Description
Authorized by the Presidential $1 Coin Act of 2005 and first released in June 2006, the American Gold Buffalo was the first 24-karat gold coin ever issued by the United States Mint. The Mint created it to give buyers a pure gold American alternative to coins such as the Canadian Gold Maple Leaf. By law, the gold comes from newly mined sources in the United States.
Each coin contains one troy ounce of .9999 fine gold and weighs 31.108 grams in total. It measures 32.70 mm in diameter and 2.95 mm thick, has a reeded edge, and carries a $50 legal-tender face value. Bullion coins are struck at the West Point Mint and carry no mint mark. Fractional sizes were issued only in 2008, so the one-ounce coin is the standard format.
The design faithfully reproduces James Earle Fraser’s 1913 Buffalo Nickel. The obverse shows a Native American in profile, a composite drawn from several models, with “LIBERTY,” the date and Fraser’s “F” initial. The reverse shows an American bison standing on a mound, often said to be modeled on Black Diamond, a bison at New York’s Central Park Zoo. Beneath it are the inscriptions “$50” and “1 OZ. .9999 FINE GOLD.”
Buyers choose the Gold Buffalo for its pure gold content, U.S. government backing and one of the most admired designs in American coinage. Because 24-karat gold is soft, coins are best kept in their original capsule or tube. With .9999 fineness, the coin meets the tax code’s bullion rules for a self-directed IRA, subject to custodian approval.
