New American Buffalo 24-Karat Gold Coins

[Heavy Chevy]

Thank you Wmas for the thoughtful reply,

Yes they are beautiful coins !!! I will probably break down and buy me one for Christmas !

I stand corrected !!


Mike in SC

 

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[Joliet Jake]

I agree with wmas1960.

That is pretty much why I ordered one, because I thought it looks great, and has the COA, etc. I was first going to buy a bullion coin, but I figured with the markups it would be at least 20% above spot at first, and the PROOF looks WAY NICER (at least in my opinion). Also if you read the part of the bill creating this coin I pasted below, 2006 MIGHT be a unique design. The may do like the Platinum coins, and change the reverse every year, or who knows. If they change the design, the 300K run is not too many. If they keep the same design, it is still a very pretty first year, (first ever 24K) PROOF. Each to their own.

‘‘(2) INITIAL DESIGN.—
‘‘(A) IN GENERAL.—Except as provided under subparagraph
(B), the obverse and reverse of the gold bullion
coins struck under this subsection during the first year
of issuance shall bear the original designs by James Earle
Fraser, which appear on the 5-cent coin commonly referred
to as the ‘Buffalo nickel’ or the ‘1913 Type 1’.

...

‘‘(3) SUBSEQUENT DESIGNS.—After the 1-year period
described to in paragraph (2), the Secretary may—
‘‘(A) after consulting with the Commission of Fine Arts,
and subject to the review of the Citizens Coinage Advisory
Committee, change the design on the obverse or reverse
of gold bullion coins struck under this subsection; and
‘‘(B) change the maximum number of coins issued in
any year.

 

[Joliet Jake]

Bullion image vs proof image:

 

[1235CE]

I held an uncirculated one yesterday at my local coin shop....looks like one of those gold tin-foil wrapped chocolate coins .....I wanted to eat it.

Very impressive looking though, meaty and bold.

HH all
Greg

 

[Joliet Jake]

I was just looking on E-Bay, and the Proof Gold Buffalos are sellng for $850-$950 plus S&H. I don't get it, you can order them still from the mint. Mine just arrived, should I sell it and re-order? Why would anyone pay more than retail for a non-graded coin that is still avaliable?

 

[blurr]

Question... Why bother putting a $50 value to the coin? Is this to ensure it's still worth something if for some reason the value of gold tanks? This coin would never be used to pay for a meal at a restaurant, or buy movie tickets... I'm just wondering...

This is from the U.S. mint website;

"19. Are American Eagle bullion coins legal tender? Yes, the Eagles are legal tender at their face value of $50 for the one ounce gold, $25 for the ½ ounce gold, $10 for the ¼ ounce gold and $5 for the 1/10 ounce gold. The silver coin has a face value of one dollar. Because of the market value of the precious metal, few, if any bullion coin holders would ever redeem their coin for only its face value.

20. Why do I have to pay more than the legal tender, or face value for a bullion coin? The legal tender, or face value is largely symbolic and is put on the coin so that the purchaser knows it is an official product of the U.S. Government with all the attendant guarantees. Only the U.S. Government has the authority to issue U.S. currency. The actual prices of bullions coins are based on the market value of gold, silver or platinum."

http://www.usmint.gov/faqs/index.cfm?action=FAQSearchResult

I don't know if that makes much sense, but that's their reasoning behind the denomination thing.


John

 

[buscadero]

See em on ebay @ $725 & 10 s&h. PCGS MS 69.

 

[buscadero]

1235: Don't make that mistake. On an "Everybody Loves Raymond", the old man thought they were chocolates too.

 

[goldinmypan]

Well didn't they use to bite the coins to see if they were gold?

 

[buscadero]

These tasted kinna rubbery!