Strong Sales for 2008 Fractional Buffalo Gold Coins
2008 Fractional Buffalo Gold Coin sales are off to a strong start. After just over two weeks of sale, for some options the new Buffalo Gold coins have outsold the equivalent American Eagle coins.
The 24 karat gold coins went on sale August 22, 2008. This year marks the first time that the American Gold Buffalo Coins are being offered in fractional denominations.
2008 Fractional Gold Buffaloes are offered in both proof and uncirculated versions. Fractional denominations available include 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz individual coins. A four coin set is also available which contains one of each fractional denomination.
Here's how the sales figures look based on August 6 Mint Stats from Numismaster.
|Proof Buffalo Gold|
|4 coin set||4,257|
|Uncirculated Buffalo Gold|
|4 coin set||2,959|
These strong sales figures attest to the popularity of the classic design. Even though the price of gold has been on the decline, collectors are still willing to pick up examples of this new offering.
One question to be determined is how much of these sales have been cannibalized from the American Gold Eagle offerings? Are collector's opting to purchase Gold Buffaloes instead of Gold Eagles? Or are they purchasing both? As the Mint continues to expand its product offerings, some sales of the more traditional products may get squeezed in the process. I think this is a trend to watch in the future.