The 2011 American Buffalo, one troy ounce, .9999 gold coin was first released by The United States Mint facility in West Point, New York in 2006. The 2006 coin was the first 24-karat gold coin to be struck by the Mint. The 2011 coin has a face value of $50. and is available both as a gold bullion coin for investors and as a proof coin for collectors.The mint issue limit is based on demand and subject to gold blank availability.
HISTORY
The 2011 coin was authorized under the December 22, 2005 Presidential $1 Coin Act. The coin is a substantial replica of the 1913 five-cent coin commonly known as the Buffalo Nickel or Indian Head coin. The gold coin version has been in yearly distribution since 2006. It was created as an investment coin to be able to compete with foreign bullion markets and as a proof coin for collectors. The release date as an investment bullion coin was March 14, 2011. The collector version was offered on May 19, 2011. Its design and distribution are a continuing tribute to the Native American traditions of the American West.
DESIGN
The original design for this coin was created by sculptor James Earle Fraser. On the front or obverse side of the 2011 coin is the profile of a Native American which was probably a composite portrait of several different Indian Chiefs. The proof coin has the W mark for the West Point mint located behind the neck of the Chief. Only the proof coin carries the W mark although both the bullion and the proof coins are struck at West Point. The words LIBERTY are inscribed in front of the face. On the shoulder is the date 2011 and underneath that is an F, for the designer Fraser.
The reverse side shows the profile of the buffalo or American Bison. Over the buffalo are the inscriptions E PLURIBUS UNUM and UNITED STATES OF AMERICA. Underneath the buffalo are the words IN GOD WE TRUST, $50 and 1 OZ. .9999 FINE GOLD.
DISTRIBUTION
The bullion investment coins were released on March 14, 2011 by the Mint to a small network of distributors who in turn offered them for resale on the secondary market. In the first five days of the release, sales were around 26,000 coins. The proof version is sold directly from the Mint. Its price is based on the US Mint's Pricing Strategy for Numismatic Products. The coin sold for $1,760. on May 19th and buyers purchased 5,782 coins by Sunday May 21, 2011. The Mint's price listed on June 1, 2011 is $1,810.