After nearly one year of suspension, the United States Mint recently resumed production of the 24 karat American Gold Buffalo Bullion coins. This coin series had been introduced in 2006 as the US Mint’s second gold bullion coin program. As opposed to the existing American Gold Eagle Coins, which are struck in 22 karat gold, the Gold Buffalo Coins would be struck in a composition of 24 karat gold. Numerous world mints produce bullion coins in 24 karat gold, and the composition is preferred by some investors.
In September 2008, the US Mint had suspended production of the Gold Buffalo coins amidst heavy demand for precious metals. Sales resumed more than a month later when the final remaining inventory of 2008 Gold Buffalo coins was offered for sale. Subsequently production was announced as temporarily suspended for the 2009 dated coins.
In the following months, there was much uncertainty about the status of the program. A widely read numismatic periodical reported that the US Mint would not be producing the 2009 Gold Buffalo, but the following week reported that the coins would be produced. The US Mint also issued a brief statement that production of the coins is required by law, and as a result, they would develop a plan to produced and release the coins soon.
Official announcement of the availability finally came on October 6, 2009, when the US Mint announced that the 2009 Gold Buffalo coin would be offered in bullion and proof version. The bullion coins would be available from October 15 through the US Mint’s network of authorized purchasers. These purchasers are able to buy the coins directly from the US Mint for the spot price of gold plus a mark up. In turn, they resell the coins to other dealers and the public, as well as facilitate a two way market for the coins.
The 2009 Gold Buffalo can currently be purchased from bullion or coin dealers. The coins are produced in one ounce size only.
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