In 2006, the United States Mint introduced the American Gold Buffalo, a new addition to its gold bullion coin portfolio. This coin, authorized by the Presidential $1 Coin Act of 2005, was notable for being the first U.S. coin made from .9999 fine gold, setting it apart from other gold coins like the American Gold Eagle. The design of the coin was inspired by the Buffalo Nickel, created by renowned sculptor James Earle Fraser, which had become an iconic symbol of American numismatics.
The Launch of the American Gold Buffalo
The first American Gold Buffalo coins were minted at the West Point Mint and made available for purchase on June 22, 2006. The demand for these coins surpassed expectations, with initial sales exceeding those of the American Gold Eagle. The Mint initially set a mintage limit of 250,000 coins for the 2006-W American Gold Buffalo Gold Proof, and the final mintage reached 246,267 coins, excluding returns.
Collecting the 2006-W American Gold Buffalo Proof
The 2006-W American Gold Buffalo Proof remains the highest-mintage issue in the series, making it a relatively common coin among collectors. It is frequently found in online auctions, often in its original government packaging or as a certified coin. The coin is available in both raw and certified versions, with collectors debating whether one version holds more value than the other.
Raw vs. Certified Coins
Both raw and certified versions of the 2006-W American Gold Buffalo have their advantages. Raw coins are often more affordable and acceptable as long as they are purchased from reliable sources such as the U.S. Mint or nationally recognized dealers. However, certified coins come with a guarantee of authenticity, a trackable certification number, and more secure storage options, making them ideal for serious collectors. It’s important to beware of counterfeit coins, especially in raw form.
Grade Distribution and Market Trends
When it comes to coin grades, Proof 70 coins (the highest grade) are in demand, though the grade distribution of the 2006-W American Gold Buffalo shows a divergent pattern between grading services like PCGS and NGC. As only 20% of the total mintage has been certified so far, the number of Proof 70 coins is expected to increase, possibly affecting their future value.
Design Features of the American Gold Buffalo
Obverse Design
The obverse of the American Gold Buffalo features a realistic portrait of a Native American man, facing right and slightly offset. He wears two feathers in his hair, a tribute to the dignity of Native American heritage. The word LIBERTY appears along the rim, and an incuse F for Fraser’s last name is located below the date.
Reverse Design
On the reverse, a full figure of a buffalo stands proudly, facing left. The coin’s inscriptions, including UNITED STATES OF AMERICA, E PLURIBUS UNUM, and IN GOD WE TRUST, appear around the buffalo. The face value of $50 and the coin’s weight and metal fineness are inscribed on the reverse mound in incuse letters.
Edge
The coin features a reeded edge, adding to its distinctive look and feel.
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Coin Specifications
- Country: United States of America
- Year of Issue: 2006
- Denomination: $50 USD
- Mintmark: W (West Point)
- Mintage: 246,267
- Alloy: .9999 Gold
- Weight: 31.11 grams
- Diameter: 32.70 mm
- Edge: Reeded
- Designer: James Earle Fraser (Obverse and Reverse)
- Quality: Proof
The 2006-W American Gold Buffalo is not just a bullion coin; it’s a piece of American history, steeped in iconic design and fine craftsmanship. Whether you’re a seasoned numismatist or a new collector, it’s a coin that stands as a symbol of pride and tradition in American coinage.
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