Reverse Proof Gold Buffalo Sales Quickly Surpass Regular Proofs

gold-buffaloThere have been reports that sales of the United States Mint’s 2013 Reverse Proof Gold Buffalo are off to a strong start. Within the first 30 minutes of availability, orders were placed for 12,630 units, which already surpasses the most recently reported sales total of 12,297 for the regular proof version of the coin.

The US Mint began accepting orders for the reverse proof coins yesterday August 8, 2013 at 12:00 Noon ET. Sales will continue to be accepted during a four week ordering window ending on September 5, 2013 at 5:00 PM ET. Production will be determined based on customer demand during the specified ordering window.

Within the initial 30 minutes, the high order total may have been driven by one or more larger orders placed by dealers or mass marketers. In total, there were 2,641 orders placed for the 12,630 coins, which works out to a rather high average of 4.78 coins per order.

As we have seen with other special products offered during an ordering window, the torrent of initial orders may be followed by a quick decline in the pace of orders to a much slower but stable level until a final burst of last minute orders.

For the two previous sets offered during ordering windows, the first day sales ended up accounting for roughly half of the overall sales totals. For the 2012 San Francisco Silver Eagle Set, first day orders accounted for about 55% of the unadjusted final reported sales total. For the 2013 West Point Silver Eagle Set, the opening sales accounted for about 49% of the last reported sales total.

The US Mint has confirmed that a sales odometer will be placed on the product page for the 2013 Reverse Proof Gold Buffalo, which will allow for tracking and comparisons during the period of availability.

Update: According to the sales odometer posted on the product page, opening sales have reached 21,009.

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Comments

  1. fmtransmitter says

    @simon: That sounds like a great idea for display. I bet you get a real sense of satisfaction knowing you made the display yourself as well. Maybe when it is done you ask Michael if he wouldn’t mind posting a photo of it for us. I know I would like to see it displayed in such a way.

  2. hawkster says

    the Phelps,

    Both of my Coin and Pouch Sets were made by Wynona Medicine of the Standing Sioux Nation in South Dakota. She, along with her husband, Errol, pumped out a large number of pouches. Compared to the ornate beading found on pouches made by other crafters, hers’ are plain deerskin with border beading. If you check the completed items on Ebay, her pouches only bring about $55.-$60.
    You would have thought that the Mint fulfillment center would have sent me pouches made by different crafters. My mistake is that I should have initially returned one, since, other than the color of the beads, they are duplicates.

  3. Mark in Florida says

    When an Ebay seller has a quantity of something, it is worth his cost to have a friend buy it at an inflated price, say $825. Then, when he lists the next one, people who get it for $700 or $725 will think they got a bargain even if it still overpriced. There is a lot of hype in coin collecting. That’s why I stick with bullion and proofs in OGP. No BS labels or slabs.

  4. Dustyroads says

    Mark in Florida~If the Ebay seller did rig the auction, it cost the seller roughly $110.00 in fees from Ebay to do so.

  5. Jack says

    @Dusty, No it didn’t, because the seller is also in control of the account that bought the item, so he can just open a cancel transaction case and then go on the other account he used to buy it and agree, and he gets the fees refunded.

  6. says

    Guys…all this talk about people having a friend pay an inflated price for someting on ebay, canceling the transaction and hoping someone else see’s another auction with a price a little bit lower price and thinks “hey, I’m getting a bargain” is bulls**T.

    If you see an item for sale on ebay and you can not determine whether or not it is a fair price (except by looking at what someone else paid for it) then you should not purchase that item. Don’t be sucked in…it’s real simple. Know the value of what you are buying.

  7. fmtransmitter says

    I do know first hand eBay has security measures in place and can track IP addresses and several other measures to prevent shell bidding and the such. One way I look to see if shell bidding is taking place is buy clicking on the other bidders bidding activity. It will give a breakdown of what % said bidder has bid items from said seller. If you see 100% that is huge red flag and I have reported bidders for suspect bidding activities due to this ability to see.

  8. fmtransmitter says

    @simon, glad you have started making your display. I have seen wooden displays sell for ridiculous amounts. You may have a good side business if you are good with wood. I have seen several hand made display items made by people and not machines. Local hand crafted and the such. Better than these Chinese boxes we have been waiting on for months used for our American coinage IMO. I still think the big dealers got their coins early due to passing on the boxes IMO. There is a separate phone number to call for large dealers on the Mint’s contact number list.

  9. fmtransmitter says

    Here you can buy a 2,615 pound of circulating coins OR become a direct bulk buyer.

    Don’t know too many people in the circulating program but for the Numismatic program it makes sense so you have direct access and first dips for TPG’s.

    http://www.usmint.gov/bulk/

  10. Mark in Florida says

    This week I asked my bank to get me a box of $500 in half dollars. I’ll see if I have any luck with a few silver ones like some of you guys. It’s like playing the lottery, but I can spend the whole $500 if there are no silver ones. But just 5 or 10 would be a better return than a couple years of interest in the bank.

  11. Cryson says

    Everyone talking about labels, and eBay are just spamming this thread for no reason. The main point is the RP Buffalo, let’s actually discuss the RP Buffalo, we all know how eBay works, why do we need education that we all already have. Anyways, I think the RP Buffalo looks great, definitely a great choice for a 100th anniversary coins. I will definitely be getting one to add to my collection, hopefully this will be a repeat of the 2009 UHR, this has to attract a ton of older numismatist as they probably love this coin as well, hopefully that will push demand.

  12. fmtransmitter says

    Yes Mark in Florida, you may have some good luck. The word has been spreading about this so I hear it is getting harder and harder. I got a 64 quarter in a roll a cpl weeks ago. I always get rolls of quarters looking for ATB’s and silver.

  13. Boz says

    You are lucky to have a banker that will help you. Ours just say they can’t do that and that dollar and half dollar coins and $2 bills were discontinued 50 years ago.

  14. fosnock says

    @joe – With all due respect this is a coin collecting blog, have you ever heard of the term “don’t feed the troll” (DFTT), if not please DFTT

    For the record Gary has contradicted an early post were he states that in this environment it is not attractive to buy numismatic coins and you should hold out a few months (for lower prices) now he saying it is an attractive buy…anyway I’m a hypocrite as I just feed the troll but let me stop now.

  15. John Moore says

    Budget will not allow me to buy.On a second note my WP second day order is scheduled to deliver Monday .

  16. joe says

    I haven’t received my WP set yet either! It showed to be shipped on August 9th, but nothing yet…

  17. ClevelandRocks says

    $100 price increase for the proof platinum likely Wednesday, but can’t get too excited about it, even knowing mintage may be a new low. Any thoughts?

  18. wdg5 says

    Yippeeeee! my WP set FINALLY shipped! Hope the RP Buff does not disappoint with order # 4192XXXX, I intend to grade both products.

  19. DCDave says

    @ Cleveland: 2008 1/2 oz platinum total mintage: 2253
    Decent premium, but not as much as you would think.
    Low mintage with low demand blunts premiums a la FS.

  20. wdg5 says

    Also got my Great Basin Puck yesterday in the OGP. I love this one particularly, though the White Mountain is my all time fav. Any thoughts about grading the Pucks (all Proof products from the mint BTW)?????

  21. gary says

    @Cleveland As a collector of the platinum eagles (since their inception in 1997) I believe that the 2013 Platinum Eagle will not approach a new low for the series. That record low is the 2008-W $100 proof at 4,769 mintage or the Burnished 2008-W at 2,876. Given the Mint’s practice now of continuing to sell products well beyond a calendar year of 365 days from 1st date of release, it will probably be an 8 to 12K final mintage. Originally I collected the 1997-2008 series in 1/10 ounce and 1/2 oz proof and burnished finishes, skipped the 2007 reverse proof because that offering was so popular and high mintage that they are so common that they are bullion pieces. The (usually) high price of platinum, plus the generally unappreciated value of the metal to U.S. collectors more or less has resulted in a true collector support and following of U.S. platinum (numismatic) coins to foreign collectors of world coins. It came as no surprise to me that the Mint’s study of the feasibility of a palladium bullion issue concluded that there would be no sustained demand for it as palladium is an even less understood metal in the U.S.

  22. Brad says

    Anon,

    I would guess that the final sales total on that one would be similar to last year, possibly a bit lower. How much lower it’s hard to say. I’m pretty sure that both coins briefly displayed “backorder” status with sales levels around 4,500 units. The Mint may have struck the same size second batch as last year, figuring on similar sales trends. It is possible though that the Mint may have anticipated reduced demand due to competition from the RP Buffalo, so the second batch of Burnished Eagles may have been smaller this year. And, there may not be a third batch.

    Still, I won’t bother to gamble on it though. I even cancelled the Reverse Proof Buffalo I ordered in the opening minutes as well. I’m still a little worried about the coin showing up paired with a standard proof coin in a special “American Buffalo 100th Anniversary Gold 2-Coin Set” later this year. I sure would like confirmation from the Mint that the 4-week window will be the ONLY time this coin is offered! Without the confirmation, I guess I’ll pass on this one. It won’t be a repeat of the UHR when it comes to secondary market success, and I don’t want to sit on that much money long-term. I don’t care THAT much about having it in my own collection, but would rather sell it to get money for other coins I’m more interested in. That may not be so easy, though. The raw UHR coins are bringing several hundred dollars lower now than they were in early 2012, when they were going for upwards of $3,000. So, bullion value DOES have an influence on even the most popular collector coins to a certain extent.

  23. ABC says

    I don’t believe there will be a 2-coin gold buffalo set later this year even if there’s a lot of cancellations. Who would be able to afford such a set? Probably just dealers. Most likely, if there’s a ton of cancellations, they would probably offer it in a “Last Chance” sale.

  24. VA Bob says

    If the price of gold were dropping, we would surely be seeing those cancel boxes disappearing on the RP real quick.

  25. Anon says

    @Brad

    I missed out on the 2012 burnished. It’s doing pretty well in secondary. I think the RP will do well. Not as well as the UHR, but I think it will do well in the secondary.

  26. Stevedoc22 says

    I feel good about this coin’s prospects because it is an iconic design and this is the first reverse proof of a gold coin. I believe it will do well on the secondary market – perhaps not as well as the UHR, which is a unique coin, because we don’t know if reverse proofs will be offered every year, but it should be an attractive addition to the collection.

  27. ABC says

    @Stevedoc22

    This isn’t the first reverse proof gold coin.
    They made a reverse proof gold American Eagle in 2006.

  28. joe says

    Two ounces of gold in a special 100th anniversary set? Very unlikely as it would be too expensive for almost everybody.

    I think this (the RP coin) is it for celebrating the 100th anniversary of the buffalo…and in my mind the Mint did a good enough job coming up with it to celebrate. A special set would be overkill…

  29. says

    The Coin Vault has these in stock and graded already. Mine is on backorder till 9/8. I was within the first minute or ordering. Hmmmmmm

  30. Chuck says

    Dee says:

    August 13, 2013 at 10:03 am

    “The Coin Vault has these in stock and graded already. Mine is on backorder till 9/8. I was within the first minute or ordering. Hmmmmmm”

    And the beat goes on.

  31. Franco Z says

    The Coin Vault does NOT have them in stock; expect to ship 9/27/2013; how can this place advertise FS if items won’t ship from mint until > month after release ?; to qualify as a FS item it needs to be within 30 days of the US Mint’s release (in this case 8/8/2013); I guess FS won’t happen this time around;

  32. says

    2013 W Gold Buffalo PCGS Rev PR70 FS 100th Ann. Black Diamond Label
    Item# 340278
    In Stock!
    $2,499.95

    Guess I read it wrong.

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