Inaugural sales of the 2009 American Buffalo Gold Proof Coin are exceptionally strong, according to newly released figures by the United States Mint. Four-day sales of the 24-karat, .9999 fine gold collector coin came in at 19,468 — a tad shy of surpassing figures for the one-ounce 2008 Proof Buffalo Gold.
The proof coin went on sale Thursday, Oct. 29, at 12:00 noon ET. Few issues were reported in ordering — via the phone or the US Mint’s website — during the first several hours of availability, unlike the recent launch of the Lincoln Coin and Chronicles Set where the 50,000 authorized sold out within 30 hours.
The Buffalos were released at an issue price of $1,360.00. That was expected to hold some collectors at bay. Further complicating a decision to order was the falling gold prices last week. The US Mint prices its collector gold coins based on a weekly average of the London Gold fix. If the gold price falls below $1050 an ounce, the Buffalo and UHR gold piece will be dropped $50.
A price reduction was missed last Wednesday by a mere 28.8 cents, and indications were that the change could occur this week. That may still happen tomorrow, although it seems less likely.
Gold has since recovered momentum and the current four day average is at $1049.00. It must remain below $1051 an ounce in tomorrow’s London AM fix for a $50 cut in price to occur. As of this writing, the spot price of gold is at $1078.80 an ounce.
The bullion version of the 2009 Buffalo Coin has current sales figures of 116,500. These versions, which the Mint offers only to authorized purchasers who resell them to the public, were released slightly more than two weeks ago (Oct. 15). As a perspective in how strong demand has been, 172,000 were sold in the entire year of 2008. It looks as if the 2009s will outpace that number in a few short weeks.
Phone orders for the 2009 Buffalo Gold Proof Coin may be placed at the US Mint toll-free number 1-800- USA-MINT (872-6468). Additionally, online ordering is available at http://www.usmint.gov/, or directly here. There is no order or household limits in place.