Introduction

In 2005, Congress passed the Presidential One Dollar Coin Act of 2005, which authorized the production of a gold coin made of .9999 fine--pure 24kt.--gold, as opposed to the 9167 fine--22kt.--gold used in the American Gold Eagle coins. 22kt. gold, which is alloyed with copper and/or silver, is used because the additional metals make the coins harder, thus less prone to scuffs and more stable when struck. A softer, brighter-colored metal, 24kt. gold poses a new challenge to the U.S. Mint's production system.

Says Rick Montgomery, Vice President and Grading Finalizer at NGC, of these new coins, "With the introduction of the pure gold 1 oz. Buffalo $50 coin, numismatists everywhere have renewed their love of Americana while being able to fully appreciate the original design of James Fraser. The pure gold Buffalo $50 will be treasured and enjoyed by collectors for years to come."

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The Design

Released on June 22, 2006, the first coin struck by the U.S. Mint in pure gold, the 2006 $50 Gold Buffalo, is based on James Earle Fraser's beloved Buffalo Nickel design. First minted in 1913, the nickel had two distinct varieties, known as Type I and Type II. The difference between the two types is the ground on which the buffalo stands; on Type I pieces, the buffalo stands on a mound, while Type II pieces show the buffalo on flat ground.

The obverse design features an American Indian, which is believed to be a composite of three different American Indian chiefs. Fraser identified two of the chiefs as Chief Two Moons (Cheyenne) and Chief Iron Tail (Lakota Sioux), while the identity of the third chief--believed to be either Chief John Big Tree (Onondaga tribe) or Chief John Two Guns, the son of White Calf--could not be recalled by Fraser.

The reverse features an American Buffalo (bison) standing on a raised mound. Popular opinion states that the bison was based on a model of Black Diamond, a beloved buffalo at the New York Zoological Gardens. In the $50 gold coin, the buffalo stands on raised ground, as he did on the Type I 1913 Buffalo Nickel. Additionally, as was seen on some early buffalo nickels, the $50 gold coin's fields are textured, not smooth, making the coin even more visually stunning.

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Specifications
Face Value: $50
Fineness: 9999 Fine (24kt., pure gold)
Weight: 1 Troy Oz.
Diameter: 1.287 in. (32.7 mm)
Thickness: 116 in. (2.946 mm)

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Methods of Manufacture

The 2006 $50 Gold Buffalo appears in two styles, proof and uncirculated:

Proof coins are struck multiple times with specially polished dies and planchets (coin blanks) to produce an effect where the fields (flat portions) of the coin are mirrors and the devices (raised portions) are frosty. At certain angles, the mirrors appear jet black, and the devices a thick, frosty cameo. The mintage of proof coins is strictly limited at 300,000 pieces.

Uncirculated coins are struck with a satiny finish, where all parts of the coin have the same flashy appearance.

Both the proof and uncirculated coins are being struck exclusively at the West Point Mint in West Point, NY, although only the proof example displays the "W" mintmark.

We hope you found this information helpful. Happy collecting!