How common are reverse proof coins?

Factual Questions
1

Compared to what I guess the question would be. Well, I’m talking mainly about precious metals and in this case specifically gold. But I guess what I mean is, as compared to say regular proof and uncirculated in the same metals.

The US Mint started selling their 2013 reverse proof American Buffalo gold coin today. It’s priced at about a $300 or 23% premium over the current spot price of gold and there is no run limit apparently for these coins so it’s anyone’s guess to what extent they will become collectible.

A quick look on ebay seems to indicate that the 2006 reverse proofs do seem to be sought after as the graded examples (pf69 and 70) both sold for well over double the spot price - but I haven’t checked mintage numbers.

2

The new reverse proof gold Buffalo is selling for exactly the same price as the “regular” gold Buffalo is currently selling from the US Mint. Still, reverse proofs are much more rare, both in gold and silver coins, and generally carry a higher premium.

I wouldn’t look at the $300 price over spot as anything out of the ordinary for the US Mint. You’re paying for the numismatic value of the coin (and sometimes packaging).

3

If you came to our coin shop today, we’d sell you a one ounce uncirculated gold Buffalo(2006) for $100. over spot gold price. We’d sell you a proof of the same for $115. over spot gold.

4

If history is a guide, it looks like about 40k of the coins will be minted since this is offered during an ordering window rather than in a limited run. Previous example have had about half of their total ordered in the first day and as of today, about 21k have been sold. That works out to about par for American Eagle proof mintages.

It also looks like dealers and investors are snapping these up since the average number per order is roughly 5 coins.

5

Complimentary explanation for people (like me) who have no idea what a “reverse proof” coin is:

6

Thanks FC. If you go to the link in the OP, it’s hard to see that. You have to use the zoom feature. The design of the buffalo coin probably isn’t the best choice for a reverse proof but then again, it’s hard to say w/o seeing it in person. It might be quite stunning. I ended up ordering one so I can post pics if anyone is interested. They should ship by Sept. 8th I think.