The United States Mint introduced its new line of 24-karat gold coins. Production of these highly anticipated coins is authorized by Public Law 109-145, dated December 22, 2005, also known as the Presidential $1 Coin Act.
The new American Buffalo Gold coin’s obverse and reverse designs feature images originally prepared by noted American sculptor James Earle Fraser, once a student of Augustus Saint-Gaudens, for America’s 5-cent coin (nickel). That popular coin, known as the Indian Head, or Buffalo, nickel was introduced in 1913 and showcases the native beauty of the American West. The Native American depiction on the coin’s obverse is believed to be based on three different Indian chiefs – two of whom were named by the designer as Chief Iron Tail and Chief Two Moons – who modeled for Fraser as he sculpted its design. Conflicting statements exist on the third Indian as being either Chief John Big Tree of the Onondaga tribe, or John Two Guns, son of White Calf.The new Buffalo gold coin purity is upgraded vs the Eagle gold coin from .9167 to .9999 symbolizing that gold is getting more important monetarily.
These $50 gold coins will be available to members of the public seeking a simple and tangible means to own and invest in 24-karat gold in the form of legal tender coins whose content and purity is guaranteed by the United States Government. American Buffalo Gold Bullion Coins will be available at many coin and precious metals dealers as well as many brokerage houses and participating banks. Pricing for precious metal investment coins typically depends on the market price of the metal.
