The United States Mint will begin sales of the 2012 Proof Gold Buffalo tomorrow March 15, 2012 at 12:00 Noon ET.

The American Gold Buffalo was introduced in 2006, as the first (.9999) 24 karat gold coin produced by the US Mint. The designs used for the coin have been the same for each year of issue, based on James Earle Fraser’s original 1913 Type 1 Buffalo Nickel. The obverse features the profile portrait of a Native American, while the reverse features the American Bison or Buffalo.

Bullion versions of the coin have been issued in one ounce size for each year from 2006 to present. The 2012-dated releases were recently made available for ordering by authorized purchasers on March 5, 2012.

From 2006 to 2007, the US Mint offered one ounce proof versions of the coins for collectors. In 2008, offerings were expanded to include both proof and uncirculated versions in tenth ounce, quarter ounce, half ounce, and one ounce sizes, with four coin sets also available. The additional versions were canceled prior to the close of 2008, and from 2009 to present, the US Mint has only offered one ounce proof versions for collectors.

The 2012 Proof Gold Buffalo will be offered without a stated maximum mintage and without any ordering limits. The pricing will be determined based on the average weekly market price of gold with adjustments made as frequently as weekly. For the start of sales, the price of the coins will be $1,960, based on an average gold price within the $1,650 to $1,699.99 range.

With the market price of gold lower than the range used for the initial pricing, some collectors might wait and see if lower pricing will be effective next week.

At the time of this post, the 2011 Proof Gold Buffalo still remains available for sale on the US Mint’s website. This coin originally went on sale May 19, 2011, and through the most recent sales report has sold 25,802 units. This is down from the prior two years when final mintages reached 49,306 (2009) and 49,263 (2010). The lowest mintage for any one ounce proof Gold Buffalo occurred for the 2008 issue at 18,863. The lowest mintage for any issue of the series was for the one ounce 2008-W Uncirculated coin at 9,074 pieces.

The initial sales figures are now available for the 2011 Proof American Gold Buffalo. Through May 22, 2011, sales of the one ounce 24 karat gold coins have reached 5,782.

This amount represents less than half the debut sales that were achieved for the 2010 Proof Gold Buffalo and less than a third of the debut sales for the 2009 Proof Gold Buffalo.

The latest figures for the Yellowstone Five Ounce Silver Uncirculated Coins are also available. Through May 22, sales had reached 24,626. This leaves only 2,374 coins remaining from the 27,000 mintage. The full weekly numismatic sales report can be viewed at Coin Update.

Essentially all of the US Mint’s numismatic gold products have been experiencing much slower sales as compared to previous years. In other Mint News Blog posts or the weekly sales reports on CoinUpdate.com, I have discussed the slower sales for the gold commemorative coins, 2011 Proof Gold Eagles, and Eliza Johnson First Spouse Gold Coins.

Some collectors may be resisting the escalating pricing points, driven by the increased market price of gold. Others may have shifted attention and collecting dollars towards the America the Beautiful 5 Ounce Silver Coins. To some extent this may also be a reversion to the mean following the odd situation of the past few years, which included: 1.) low sales for 2008 precious metals products leading to high secondary market prices; 2.) cancellations or lengthy delays for 2009 products; and 3.) enthusiasm and pent up demand driving heavy sales for 2010 products.

I put together a summary of the 2009-2011 Proof Gold Buffalo data, including the sales start date, initial pricing, debut sales, sales end date, last price, and final mintage (or sales).

2009 Proof Gold Buffalo

2010 Proof Gold Buffalo

2011 Proof Gold Buffalo

Numismatic Gold Coin Price Increase Possible

Based on recent gold prices, it seems that a price increase for numismatic gold coins may occur tomorrow. This would reverse the pricing decrease which took place on Wednesday of last week, bringing prices back to their highest levels.

The average London Fix Price of gold since last Thursday AM is already well into the $1,500 to $1,549.99 price range. At this point, the most likely factor that may prevent a price increase is the Wednesday PM London fix price. If this price is below $1,500, no price changes would take place. Under a secondary aspect of the US Mint’s pricing policy, the Wednesday PM price must agree directionally with any change based on the average price calculated based on the prior Thursday AM to the current Wednesday AM.

Recently gold was trading at $1,524.60. In the past, the US Mint has implemented price increases at any point between mid-morning to slightly after 12:00 Noon ET.

The 2011 Proof Gold Buffalo Coins will go on sale at the US Mint today, May 19, 2011 at 12:00 Noon ET. This release comes less than two weeks after the sell out of the 2010-dated version, making for only a small gap in availability for the popular 24 karat gold proof coins.

After a few years or cancellations, delays, and general uncertainty, the US Mint has managed to catch up with their numismatic gold offerings and get things on a normalized schedule. By contrast, the 2009 Proof Gold Buffalo had not been released until October 29. The 2010 coin showed improvement with a release date of June 3.
The American Gold Buffalo features James Earle Fraser’s design for the 1913 Type I Buffalo Nickel. The profile of a Native American believed to be based on three real life chiefs appears on the obverse. The reverse features an American Bison or Buffalo on a raised mound. This is believed to have been modeled after Black Diamond of the New York Zoological Gardens.

The classic design was resurrected for use on the 24 karat gold bullion program introduced in 2006. For each year, the US Mint has also made available collectible proof version of the coin. For 2008, the offerings were expanded to include uncirculated coins and fractional coins, but the extra versions were ultimately discontinued.

It’s interesting to note that Public Law 109-145, which authorized the American Gold Buffalo specifies that Fraser’s obverse and reverse designs for the Buffalo Nickel must be used only for the initial year of release. After the initial one year period, the Secretary of the Treasury has the option of changing the obverse or reverse design. So far this option has not been utilized.

The 2011 Proof Gold Buffalo Coins each contain one troy ounce of .9999 fine (24 karat) gold. The coins are presented in a hardwood box with matte finish and faux leather insert. There has been no maximum mintage level established and there are no household ordering limits in effect.

Each coin is priced at $1,760.00 for the start of sales. These coins are covered under the US Mint’s flexible pricing policy for certain gold and platinum numismatic coins. As such, the price may be adjusted as frequently as weekly in response to changes in precious metals prices.

The 2010 Proof Gold Buffalo coins have now sold out at the US Mint. The sell out comes just a few days before the 2011-dated version is scheduled to go on sale.

Sales of the one ounce proof coin began on June 3, 2010. At the time, the coins were priced at $1,510 each, based on an average gold price in the $1,200 to $1,249.99 range. There were no ordering limits or stated maximum mintage for the coins.

After opening with sales of 12,778, the 2010 Proof Gold Buffalo remained a relatively steady seller during the ensuing months. The last reported sales through May 1, 2011 were 49,236. When last available, the coins were priced at $1,810 each, reflecting an average gold price in the $1,500 to $1,549.99 range.

It seems that the final mintage will land not too far from the level for the 2009 Proof Gold Buffalo. The US Mint has now released the final audited mintage for this issue as 49,306. The final mintages for all Proof Gold Buffalo coins are shown below.

The 2011 Proof Gold Buffalo is scheduled to go on sale May 19, 2011.

2010-P Yellowstone National Park Five Ounce Silver Uncirculated Coin

Yesterday, the US Mint announced the release date for the next numismatic America the Beautiful 5 Ounce Silver Coin. The coin featuring Yellowstone National Park will go on sale May 17, 2011 at 12:00 Noon ET.

Matching the terms of the previous release, the coins will be priced at $279.95, with a mintage of 27,000, and ordering limit or one per household.

Meanwhile, the Hot Springs Five Ounce Uncirculated Coins still remain available for sale on the US Mint’s website. Despite strong opening sales, the anticipated quick sell out did not occur, likely impacted by the dramatic fall in silver prices that coincided with the release.

I am currently awaiting information for the latest US Mint sales report that should indicate exactly how many coins remain available for sale.

Update: The latest US Mint sales report indicates sales of 49,411 for the 2010 Proof Gold Buffalo and 26,866 for the 2010-P Hot Springs Five Ounce Uncirculated Silver Coin.

View the Full report on Coin Update.

On Monday, March 14, 2011, the United States Mint will begin accepting orders from authorized purchasers for the 2011 American Gold Buffalo bullion coins. This will represent an earlier start than the prior two years.

In 2009, the US Mint was not able to release the Gold Buffalo bullion coins until October 15. The situation improved last year, when the coins were first available on April 29.

Since upcoming release will be for the bullion version of the coin, sales will take place through the US Mint’s authorized purchaser network. The primary distributors approved for gold bullion purchases will be able to order the coins from the Mint in bulk quantities based on the market price of gold plus a mark up. The coins will then be resold for broader distribution to the public.

The US Mint has indicated that there will be a “sufficient quantity” of the coins available, so the allocation program (rationing) will not be necessary.

Since the start of the series in 2006, mintages for the bullion versions of the American Gold Buffalo have been high enough so that there are no significant premiums attached to any of the issues.

Gold Buffalo Bullion Coin Mintages

The collector version of the 2011 Gold Buffalo is expected to go on sale May 19, 2011. These will be sold directly to the public since they are numismatic products. The US Mint is expected to offer a one ounce proof version of the coin only. This has been the typical collector offering for the series with the exception of the 2008-W Gold Buffalo Coins, which were available in proof and uncirculated versions, across four different weights.