American Buffalo 24-karat Gold Coin
The United States Mint struck the first American Buffalo Gold Coins on Tuesday, marking the first time ever the United States Government has minted pure (.9999) 24-karat gold coins for investors and collectors. The coins will go on sale tomorrow (Thursday, June 22, 2006) in both bullion and proof versions.
The US is hoping that this new coin will overtake the Canadian Maple Leaf gold bullion coin as the most popular investment pure gold coin in the world. The United States Mint is currently the world’s largest manufacturer of 22-karat (91.67% fineness) gold bullion coins, the American Eagles.
This one-ounce coin will have a $50.00 face value, but the bullion version will be sold at the price determined by the price of gold. A proof version by collectors will initially be sold for $800 per coin.
The new gold coin was mandated by the Presidential $1 Coin Act of 2005. Both the American Buffalo Gold Bullion and Proof Coins portray the images of the revered Buffalo Nickel of 1913. The American Buffalo Gold Bullion Coins will initially be available in a one-ounce version only. The American Buffalo Gold Proof Coin for collectors will be limited to a maximum of 300,000 coins per year.
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