More than $20.7 million in coin orders were placed Aug. 8 during the first 30 minutes of sales for the Reverse Proof 2013-W American Buffalo $50 gold coin.
During the first half hour of sales Aug. 8 of the Reverse Proof 2013-W American Buffalo 1-ounce gold $50 coin, the U.S. Mint reported revenue totaling $20,713,200.
The coins went on sale for $1,640 each at noon Eastern Time, online at www.usmint.gov and by phone at 800-872-6468.
The four-week ordering period ends at 5 p.m. EDT Sept. 5.
Tom Jurkowsky, director of the U.S. Mint’s Office of Public Affairs, said the Mint recorded 300 orders by telephone and 2,341 through the website. The 2,641 total orders during the first 30 minutes of sales represent 12,630 coins — an average of nearly five coins per order.
The coins are being struck to order, with no household ordering restrictions or mintage ceiling.
A sales counter became live at the Mint website’s order page the afternoon of Aug. 9. The counter will be updated daily during the work week to inform viewers of the sales count.
In accordance with the bureau’s pricing structure for products containing gold and platinum, the coin is currently priced at $1,640. However, as with all United States Mint products containing precious metals, this price is subject to change.
The closing London PM fix price Aug. 7 for one troy ounce of pure gold was $1,282.50, according to www.kitco.com. The price of the coin is derived from this London price.
The U.S. Mint is offering free standard shipping and reducing the cost of “expedited” shipping by $4.95 on all domestic website orders placed during the period of July 26 at 9 a.m. EDT through 5 p.m. EDT Sept. 30.
Free standard shipping during this period applies only to orders placed on the website catalog that would normally carry the standard $4.95 or expedited $12.95 (plus $4.95) shipping fee. Customers will still be charged $12.95 for expedited shipping, with the standard $4.95 fee waived.
Struck in .9999 fine gold at the West Point Mint and bearing the W Mint mark, the Reverse Proof American Buffalo is produced in the same manner as a traditional Proof coin.
However, unlike the traditional Proof coin, which exhibits a mirror-like background and frosted design elements, the Reverse Proof coin has a frosted background and mirror-like design elements.
The Reverse Proof American Buffalo gold coin designs are based on sculptor James Earle Fraser’s original designs introduced in 1913, with the Bison on Mound reverse, also referred to as Type I. Later in 1913, the reverse design was modified, resulting in the Type II, or Bison on Plain version.
Each Reverse Proof 2013-W American Buffalo gold coin is presented in a matte finish hardwood box with a faux leather inset, accompanied by a certificate of authenticity. ■