American Gold Buffalo
The American Gold Buffalo coins were authorized for production for the first time on 22nd December, 2005, under the Public Law and were issued in two varieties, one of which was the ‘Bison on the Mound’. The second variety featured a re-designed thinner base in form of a straight line and both types of coins were meant to bear the original Fraser Type 1 design as they were designed by the world renowned American sculptor named James Earl Fraser. These coins reflect an attempt to depict the beauty of the American Wild West and hence are also referred to as Indian Head or Buffalo Nickel which had been introduced way back in 1913.
While the content, weight and purity of the American Gold Buffalo coins are certified by the US Government, their pricing is dependent on the market price of 24 Karat gold with which they are made. Having been stuck in the US Mint, these coins are offered for sale through a network of Authorized Purchasers and can also be bought from dealers of coin and precious metal, brokerage houses as well as participating banks. This coin could be acquired by ordinary people as well who could use it as a form of investment in form of legal tender coins. The first time that these coins were offered for sale was on 22nd June, 2006, precisely six months after their date of manufacturing.
The obverse of the American Gold Buffalo coins has been created to depict a blend of three different chiefs hailing from three different Red Indian tribes namely Big Tree, Iron Tail and Three Moons. The reverse on the other hand, features an American Bison standing atop a mound of dirt, the phrase ‘IN GOD WE TRUST’ and the expression “1 ounce 0.999 FINE GOLD”.
Legend has it that this picture of the bison is made to commemorate a particular bison named Black Diamond who happened to be a resident of the New York Central Park Zoo in 1910. The obverse also bears the mark ‘W’ on the neck of the Red Indian as an indication that these coins are stuck at the West Point Mint but this mark does not exist in bullion coins.
The American Gold Buffalo Coins are representative of the effort of the American Government to boost up the gold sales of the country and acquire a major share in the sale of 24 Karat gold market.