This marks the third year of the American Gold Buffalo coin series. The Gold Buffalos are the first coins the US Mint has produced in .9999 pure gold (24 karat gold). Offered only in one ounce size, with their weight, content, and purity guaranteed, they are investment-grade coins. In 2008, the US Mint also produced Proof and Uncirculated collector versions of the Gold Buffalos, each offered in 4 different weights. All Gold Buffalo coins are struck at the West Point Mint, with only the Proof coins bearing a W mint mark. JM Bullion has the 2008 1 oz American Gold Buffalo Coin available for purchase right now.
- Received in a protective plastic flip!
- 3rd year of the American Gold Buffalo coin series!
- Contains 1 Troy oz of .9999 pure gold.
- Total of 189,500 coins were minted in 2008.
- Obverse is a portrait of a Native American.
- Reverse is a portrait of an American Buffalo.
- Displays face value of $50 (USD), guaranteed by the US government.
The Presidential $1 Coin Act of 2005 mandated the production of a one ounce .9999 pure gold bullion coin, to be struck from gold from newly mined domestic sources. Thus the American Gold Buffalo Coin series was born. Other countries for instance, Canada and China already had 24 karat gold coin offerings and the US felt it was time to keep pace with them since many investors preferred .9999 pure gold coins.
Sales of the 2008 bullion Gold Buffalo coins exceeded 2007 levels by roughly 53,000 coins. The coins were selling quickly throughout 2008 until a surge in demand in September forced the US Mint to suspend sales for more than one month. In November, the Mint resumed taking orders until the inventory was gone. The price of gold surpassed the $1,000.00 per ounce threshold for the first time ever ($1,023.50) in 2008, however, the price of gold fell to finish the year at $865.00 per ounce, which was only a 3.4% increase over 2007.
The American Gold Buffalo obverse features a Native American Chief profile that is believed to be a composite of profiles of 3 Chiefs: Chief Iron Tail of the Oglala Lakota, Chief John Big Tree of the Kiowa, and Chief Two Moons of the Cheyenne. James Earle Fraser created this design for the Indian Head or Buffalo Nickel, which circulated from 1913 to 1938. Frasers Buffalo Nickel design both obverse and reverse – is thought to be among the best designs of any US coin, and was therefore chosen to be on the American Gold Buffalo.
The American Gold Buffalo reverse features the profile of an American Buffalo. The inspiration for this design is believed to be Black Diamond of the Central Park Zoo, the largest American buffalo ever held in captivity at the time. James Earle Fraser had originally created this design for the Buffalo Nickel. Due to its popularity, it was used again on the Gold Buffalo.
Our JM Bullion Customer Service team is waiting to assist you with any questions when buying gold coins. We can be reached via phone at 800-276-6508, via our live chat, or via our email.