Today, May 23, 2013 at 12:00 Noon ET, the United States Mint will begin sales of the 2013 Proof Gold Buffalo.
The American Gold Buffalo bullion and collector coin series began in 2006 and represented the first 99.99% pure gold coin produced by the United States Mint. The designs for the coin are from James Earle Fraser’s original 1913 Type 1 Buffalo Nickel featuring the profile of a Native American on the obverse and an American Bison on the reverse. This design will celebrate its 100th anniversary this year, which the US Mint will mark with the issuance of an individual reverse proof coin later in the year.
During the course of the series, the US Mint has issued one ounce bullion versions of the coin for each year of issue. One ounce proof versions have also been issued for each year, with fractional one-half, one-quarter, and one-tenth ounce coins issued in 2008. Collectible uncirculated versions with the “W” mint mark were issued for a single year in 2008, with one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce coins available.
The one ounce 2013-W Proof Gold Buffalo is offered without a stated maximum mintage or household ordering limit. The initial pricing for the coin will be $1,790, based on an average gold price within the $1,400 to $1,449.99 range. A lower price was just narrowly missed since the Wednesday PM London Fix price was above $1,400. Even though the weekly average was in a lower tier, the US Mint uses an additional criteria that the Wednesday PM price must agree directionally with any shift in price brackets. As with all numismatic gold coins, the price will remain subject to weekly adjustment.
How will the 2013 Proof Gold Buffalo fare with collectors? There are several factors that will have an impact on ordering.
The initial price is lower compared to the prior year when the 2012-dated proof was initially offered at $1,960. As we have seen with some silver offerings, lower pricing can sometimes stimulate demand.
On the other hand, some collectors may choose to purchase the upcoming reverse proof version of the coin instead of the regular proof version. This would serve to hamper demand for the traditional offering as collectors opt for the special offering.
The relatively early sell out of the 2012-dated proof and positive secondary market performance may also impact collector sentiments. After the 2011-dated release lingered in availability for 19 months, the 2012-dated release sold out after about ten months at the second lowest mintage level for a one ounce proof coin of the series. Sometimes these unexpected sell outs can result in higher demand for the subsequent issue of a series from collectors who felt that they missed out.
The mintage levels or last reported sales for each proof issue of the series are included below.
Proof American Gold Buffalo Mintages
|Date||1 oz.||1/2 oz.||1/4 oz.||1/10 oz.|
|*last reported sales|