the matter. I think you are correct in that the mint is capitalizing on collecting to make extra money and more profit for the government. In the end though, I think it comes down to supply and demand and all. They price them at these prices and there are plenty of people who will pay the price. So, as for the question of fairness??? I don't know if buying direct from the mint is that much of a rip off. At least, not in comparison to what happens on eBay, with the grading of coins and after the Mint has released an issue. But, is that the seller ripping people off or the irrational buying by collectors who don't know any better. If I am going to buy coins, I would buy from a regular broker or bank or from the mint directly.

The spot price for 1oz of gold when I bought my coins was about $590/oz. Right now, if I am reading the chart right, it is around $625/oz. When I bought, eBay sellers were getting buyers for the PROOF coin for over $950 a coin. I went to www.usmint.gov and saw that I could buy the same coin, in a presentation case with certificate of authenticity, in proof condition for $800. Why go online and buy on eBay or HSN for more when you can get straight from the mint for less??? Pay $950 or over a grand? or pay $800. Today, Looking right now, I see the coin is still available and selling for $800 even though the spot price for gold has risen. If I were to buy the regular coins from a dealer, broker or bank, they would be charging me, at least, spot for that day. Plus a commission.

Normally, I don't buy the Gold Proof coins but, in this case, first, I like the looks of it and thought I might want one. Rule one of any collecting. Don't buy something if you don't personally like it or enjoy having it. You might get stuck with it. Second, it is the first .9999 PURE gold coin ever produced by the US Government so I figure there is some added value there, worth paying a little more maybe. With the prices of the bullion coins in Mint Uncirculated condition, selling on eBay and home shopping for as much as, over $1000 I felt that the $800 for a PROOF coin was a better deal. I know I can go to a regular dealer, some brokerages and some banks and buy the regular coins for a little over spot but, as I said earlier, I don't know that they would look as nice as the proof. I certainly am not going to play into the game of buying slabbed 70s or 69s when, like you say, almost all new coins purchased right now are going to be 68 or better anyway. That is where the rip offs really are. Why pay $1200 for a $600 coin.

Maple Leafs, Pandas and some of the others have always been 1oz .9999 PURE 24k coins. Eagles have been heavier and larger and guaranteed, if purchased for investment reasons, to contain 1oz of 24k gold but were not pure for the sake of wear and durability. You can trade them as they are without need for assay as they are known for their content and quality to contain 1oz of 24k gold. Again, this new coin, the $50 Buffalo, is the first one ever produced by the mint to actually be 1oz PURE 24k gold.

A few points in relation to your post. Just to clarify, The $50 Buffalo is .9999 pure 24k gold. Also, buying direct from the mint the coin that I bought is PROOF and cost was only $800. Even with increases in spot, it is still selling in the mint catalog for $800. The regular issue is less and not available through the mint. You have to get it from approved dealers, brokers or some participating banks who will sell at spot plus a premium for their commissions or profits.Then there are those, usually coin dealers, who will pay to slab all the best coins and charge way over a premium for them. Only thing extra, that I paid, on the mint purchase, was shipping which was $4.

From what I saw, the frosted or satin ??? finish of the indian and the buffalo against the high polished background makes this coin attractive to me. Much more attractive than the regular issue, I think, although I have not actually seen either. It seems to have an appearance much like some of the Maple Leafs that I have seen.

I was a little leary about paying $800 for 1oz of gold when the price per oz was only about $590. However, as I see gold prices rising to around $625 right now, it doesn't seem that bad considering the Proof Condition, historical significance and the fact that, I assume 300,000 is far fewer than the quantity of the regular issues.

Don't get me wrong, I am not trying to rationalize or sell anyone on these coins. It is just that I have purchased some proof sets in the past, "Prestige Sets" and such and have always been satisfied. I hope I am equally as pleased when the gold buffalos arrive. The prices are more but I haven't found them to be totally unreasonable when buying direct from The Mint.
 

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