Sign In or Create Account

Knowledge Center

Why Private Mints make Silver Buffalos, but not Gold

Gold Buffalo coins are a specific type of gold coin that was first issued by the United States Mint in 2006. Gold Buffalo coins are legal tender in the United States and are struck from .9999 fine gold, making them one of the purest gold coins produced by the U.S. Mint.

Private mints, which are independent companies that produce coins and other metal products, do not have the authority to produce legal tender gold coins. As such, private mints are not able to produce Gold Buffalo coins.

However, private mints can produce other types of gold coins and rounds that are similar in appearance to Gold Buffalo coins. These coins and rounds are not legal tender, but they often are made from pure gold and are available in a range of sizes and denominations.

Why are Private Mints Able to Produce Silver Buffalo Rounds?

Private mints are able to produce Silver Buffalo rounds because silver is not a legal tender metal in the United States. Legal tender metals are those that are officially recognized as a medium of exchange by the government, and they include gold, silver, and copper.

In the United States, gold coins are legal tender and can only be produced by the United States Mint. Some silver coins are also legal tender in the United States, but they can be produced by both the U.S. Mint and private mints. Copper coins, on the other hand, are not legal tender in the United States, so they can only be produced by private mints.

Private mints are able to produce Silver Buffalo rounds because they are not legal tender coins. Instead, they are considered “generic” silver coins or rounds, which means they are not tied to any specific government or currency. As such, private mints can produce these coins as long as they meet certain standards for purity and weight.

Explore More On APMEX



Rare Coins