The American Gold Buffalo was introduced by the United States Mint in 2006 as a new 24 carat gold bullion coin program and was first offered for sale on 22^nd June. Production was authorized under Public Law 109-145 (also known as the Presidential $1 Coin Act) , dated December 22, 2005. The new program was created in addition to the existing American Eagle Bullion Coin Program, which included 22 karat American Gold Eagle bullion coins. The new coins were created in part to compete with 24 karat gold bullion offerings from other world mints, such as the Canadian Gold Maple Leaf and the Chinese Gold Panda and was the first time that the United States Government has minted pure (.9999) 24-carat gold coins for the public. Large scale bullion dealers purchase directly from the United States Mint and then resell the coins to other dealers and the public. They are also responsible for creating a two way market to ensure liquidity. The one ounce bullion coins have been produced each year from 2006 to 2009.

The American Buffalo, also known as a Gold Buffalo Coin follows the greatly admired design of the Indian Head nickel and has gained its nickname from the American Bison on the reverse side of the design The coin has a legal tender (face) value of US$50. On the American Buffalo coin, the mound area of the reverse with the words FIVE CENTS has been changed to read $50 1 OZ. .9999 FINE GOLD. Also, the motto IN GOD WE TRUST, appearing on all U.S. gold coins since 1908, can be seen on the reverse to the left of and beneath the buffalo head.

The design is a modified version of James Earle Fraser’s design for the Indian Head nickel(Type 1), issued in early 1913. After a raised mound of dirt below the animal on the reverse was reduced, the Type 2 variation continued to be minted for the rest of 1913 and every year until 1938, except for 1922, 1932, and 1933 when no nickels were struck. Generally, Fraser’s Indian Head nickel design is regarded as among the best designs of any U.S. coins. The same design also was used on the 2001 Smithsonian commemorative coin.

The obverse of the coin depicts a Native American, whom Fraser said he created as a mixture of the features of three chiefs from different American Indian tribes, Big Tree, Iron Tail, and Two Moons, who posed as models for him to sketch.

Atop a mound of dirt on the reverse of the coin stands an American Bison, which commonly are referred to as buffalo. The animal depicted on the reverse is believed by most to be the bison named Black Diamond, who lived in the New York City Central Park Zoo during the 1910s. It is said that Fraser had to have someone distract the buffalo while he snuck to a position beside it to draw. Otherwise, the buffalo would turn to face him and Fraser couldn’t get the profile he wanted.

The 2006 and 2007 coins have only been issued in a one ounce version, but in 2008, $5, $10, and $25 face value coins were minted with 1/10 oz, 1/4 oz, and 1/2 oz of gold respectively in proof finishes.

The collectible versions carry the “W” mint mark, while the bullion coins do not have a mint mark.

The  2009 mintage was not issued until October 2009 and production was sold out in March 2010.  The 2010 issue is due to be available on 29th April 2010

Gold Buffalo Bullion Coin Mintage

Gold Buffalo Proof Coin Mintage

Gold Buffalo Uncirculated (W) Coin Mintage

Tags: DOLLAR, Gold coins, Money

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