24 karat gold coins

24 karat gold coins

The 24 Karat gold coins are commonly referred as the old Buffalo. This was initially minted in 2006 June 22 and was the first pure gold piece available to the public. The tender value is $50 and the proof price is $950 today. James Earle Fraser designed the coin and this coin is a replica of the American Nickel. This design was taken from in 1913. The Gold Buffalo has the identical Indian figure that Fraser designed for nickel. The buffalo is to the back side standing on a dirt mound and this originated in the Fraser's design of the nickel. The thought of a buffalo came from a real buffalo that is in New York found in the Central Park Zoo. The name of that buffalo was Black Diamond.
The 24 Karat gold coin is the pure gold coin, and the difference in the nickel coin back and the Gold coin back is that the buffalo in the gold coin has the mound yet, while that is taken off from the nickel coin in 1913. You can also see the words on every minted coin IN GOD WE TRUST since 1908. The proof coin has only the mint mark W on the front side of the coin. The coin was created to compete with foreign 23 karat coins of gold. The American collectors failed to get an appropriate 24 karat gold coin from the United States, so they collected gold coins from many other countries. In 2006, June 22, two American 24 Karat gold coins were sent to the Smithsonian owing to its historical value.
The United States mint has halted the sales of its American Buffalo 24 Karat gold coin because it is unable to keep up with the increasing demand from the investors who look for the safety of gold between the endless economic turbulence. The U.S.mint sold 164,000 American Buffalo gold coins this year. This sale shows an increase of 54 percent from the last year sales. The sales of the gold coins were suspended owing to the enormous demand for coins that were introduced in 2006. This has exceeded the supply and the inventory of minting the coins has totally depleted.

The mint temporarily suspended the sales of the American Eagle gold coins as well on Aug 15 and later announced the sales would resume to designated dealers. It is also heard that the mint would soon distribute Buffalo gold coins through identical allocation programs. The financial crisis is gripping the market recently and this has made the investors to rush to safe havens like gold securities and this would turn to be risky, if gold prices suddenly fall down sharply.

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