2008 Proof Gold Buffalo Updated Mintages


Revised sales figures for the collectible 2008-W Proof Gold Buffalo Coins have been released by the United States Mint. This follows the previous release of revised figures for the 2008 Gold, Platinum, and Silver Eagles and the 2008-W Uncirculated Gold Buffalo coins. The revised numbers are surprising and result in overall mintage increases for all Proof Gold Buffalo coins.

Below is a table presenting the revised sales figures for the collectible 2008 Gold Buffalo coins by product option. A total column is added to compute the total mintage for coins across all product options. I am also reproducing the numbers for the collectible uncirculated Gold Buffalo coins, which were previously released.

2008 Gold Buffalo Per Option Total
1 oz. Uncircualted 3,025 9,074
1/2 oz. Uncirculated 3,237 16,908
1/4 oz. Uncirculated 3,900 9,949
1/10 oz. Uncirculated 11,380 17,429
4 Coin Uncirculated Set 6,049
Double Prosperity Set 7,622
1 oz. Proof 11,060 25,496
1/2 oz. Proof 2,184 16,620
1/4 oz. Proof 1,331 15,767
1/10 oz. Proof 11,080 25,516
4 Coin Proof Set 14,436

The revised figures for the proof coins show a huge drop for sales of the individual 1/4 oz and 1/2 oz coins. These were previously reported as 4,638 (1/2 oz) and 5,972 (1/4 oz). This was offset by an increase in the number of reported sales for the 4 Coin Set, which changed from 7,931 to 14,436. The net result is increased mintages for all of the 2008 Proof Gold Buffalo coins. Find the full comparison on Numismatic News.

After the recent updates, the mintages for the 2008-W Uncirculated Gold Buffalo coins are now well below the mintages for the corresponding proof coins (except the 1/2 oz). Until now the proof versions seem to have brought higher premiums on the secondary market. It will be interesting to see if the revised numbers cause this to change.

The big changes have made some people justifiably skeptical of the new numbers, and sales figures reported by the US Mint in general. I don’t have a good explanation for the huge shifts in the numbers, but the unique confluence of events in late 2008 might have created an environment for flawed sales reports or large subsequent adjustments.

For the majority of 2008, collectible gold coins available from the US Mint had been priced at excessive premiums. The coins were released at a time when the price of gold was high and prices were not adjusted after the price of gold moved lower. The collectible platinum coins were also priced at high premiums and were completely unavailable for several weeks at a time while the price of platinum fell precipitously. Starting in 2009, the US Mint began a new pricing policy which made coin prices more responsive to changes in precious metals prices and also eliminated the need to lengthy sales suspensions.

Late in the year, the US Mint announced sweeping product discontinuations which would eliminate nearly all Gold Buffalo offerings, nearly all Platinum Eagle offerings, and all fractional uncirculated Gold Eagle offerings. Just a few days later, the remaining 2008 gold and platinum coin products had their prices slashed to bring premiums into line with precious metals prices.

The combination of the discontinuation announcement and lower prices set off a rapid pace of sales into the end of the year. Products quickly sold out or entered backorder status, with some backorders extending for months. Products previously purchased at higher prices might have been returned or customers may have canceled orders not yet delivered. This chaotic environment may have caused flaws with the sales reporting for this period.


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Comments

  1. Anonymous says

    I really don't think these numbers will have any effect on the Buffalos. They are flying high as it is! Any thoughts???

  2. Anonymous says

    I'm glad I bought my Unc Buffalo Double Prosperity Set a few weeks ago, I'm sure the prices will jump on these now along with all the rest of the Unc Buffalo coins.

  3. GoOgLyMoOgLy says

    Anything 2008-W is a great investment. And I quote Michael, "Late in the year, the US Mint announced sweeping product discontinuations which would eliminate nearly all Gold Buffalo offerings, nearly all Platinum Eagle offerings, and all fractional uncirculated Gold Eagle offerings."

    The US simply has NO MORE GOLD. I don't know if they'll release anything in 2010…what, a Pd UHRDE?!?! Get outta here…

  4. Anonymous says

    There will always be gold out there for the Mints around the world; the only question is at what price.

  5. Anonymous says

    Many have called for a drop in price of Gold before buying the Proof Buff 09; so what now? Chase the price or still wait or just forget this coin altogether???

  6. Anonymous says

    Sure glad I bought my buffaloes the first day.The mint just changed the price to $1460, a hundred bucks more that their release price!!
    Hopefully the price keeps rising and the buyers step back and wait….then the mint stops selling them making this a very low mintage year!

  7. Anonymous says

    Yellow buffalos are a real nice collectable coin no matter which year or coin size. I say collect them. If the yellow ones are out of reach start working on a high grade buffalo nickel collection. Most of the other Mint coins now being produced are not appealing to me. As with any collectable what you like is the most important opinion.

  8. Anonymous says

    Makes one wonder how many ASE 07/08 coins are really out there in the public domain. Time will tell but I think this is the real prize. The USMint may not want to admit that they number fewer than the flagship ASE rarity: 95W's.

  9. Golden Boy says

    It's a funny thing about speculative, money-making items like stocks, real estate, gold, oil, and certain collectibles….

    When demand increases, prices increase. People take notice. That increases demand. Prices keep going up and up and up. A bubble forms. But bubbles can expand to a certain size. When they get too big, they burst.

    And so it has been with stocks, real estate, and in this decade, gold. It's not a matter of when the gold bubble will burst, but how loudly it will.

    Gold is a volatile commodity. Buy because you enjoy, not because you want to grow rich.

    Do you know of anyone who has become rich from coin sales – so that he/she no longer has to work?

  10. Anonymous says

    Despite the higher numbers for the proof gold 2008 Buffalo $50 coin, it is still the KEY coin in the series. That means a lot to collectors who focus on mintages and condition, versus the bullion value of a coin…

    With that being said, the 2009 W $50 Buffalo, with 10,000 more being made, still would be valued lower, all other things being equal.

    Should you rush out to get a 2009 $50 Buffalo at today's prices? I say "no." The price on the secondary market is based primarily on the bullion value. When gold falls in price (it won't go up indefinitely – it's a fact of demand and supply), the value of the $50 Buffalo will drop. How far that drop will be remains to be seen….

  11. Anonymous says

    I've said it all along…buy the 2008 W Uncirculated Buffalo 1 oz. coin if you can find and afford one. It will very likely forever be the KING of the entire series of 1 oz. coins, as it's paltry mintage of barely over 9,000 coins will prove EXTREMELY tough to beat!

    I know it's expensive, but if you want the best I'm afraid you will have to pay for it.

  12. GoOgLyMoOgLy says

    Golden Boy, I'd hate to burst *your* bubble, but you have to take into consideration what has happened. Once you have a full understanding, then you will realize that this isn't a bubble; it is merely a correction. The gold price hasn't even adjusted for inflation, nor has it adjusted for trillions of dollars that have been created out of thin air. We will go the way of Argentina, Zimbabwe, and Germany; that is, a currency reset must occur. We cannot keep going on like this. Something has to give and last time I checked, gold/silver has reigned supreme as a store of wealth for thousands of years. It is perhaps THE most stable commodity there is.

  13. Anonymous says

    Wake up long term memory folks! The platinum '07 chase will be like the late '09 chase. Gold will go down. Remember gas at $4 and everyone said it will keep going up forever, or at least not go down? I just filled lup at $2.69/gal. First the stock market bubble (buy tech socks in the late '90s, they will keep going up!) then housing, then gas now gold. It may not "crash", but it will fall.

    At the time the tech stocks, housing and gas were at all time highs all the "experts" had great reasons why things should be priced high at that time….I recently re-read an article from '06 saying why housing adjusted for inflation and percent of wages was actually still low (at the peak of the bubble) and was bullish on housing prices for the remainder of this decade! Weren't we fools?! Here we go again…

    THE MARK-UP ON THE BUFFALO AND ALL GOLD BY THE MINT IS UNJUSTIFIED. The have gold at old rates and don't need to mark it up so much. They are just the government trying to pay off our debt to the Chinese with your hard earned cash. Demand the mint stop the high mark-ups!!!

  14. Anonymous says

    Does anyone have the "revised" mintage numbers for the 2008 buffalo proofs? I heard that there were new numbers out there.

  15. Anonymous says

    The U.S. Mint said Wednesday it will suspend sales of the popular American Eagle 1-ounce bullion coins as rising demand depleted its inventory.

    "The United States Mint has depleted its current inventory of 2009 American Eagle 1-ounce gold bullion coins due to the continued strong demand for this product," the Mint told its authorized dealers in a memorandum on Wednesday.
    November sales to date were at 124,000 ounces, higher than the 115,500 ounces sold in each month of September and October, the Mint said.

    The Mint said it expects to resume sales in early December.

    Increasing worries about inflation, a falling U.S. dollar and geopolitical tensions are prompting individual investors to take physical possession of gold coins and other bullion products due to the metal's appeal as a safe haven in financial and political crises.

    Gold hit a record high at just under $1,190 an ounce on Wednesday due to a broadly lower dollar and renewed interest from central banks. Year to date, the metal has risen more than 35 percent.

    Last year, the Mint had also briefly suspended sales of its American Eagle gold and silver coins due to high demand and a lack of coin blanks.

    Produced from gold mined in the United States, the 22-karat American Eagles have been novel items among collectors and investors since their introduction in 1986. Each coin has a face value of $50 but it is sold by authorized dealers at a premium to the price of gold.

  16. Anonymous says

    I like the way gold bugs justify their frenzy by saying that gold hasn't reached its peak based on inflation. Fact time…

    Assuming that we average 5% inflation compounded annually, the price of gold based on:

    $65/oz in 1973=$376 today
    $250/oz in early 1979=$1080 today
    $400/oz in 1989=$1086 today
    $300/oz in 1999=$489 today

    I guess if you use the $800 spike in late 1979, you could justify $3000/oz, but that was just a spike. Gold hovered between $300 and $500 for nearly two decades and was less than that prior to the '79-80 spike.

    POP…POP…POP

  17. Anonymous says

    I agree with the posts about the 2008 w uncirc buffs. Get those while you can. I just bought a 1 oz 2008 w uncirc buff from a buy it now auction for $2780 It's graded ms70 by the NCG, and I feel like I got it for a steal. The seller had 2. I bought mine about 1 hour after it was posted and the other was sold just a few hours later. People are going nuts for these, as they are very special coins. These will be superior to even the 2008 0.5 oz w platinum eagles. The demand for these buffs is, and will continue to be very strong. The 1/4 oz w buffs will come in a close second because they are more affordable and only number a few more hundred than the 1 oz. As far as the price of gold goes, I hope it busts for now. I want to be able to afford more. God I hope the proof 1 oz comes down. At it's current premium, it's gonna be hard to swing; and that just won't do for a person persuing the series.

  18. Anonymous says

    Yes it will pop one day but not now. Go back to the posts a year from ago and ppl were saying that gold would hit $600. We are going to $1300 then a little pull back and then off to $1900 or above!!!!

  19. Anonymous says

    To those who say POP POP!! How confident are you that our economy will rebound and there won't be any reprocussions from the bizzillions of $$$ being stamped? To me the financial future will be better secured for those who own physical assets, gold, silver, & platinum included.

  20. Anonymous says

    The difference between gold/silver and other commodities is that gold/silver are used as a basis for global currency. The USA housing market, stock market, and economy are much more independent of gold because is global, and the housing market in California (for example) is not.

    All the "gold is in a bubble" people posting have not addressed the unprecedented activities now occurring in our country. The Fed is printing money like there is no tomorrow, obama and ilk are spending money like there is no tomorrow (intentionally), and the USA is incurring debt that we will never have the ability to repay. Personal debt is at an all-time high as well. The question is not if the USA will default on our national debt; the question is WHEN. Why do you think obama is going to Asia to bow to our enemies (who are ironically our lenders).

    So to all you bubble busters out there, please explain how today's circumstances are even remotely similar to 10, 20, or even 30 years ago?? Yes, gold is not going up indefinitely, but I don't think it is high compared to the worthless USD.

    JMHO.

  21. Anonymous says

    I really love the gold Buffaloes and especially the 2008 W Buffaloes. My favorite is the 2008 W Unc. $50 Buff. I've always been partial to proofs, but the proof Buffs are becoming more and more frosty looking. I received my 2009 W Proof Buff today, and it seems to me that the details are getting "lost in the frost."

  22. John says

    Does anyone have access to the number of graded proof 2008 W Buffaloes (all denominations) from PCGS? If so, can you post it on this blog?

    2008 W Buffalo $5 = ????
    2008 W Buffalo $10 = ????
    2008 W Buffalo $25 = ????
    2008 W Buffalo $50 = ????

    If possible, please combine the first strike and the regular numbers for each denomination.

    I can combine these numbers with the NGC census numbers to see the probability that the new mintage numbers are incorrect.

    Thanks.

  23. Anonymous says

    Doesn't PCGS have a website to post numbers? Also can't graded numbers continue to change as coins are sent in any time for grading (except for first strike)?

  24. Anonymous says

    3:02 PM

    If you think that those USDs are worthless, why don't you round up all of the ones you have, and ship them to me? I will dispose of them properly.

    All I was saying, was that the price of gold is pretty much in line with inflation.

    About the 2008 W Buffaloes, be aware that a large amount of the appreciation on these has already occurred. A big chunk (not all) of the recent movment on these has been due to spot gold rising. They are indeed rare, or at least extremely uncommon, but don't overpay on these. If gold does go back to "normal", you could get seriously burned. There are probably only 2000 or so serious gold coin collectors out there (based on final mintage of the '08s, first spouse and older commems), so a low mintage will not automatically equate to continued growth in price.

  25. Anonymous says

    Homes are also a "real" asset like gold. Try building one from scratch and see how much it will cost you in gold Buffalos. I give you that Obama wants to print a bunch of money and have the government take over everything and run things like the post office BUT the dollar buys me stuff for Christmas just as well as it did a few years ago (actually seems to go a bit further this year) SO be careful about trading all of your extra cash (most people don't have much of this!) on over-inflated marked-up USMint gold coins! You will be the sucker getting Obama out of his spending spree by giving your cash back to Uncle Sam! Only coin geeks (maybe a few thousand at most) will ever afford to buy way overpriced coins. BTW, if you really know your coins, you will know many of the most valuable are made in clad! If you really want to ride the gold run then buy bullion, not marked up USMint precious metals.

  26. John says

    PCGS provides values to anyone, but only provides census numbers to paying members. That's why I asked.

  27. Anonymous says

    Any one knows why the mint did not have any proof eagles this year. It seems odd to me after reading that they are producing huge number of 2009 uncirculated eagles.

  28. Anonymous says

    To 734 it is my understanding bullion is required by law to meet the demand so the proofs would be made only if they believe enough extra metal is available. I believe it has to be mined in the US for gold and I think silver too but not sure on that. I think they should do bullion from any source and the proofs from American mines but I suspect it is a mining and or metal industry lobby issue so we may need to thank the mining/metal lobby and politics for screwing up the production and frustrating collectors. If this is not the case then my apologies to mining/metal industries.

  29. Anonymous says

    PCGS slabbed proofs:

    2008 W Buffalo $5 = 940
    2008 W Buffalo $10 = 861
    2008 W Buffalo $25 = 912
    2008 W Buffalo $50 = 1034

  30. Anonymous says

    That means that 11.4% of the 2008 Buffalo Uncirculated "W" $50 coins have been slabbed by PCGS.

    How many have been slabbed by NGC?

  31. Anonymous says

    GoOgLyMoOgLy at November 25, 2009 8:22 AM.

    You certainly must be young (20's being young). You likely did not personally experience the impact of the gold market bust in the early 1980s (POP!) or the stock market's Black Monday in 1987.

    Your user name even shows signs of childishness. When you mature and personally experience the pain of adults who lost millions of dollars in speculative markets, you will understand the warning others are giving about today's gold market bubble.

  32. Anonymous says

    A lot of financial "experts" (not necessarily on this site) who now claim there is a gold bubble never saw a housing bubble or any other "bubble" coming and in fact preached against it. So there may be a gold "bubble" coming or maybe not. Based on my observation of the "experts" expertise I don't think there is.

  33. Anonymous says

    Anonymous at November 25, 2009 5:46 PM said…

    Homes are also a "real" asset like gold. Try building one from scratch and see how much it will cost you in gold Buffalos. I give you that Obama wants to print a bunch of money and have the government take over everything and run things like the post office BUT the dollar buys me stuff for Christmas just as well as it did a few years ago (actually seems to go a bit further this year) SO be careful about trading all of your extra cash (most people don't have much of this!) on over-inflated marked-up USMint gold coins! You will be the sucker getting Obama out of his spending spree by giving your cash back to Uncle Sam! Only coin geeks (maybe a few thousand at most) will ever afford to buy way overpriced coins. BTW, if you really know your coins, you will know many of the most valuable are made in clad! If you really want to ride the gold run then buy bullion, not marked up USMint precious metals.

  34. Anonymous says

    I have to agree with anonymous who talks about GoOgLyMoOgLy at November 25, 2009 8:22 AM.

    Just wondering if you live with your parents? Have you had a real job and ever lost your life's savings because greedy flippers and money hungry fortune seekers wanted you to spend your hard earned money on speculative markets?

    If I did not know any better, I would think most of the folks who come here were car dealers, auto mechanics, and dentists, wanting to earn additional bucks from ill-informed folks.

  35. Anonymous says

    So Cool,…a Gold Buffalo Nickel… a really neat coin.
    I'm glad the mint made em. and considering all the buffalo (nickel) nickels out there,
    not all that many.

  36. Anonymous says

    Has gold kept up with inflation over the long haul? Let's see. In 1928 a brand new regular everyday car cost $475. Sounds cheap. However, at the time, we had a gold backed currency where $475 = 23 ounces of the shiney stuff. 22.98 oz. to be exact.
    So here's the question(s) for you "keep up with inflation" people:
    Could you buy a brand new regular everyday car for 23 ounces of gold in 1930? 1940? 1950? 1960? 1970? 1980? 1990? 2000? Today? You betcha. And, on each occasion, it was a far better car than the previous one. There are thousands of similar examples.
    Each of us must try to sort thru the hype and self interest based opinions out there and draw our own conclusions. I know I've come to mine. Good luck which ever way you go. We're in for a bumpy ride.

  37. GoOgLyMoOgLy says

    GoOgLyMoOgLy at November 25, 2009 8:22 AM.

    You certainly must be young (20's being young). You likely did not personally experience the impact of the gold market bust in the early 1980s (POP!) or the stock market's Black Monday in 1987.

    Your user name even shows signs of childishness. When you mature and personally experience the pain of adults who lost millions of dollars in speculative markets, you will understand the warning others are giving about today's gold market bubble.

    So late and so old with this thread, however I do understand what it's like to have money lost. My father lost plenty of money in the stock market in the 90s. That's the biggest scam that has fooled the American public since the beginning of its conception. Ever since he went to gold in 2001, it has helped him get out of many situations, including keeping his business afloat. I am young @ 27, true, but you have to understand that we aren't living in the 80s and it's not the 'mighty' US any more. We can't guage economic health by looking at the stock market (all manipulation or gold prices (everyone got fooled into buying more ETFs, which is a derivative). So I truly respect the opinions of people saying the gold prices will tumble. Yes, it may, but PHYSICAL is KING. You have new juggernauts, i.e. India and China, et. al, who are big players and are often looked over. We don't have jobs anymore since the manufacturing sector has been shipped overseas. How are we going to have a recovery without jobs? I

    Every single bubble that has occured over time has been engineered by the banksters on Wall Street. Greed gets them rich, but at a cost of the American people. It's 2010, and it is no different than it was in 1929.

    We must look at the big picture folks. The US's time as a superpower is up. I'll say it again, I may be young, but I read plenty and understand both sides of the picture, but am partial to what's been the most stable form of wealth preservation since the beginning of mankind.

  38. Anonymous says

    I`m getting mixed reports here! On one page here It says that the final mintage of 2008 Proof 50$ Buffalo was 18864 pcs. And yet, on this page it says 25496. Which figure is right? And my actual question is: what is the final mintage of 2008 BU 50$ Buffalo? Seems like it is the rarest coin among them all?

  39. coincollector says

    over 5,800 more 1oz proof coins than the 2012 issues, where will this place the 2012 issues value in the near future as soon as this is noticed?

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