Gold Buffalo The American Buffalo is a 24-karat gold bullion coin introduced in June, 2006 by the United States Mint. This was the first 24-karat gold coin ever minted by the United States Government.The coin's face value is $50. The design of the American Buffalo gold bullion coin is a copy of James Earle Fraser's design for the famed Indian Head nickel, issued in 1913. Fraser's design is widely regarded as being among the best designs of any U.S. coins ever produced. The obverse of the coin depicts a Native American, whom Fraser said he created as a combination of the features of three Native American chiefs from different American tribes, who posed as models for Fraser to sketch. Currently, all U.S. bullion coins, including the American Buffalo, are being struck at the West Point Mint in New York. Only the proof version of the buffalo gold coin bears the mint mark "W" on the obverse of the coin, behind the neck of the Indian; the bullion version does not have the "W" mint mark. The 2006 and 2007 coins have only been issued in a one-ounce size, but in 2008, $5, $10, and $25 face value coins were added with 1/10, 1/4, and 1/2 oz of gold, respectively. The coin was created in order to compete with foreign 24-karat gold bullion coins. Since many investors prefer .9999 pure gold over the .9167 gold used in the American Gold Eagle, many were choosing coins, such as the Canadian Gold Maple Leaf, to meet their bullion needs. With the American Buffalo coin, the U.S. government hopes to increase the amount of U.S. gold sales. After a long wait by both collectors and investors, the uncirculated version of the American Buffalo gold piece became available to coin dealers in June, 2006. Collectors who wanted to purchase the proof version from the mint were given the opportunity to place their orders with the mint beginning on July, 2006. The 2006 proof coin has a mintage limit of 300,000, with an additional limit of only ten coins per household.