The opening $1,760.00 price for the newly released 2011 American Buffalo Gold Proof Coin appears to have pressured demand. Fewer of the collector 24-karat gold coins were purchased during its opening days than in previous years, according to newly released United States Mint sales figures.
The United States Mint released the proof coin Thursday, May 19. Collectors scooped up 5,782 by Sunday, paying the Mint $10,176,320. As the following table reveals, the Buffalos have enjoyed stronger debuts when prices were cheaper:
2009-2011 American Buffalo Gold Proof Coin Sales Debut
|Debut Price||Issue Date||Date of First Reported Sales||Sales of First Reported Date||Final Sales / Mintages|
|2011 American Buffalo||$1,760||May 19, 2011||May 22, 2011||5,782||–|
|2010 American Buffalo||$1,510||June 3, 2010||June 10, 2010||15,071||49,374|
|2009 American Buffalo||$1,360||Oct. 29, 2009||Nov. 1, 2009||19,468||49,306|
If the cost of the gold proof coin has been a barrier, that barrier just became more intimidating. Gold prices have been rising since the coin’s release. In response, late Wednesday morning the United States Mint increased its price by $50 to $1,810.00.
Phone orders for the 2011 Buffalo Gold Proof Coin may be placed at the Mint’s toll-free number 1-800- USA-MINT (872-6468). Online ordering is available at http://www.usmint.gov/, or directly here. There is no order or household limit in place.
The United States Mint produces investment-grade bullion versions of the Buffalo coin as well. Like the proof, it features the same designs and .9999 fine purity. However, the Mint does not sell them directly to the public like the proofs. Instead, the coins are distributed through the Mint’s network of "Authorized Purchasers" who in turn resell the coins for a small premium over the current price of gold. The 2011-dated bullion version was released on March 14. Sales have reached 72,000 as of Tuesday.