The United States Mint is now producing the 2006 American Buffalo Gold Coin, signifying the first time ever the government has struck pure (.9999) 24k gold coins. The coin is available in both bullion and proof format, and began selling on June 22.

The American Buffalo Gold coin carries a $50 face value and contains one ounce of 24-karat gold. Bullion and proof specimens are being coined at the West Point Mint, but the proof issue alone bears the distinctive "W" mintmark.

The coin design strongly resembles the popular Buffalo Nickel of James Earle Fraser, minted from 1913 to 1938. Fraser's classic design features a Native American on the obverse side (heads) and an American buffalo, or bison, standing atop a grassy mound, on the reverse (tails).

In addition to the mintmark and date, inscriptions on the new Buffalo Gold coin obverse include "Liberty" and the letter "F", for Fraser. Traditional coinage inscriptions grace the reverse: "United States of America," "In God We Trust," and "E Pluribus Unum". Incused on the mound are the coin's specifications, "$50" and "1 oz. .9999 Fine Gold".

Collectors wishing to buy a Buffalo Gold coin may find a few available a eBay. Federal law caps proof mintage at 300,000 coins, but the bullion-based format are being produced under no such restriction and should be easier to locate.