The United States Mint has confirmed that it will begin selling the 2009 American Buffalo One Ounce Gold Proof Coins on Thursday, October 29th, as it had been tentatively announced earlier this month. Sale time will start at 12 Noon (ET).
In contrast to last year, the US Mint will only be striking the one ounce sized Buffalos. As communicated in November of 2008, the fractional sizes of 1/2 ounce, 1/4 ounce and 1/10 ounce were discontinued due to a "numismatic product portfolio analysis" conducted by the Mint.
The proof Buffalo coin is expected to have quite a demand placed upon it. The bullion version of the Buffalo was made available on October 15th after also being unavailable throughout 2009. 86,000 of the bullion coins were purchased in one week, representing 50% of the amount that was sold in all of 2008.
Add to this anticipated demand the fact that the Mint has not placed an order or household limit on the Proof Buffalos and we have to suspect there could be ordering issues on the 29th reminiscent of the troubles collectors experienced recently with the release of the Lincoln Coin and Chronicles Set. Perhaps the Mint is banking on the fact that the price tag of the Buffalo will keep most collectors at bay.
That price will not be known until the day before launch due to the Mint's gold coin pricing structure policy. According to this policy, the price will be based on the average London Gold Fix for the previous week. If gold remains at the same level it is today, the expected price of the proof will be $1,360, making it a large purchase for most collectors, especially in comparison to its launch price last year of $1,018.88.
Originally introduced in 2006, the 24-karat Gold Buffalos have the distinction of being the first coins ever struck by the US Mint from .9999 fine gold. Previously, most gold coins struck were 22-karat, such as the American Eagles still produced today.
The design on the gold buffalos is a familiar one to most collectors. It is based on a nickel that originally appeared in 1913 and ran until 1938. Commonly known as the "Indian Head Nickel" or the "Buffalo Nickel," the design was created by James Earle Fraser and is considered by many to be one of the most beautiful coins ever produced by the United States.
On the obverse, a profile of Native American can be seen. Fraser said he based this image on a composite of three models, all Indian Chiefs. Two of the Chiefs were positively identified by Fraser -- Cheyenne Chief Two Moons and Lakota Sioux Chief Iron Tail.
The reverse design depicts an American buffalo (known by most around the world as a bison). Fraser is said to have designed this side after a captive buffalo called "Black Diamond" which lived in the New York City Zoo.
All Gold Buffalos are be struck with a 'W' mint mark, signifying they were produced at the Mint's facility in West Point, New York.
When available, the set can be ordered directly from the United States Mint Web site at http://www.usmint.gov/, or directly here.
Orders may also be placed at the toll-free number 1-800- USA-MINT (872-6468). Hearing and speech-impaired customers may order by calling 1-888-321-MINT (6468).
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US $1,645.00
For more information on the coin, also see the Coin Collecting News coinage page 2009 Buffalo Gold Coins.
