To buy or not to buy: 2008 1/2 ounce buffalo

Halfpence · March 9, 2021 12:18PM

I've long been eyeing fractional buffaloes. I found an uncirculated 1/2 oz NGC MS69 for about $1,115. I need your opinions to push me one way or another. I'm on the fence because I think spot is still too high, but I also think its a decent price. Your thoughts?

BillJones · March 9, 2021 1:24PM

I really like the four piece Buffalo gold set when the mint issued, but they wanted way over melt for it at the time. A lot of collectors passed, including me, and then the mint stopped making them. The mintage turned out to be super low, and the coins are now expensive.

My tastes still run to buying only the full set in the original mint packing, but those coins have probably gotten rare. The sets that are left probably have doggy coins in them.

Getting back to your question, the Grey Sheet says the American gold Buffalo half ounce coin is worth $1,050. Given that you are buying something that has been certified, I suppose that a $65 premium is not so bad. A dealer does have to make something to stay in business.

291fifth · March 9, 2021 1:45PM

To me it is just another hunk of modern bullion.

PQueue · March 9, 2021 1:45PM

Pass

MsMorrisine · March 9, 2021 2:28PM

outstanding price.

Pedzola · March 9, 2021 2:40PM

Always wanted one of these but was never willing to pay much over melt for it. I'd be a buyer at ~950 today. Having said that, I don't think you'll find one advertised for cheaper than the one you found.

MilesWaits · March 9, 2021 3:18PM

I like the idea as I have a few.

coiner · March 9, 2021 7:23PM

@Pedzola said:
Always wanted one of these but was never willing to pay much over melt for it. I'd be a buyer at ~950 today. Having said that, I don't think you'll find one advertised for cheaper than the one you found.

Unfortunately you won’t buy one near spot. Although you could buy a lovely 1/2 oz eagle at 6% over or so.

Along · March 9, 2021 7:27PM

Just buy it, and if you change your mind later just sell it when gold prices are higher.

Halfpence · March 9, 2021 7:50PM

@coiner said:

@Pedzola said:
Always wanted one of these but was never willing to pay much over melt for it. I'd be a buyer at ~950 today. Having said that, I don't think you'll find one advertised for cheaper than the one you found.

Unfortunately you won’t buy one near spot. Although you could buy a lovely 1/2 oz eagle at 6% over or so.

Where can a half oz eagle be found for 6% over spot?

rte592 · March 9, 2021 7:57PM

I looked at the sold ones on the bay.
2008 W 1/2 buffalo.
$1100 looks like a good price.

specksynder · March 9, 2021 9:07PM

I think it's a good price. I love this set, but here's my only hesitation: Don't think of this as the only year they made fractional buffalos, think of it as the first year they made fractionals. If something changes and the mint starts producing these annually, does the desirability of the 2008 drop off?

koynekwest · March 9, 2021 9:19PM

I certainly hope not. I have the 1/4 oz. It's just about the same size as a nickel and fits really well with my proof Buffalos.

jmski52 · March 9, 2021 9:33PM

If something changes and the mint starts producing these annually, does the desirability of the 2008 drop off?

Depends on the mintage and the demand. If the Mint announced their intention to make this a series, it's possible that any new issues would have larger mintages and larger demand for them. That would be price-positive for the 2008.

johnny9434 · March 10, 2021 2:12AM

I don't see the value going down fwiw 🙂

92vette · March 10, 2021 5:07AM

A couple or three years ago the MInt announced their intentions to bring back this series but they never followed through.

RYK · March 13, 2021 2:32PM

The problem with this series is the problem with the speculation in Mint series, more generally. These fractional buffalos are scarce and interesting, and I kicked myself for only participating minimally. I still have one piece, a 1/4 oz uncirculated, because it is close to the size of a Buffalo nickel.

Scarce mint products are in great abundance, somewhat of an ironic juxtaposition, and probably a better characterization than “baseballcardization”, which I previously wrote about. There are so many one-year low mintage types and special issues and anniversaries and design reprises and finishes and metals that the collector gets overwhelmed by the lack of scarcity of the scarce series, and those who believe that buying up the scarce product await a price realization that, absent the metal spot price going through the roof, will never materialize.

To the OP, if you like the coin for your collection and you feel the price is reasonable, and you have the discretionary funds to afford it, buy the damn coin!

Onastone · March 13, 2021 3:50PM

@Halfpence said:
I've long been eyeing fractional buffaloes.

They're on my radar too....a bit pricey, but very cool. I think I would like mine raw though, I would pass on this one, but that's just my personal preference. It may be just the coin for you! Follow your heart.

mbogoman · March 13, 2021 4:18PM

Buy it. It's a fair price. The fractional Buffaloes may come back, they may not. Either way the 08s will always be special and if not the lowest mintages, certainly close. I'm so glad I shelled out in 08 for the Unc set and three fractional proofs. I didn't get the Proof 1 oz at the time and just recently acquired one. They are great sets (the Proof and Unc)!

MilesWaits · March 13, 2021 5:59PM

I sold a sealed set of the uncirculated 2008 gold buffaloes to a father who had a son that was born that year and wanted to pass it along to him. I love the series in 2008 was a banner year. Quarter ounces are very cool as they are the size of a buffalo nickel.