The Gold Buffalo Proof Coin will be a sell-out according---
ABC123
Posts: 2,627
to CoinWorld July31st issue, which indicates the US Mint will continue to sell the Proof GB into 2007 which will assure its success ! Any more Buyers lining up !
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LM-ANA3242-CSNS308-MSNS226-ICTA
<< <i>to CoinWorld July31st issue, which indicates the US Mint will continue to sell the Proof GB into 2007 which will assure its success ! Any more Buyers lining up ! >>
I don't know where CW is getting their numbers from, but according to NN,
the sales for the proof have fallen off a cliff since the initial surge...
Only 112,000 sold as of 7/11.
I think the ABC123 is saying they will be selling the coins in 2007, thus they will adventually sell out by the end of 2007.
BUT, ABC123 is mistaken, because in 2007, it will have a 2007 date, they will only sell 2006 until the end of the year, unless they stop early. So, 2006 Buffalo Mintage may be less than 300,000 if no sellout by the end of December.(or whenever)
2007's will start a new, like the AGE.
<< <i>According to CW, The US Mint's Office of Public Affairs indicated "So yes, we may still be selling 2006 Buffalo Proof Gold Coins in 2007 " >>
That's how I read it, that only the Proof sales will continue into 2007. Following past programs, they will presumably discontinue them when the 2007 Proofs are offered.
TD
I do not think there is any commitment to have a 2007 dated buffalo. The may change the designs to whatever they want after the year. The buffalo may be a 1 year issue, just like many other similar type coins out there (Canada, etc).
Even if they continue minting the 2006 for 1 full calendar year (which will run into the year 2007) I don't recall anything that mandated that they must strike it with a 2007 date. They might continue to strike 2006 dated coins until the full year elapses.
So at this point... who knows?
Kip
<< <i>Even if they continue minting the 2006 for 1 full calendar year (which will run into the year 2007) I don't recall anything that mandated that they must strike it with a 2007 date. They might continue to strike 2006 dated coins until the full year elapses. >>
There are other laws on the books that require that the coins bear the date in which they were struck. Of course they could get around that by striking all 300,000 in 2006 and just selling them in 2007. But under currently law, if they strike them in 2007, they will have to be dated 2007.
Of course they ignore that law on a regular basis by striking and stockpiling coins dated with the following year every fall. They claim that as long as they aren't released that the predating of the coins is legal, which of course is nonsense. The law says they must be dated with the year in which they were struck. Not the year in which they were distributed.
Legislation
I think CW is reading it wrong, but it is vague.
"coins struck under this subsection during the first year of ISSUANCE shall bear the original design...."
Then it says:
"After the 1-year period described to in paragraph (2)... " (what I wrote above) they can change the design.
I read it to say 2006 is the first year of issue and the design can change it 2007, and they DO NOT have to sell the 2006 Buffalo until June 2007.