Monday, 19th June 2006 (3585 views)

The US mint is releasing its first nearly all-gold coin, based on a traditional design, which is expected to appeal to both collectors and investors.

The golden buffalo coin, which is of similar though slightly bigger proportions to a Kennedy half dollar, contains an ounce of gold and is the first time the mint has issued a 24-carat coin – meaning that it is its first 99.99 per cent gold coin, the Associated Press reports.

The design is based on the motif seen on a nickel before World War Two, with a stationary buffalo on one side of the coin and a formidable-looking Indian chief on the other. Both images were created by the artist James Earle Fraser.

"Many people will recall getting a nickel with the Indian head and the buffalo," deputy director of the Mint, David Lebryk, told the AP.

"It is really a beautiful design and evokes wonderful images."

The coin will come in two versions, the first of which is a bullion edition that is available to authorised buyers with immediate effect.

The second version will be a limited edition of 300,000 and will be available for collectors to purchase over the net or by telephone at an initial price of $875 per coin as of June 22nd.

 

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