Just before the proof version of the new American Buffalo 24-karat gold one-ounce coin was about to go on sale to collectors, the U.S. Mint reduced the asking price from $875 to $800.
The proof coin, which features a "W" mintmark for the West Point Mint, was to go on sale to collectors June 22, following a first-strike ceremony on June 20.
Orders for the bullion coin version of the coin opened June 19 to the Mint's distribution network of qualified buyers. Mintage of the new proof coin will be limited to 300,000. There are order limitations imposed of 10 coins per household.
The new coin features the James Earle Fraser Buffalo nickel design. On the reverse, the Buffalo stands on a mound in which incuse lettering states, "$50," "1 OZ" and ".9999 FINE GOLD."
In 2006 only the one-ounce size will be struck.
To order the proofs, contact the Mint at www.usmint.gov, or telephone 1-800-USA-MINT.
Bullion versions of the American Buffalo gold coin will be sold by dealers who obtain their supply from the Mint's distributors. Prices will fluctuate with the spot price of the precious metal.