Sell American Gold Buffalo in Las Vegas | American Gold Buffalo Buyer
Overview
The American Gold Buffalo (or gold buffalo) is a 24K gold bullion coin first minted by the United States Government for public consumption in 2006 using pure (.9999 ) 24-karat gold. It has a legal tender face value of $50. Some numismatists prefer to it the Gold Buffalo. Its popularity, along with gold’s consistently increasing cost, makes the Gold Buffalo considerably desirable over the years.
History
Its story started in 2005 with the Presidential $1 Coin Act of 2005. The Act authorizes the US Mint to create a series of Presidential Dollar coins that began in 2007. Additionally, the Act mandated the redesigning of then Lincoln Cent in 2009 to honor the 16th US President’s 200th birthday. Additionally, the act authorized the mint to manufacture a 1 ounce 24K gold bullion coin that is to have a face value of $50 and a mintage of up to 300,000 coins per annum. Some of the other highlights of the Act involve the following:
- The Secretary of Treasury shall mint and issue $50 gold bullion and proof coins.
- The designs by James Earle Fraser shall be on both the front side and backside of the coin.
- Mandates that the gold in the coins shall be from natural deposits in the US or any US territory. Manufacturers shall use it within one year after the month of its mining.
- The Secretary is shall not pay more than the average global price for gold.
- Classify coins as legal tender.
- Identify coins as “numismatic items.”
Reason for Production
Initially, the government came up with Gold Buffalos to compete with the 24K gold bullion coins in other countries. The American Gold Eagles preceded the Gold Buffalos, and it only carries 91.67% gold. Meanwhile, most investors are interested in acquiring 99.99% pure gold, so they end up buying foreign coins for this instead, like the Canadian Gold Maple Leaf coins. To address this issue, the government came up with the Gold Buffalos. With this, they aim to increase their 24K-gold sales, which is about 60% of the world gold market.
However, the US Mint had to announce the temporary halt on sales of American Buffalo coins as they could not keep up with its consistently soaring demand. This all happened on September 26, 2008, amid the subprime mortgage crisis that ultimately affected the price of gold as a commodity.
Design
American Sculptor James Earle Fraser designed the American Gold Buffalo coin. It is similar to the design of the Indian Nickel that was minted in 1913, with the exception of a few adjustments.
In designing the coin’s obverse, Fraser mixed together some features of chiefs that come from three different tribes: Big Tree, Iron Tail, and Two Moons. The coin also displays the line “LIBERTY” on the top right. The year of mintage, on the other hand, is on the bottom left, and below that – the letter F that stands for Fraser.
Meanwhile, the coin’s reverse features a buffalo standing on a rock. It has been said that this buffalo is the recollection of the Nationa’s pioneering spirit towards westward expansion. This side of the coin bares the words “the United States of America, In God We Trust, E Pluribus Unum, 1 oz. .9999 Fine Gold, and $50.”