New .9999 fine (24 karat) 1-oz legal tender $50 gold coins will be added to the U.S. Mint’s line of gold bullion coins in 2006 when President Bush signs into law a bill that Congress passed in December. The legislation calls for the Mint to have the coins ready to distribute by June 2006, but the coins could be prepared just before then.
The legislation authorizing the new .9999 fine gold coins was rather certain, mandating the design and even the strategy of packaging. For the very first year of issuance, the coins “shall bear the original patterns by James Earle Fraser, ‘which appear on the 5-cent coin frequently referred to as the ‘Buffalo nickel’ or the ‘1913 Sort 1’.” This wording, with out specifically saying it, calls for the obverse (front) of the coins to carry the famed Indian Head style by Fraser. The reverse will carry the equally-famed buffalo design.
Each Indian Head-Buffalo coin is to be encased in a protective capsule, possibly such as the capsules utilized by Australia’s Perth Mint to guard its .9999 fine gold bullion coins, such as the popular limited edition Lunar Series Gold Bullion Coins. The protective cases “shall be readily distinguishable” from the packaging for proof coins, which are also authorized by the bill.
For years, proof coins have been individually encapsulated in protective cases. Individually encapsulating bullion coins will be new to the U.S. Mint. The Mint’s 22-karat (.9167 fine) American Gold Eagles, which are the world’s best-selling gold bullion coins, are packaged twenty to a tube and are not individually encapsulated.
Production of the Indian Head-Buffalo coins will be unlimited, and they will be marketed toward gold investors who choose .9999 fine (24-karat) gold coins. The U.S. Mint currently has the world’s finest-selling gold bullion coins with its 22-karat (.9176 fine) Gold Eagles. Nonetheless, there is a huge industry for pure gold coins, and the new Indian Head-Buffalo coins will give the U.S. Mint a product for that marketplace. The Asian and Indian markets clearly prefer pure gold coins, even though alloyed gold coins are much more well-known in the Western Planet.
Presently, the Royal Canadian Mint’s .9999 fine Gold Maple Leafs are the world’s finest promoting pure gold coins. Nevertheless, the Gold Maple Leafs have fallen into disfavor with investors since of the ease with which they are damaged. To counter this, the Royal Canadian Mint just lately introduced new packaging for the 1-oz Gold Maple Leafs.
The new packaging for the 1-oz Gold Maple Leafs will place the coins individually in capsules that are suspended in credit card sizes cards, twenty-five coins to a box. It is too early to gauge market acceptance of the new packaging for the Gold Maple Leafs.
Considering the acceptance of the of Indian Head-Buffalo design, the U.S. Mint’s new .9999 fine gold coins could provide stiff competitors for the Gold Maple Leafs. Fraser’s styles proved to be a winner in 2001 when the U.S. Mint produced a limited number of Indian Head-Buffalo $1 silver coins sets. Browse here at the link 401k to gold ira rollover companies reviews to research where to recognize it. The sets sold out quickly and nowadays carry costs several times their initial providing prices.
The new Indian Head-Buffalo .9999 fine gold coins, nevertheless, will not be restricted edition, at least not the 1st year. The bill permits the Mint to “adjust the optimum quantity of coins issued” in subsequent years. Further, the bill authorizes the Mint to modify the designs on either the obverse or the reverse right after the initial year’s production.
Despite the fact that the U.S. Mint produces its popular American Gold Eagles in four sizes, 1-oz, -oz, -oz, and 1/ten-oz, the new Indian Head-Buffalo pure gold coins will be minted in only a single size: 1-ounce. With the common Indian Head and Buffalo styles, the Mint’s new .9999 fine gold coins could rapidly turn out to be favorites with gold coin investors..