Gold Buffaloes Bring Excitement to the Market

In 2006, the U.S. Mint struck coins with a Buffalo design made of pure (.9999 fine) gold. This was the first time in over a 200-year history the Mint struck pure 24-karat gold coins. There was a lot of excitement from the collectors, dealers and investors eagerly awaiting the release of these coins.

Finally, on June 22, 2006 the West Point Mint released the first pure 24-karat gold coins with a face value of $50 each.

For the design on this new U.S. coin, the Mint turned to James Earle Fraser's popular "Indian-Buffalo" motif that originally appeared on the circulating nickel from 1913 through 1938. This design was also employed in 2001 on the $1 Silver commemorative issue. This unique American Buffalo design is one of the most beloved and continues the retro trend that began with the original silver and gold eagles of 1986. These resurrected the original designs of A.A. Weinman's Walking Liberty Half of 1916 and Augustus Saint-Gaudens' Double Eagle of 1907 respectively. This was also the first bullion gold coin not portraying an Eagle in the design.

The West Point Mint has produced some of the best designs and highest-quality coins available to the collecting public. The 24-karat Buffalo coins composition is softer in comparison to the Gold Eagles, made up of 22 karat (.916 fine) gold. Producing gold coins was definitely a challenge for the West Point Mint.

In the past, collectors seeking to own the purest form of gold coins had to resort to searching overseas or to foreign Mints such as the Canadian Mint, which produces the Canadian Maple Leafs; the Austrian Mint, which produces the Austrian Philharmonics; the Australian Mint which produces the Australian Kangaroos and Lunar coins; or China, which is well-known for the Panda series.

Prior to the introduction of the Golf Buffaloes, it was estimated that approximately 60% of gold coins that traded around the world were struck from 24-karat gold. There is no question that investors and collectors worldwide preferred to own pure gold coins. This new coin offered an alternative for American collectors and investors to obtain examples of 24-karat gold coins made by the U.S. Mint. At the same time, this allowed the U.S. Mint an opportunity to be part of this large and growing worldwide market.

Mint State Buffalo gold coins have an unlimited mintage and are offered through authorized bullion dealers at a small percentage over the spot price of gold. The Proof version hit maximum mintages and is available directly from the mint. With the production of the Buffalo gold coins, the mint successfully created a significant product with international appeal.