Somewhat ironically, this sold out set is another one of the US Mint’s products slated for discontinuation. Possibly the demand is being spurred by the fact that the coins will no longer be available — meaning 2008 will be the one and only year that fractional Gold Buffalo coins are minted. Or perhaps the coins were more popular than the US Mint perceived. Re-pricing the coins lower simply kicked demand back into high gear.
The sell out comes amidst some very volatile movements in the price of gold. After surging above the $800 level on November 24, gold dropped more than $40 yesterday in tandem with the financial markets.
Other Gold Buffalo products previously sold out include the following:
2008 Proof Gold Buffalo – 1 oz. Individual Coin
2008 Proof Gold Buffalo – 1/10 oz. Individual Coin
2008 Proof Gold Buffalo – 4 Coin Set
2008-W Uncirculated Gold Buffalo – 1/4 oz. Individual Coin
2008-W Uncirculated Gold Buffalo – 1/10 oz. Individual Coin
So far, the biggest premiums on sold out coins seem to be for the 1/10 oz. Uncirculated and Proof coins. I did a quick survey of completed eBay auctions to guage price levels.
Raw, uncertified examples of the 2008-W 1/10 oz. Uncirculated Gold Buffalo have sold for prices ranging from $225 – $250. This compares to the most recent US Mint price of $129.95. Raw, uncertified examples of the 2008 Proof 1/10 oz. Gold Buffalo have sold for prices ranging from $250 – $300. This compares to the most recent US Mint price of $164.95.
The number of coins actually available on eBay is very small, so it is still to be determined whether these prices levels are sustainable. Currently there are less than twenty 2008-W Unc or Proof $5 Gold Buffaloes listed. Here is a link to the current listings.