As one of the purest gold bullion coins minted in the world, the American Buffalo, which is also known as the gold buffalo, makes an excellent addition to the collection of any collector, numismatist or investor. First minted in June 2006 at the U.S. Mint in West Point, New York, the coin is made of pure, .9999 fine 24-karat gold. It gets its name from the famous depiction of a bison, which was designed by James Earle Fraser and originally appeared on the Indian Head nickel. If you would like to add one or more of these coins to your collection, start by looking at the following five places:
1. Coin Dealers
Most coin dealers are in this line of business because they sincerely love coins and want to help numismatists locate the finest ones for the most competitive prices. Unfortunately, however, not all dealers are completely ethical, so it’s crucial to search around for reputable businesses. The quickest and easiest way to find high-quality coin dealers offering American Buffalo gold coins is by getting a referral from the American Numismatic Association. Their website has a handy feature that allows you to find reputable coin dealers in your area.
2. Brokerage Firms
American Buffalo gold bullion coins are readily available from coin brokers, gold brokers and other brokerage firms. Firms like these typically buy and sell gold, coins and other precious metals. Because they appraise these items along with selling and purchasing them, they tend to really know their stuff. However, they are not to be confused with pawn shops, which aren’t generally recommended for those who are searching for high-quality gold buffaloes. Before doing business with a brokerage firm, do a quick search to ensure that the company has a solid reputation.
3. Bullion Dealers
Because American Buffalo gold coins are made of 24-karat gold bullion, they are also often offered by bullion dealers. Once again, however, choosing such a dealer at random is not recommended. Without being careful, you could end up purchasing a coin for far more than it’s worth. This can largely be avoided by understanding the current going rate for coins of various quality levels. Still, choosing a reputable dealer is the best course of action, and you can do that quickly by availing yourself of the U.S. Mint’s Bullion Dealer Locator search function.
According to the U.S. Mint, American gold buffalo coins can also be purchased from “participating banks.” Unfortunately, few banks actually offer this service, so you may be facing an uphill battle. A handful are listed on the U.S. Mint’s website, but the odds that one of them is right near are slim. Still, it never hurts to check with your own bank to see what they can do. Sometimes, banks are willing to obtain these types of coins for their customers. Although the face value of the American Buffalo coin is $50, its value is typically far higher. If nothing else, checking with local banks will help you ensure that you’re getting the best price.
Many serious numismatists would argue that buying gold bullion coins off of eBay is a recipe for disaster. However, many reputable bullion dealers, coin dealers and brokerage firms maintain active presences on the online auction site, so it’s worth a look. One of the nice things about shopping for gold buffaloes on eBay is that you can quickly compare prices and other features to get a clear feel for how much others are paying. Also, eBay buyers are protected in a number of ways, so you can shop with confidence.
Like most people, you’d probably prefer seeing and handling American Buffalo gold bullion coins before buying them. Therefore, you’re going to want to find a dealer or other business right in your area. Other than eBay, all of the options above provide opportunities for purchasing these coins locally. If you’re an experienced coin collector or investor, you should be able to gauge the quality and value of any given coin fairly well. If not, it’s all the more crucial to locate dealers and brokers with solid reputations. As long as you do that, you’ll be able to buy American Buffalo gold coins without any trouble.