No limits were imposed by the Mint as it planned to begin accepting orders for the proof 2009 one-ounce Buffalo gold coin Oct. 29.
Perhaps the Mint thinks the high price will deter an overwhelming number of orders.
It is expected that the new coin will cost about $1,360. It is not a definite price as of press time because the cost will depend on the weekly average price of gold bullion immediately prior to the commencement of sales.
If this average gold price falls into the $1,050-$1,099.99 range, issue price for the one-ounce Buffalo proof will be $1,360. If it rises above that band or falls below it, the issue price will be affected in the same direction.
Initial demand for the bullion version of the one-ounce Buffalo coin was high. Four days after the beginning of sales on Oct. 15 to the Mint’s authorized purchasers, 71,500 coins had been taken. Comparatively, for the full week, 33,000 one-ounce American Eagles were taken, pushing the total number of Eagles sold so far in 2009 to over 1 million pieces.
While this will be the fourth year the proof Buffalo is offered to collectors, the sporadic shortages of gold coins in the bullion market may hype demand beyond the usual set of buyers.
The proof Buffalo gold coin will have a matte finish and will be housed in a hardwood box. It will be accompanied by a certificate of authenticity signed by the Mint director.