The US Mint has released information on the upcoming 2009 Proof Gold Buffalo coins. The coins will be available starting on October 29, 2009 at 12:00 Noon ET.
As known previously, only a single one ounce proof version of the coin will be offered. Last year, the US Mint had offered fractional versions of the coin (1/2 oz, 1/4 oz, 1/10 oz) and a full line of collectible uncirculated coins (1 oz, 1/2 oz, 1/4 oz, 1/10 oz). These products had been announced as discontinued in late 2008.
The one ounce 2009 Proof Gold Buffalo coins are struck in 24 karat gold. The obverse and reverse designs are based on the original 1913 Type I Buffalo Nickel by James Earle Fraser. The coins are minted at the West Point Mint and carry the “W” mint mark.
The price of the coin will be based on the tables available for the United States Mint’s numismatic gold products. If the average weekly price of gold remains within the current range of $1,050 to $1,099.99, then the coins will be priced at $1,360.00 each.
The biggest revelation about the offering is that there will be no household ordering limits and no maximum mintage.
Yesterday when examining the bullion coin offering, I had stated that this would be key to the longer term prospects of the 2009 Proof Gold Buffalo. With unrestricted ordering and mintage, presumably for the next two months, the final mintage should easily exceed the low levels of 2008.
Undoubtedly this will be a popular offering, and the coin will be cherished by many collectors, but I don’t think there will be a repeat of the incredible price appreciation experienced for last year’s coins. The one ounce 2008 Proof Gold Buffalo currently sell for $2,600 or more on the secondary market.