The American Buffalo, also known as a gold buffalo, is a 24-karat bullion coin first offered for sale by the United States Mint on June 22, 2006, and available for shipment beginning on July 13. The coin follows the greatly admired design of the Indian Head nickel and has gained its nickname from the American Bison on the reverse side of the design. This was the first time ever that the United States Government has minted pure (.9999) 24-karat gold coins for the public. The coin has a legal tender (face) value of US$50. Due to a combination of the coin’s popularity and the tremendous increase in the price of gold since its creation the coin’s value has increased considerably in a short time of just a few years. The initial 2006 U.S. Mint price of the proof coin was $800. In 2007 the Mint proof coin was $899.95, $1,410.00 in 2009, and $2,010.00 in 2011. In addition to requiring a presidential dollar coin series to begin in 2007 and redesigning the cent in 2009, the Presidential $1 Coin Act of 2005 mandated the production of a one-ounce 24-karat gold bullion coin with a face value of $50 and a mintage limit of up to 300,000 coins.