The American Buffalo, also known as a Gold Buffalo, is a 24-karat Gold Coin first offered for sale by the United States Mint on June 22, 2006, and available for shipment beginning on July 13. The coin follows the greatly admired design of the Indian Head Nickel and has gained its nickname from the American Bison on the reverse side of the design. This was the first time ever that the United States Government has minted pure (.9999) 24-karat Gold Coins for the public. The coin has a legal tender (face) value of US $50. The initial 2006 price of the proof coin was $800. The price of the 2007 proof coin was $899.95. The price of the 2009 proof coin was $1,410.00.
In addition to requiring a presidential dollar coin series to begin in 2007 and redesigning the cent in 2009, the Presidential $1 Coin Act of 2005 mandated the production of a one-ounce 24-karat gold coin with a face value of $50 and a mintage limit of up to 300,000 coins.
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