First offered for sale in June of 2006, the American Buffalo gold coin was the first 24-karat gold bullion coin to be offered for sale by the United States Mint. This coin is also known as the "gold buffalo", which gained this nickname due to the image of the American Bison on the reverse side of the coin.
The American Gold Buffalo coin has an image of an Indian head on the front side. This is the first time in history that the United States government minted a pure gold coin which was available to the general public. The face value of the American Gold Buffalo coin is $50, but is much greater for a proof coin.
A proof coin is an early sample of the issue of a coin. In 2006, the proof coin value of an American Gold Buffalo coin was $800. In 2007 the value went up to $899.95, with the present value now being around $950 for an American Gold Buffalo proof coin. There were only 300,000 of these coins produced, and there was also a limit of 10 per household strictly enforced as well. The question is, how do you know the difference between a proof coin and a regular coin?
For the American Gold Buffalo coin, a proof coin is distinguished by a "W" on the front of the coin. You will find the "W" behind the neck of the Indian. The bullion version will not have this "W" on it, so be sure to check this first if you are interested in acquiring a proof coin of the American Gold Buffalo.
While these coins were only available as a one ounce gold coin, in 2008 smaller versions of these coins were issued. There now included a 1/10 of an ounce coin for $5, a 1/4 ounce for $10, and a 1/2 ounce version for $25. Sales of the American Buffalo coins were halted in September of 2008 as the U.S. Mint had trouble keeping up with the increasing demand of these coins.
While the face value of this gold bullion coin may only be $50, obtaining a proof coin is worth over 10 times that. Being lucky enough to have the available limit of ten per household could prove to be a nice investment for the future.
Tags: American Buffalo gold coin, Buffalo gold coin
Posted in Gold Buffalo Coin Articles | No Comments »