First issued in June 2006, the American Gold Buffalo became the first 24-karat gold coin released by the U.S. Mint. It is also a meaningful piece of American coinage history. Its familiar design honors James Earle Fraser, and the one-ounce American Gold Buffalo carries a stated face value of $50. Although its legal face value is only $50, the original article explained that it traded at the going spot price for an ounce of gold. Even as a comparatively modern issue, it had remained popular in the coin market from its debut, particularly among investors who preferred 24k gold coins.
The Presidential $1 Coin Act of 2005
Public Law 109-145, known as the Presidential $1 Coin Act of 2005, became law in December 2005 after President George W. Bush signed it. The U.S. Mint described the law as an effort to renew “the design of United States coins and returning circulating coinage to its position as an object of aesthetic beauty in its own right,”. It established the production and release of four $1 Presidential coins each year, with each coin using a bold, dramatic Statue of Liberty design on its reverse.
Title II of the Presidential $1 Coin Act authorized the striking and issuance of $50 American Gold Buffalo bullion and proof coins. It also set out requirements concerning their design, production quantities, legal-tender status, and related specifications. The mintage ceiling for these 24-karat gold coins was established at 300,000. The U.S. Mint began producing the Buffalo partly to compete with the established popularity of foreign gold coins, including the South African Krugerrand. Since 2006, it had been issued in both standard bullion and proof finishes. Except for 2008, when 1/10 ounce, 1/4 ounce, and 1/2 ounce sizes were produced, the American Gold Buffalo was issued only as a one-ounce coin.
Design of the American Gold Buffalo Coin
The Buffalo Nickel was a copper five-cent coin in circulation from 1913 through 1938. James Earle Fraser, a famous coin designer and sculptor, created its design. The American Gold Buffalo largely adapts that Buffalo Nickel design. On the obverse is a detailed right-facing profile of a Native American man, together with the inscription “LIBERTY” and the year of mintage. The figure is thought to combine three Native American chiefs, including Iron Tail of the Lakota tribe, Two Moons of the Cheyenne tribes, and John Big Tree of the Seneca tribe. Its reverse shows a large buffalo and identifies both the face value and gold content.
American Gold Buffalo as an Investment Coin
Before 2006, the American Gold Eagle, a 22k gold coin, was the sole U.S.-issued gold bullion coin made for investment. The American Gold Buffalo addressed a market gap because many coin and bullion investors favor 24k gold coins. Historically, some had avoided U.S. gold coins in favor of 24k one-ounce foreign coins, such as the Canadian Gold Maple Leaf. During its early production years, the U.S. Mint released American Gold Buffalo coins in sheets of 20. Investors liked this packaging because it protected the coins and functioned as a certificate of authenticity, or COA. The plastic sheets were not designed for long-term preservation and commonly peeled over time; as a result, the coins were later issued in tubes of 20 coins, like the American Gold Eagle.
Selling Gold Coins for Cash
When this article was originally published, Atlanta Gold and Coin was described as a locally owned coin dealer that bought and sold gold coins and bullion, as well as other precious-metal items. The original article stated that PGCS and NGC recognition as an authorized dealer, along with an A+ Better Business Bureau rating, supported honest and fair treatment in transactions. At publication, readers were invited to arrange an appointment with staff through fill out our online contact form today.
