The American Buffalo, also known as a gold buffalo, is a 24-

karat The fineness of a precious metal object (coin, bar, jewelry, etc.) represents the weight of ''fine metal'' therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardne ...

bullion coin Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes fro ...

first offered for sale by the

United States Mint The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; tha ...

in 2006. The coin follows the design of the

Indian Head nickel The Buffalo nickel or Indian Head nickel is a copper-nickel five-cent piece that was struck by the United States Mint from 1913 to 1938. It was designed by sculptor James Earle Fraser. As part of a drive to beautify the coinage, five denomina ...

and has gained its nickname from the American Bison on the reverse side of the design. This was the first time the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

Government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is ...

minted pure (.9999) 24-karat gold coins for the public. The coin contains one-troy ounce (31.1g) of pure gold and has a

legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...

(face) value of US$50. Due to a combination of the coin's popularity and the increase in the price of gold the coin's value has increased considerably. The initial 2006 U.S. Mint price of the

proof coin Proof coinage refers to special early samples of a coin issue, historically made for checking the dies (as in demonstrating that something is true) and for archival purposes. Nowadays proofs are often struck in greater numbers specially for c ...

was $800. In 2007 the price was $899.95, $1,410 in 2009, and $2,010 in 2011. In addition to requiring a presidential dollar coin series to begin in 2007 and redesigning the cent in 2009, the Presidential $1 Coin Act of 2005 mandated the production of a one-ounce 24-karat gold bullion coin with a face value of $50 and a mintage limit of up to 300,000 coins.

Design

The design of the American Buffalo gold bullion coin is a modified version of James Earle Fraser's design for the

(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 Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags, seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, ...

(front) 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 Iron Tail (Oglala Lakota: Siŋté Máza in Standard Lakota Orthography; 1842 – May 29, 1916) was an Oglala Lakota Chief and a star performer with Buffalo Bill's Wild West. Iron Tail was one of the most famous Native American celebrities of the ...

, and

Two Moons Two Moons (1847–1917), or ''Ishaynishus'' (Cheyenne: ''Éše'he Ôhnéšesêstse''), was one of the Cheyenne chiefs who took part in the Battle of the Little Bighorn and other battles against the United States Army. Life Two Moons was the son o ...

, who posed as models for him to sketch. The obverse also shows the motto "LIBERTY" on the top right, the year of mintage on the bottom left, and below that the letter F for Fraser. The American Buffalo gold bullion coin further has in common with the nickel the motto

E PLURIBUS UNUM ''E pluribus unum'' ( , , ) – Latin for "Out of many, one" (also translated as "One out of many" or "One from many") – is a traditional motto of the United States, appearing on the Great Seal along with '' Annuit cœptis'' (Latin for "he ...

above the buffalo's lower back and the device UNITED·STATES·OF·AMERICA along the top. Differences that can be noted between the nickel and the fifty dollar piece are, on the gold American Buffalo coin the mound area of the reverse of the Indian Head nickel bearing 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 of the newer coin to the left of, and beneath, the buffalo's head.

Fractional sizes

The U.S. Mint indicated an expansion of the program, to include buffalo gold coins in fractional sizes for 2008 only. The specially-packaged 8–8-08 Double Prosperity set contained a one-half ounce gold buffalo coin.
Weights and measures provided below:

Distribution

Currently, all U.S. bullion coins, including the American Buffalo gold piece, are being struck at the

West Point Mint The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, West Point, New York (state), New York, United States. the mint holds 22% of the United States' Gold res ...

in New York. According to the U.S. Mint website, only the ''proof'' version of the buffalo gold coin bears the

mint mark A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. It should not be confused with a mintmaster mark which is the mark of the mintmaster. History Mint marks were first developed to locate ...

"W" on the obverse (front) of the coin, behind the neck of the Indian; the bullion version does not have the "W" mint mark. The 2006 and 2007 coins only have 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. After a long wait by both collectors and investors, the ''uncirculated'' version of the American Buffalo gold piece was made available to coin dealers on June 20, 2006. Collectors who wanted to purchase the ''proof'' version from the mint were given the opportunity to place their orders with the mint beginning on July 22. The 2006 proof quality coin has a strict mintage limit of 300,000, with an additional enforced limit of only ten (10) coins per household. The catalog number of the 2006 proof coin at the U.S. Mint is (BA6). The coin was created in order to compete with foreign 24-karat gold bullion coins. Since investors sometimes prefer 99.99% pure gold over the 91.67% gold used in the

American Gold Eagle The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986. Because the term "eagle" also is the official United S ...

, many were choosing non-U.S. coins, such as the

Canadian Gold Maple Leaf The Canadian Gold Maple Leaf (GML) is a gold bullion coin that is issued annually by the Government of Canada. It is produced by the Royal Canadian Mint. The Gold Maple Leaf is legal tender with a face value of 50 Canadian dollars. The market ...

, to meet their bullion needs. With the American Buffalo coin, the U.S. government hopes to increase the amount of U.S. gold sales and cash in on the 24-karat sales, which makes up about 60% of the world gold market. On September 26, 2008, the U.S. Mint announced that, temporarily, it would halt sales of the American Buffalo coins because it could not keep up with soaring demand as investors sought the safety of gold amid the subprime mortgage crisis of the late 2000s, which had also affected the price of gold.

Mintage

Mintage for the bullion version of the American Buffalo is as follows (all 1 ounce coins):

References

External links