The 1 oz Gold American Buffalo coin was born in 2006 as a result of the Presidential $1 Coin Act of 2005, authorizing the production of the US Mint’s first .9999 pure gold (24 karat gold) coin. This new series of coins was in addition to the existing Gold American Eagle series, which is struck in 22 karat gold. With their weight, content, and purity guaranteed by the US government, the Gold Buffalos are investment-grade coins. They are offered in both Bullion and Proof versions and are struck at the West Point Mint. They have a $50 face value, however, this is deemed to be largely symbolic, as the value of the gold they are made from historically has been far greater. Silver.com has the 2006 1 oz Gold American Buffalo coin available for purchase right now.
- Ships in a protective plastic flip!
- 1st year of the Gold American Buffalo coin series!
- Consists of One Troy ounce of .9999 pure gold.
- A Native American is featured on the obverse.
- An American Buffalo is featured on the reverse.
- Has a face value of $50 (USD), guaranteed by the government of the US.
- Total of 337,012 coins were minted in 2006.
The Gold American Buffalo coins are composed of one ounce of .9999 pure gold. They represent the first time the US government has produced 24 karat gold coins. The US Mint did this to compete with the 24 karat gold coin offerings from other countries, such as the Canadian Gold Maple Leaf and the Chinese Gold Panda. The law authorizing the production of the Gold Buffalos requires that the gold in the coins comes from newly mined domestic sources. While the Gold Buffalos are struck at the West Point Mint, the bullion coins do not contain a mint mark.
The obverse of the Gold Buffalo coin features the profile of a Native American Chief. This Chief is actually believed to be a composite of 3 Chiefs: Chief Iron Tail of the Oglala Lakota, Chief John Big Tree of the Kiowa, and Chief Two Moons of the Cheyenne. James Earle Fraser originally created this design for the Indian Head or Buffalo Nickel, which was in circulation from 1913 to 1938. Collectors know this specific image as Fraser’s 1913, Type I design. Its use honors the legacy of our land’s first inhabitants.
The reverse of the Gold Buffalo coin features the profile of an American Buffalo. This buffalo is believed to be inspired by Black Diamond of the Central Park Zoo, the largest American buffalo held in captivity at the time. James Earle Fraser also created this design for the Indian Head or Buffalo Nickel. It is used to remind us of the pioneering spirit of our expansion into the nation’s west.
In 2006, gold began the year priced at $530.00 per ounce. On the first day the Gold Buffalo coins were offered, June 22, 2006, gold was priced at $583.10 per ounce. Gold finished the year priced at $632.00 per ounce, which was an increase of more than 23% over 2005.
If you have any questions about gold for sale, please contact our Silver.com Customer Service team – we will be happy to assist you. We can be reached via phone at 888-989-7223, via our online live chat, or via our email.