Lucky Buffalo: Mint Offers 2008 Celebration Coin


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Lucky Buffalo: Mint Offers 2008 Celebration Coin

By Numismatic News
January 31, 2008

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Set to go on sale at noon Eastern Time Feb. 5 from the U.S. Mint is a new product called the American Buffalo 2008 Celebration Coin.

It consists of a 2008 American Buffalo one-ounce bullion coin in special packaging.

The numeral "8" has positive associations of wealth and prosperity in some Asian cultures, and the red coloring of the case and plush packaging is also associated with good fortune.

A custom-designed certificate of authenticity is enclosed, featuring the signature and chop mark (stamp in Chinese characters) of the Mint Director Ed Moy.

Timing of the on-sale date is set to precede the Lunar New Year, which begins Feb. 7.

Purchase price of the American Buffalo 2008 Celebration Coin is $1,018.88. It will be available directly from the Mint via its usual sales methods, including its Web site at www.usmint.gov. To order, call (800) 872-6468.

This is the first in a U.S. Mint Celebration Series, Mint information states. The series is intended to reach out to Americans who don't ordinarily collect coins, to provide products for gift giving and to celebrate special occasions.

The U.S. Bureau of Engraving and Printing has had several similar products for years, including a Prosperity Note series and a Lucky Money series that features lunar calendar animals on the packaging.

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Comments

On February 3, 2008 Hal Braver said

Does the mint plan to issue new coins for all or any reason on practially a daily basis? Do they seriously want to turn off collectors because of greed? I,for one ,gave up buying new stamps when they issued one after another. How many average collectors can actually afford to keep up with so many new coins ? Enough is Enough !

On February 20, 2008 Clay said

Are these really being marketed to Asian Americans?

If so, why does this seem to be such a fantastic deal of the century for a gold coin purchased directly from the US Mint, (so you know it is genuine) and how long is it going to take before gold is $1000 an ounce anyway? Here's my reasoning why you should drop what you are doing, right now, and buy one of these gems from www.usmint.gov today:

First and foremost, how many of these gold coins are being shipped internationally to China by the US Mint? Per the US Mint's website, there is no set production limit. Let me repeat, there is no production limit on this coin. Does that mean if a billion Chinese want to buy this coin, we are going to sell it to them? Of course not. Luckily, we don't have a billion ounces of gold in reserve.

That's scary. We don't have a billion ounces of gold? No. We don't. So I guess we don't have anything to worry about.

Think again. From what I understand, we only have about 262 million ounces in reserve. So if China wanted to buy all of our gold in nice, neat, little red boxes, with a chop mark on top, we would sell it all to them right now for about $267 billion US dollars. We would make a nice profit if we did that, but what would we do next year when the price of gold went even higher?

If such a thing were to happen, that would would add up to about 33% of China's imports in a year, which they could turn around and use to purchase oil from Venezuela. Chavez doesn't want to sell it to the United States anyway, and it's a great way for Chavez to pull his economy up by the bootstraps with US Gold and a great way for China to get more oil, which is what they really need anyway. Wouldn't that be great for all of us?

It's a magnificent stretch, I know. This is too grandiose a scheme to ever happen. Or is it? Incrementally, it could happen over time. Would it not be completely legal and sanctioned by Congress?

Luckily, you can only buy $99,000 worth of products from the US Mint's website per customer. So really, it

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