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Congress Approves .9999 Fine Gold Coins

By Bill Haynes

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 may be ready before then.

The legislation authorizing the new .9999 fine gold coins was quite specific, mandating the design and even the method of packaging. For the first year of issuance, the coins 'shall bear the original designs by James Earle Fraser, 'which appear on the 5-cent coin commonly referred to as the 'Buffalo nickel' or the '1913 Type 1'.' This wording, without specifically saying it, calls for the obverse (front) of the coins to carry the famed Indian Head design 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 used by Australia's Perth Mint to protect its .9999 fine gold bullion coins, including 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 prefer .9999 fine (24-karat) gold coins. The U.S. Mint already has the world's best-selling gold bullion coins with its 22-karat (.9176 fine) Gold Eagles. Still, there is a huge market for pure gold coins, and the new Indian Head-Buffalo coins will give the U.S. Mint a product for that market. The Asian and Indian markets clearly prefer pure gold coins, while alloyed gold coins are more popular in the Western World.

Presently, the Royal Canadian Mint's .9999 fine Gold Maple Leafs are the world's best selling pure gold coins. However, the Gold Maple Leafs have fallen into disfavor with investors because of the ease with which they are damaged. To counter this, the Royal Canadian Mint recently introduced new packaging for the 1-oz Gold Maple Leafs.

The new packaging for the 1-oz Gold Maple Leafs will put 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 popularity of the of Indian Head-Buffalo design, the U.S. Mint's new .9999 fine gold coins could provide stiff competition for the Gold Maple Leafs. Fraser's designs proved to be a winner in 2001 when the U.S. Mint produced a limited number of Indian Head-Buffalo $1 silver coins sets. The sets sold out immediately and today carry prices several times their initial offering prices.

The new Indian Head-Buffalo .9999 fine gold coins, however, will not be limited edition, at least not the first year. The bill permits the Mint to 'change the maximum number of coins issued' in subsequent years. Further, the bill authorizes the Mint to change the designs on either the obverse or the reverse after the first year's production.

Although the U.S. Mint produces its popular American Gold Eagles in four sizes, 1-oz, �-oz, �-oz, and 1/10-oz, the new Indian Head-Buffalo pure gold coins will be minted in only one size: 1-ounce. With the popular Indian Head and Buffalo designs, the Mint's new .9999 fine gold coins could quickly become favorites with gold coin investors.

About The Author

Bill Haynes heads CMI Gold & Silver Inc, one of America's oldest precious metals dealers. See CMIGS� website for more information about investing in gold and silver.

More Numismatists Info

Most 1935 and 1957 series U.S. Silver Certificates are worth a very small premium over face value. Circulated examples typically sell for $1.25 to $1.50 each, while Uncirculated $1 Silver Certificates are worth between $2 and $4 each. Exceptions to these values include Star notes (where the serial number is followed by a small star in place of the suffix letter), and other various varieties and blocks including 1935A Hawaii and North Africa notes, Experimental notes, and various rare blocks and serial number ranges.
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Several changes have been occurred on U.S. paper money in recent years. The changes have been implemented during the redesign of denominations of U.S. Federal Reserve notes (with the exception of the $1) beginning with the $100. Several features have been added to protect our money from counterfeiting include:
1. An enlarged portrait placed off-center to accommodate a watermark visible when the note is held up to a light.
2. A polymer security thread embedded vertically in the paper. The location of the thread varies depending on the denomination.
3. Fine line printing patterns behind the back illustration.
4. Microprinting on different areas of the notes.
5. Color-shifting ink that appears black when the front is viewed at an angle.
6. A low-vision feature on the back, lower right corner for easier identification of the denomination.
7. New Federal Reserve indicators including a universal seal and a letter and number below the serial number identifying the issuing Federal Reserve Bank.
8. A unique combination of eleven numbers and letters that appear twice on the front of all notes.
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The US $20 gold coin ("double eagle") has raised lettering around its rim. If the coin is uncirculated, the letters will be flat on top. If slightly rounded, and the coin is uncirculated, it is a counterfeit. However, some counterfeits do not have this defect. There are other counterfeit double eagles in which the gold and copper alloy was not thoroughly mixed. These counterfeits will have a slightly mottled appearance.
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