Expecting buyers of newly struck 2010 American Buffalo Gold Bullion coins will soon be able to place orders and resell the gold pieces to the public, according to a memorandum the U.S. Mint sent its authorized purchasers Monday afternoon.
"The United States Mint will begin accepting orders for American Buffalo One Ounce Gold Bullion Coins on Thursday, April 29, 2010," the memo stated. "All standard ordering procedures apply."
The release of the 2010-dated coins begins much sooner than their 2009 counterparts, which were issued on October 15 and opened to blistering sales of 71,500 during their first five days.
The 2010-dated Buffalos will get more than a 6-month jump on the 2009 versions, implying that the Mint this year may have a better handle on supplies of gold coin blanks as compared to last year. U.S. Mint Director Ed Moy indicated as much during a coin forum on March 27.
"Any time that we get ahead of demand, we are storing away blanks" for collector gold and silver coins. "If demand catches up, that’s when we have to use the blanks" for bullion coins, said Moy.
"I will tell you that in the last five weeks or so, we caught up to gold demand," said Moy. "And so with that, we’ve been storing gold coins. We’re still waiting to see if there’s going to be another spike in the near future. Silver unfortunately is still red hot."
Last year, surging gold prices translated into exceptional Buffalo demand and forced the Mint to stop selling the 2009 pieces by December 4. Their inventory was depleted with 200,000 sold during the short span. But evens so, that was enough to top sales from 2007 and 2008.
American Buffalo Bullion Coin Sales History: 2006 – 2009
|2006 Gold Buffalo||2007 Gold Buffalo||2008 Gold Buffalo||2009 Gold Buffalo|
The obverse and reverse of the Buffalo coin is the same basic design that first appeared on the 1913 circulating nickel, commonly known by most as either the "Indian Head Nickel" or the "Buffalo Nickel."
Struck from 24 karat gold (.9999 fine), the Buffalos were authorized by Congress in 2005 and were first minted in June of 2006.
Unlike its numismatic or collector products, the Mint sells bullion coins for a small amount over the current spot price and only to a small network of authorized purchasers. These buyers in turn resell the coins to coin dealers, precious metal providers and/or directly to the public.
The Mint has not yet indicated when it will make available the numismatic proof versions of the coin.