The American Buffalo - The First Pure Gold American Coin

The American Buffalo is the first pure gold bullion coin minted in the United States. Often simply called, the buffalo coin, it is twenty-four karat gold and it was minted at the size of one ounce. The American Buffalo was originally approved in 2005 and circulated in June 2006 through the Presidential One Dollar Coin Act.

The coin was created because of demand from investors. The American Eagle, a coin well liked by investors, was only twenty-two karat gold and a pure gold coin was favored. At the time the American Buffalo Coin was created, the United States government was looking to increase its worldwide coin sales and a pure gold coin was preferred for this reason as well.

The buffalo coin copies the design of the Indian Head nickel. The Indian Head or Buffalo nickel was issued in 1913. That coin is iconic to the American West and was designed by James Earle Fraser, a famous American sculptor.

The front of the Buffalo nickel portrays the profile of a Native American and Fraser based it upon sittings with three different American Indian Chiefs. Two of the chiefs, Two Moon and Iron Tail, fought at the Battle of Little Bighorn.

On the back of the Indian Head nickel is a depiction of an American Bison. This is presumed to be the likeness of an actual bison named Black Diamond who was housed at the New York City zoo at the time the coin was created.

The gold in the American Buffalo Coin is minted from United States sources and the coins are made in New York, at the West Point Mint. The United States guarantees the cold content of the American Buffalo Coin, along with its weight and purity. The buffalo coin has a fifty-dollar face value.

In September of 2008, sales of the American Buffalo Coin were temporarily halted due to demand exceeding supply. Before halting sales, the United States Mint distributed 168,000 buffalo coins.

Today, the American buffalo coin can still be purchased from major banks and gold dealers.

A proof of the buffalo coin was minted and distributed to collectors. The proofs of the American Buffalo Coin from 2006 fetched eight hundred dollars and the 2007 coin sold for five cents shy of nine hundred dollars each.

The current value of a buffalo coin can be determined only by an investor or dealer and will depend on the fluctuations in the gold market.

Resources:
American Buffalo (coin) -Wikipedia article

How To Buy the Buffalo Gold Coin