U.S. Mint Produces 24-Karat Coins to Commemorate 1913 Buffalo Nickel

It appears that Buffalo Water Beer Company's Bison Blonde beer isn't the only place to find a robust American bison with a glistening, golden coat. The U.S. Mint, the department that produces circulating coinage for America to conduct its trade and commerce, produced a 99.99% pure gold buffalo coin for collectors and investor this past year.

On June 20th, 2006, the one-ounce coins were unveiled to commemorate the famous 1913 Indian Head Nickel, also known as the buffalo nickel, and have a value of $50. However, the price of the gold buffalo coins was around $800 - based upon the price of gold at the time and additional costs including minting, distribution and marketing.

The U.S. Mint released two versions of the much sought-after coin.

A bullion version was produced, directed toward investors, with authorized buyers allowed to distribute the coin to coin shops, banks and other financial institutions.

The second type of coin is a proof coin targeted at collectors. This coin has a finer finish and "higher quality strike" and will sell at the $800 mark. Only 300,000 were minted.

The buffalo nickel of 1913 was the first image of an animal to appear on the reverse of any U.S. gold or silver coins since the Mint Act of 1792, which stated that all such coinage feature an eagle, and only an eagle. It was Theodore Roosevelt whom crusaded for better U.S. coinage design, particularly a buffalo coin, which became a reality four years after he'd left office in 1909.