Lot 2008
2018 $50 American Buffalo .9999 Fine Gold PCGS MS69 Slab First Strike. Designer: James Earle Fraser Approx. Net Weight: 31.11gr Keywords: Money, Currency, Stamps Other Notes: Created in an effort to compete with other 24 karat gold bullion coins around the world, the 2006 Buffalo Gold coin was a resounding success, in part because of the .9999 fineness (first ever for a US coin) but also in part because it was an enlarged reproduction of one of America's most beloved coin designs. The James Earle Fraser design from which these coins were inspired was first released in 1913 as a replacement for the Charles Barber "V" or "Liberty" nickel design. It had been a vision of President Theodore Roosevelt to create coins that would be “distinctively American” with Native American themes. Fraser used up to three models for the obverse of the coin which depicts an Indian chief with very pronounced features. The reverse of the coin depicts what is scientifically known as an American Bison, but is very widely called a “Buffalo.” It is the animal which gives the original coin its nickname, the “Buffalo nickel,” a name that has been colloquially applied to the gold coin – the Buffalo Gold coin. First year coins were issued in June of 2006. The financial sub-prime crisis and soaring demand for the coins caused the Mint to halt production of the coins in late-September, holding its mintage to just over 300,000 coins. Some speculate that if the Mint had enough gold and had not placed this hold on production, the mintage could have soared to over 1 million coins. Because of the halt in production, demand was not completely met causing a secondary collector premium for the coins, which set the stage for future popularity of the series. Gold Buffalo coin design The 2006 Buffalo Gold coin had a design that very closely mirrored that of the Buffalo Nickel, originally released in 1913. The obverse side of the coin bears the likeness of an Indian Chief, the exact origin of which is not clear. Fraser told inconsistent stories of who had inspired the features on the coin. At least three different Native American chiefs had been mentioned: Iron Tail, Two Moons, and at least one other – and none of these exactly match the anatomical features on the coin. Consensus has it that Fraser used a combination of all of these people to compose the art on the obverse of the coin. Aside from the portrait, the only other features of the obverse of the coin is the word “LIBERTY’ along the right edge of the design, and the date, placed on the Indian's shoulder. This would quickly prove to be a mistake, as the date was raised on an already raised area of the design and wore off the coin very quickly with use. This problem would be a factor that would lead to the end of the series in 1938. The reverse of the 2006 Buffalo Gold coin is very similar to the original nickel design except that the inscription across the bottom of the design was replaced with required inscriptions that detail the fineness, weight, and denomination of the coin. It more closely resembles the first design used on the nickels than the second, an effort to keep in tradition with Fraser's ‘original’ design. His original design would be replaced within the same year of its inaugural release because of a problem with the denomination ‘FIVE CENTS,’ which had been prominently placed atop a mound of Earth on which the animal stood. Like the date on the obverse side of the design, the denomination had been placed atop an already raised area of the design, and fears that the denomination would wear off the coin quickly prompted the change to a more flat base for the animal which was lowered at its bottom to accommodate a cavity for the denomination.; Ref: BD1415
- Provenance: Created in an effort to compete with other 24 karat gold bullion coins around the world, the 2006 Buffalo Gold coin was a resounding success, in part because of the .9999 fineness (first ever for a US coin) but also in part because it was an enlarged reproduction of one of America's most beloved coin designs. The James Earle Fraser design from which these coins were inspired was first released in 1913 as a replacement for the Charles Barber "V" or "Liberty" nickel design. It had been a vision of President Theodore Roosevelt to create coins that would be “distinctively American” with Native American themes. Fraser used up to three models for the obverse of the coin which depicts an Indian chief with very pronounced features. The reverse of the coin depicts what is scientifically known as an American Bison, but is very widely called a “Buffalo.” It is the animal which gives the original coin its nickname, the “Buffalo nickel,” a name that has been colloquially applied to the gold coin – the Buffalo Gold coin. First year coins were issued in June of 2006. The financial sub-prime crisis and soaring demand for the coins caused the Mint to halt production of the coins in late-September, holding its mintage to just over 300,000 coins. Some speculate that if the Mint had enough gold and had not placed this hold on production, the mintage could have soared to over 1 million coins. Because of the halt in production, demand was not completely met causing a secondary collector premium for the coins, which set the stage for future popularity of the series. Gold Buffalo coin design The 2006 Buffalo Gold coin had a design that very closely mirrored that of the Buffalo Nickel, originally released in 1913. The obverse side of the coin bears the likeness of an Indian Chief, the exact origin of which is not clear. Fraser told inconsistent stories of who had inspired the features on the coin. At least three different Native American chiefs had been mentioned: Iron Tail, Two Moons, and at least one other – and none of these exactly match the anatomical features on the coin. Consensus has it that Fraser used a combination of all of these people to compose the art on the obverse of the coin. Aside from the portrait, the only other features of the obverse of the coin is the word “LIBERTY’ along the right edge of the design, and the date, placed on the Indian's shoulder. This would quickly prove to be a mistake, as the date was raised on an already raised area of the design and wore off the coin very quickly with use. This problem would be a factor that would lead to the end of the series in 1938. The reverse of the 2006 Buffalo Gold coin is very similar to the original nickel design except that the inscription across the bottom of the design was replaced with required inscriptions that detail the fineness, weight, and denomination of the coin. It more closely resembles the first design used on the nickels than the second, an effort to keep in tradition with Fraser's ‘original’ design. His original design would be replaced within the same year of its inaugural release because of a problem with the denomination ‘FIVE CENTS,’ which had been prominently placed atop a mound of Earth on which the animal stood. Like the date on the obverse side of the design, the denomination had been placed atop an already raised area of the design, and fears that the denomination would wear off the coin quickly prompted the change to a more flat base for the animal which was lowered at its bottom to accommodate a cavity for the denomination.
- Dimensions: 32.70mm
- Medium: Gold
- Circa: 2006
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- Condition: This coins is in Excellent graded condition. Please see photos for details.
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