Reverse Proof Gold Buffalo Ordering Ends Next Week

The four week ordering window for the United States Mint’s 2013-W Reverse Proof Gold Buffalo Coin will conclude next week on September 5, 2013 at 5:00 PM ET. This special product, which has driven strong interest from collectors, was issued to mark the 100th anniversary of James Earle Fraser’s classic design.

Reverse Proof Gold Buffalo

Sales for the product had opened on August 8, 2013 and within the first 30 minutes of availability orders reached 12,630 units. This was higher than the reported sales number for the regular proof version of the coin, which had been on sale for more than two months. With the first posting of the sales odometer on the product page, sales had reached 21,009 units. The subsequent readings from the sales odometer are shown below.

Increase Total Sales
8/9/2013 21,009 21,009
8/12/2013 3,874 24,883
8/13/2013 2,022 26,905
8/14/2013 2,548 29,453
8/15/2013 1,029 30,482
8/16/2013  692  31,174
8/19/2013 1,502 32,676
8/20/2013 1,410 34,086
8/21/2013 1,624 35,710
8/22/2013 547 36,257
8/23/2013 271 36,528
8/26/2013 786 37,314
8/27/2013 263 37,577
8/28/2013 1,284 38,861
8/29/2013 1,100 39,961
 8/30/2013  843  40,804

After the initial burst of sales, the pace of orders receded into a slower pace, which persisted for the next week and a half. The pace slacked further for about the next week, before rebounding to higher levels in the middle of this week.

Along the way, there were some noteworthy events:

August 13: The US Mint brought 1,000 of the Reverse Proof Gold Buffalo coins to the ANA convention and offered them at their booth with a limit of five coins per person. Even though website and phone orders placed days earlier had not yet been fulfilled, collectors or dealers who purchased the coins at the show were able to obtain the coins immediately. Premiums were offered by dealers at the show for anyone seeking to resell their coins, and third party grading companies offered special certification labels for the “ANA Convention” coins.

August 13: The price of the Reverse Proof Gold Buffalo was raised from the initial $1,640 per coin to $1,690 per coin. This was due to the higher average market price of gold for the weekly period.

August 16: The US Mint offered another 1,000 RP Gold Buffalo coins at the ANA convention. During the course of the offering, the US Mint reduced the order limit to three coins per person. The entire quantity sold out once again and the premiums paid for coins at the convention rose.

August 20: The price of the coin was raised again to $1,740 per coin, once again due to the higher average market price of gold.

Looking to the week ahead, it seems likely that there will at least some spike in demand going into the final days. The US Mint has offered two previous products during a four week ordering window. These two products experienced final week sales that were more than double and triple the sales of the previous week. If a similar spike occurs for the RP Buffalo, this would place total sales upwards of 50,000 units. Such a mintage would place the coin at the upper range of the mintage spectrum for the series.

Proof American Gold Buffalo Mintages

Date 1 oz. 1/2 oz. 1/4 oz. 1/10 oz.
2006 246,267
2007 58,998
2008 18,863 12,169 13,125 18,884
2009 49,306
2010 49,263
2011 28,693*
2012 19,675*
*last reported sales

Regardless of the high mintage, the coins may still have a bright future. As mentioned in earlier posts, both supply and demand play a role in the secondary market prices for coins. Collectors clearly view this issue as something special based on the reaction at the ANA convention and impressions from those who have already received their coins. The allure of the coin should serve to maintain elevated demand, provided that the reverse proof finish is not soon repeated in future years of the series.

A ready point of comparison is the 2009 Ultra High Relief Double Eagle, which saw final sales of 115,178 units. This represents a very high number for a numismatic gold coin, however high demand has kept the coins trading at a significant premium to the original issue price. It’s worth noting that the UHR Double Eagles had set off a similar frenzy when offered by the US Mint at the ANA convention. A stream of buyers swamped the US Mint’s booth buying the coins ten at a time. Dealers at the show were willing to pay instant premiums for coins purchased at the show.

On the other hand, collectors may also not want to overlook the regular proof version of the 2013 Gold Buffalo. With most attention focused on the reverse proof, this coin may have the potential to become a sleeper hit. Current sales have reached 13,990 units, suggesting that the final mintage may fall at the lower end of the mintage spectrum. Down the line, there may also be some higher demand for this issue from those who later seek to have both the proof and reverse proof issues of the coins side by side.

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Comments

  1. KEITHSTER says

    Ya this one wiped me out it was on hold but thank’s to a tip on here when the funds were in called the Mint and it shipped later that day .McHenry charge pending had to cancell my Perry’s thou ordered when they wen’t on backorder thinking they may be on the way out but alas they made a new batch so they’ll be around for sometime. Will have to start the fund drive up again ! Good luck all :>

  2. GMS says

    I also noticed that a recently ended ebay sale had a regular 2013 Buffalo Proof with an ANA label. It was sold paired up with a Reverse Proof ANA label and the two sold for $6300! I might add they were graded by NGC as PF70’s. So I wonder how many regular 2013 Proof’s the mint sold at the show.

  3. Dan in Fla says

    They will have a separate category for the ANA coins. Has anyone noticed the mint dropped the delay on the Five Star generals Profiles collection and all the five ounce Coins?. Perry”s victory, generals, and \Maryland are all going to ship at once. My credit card got hit for all at once. I think they are in cahoots with one another.

  4. Dan in Fla says

    August 13, 2013-The gold collectors are not the only ones taking it in the shorts at the ANA convention. The BEP was there selling the Gettysburg currency 150th anniversary sets that are not to ship until 9/3/13.

  5. VA Dave says

    Got my coin (1). Really nice, but personally I still like the regular proof better. Either way, these are without doubt the best looking coins minted in the US since the early 1900’s….IMHO of course.

  6. Bob Schmidt says

    Mike, 8/16 sales total was 31174
    I have the total/daily sales graphed, but can’t get it to paste here.
    Bob

  7. Taribor says

    Dan in Fla: Don’t get me started on BEP. No shipping updated, they sent 2/3 of my intaglio print order with no explanation of where the missing piece was, and when I call, I get customer service, I have an easier time communicating with my three year old than I do with their reps. No comparison to the US Mint (save for the ’13 W Sets) with regard to customer service, at least in my personal experience so far.

  8. Tom says

    I wonder why the mint didn’t up the price on Wed?

    I think the coin will look best in the beautiful Mint box
    it comes in Rather than some ‘slabbed presentation’.

    The ’06 RP Eagle which I wished I had one, had a mintage
    of just under 10,000, yet it doesn’t always seem to sell
    for all that much of a premium.
    So this one is looking to be a fairly high mintage coin.

  9. stephen m says

    Tom, so far there is more demand for the RP buff than for the 2006 RP AGE. In the long run both should do well and the RP gold eagle sells on the bay for around $3900.00 now.

  10. RSF says

    Tom – As the RP subset reaches critical mass, (now at 7 coins) more and more demand for the earlier issues will emerge. Complete sets will be an impressive display.

  11. Bernie N says

    Stephen, the RP Buffalo’s are getting $3900 with the ANA Black Diamond PCGS PF70 Labels only. Otherwise, the non-ANA PCGS PF70 labels are fetching only the regular $2200 on ebay now. Seems we have become a Label collecting Society. When did that happen guy’s? It use to be important to Collect the Coin. Now it’s just important, if NOT more so, to have the right Label with the Coin. I told a friend if we took the ANA label RP Buffalo PF70 out of its holder and took a non-ANA labeled RP Buffalo PF70 out of its holder. NO one would know which came from which! Have we become a Label Collection Society? I thought we were Coin Collectors. Any idea’s guy’s?

  12. jj says

    what you guys think are the chances the RP buffalo drops to 1690 next wednesday? thinking about getting one, but might as well wait and see what happens with gold the next few days. maybe we won’t bomb syria until after next thursday.

  13. ClevelandRocks says

    I agree, RP gold Eagle mintage 10,000 no big premiums with mintage over 40k.
    Regular proof may be on sale for a while and I’m tired of chasing new lows.
    UHR is unique coin (size/ thickness), the AGEs and gold buffs are just variations of the same coin.

  14. Falcon says

    What is the United States Limited Edition Silver Proof Set? It has a to be determined release date on the Mint web site?

  15. dan says

    Hi Bernie

    In regard to your question of label collecting, it has been hotly debated/discussed on many occaisions here and the final answer seems to be who knows what these labels will mean in the future. Personally they dont mean a rats petute to me, I leave all in ogp when bought directly from the mint.

    However, as a result of all these riduculous labels, I have now re evaluated my own collecting again and unless I really like a new offering, I have put my resources to work on Dahlonega and Charlotte coins. All this garbage with labels and very high mintages and all in gem or ms condition, I just dont see or understand some of the premiums on the coins never mind the labels. As I mentioned in a previuos post, it seems the baseball card collectors and beanie baby collectors have found coins. Just my thoughts on a beat to death subject.

  16. Eddie says

    I t would be great if instead of proofs in Limited Edition Silver Proof Set they would make unc. enhanced silver coins. Now that would be a set worth getting.

  17. bigdawg says

    Do not know why anybody in the world would pay 3900.00 when there is 2 places selling ngc 70 and pcgs 70 for 1998.00 go figure like to part with money i guess, all it takes is a little research

  18. bigdawg says

    Here are some of the places www. lccoins.com has pcgs ms 69 for 1799.00 and pcgs f/strikes for 2099.00
    Goldmart has ngc early release blue label for 1949.00 also had black holders and buffalo label
    Hope this helps someone.

  19. bigdawg says

    Sam 2 nd round or not they are still label first strikes and early release ms 70 for the price advertised, that is a lot better than 3900.00

  20. john says

    some people at the coin show last week said that guy at hsn made over
    ,850,000 on the two coins set from west point,he got 20,000 of them.

  21. ABC says

    If hsn does buy 15,000 RP Buffaloes, it’s going to cost them over 26 million dollars at $1740 a piece. It’s probably a rumor to keep speculators at bay to keep the mintage a bit lower.

  22. Bernie N says

    Mint News or Anyone

    Got a question, where does one find the current up todate units produced for the REGULAR 2013-W $50 Buffalo’s Proofs? I can find at the Mint the “Reverse” Buffalo units producted per week, but do not know where one can find the REGULAR Buffalo Proofs with “Current sales have reached 13,990 units” you mentioned above. I would really appreciate if you or anyone can tell me a link that would give me the weekly or even Monthly units on the REGULAR $50 2013-W Buffalo Proofs as I think they are going to be the Series SLEEPER for all times. Thanks……..

  23. dan says

    Bernie

    The site you are looking for is posted weekly by coin update news under US mint sales report. It gives the weekly total for all products sold by the mint. Their are other sites but I find this one to be the best and easiest to read. It usually has some other facts with it and is written by Michael Zelinski who is also responsible for this blog. http://news.coinupdate.com/ The most recent report is listed at
    http://news.coinupdate.com/us-mint-sales-report-proof-set-in-focus-2131/

    I am assuming you are new to this so I might also suggest http://clickcoins.com/ . It is a great site that lists not only the link for the coin update but several other sites that are very relevant to collecting. You can use it as a gateway to many sites with great authors and articles. Enjoy

  24. Samuel says

    Bernie,
    it is million $ question:
    “where does one find the current up todate units produced for the REGULAR 2013-W $50 Buffalo’s Proofs?”

    by the way, u know the coin will sell into 2014, right?

  25. fmtransmitter says

    Guess I was right about a civil rights commem. I mentioned on a previous blog that I got chastised about…

  26. john says

    here a note that guy at hsn has big buck,he got 350,000 in proof sets at the last show.I do not know who he sell this to.but they over paid.

  27. fmtransmitter says

    Millions of people that watch HSN and other dealers…educate your collector friends about those overpriced coins on that show. Thanks for info. Will look for $5000 RP Buff on his next show after they come back from ANACS.

  28. fmtransmitter says

    I just remembered also that there are a ton of folks on that auto ship program since the statehood quarters started. He is obligated to fill those orders so I can see why so many proof sets were purchased along with mixing and matching different cupros.

  29. Dan in Fla says

    I had to cancel my subscriptions at the U S Mint because of price fluctuations. They got me with the 2011 ASE release at 60.45 only to later drop $15 to $45.00 each. I would say check your subscriptions before its too late.

  30. high low silver says

    I saw the MSN tv show RP 70 offering Last night and saw my

    coin defect I returned last week……

  31. fmtransmitter says

    Happy Labor Day Hi Low and fellow bloggers…Nice to have a day off from busting my a$$ to pay for my hobby/investment and I almost forgot, food stamps…

  32. Gina says

    Does anyone know who is selling the 2013 Regular Buffalo proof with the ANA label graded by PCGS? Do any even exist?

  33. thePhelps says

    scrooge – as long as we are having labor day fantasies.. I hope to see the Vikings in the Superbowl, and a Cubs vs Twins world series in 2014!

    Hope all are doing well on this last hurrah of summer.

  34. Dustyroads says

    All is well, I too hope all is well with ALL of you. I am bummed that I haven’t been able to get my hands on the RP Buff, right now I’m a couple months behind due to weather issues, and I and weather go way back. I’m selling less important parts to keep up, funny thing I’ve noticed though in my selling, a lot of people who are interested in coin collecting live near a coast. I happen to live near the Gulf, just think it’s funny.

  35. Gina says

    Hey Hical,

    I know eBay has the REVERSE proof but I’m referring to the regular proof buffalo. I know NGC graded some regular proof buffalos at the Chicago show but was wondering if PCGS did the same. Thanks!

  36. stephen m says

    …………and on a federal holiday. I hope all the WP shipping is completed soon for the many of those that have waited.

  37. high low silver says

    No shipping on this day…..just marked as shipped with a tracking #….hope you guys got over a $300 order in…

  38. VA Bob says

    My FM 5oz. shipped today also. Nice surprise. I’m sure it will be on the slow boat as is was under $300.

  39. high low silver says

    I don’t understand why someone wants a graded 70 coin, from a coin show they did not attend ?.?.?

  40. fmtransmitter says

    Yea, I got my tracking number just a while ago also for the FM 5 oz puck…Suspect the WP set next, 5/29 order…The CS lady told me it was gonna ship soon.

  41. fmtransmitter says

    provenance hi low and demand I suspect…At the prices they are selling for seems like a no brainer for flippers…

  42. Gina says

    Thanks Hical! 🙂 why does it matter that I want a coin from a show I did not attend High Low Silver? I’m a collector of modern coins and would love to add that specific coin from the Chicago show to my collection. I am located in NY and wasn’t able to attend the show.

  43. ABC says

    The reason people want the “ANA” labeled RP Buffalo is because it is (in their minds) a notch above the regular Early Release/First Strike labels since they are getting their coins before anyone else. These people really need to be educated as to how coin dies are replaced continually throughout the whole production process. Only then will they realize those labels are meaningless.

  44. Louis says

    Maybe, but I think for a lot of people it’s more of a profit motive. People who went to the show, examined their coins and saw they looked perfect, took them over to the NGC table and made almost 2K on those coins online and even more if sent to PCGS and graded 70. I agree it’s crazy, but as long as someone is willing to pay, the insanity goes on.

  45. bigdawg says

    went to a show this past weekend looking for some graded silver eagles,i could not find one graded eagle in the 60 dealers,i ask the one guy how come no graded eagles on the floor just loose ones and rolls,he said you will find most of these guys don’t want ot invest the grading fees ,with precious metals the way they are right now ,so if you bring an graded eagle to me ,I do not care what label it has i will pay you only for what year the eagle is. Iam selling the coin not the label he told me. so my point is these people that get all wrapped up in these labels may get a big suprise when they go to sell some day!!

  46. ClevelandRocks says

    I think labels are best for old coins, not new ones.
    If I buy a Peace Dollar in a slab from a respected TPG, I know it hasn’t been doctored.

  47. stephen m says

    bigdawg, a slabbed coin still offers an opinion on the grade and weeds out counterfeit and undesired coins. I did buy some graded proof ASE’s and now feel it was a waste of money. Only the future is going to tell that story. I have noticed that the 2006w ms70 20th anniversary label ASE slabbed coin has an asking price, on eBay, from $900 to $2000. That’s quite a bit more than the same coin raw. Don’t know if folks buy them at that price and that could be an exception to a graded slabbed silver eagle. I still buy what i like but mostly it’s the moderns directly from the mint as my income has been greatly reduced. I do agree with you. The labels are meaningless on 99% of graded and slabbed coins.

  48. GMS says

    Gina, don’t let them get to you, collecting is all about what you like. As for the ANA label for the regular proof I asked that question on the second comment on this thread and no one has answered. Nearest I can tell only NGC slabbed them as such but I have no idea how many were sold, probably significantly fewer that the Reverse proof.

  49. says

    @stephen m…yes, the 2006-W coin graded NGC MS70 does command a high price. That is because only 17.5% of the NGC graded coins were MS70.

    By comparison, about 70% of the 25th Annv. 2011-W & 2011-S coins graded MS70.

  50. Smiledon says

    For all of those here that need a reason to laugh:
    Think I could get my zomibe silver eagle graded? Wonder if I can find someone to grade, then slad that coin. Think I can still get the early release/1st strike? They may not want to get bitten, so I just maybe out of luck.

  51. achmed says

    Seems the usmint did not sell the Reverse Proof buffalo since Friday as since then the number of units sold is remaining at 40804.

  52. Mint News Blog says

    The US Mint only updates the counter on weekdays, excluding holidays. Yesterday was a holiday in the US.

    The counter should be updated today around 3PM ET.

  53. Gina says

    GMS Thanks! I agree. Thank you for all your help. After doing a lot of research and asking around everywhere, I keep receiving the same answer. PCGS did not grade any regular proofs at the ANA unfortunately. I’ll be on the hint for an NGC graded proof!

  54. Mapleleaf says

    Each time I order 1 coin of RP gold Buffalo 2013 since 08/08/2013, my order is notified backordered and a few days later, US Mint cancel it.

    What’s the meaning of this?
    It’s not possible to realy order this coin??

  55. GMS says

    Gina, if you run across information on how many regular proofs were sold at the show please let me know and good luck!

  56. Gina says

    GMS, there were only a little over 200 regular Proof Buffaloes graded at the Chicago show. Apparently, there were a handful (and by handful I mean like 10 or less) graded PCGS. The national dealer I know that was at the show said it would be near impossible to find a PCGS graded proof and if he was able to find one for me I would have to “pay through the nose.” NGC got the majority of the regular proofs for grading.

  57. stephen m says

    Steve, i did buy a NGC graded 70 set black label 20th anniversary set about 7 years ago for $840, i think. From what you say that may sound like a good deal for me. As i always say, the future tells the story and it does and will change. Thanks

  58. simon says

    IMHO given the choice between

    ONE RP Buffalo + 1 ANA label
    – OR –
    TWO RP Buffaloes OGP

    I would humbly take the TWO RP Buffaloes, no questions.

  59. bigdawg says

    stephen m

    your right the 2006w ms 70 there is no way in this world i would let some dealer give me 30.00 for that coin,but for most of the others i think he would be offering only eagle prices about 30 – 32.00 a piece ,he said he could care less about the label,he said i’am not giving you 200.00 for 1 ounce of silver,and no one else on thisfloor will either,not very promising for my eagle collection

  60. stephen m says

    bigdawg, looks like they all stick together on the $30-$32 dollar range for a slabbed proof silver eagle. They maybe do purchase some for that but it won’t be any of ours.

  61. bigdawg says

    Stephen m
    just like these tv guys build up all these labels on these coins and it is a different story when you sell, unless your lucky enough to get some guy on ebay who lives in a cave and gives you $1000.00 for a $40.00 eagle,hope he is around when i go to sell ,mine someday

  62. Rich2 says

    @Gina
    The PF70 UC Buffalo Chi-ANA is getting increasing hard to locate- not to mention you will not find one for under $3k on e-bay. There are still a couple of PF69’s out there for about $2k (s-town, g-ville), but I don’t those are going to be around too long just based on the demand for the label.

  63. Bill says

    Well in less than two hours the offer for the 2013 RP gold Buffalo coin will be over! Today’s count is 45,912. Final mintage might be under 50,000. I hope!

  64. Jus-a-coin-luvr says

    I was just wondering the same thing…whether the 50K ceiling would be broken or not after today’s orders are tallied. With the last (3) days all being below 2K in orders, maybe…

  65. Gina says

    Just heard that the Early Release/First Strike designation periods are over since the mint has been striking since before the Chicaho show. If you have an unopened box from the mint and it’s post dated apparently you can send it in as is but anyone who opened their box is out of luck. Anyone hear anything on that?

  66. Jus-a-coin-luvr says

    Shouldn’t they have a label for the MRMS version of the RP Buff? It is only fair that those of us who have a “Mid Release/Mediocre Strike” Buff should have a special designation for our coin… 🙂

  67. Gina says

    @William
    That’s great news! I heard from someone that they would extend the deadline by a week or so seeing as it’s completely unfair since the mint just started shipping out RP Buffaloes now. Thanks!

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