2006 American Buffalo Gold Proof Coins

I received my three coins while on vacation. When I opened them I wasn't all that impressed. They aren't very well centered for proof coins. Definitely leaning in the 8 o'clock direction on the obverse side. I'm just glad the person taking care of my house didn't know what she was signing for. :whistle:

 

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I agree with cloudsweeper, and everyone else who agreed with him. I can't afford them. But my dad got 2 proofs. I like them. And I think it will definately be a good buy, when looking back on it in 5 to 10 years.

 

The mint is not publishing the number of Gold Buffalo Proofs sold. They do provide the number of bullions buffalos sold which is currently 234,000.

I bought one Buffalo Proof and it looks beautiful, especially the starry/glittery field. What type of a field is that anyhow and what does the mint call it? I have never seen any thing like it before.

 

I haven't seen anything for sale other than proofs from the mint. What are bullion buffalos?

 

I thought I seen that figure somewhere on Proof Buffalo's. When you say 'bullion' , don't you mean 'uncirculated' buffalo's? They are all bullion coins, even the proofs, so that may be the problem. At least this is what they have lead me to believe. Correct me if I'm wrong.

 

Here is the mint's description on the proof coin. Notice the last sentence,

"American Buffalo Gold Proof One Ounce Single Coin Product Limit: 300,000"



This year marks the inaugural year of the American Buffalo Gold Coin Program. The Presidential One Dollar Coin Act of 2005 authorizes the Secretary of the Treasury to strike one ounce, .9999 fine gold bullion coins. These are the first pure gold coins ever issued by the United States Government.

The American Buffalo Gold Proof Coins are collector versions of the official United States Mint American Buffalo Gold Bullion Coins and are available in limited mintages. The designs are based on the original 1913, Type I Buffalo nickel, as designed by James Earle Fraser. The obverse features a profile representation of a Native American. The reverse features an American Buffalo (also known as a bison). The 2006 American Buffalo Gold Proof One Ounce Coin is packaged in a blue velvet, satin-lined presentation case and accompanied by a custom-designed Certificate of Authenticity signed by the Deputy Director of the United States Mint.

In order to ensure the broadest and most fair access to United States Mint products, a limit of 5,000 units per order and per household is in effect. Accordingly, all orders for American Buffalo Gold Proof One Ounce Coins will go immediately into a backorder status to ensure compliance with this policy. This quality assurance process should not impact the estimated delivery time. The United States Mint may reevaluate this limit and either adjust or remove it at any time.

American Buffalo Gold Proof One Ounce Single Coin Product Limit: 300,000

 

American Buffalo Gold coins comes in two flavors: Bullion and Proofs.

Bullion coins are sold by the mint in bulk to: coin dealers, banks, broakerage houses, etc.

The Bullion conins are normally for "investors" who collect for the value of the metal. Bullion coins are bought and sold at the spot price of the metal which varies based upon the supply and demand. The spot price changes on a minute by minute basis on Chicago Option Exchange. These sellers charge additionally 7-10% more than the spot price for shipping, handling and some profit margin. Some coin dealers buy these bullion coins, have them graded, and sell them for a bundle by utilizing all the marketing tools available.

New Proof coins are sold ONLY by US Mint and are normally bought by the collectors. You can buy the proofs in the secondary markets also before/after being graded.

Moen1305 provides a good description of a Proof coin.

PLEASE NOTE:
The new release of the 20th Aniversary American Eagles sets are only sold by US Mint and are available in: Proof, Reverse Proof, and UNCIRCULATED sets. American Eagle Gold and Silver "Uncirculated" Coins are being introduced in 2006. These coins feature the same finish as their bullion counterparts, but unlike the American Eagle Bullion Coins, the American Eagle Uncirculated Coins bear the mint mark of the facility that produces them and follow a different path through the manufacturing process. Specifically, the planchets used for American Eagle Uncirculated Coins are burnished, while those used for American Eagle Bullion Coins are not."

Hope this helps...

 

I guess the question remains what portion are the Buffalo proof coins of the 300,000? I just don't see them actually selling 300,000 of these $800 dollar coins. Too rich for the bulk of coin collectors.

 

The 300,000 limit is for the Proof Buffalo only.

The Bullion Buffalos will be minted and sold to the distributors based upon the demand. There is no mintage limits for the bullion coins.

I agree, I cannot see how the US Mint can sell 300,000 Bullalo Proofs at $800 a piece!!

The mint provides a running count of the Bullion Buffalos sold at the US Mint Web site.

 

Is that the monthly total minted amount or the sold amount? I can't really tell. I wonder if they ever destroy the unsold coins? The 64 thousand dollar question is of course rarity. How many will actually make it out of the mint?

 

Answer: Number of Bullion Coins SOLD...

Reported on a monthly basis but updated regularly...

Here is the URL for the American Bullalo Bullion sold amounts:

http://www.usmint.gov/mint_programs/buffalo24k/

Just an added note on American Eagle 20th Aniversary 3-Coin Gold Set:

American Eagle 20th Aniversary Gold Coin Set- Soldout in 24 hours!

From the mint: Orders have been taken that meet the maximum mintage level of 10,000 for the American Eagle 20th Anniversary Gold Coin Set. We will continue to accept orders in the event cancellations occur...

 

Proofs cost about $400 more than the normal version.
Are getting proofs worth it?

I mean, from a resale point of view aswell.

I know proofs are much better looking, but I could get a normal gold buffalo, and a second decent gold coin aswell for the price of a proof.

 

Guess i am guilty, two proofs, one unc and one ms70, bought from a dealer. I hope they go up at least in the next 10 years, maybe I can sell them then to retire.

 

The latest sales figure for the proof buffalos is 213,000. I'm starting to think it just might sell out. 87,000 coins, Holiday season ahead, fence sitters will jump in as the number dwindles. The drop in gold price won't help.
Any thoughts?

 

Well, this is the month I get a proof one of these for my dad. Get that Christmas present early and what not. :smile They kinda helped me out on a new clutch for my '69 last year.

 

I heard that the mint will be releasing 1/4 and 1/2 ounce versions starting next year, thats when i will get one (I just can't sync that much money into bullion)

 

Oh thank goodness for that.

I want the coin because it's attractive mainly....but $1200 for one.

:O

 

A little confused

I thought that the proof buffalos were strictly limited at 300,000 pieces. I just checked the stats at http://www.usmint.gov/mint_programs/buffalo24k/index.cfm?flash=yes and its now at 302000. Um, thats more ain't it?

 

The proof coin is limited to 300,000. The 300,200 must be the current mintage of the BU coin.

 

United States Mint Sales Totals for American Buffalo Bullion Coins.

Last I saw the Proofs sold were at 223,000. I hear they will stop production Dec. 31st but still sell them into 2007 until they are gone.