Fractional Buffalo Gold is Here!
Wednesday July 16, 2008
One of the most highly-anticipated U.S. Mint offerings of the year, the fractional 24k gold American Buffalo coins, will go on sale at the U.S Mint Web site beginning at 12:00 noon ET on Tuesday, July 22. Fractional denominations are the smaller (and more affordable) coins that contain less than a full ounce of gold. The fractional American Buffaloes will be available in 1/10 ounce, 1/4 ounce, and 1/2 ounce. The full ounce American Buffalo will also still be available. In each of these four sizes, collectors can choose their coins in Uncirculated and Proof finishes, and they can buy sets of all four. The coins are Mint marked with the prestigious "W" mark denoting that they were struck at the West Point facility. There are no pre-set mintage limits; the final mintages will be determined by customer demand.Here is a breakdown of the various Buffalo coin product options and prices:
| Option | Price |
|---|---|
| Proof 1 Oz. | $1,199.95 |
| Proof 1/2 Oz. | $619.95 |
| Proof 1/4 Oz. | $329.95 |
| Proof 1/10 Oz. | $159.95 |
| Proof 4-Coin Set | $2,219.95 |
| Uncirculated 1 Oz. | $1,059.95 |
| Uncirculated 1/2 Oz. | $539.95 |
| Uncirculated 1/4 Oz. | $289.95 |
| Uncirculated 1/10 Oz. | $129.95 |
| Uncirculated 4-Coin Set | $1,959.95 |
I am thrilled that I will finally be able to afford to collect the Buffalo gold bullion coins, although I think the mark-up for the Proof coins over the cost of the Uncirculated ones is pretty steep. The Buffalo Nickel, from which the design for these coins derives, has always been one of my favorite series. It will be fun to compare the 1/4 ounce Buffalo coin, which is closest in size to an actual Buffalo Nickel, to see how the nuances of the design differ in the various metals.
Do you plan to buy any of the fractional Buffalo gold coins? Share your views in the Comments section below, and tell us what you think about this new offering.
Photo courtesy of the United States Mint.
Comments
Interesting but I am curious what this means to the gold eagle program. I would like to see the gold eagle series end so collectors can focus on the new buffalo coins.
The prices of the buffalo proofs are, indeed, rather high; especially for coins with NO mintage limits.
I have to disagree with the first post to this thread, in that I would NOT want to see an end to the gold eagle series. If a collector wants to concentrate on the buffalo coins, I don’t see why the eagle series would (or could) stop him.
I also have to disagree with the post by Karmacrux. Why would the gold eagle series have to end “so collectors can focus on the new buffalo coins.” People should be able choose to go with the new buffalo series or stick with the tried and true eagle series (or both). That’s what the free market economy is about. You can focus on what you choose as long as the choices are there. If you eliminate one in favor of the other, than there is no choice. No offense to Karmacrux, they are certainly entitled to their opinion and to express it, but I am vehemently against the idea of ending the gold eagle series. Here is my vote for free choice. Thanks for allowing freedom of expression.
As Dana indicates, the “no-limit” aspect of the Buffalo coins makes me shy away from these at such a high premium to gold value.
I’m not sure. I like the idea of owning a proof gold Buffalo, but I know I can use the money to help me complete my type sets. $159.00 (I can probably afford only the .10 oz. coin) can go a long way to help me realize my goals.
I also have to consider the long-term value of the coin. Certified Buffalos almost certainly will not increase in value any time soon, so I’d have to rely on the bullion value of the coin.
My impression is that certified coins minted before 1930 or so offer the best chance for appreciation, so I’m taking that route. Let clarify something: I’m not some hotshot collector with deep pockets. I just want to have a little something that my wife and I can use for a vacation down the line when we retire. Oh, I also collect coins because of their beauty, and it’s just plain fun!
The reason I feel the US Modern Eagles should end is that there are now 27 different silver, gold or platinum Eagles each year and to buy each one from the US Mint/eBay will cost over $19,000 each year plus price increases. According to the PCGS Registry, only 2 complete US Eagle Sets have ever been completed. The next closest set is only 75% complete.
Another reason is the Mint simply has too many products. We’ve got Presidents, Sacagaweas, First Spouses, States Quarters, gold and silver commemoratives, new nickels, soon new pennies, proof sets, unc sets, Buffalos, silver Eagles, gold Eagles and platinum Eagles, all of which come in proof and in mint state. Then there is the issue of satin finish versus business strike and of course the now infamous position A and position B. There are 56 varieties of the 2007 Presidents UNC coins when there should have been 8.
That comes to over 90 different issued coins per year. Doesn’t this sound excessive?
I considered the options and will not be buying any more Gold Buffalo coins. I agree there should be a mintage limit but keep in mind the mint could change the limit just as the did with the 2007 Platinum Anniversary set. It started at 10,000 then went to 30,000 and is still available. That is just wrong! You can still get Washington Dollar Rolls which seems to make the ones purchased during the production period worthless. What’s the point of collection if the keep selling out-of-production items? I would also agree that there are far too many products and there is no way one could collect them all, it is a pick and choose situation but I feel this brings the future value down. The key is to limit the mintage and and years of production, i.e. reverse proofs and 1995 W Silver Eagle. These types of investments are what we need to help with the retirement. There should also be a better way to purchase these soon to be rare coins oter than overloading the internet or phones. Maybe a mail in lottery and the luck of the draw wins! Just a thought.
That’s the crux of the problem, too many coins and too many minted. The Mint is making a mint and minting their own money. That seems to be ironic and disconcerting.
Karmacrux banned from CLCT message boards.
Sure I am Ace. Check my latest post.
The one where you reference vile and disgusting bestiallity? Nice group that Susan has posting here. Why don’t you disappear?
I also have to disagree with karmacrux as the Silver, Gold and Platinum Eagles are argumentatively the most beautiful and incredible US Mint series that has ever been created. To shut this down for the Buffalo coins would be a major mistake. I think the Buffalos are certainly interesting and there is some appeal for the 24k gold as the 22K can tone, sometimes quite nicely and sometimes quite ugly.
Griv
The US mint has pulled the 2007 10th Anniversary Platinum Set. No word as to how many were sold.