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2002 American Buffalo Commemorative Silver Dollar Coin

CoinTrapTM Commentary: Growing up on the western prairie, the artist James Earle Fraser was inspired to capture the image of a buffalo and a Native American in his design for a new American nickel.

The original buffalo nickel was minted from 1913 to 1938, and it became one of the most popular and identifiably American coins the United States Mint ever produced.  In celebration of the Old West, the buffalo nickel featured the profile of a native american with two feathers in his braided hair on its obverse. On the coin’s reverse stood an impressive buffalo.

Because of the special place that this coin holds in the hearts of Americans, Congress decided to resurrect the design as an American Buffalo Commemorative Silver Dollar. This coin commemorates the opening of the Smithsonian Institution's National Museum of the American Indian.

Not more than 500,000 of the 2001 American Buffalo Silver Dollar coins were minted.

Coin Value: What is the value of your 2001 Buffalo Silver Dollar coin?  As is nearly always the case, that depends.  The American Buffalo Silver Dollar coin worth or value depends on these main factors: (1) your coin’s grade, (2) whether it is a proof coin (Deep Cameo or DCAM) having a mirror-like polished finish, and (3) scarcity/demand.  Regarding your coin’s grade, it has become a standard in the field of numismatics (coin collecting) to grade coins on a point-scale from 1 (poor) to 70 (perfect).  This is also referred to as the “Mint State” or just “MS” for short. Click here to find the up-to-date estimated value of your 2001 American Buffalo Silver Dollar coin from the Professional Coin Grading Service (PCGS®), which takes all three factors mentioned above into account*.  If you do not know the grade of your buffalo silver coin, you can take it to your local coin dealer and ask that they have it graded at one of the three major coin grading services.

2001 American Buffalo  Silver Coin - Obverse

2002 American Buffalo  Silver Coin - Reverse

Obverse - Buffalo Silver Dollar

Designer: James Earle Fraser
 

Reverse - Buffalo Silver Dollar

Designer: James Earle Fraser
 

United States Mint images. CoinTrap.com is not affiliated with the United States Government in any way. Click here for terms and conditions.

    [[Page 114 STAT. 1435]]

    Public Law 106-375
    106th Congress

                                     An Act

    To require the Secretary of the Treasury to mint coins in commemoration
       of the National Museum of the American Indian of the Smithsonian
      Institution, and for other purposes. <<NOTE: Oct. 27, 2000 - [H.R.
                                   4259]>>

       Be it enacted by the Senate and House of Representatives of the
    United States of America in <<NOTE: National Museum of the American
    Indian Commemorative Coin Act of 2000.>> Congress assembled,

    SECTION 1. <<NOTE: 31 USC 5112 note.>> SHORT TITLE.

       This Act may be cited as the ``National Museum of the American
    Indian Commemorative Coin Act of 2000'', or the ``American Buffalo Coin
    Commemorative Coin Act of 2000''.

    SEC. 2. FINDINGS.

       Congress finds the following:
               (1) The Smithsonian Institution was established in 1846,
           with funds bequeathed to the United States by James Smithson for
           the ``increase and diffusion of knowledge''.
               (2) Once established, the Smithsonian Institution became an
           important part of the process of developing the United States
           national identity, an ongoing role which continues today.
               (3) The Smithsonian Institution, which is now the world's
           largest museum complex, including 16 museums, 4 research
           centers, and the National Zoo, is visited by millions of
           Americans and people from all over the world each year.
               (4) The National Museum of the American Indian of the
           Smithsonian Institution (hereafter referred to in this section
           as the ``NMAI'') was established by an Act of Congress in 1989,
           in Public Law 101-185.
               (5) The purpose of the NMAI, as established by Congress, is
           to--
                       (A) advance the study of Native Americans, including
                   the study of language, literature, history, art,
                   anthropology, and life;
                       (B) collect, preserve, and exhibit Native American
                   objects of artistic, historical, literary,
                   anthropological, and scientific interest; and
                       (C) provide for Native American research and study
                   programs.
               (6) The NMAI works in cooperation with Native Americans and
           oversees a collection that spans more than 10,000 years of
           American history.
               (7) It is fitting that the NMAI will be located in a place
           of honor near the United States Capitol, and on the National
           Mall.

    [[Page 114 STAT. 1436]]

               (8) Thousands of Americans, including many American Indians,
           came from all over the Nation to witness the ground-breaking
           ceremony for the NMAI on September 28, 1999.
               (9) The NMAI is scheduled to open in the summer of 2002.
               (10) The original 5-cent buffalo nickel, as designed by
           James Earle Fraser and minted from 1913 through 1938, which
           portrays a profile representation of a Native American on the
           obverse side and a representation of an American buffalo on the
           reverse side, is a distinctive and appropriate model for a coin
           to commemorate the NMAI.
               (11) The surcharge proceeds from the sale of a commemorative
           coin, which would have no net cost to the taxpayers, would raise
           valuable funding for the opening of the NMAI and help to
           supplement the endowment and educational outreach funds of the
           NMAI.

    SEC. 3. COIN SPECIFICATIONS.

       (a) $1 Silver Coins.--In commemoration of the opening of the Museum
    of the American Indian of the Smithsonian Institution, the Secretary of
    the Treasury (hereafter in this Act referred to as the ``Secretary'')
    shall mint and issue not more than 500,000 $1 coins, each of which
    shall--
               (1) weigh 26.73 grams;
               (2) have a diameter of 1.500 inches; and
               (3) contain 90 percent silver and 10 percent copper.

       (b) Legal Tender.--The coins minted under this Act shall be legal
    tender, as provided in section 5103 of title 31, United States Code.

    SEC. 4. SOURCES OF BULLION.

       The Secretary may obtain silver for minting coins under this Act
    from any available source, including stockpiles established under the
    Strategic and Critical Materials Stock Piling Act.

    SEC. 5. DESIGN OF COINS.

       (a) Design Requirements.--
               (1) In general.--The design of the $1 coins minted under
           this Act shall be based on the original 5-cent buffalo nickel
           designed by James Earle Fraser and minted from 1913 through
           1938. Each coin shall have on the obverse side a profile
           representation of a Native American, and on the reverse side, a
           representation of an American buffalo (also known as a bison).
               (2) Designation and inscriptions.--On each coin minted under
           this Act there shall be--
                       (A) a designation of the value of the coin;
                       (B) an inscription of the year ``2001''; and
                       (C) inscriptions of the words ``Liberty'', ``In God
                   We Trust'', ``United States of America'', and ``E
                   Pluribus Unum''.

       (b) Selection.--The design for the coins minted under this Act shall
    be--
               (1) selected by the Secretary, after consultation with the
           Commission of Fine Arts; and
               (2) reviewed by the Citizens Commemorative Coin Advisory
           Committee.

    [[Page 114 STAT. 1437]]

    SEC. 6. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act shall be issued
    in uncirculated and proof qualities.
       (b) Mint Facility.--
               (1) In general.--Only one facility of the United States Mint
           may be used to strike any particular quality of the coins minted
           under this Act.
               (2) Sense of the congress.--It is the sense of the Congress
           that the United States Mint facility in Denver, Colorado should
           strike the coins authorized by this Act, unless the Secretary
           determines that such action would be technically or cost-
           prohibitive.

       (c) Commencement of Issuance.--The Secretary may issue coins minted
    under this Act beginning on January 1, 2001.
       (d) Termination of Minting.--No coins may be minted under this Act
    after December 31, 2001.

    SEC. 7. SALE OF COINS.

       (a) Sale Price.--The coins issued under this Act shall be sold by
    the Secretary at a price equal to the sum of--
               (1) the face value of the coins;
               (2) the surcharge required by subsection (d) with respect to
           such coins; and
               (3) the cost of designing and issuing the coins (including
           labor, materials, dies, use of machinery, overhead expenses,
           marketing, and shipping).

       (b) Bulk Sales.--The Secretary shall make bulk sales of the coins
    issued under this Act at a reasonable discount.
       (c) Prepaid Orders.--
               (1) In general.--The Secretary shall accept prepaid orders
           for the coins minted under this Act before the issuance of such
           coins.
               (2) Discount.--Sale prices with respect to prepaid orders
           under paragraph (1) shall be at a reasonable discount.

       (d) Surcharges.--All sales of coins minted under this Act shall
    include a surcharge of $10 per coin.

    SEC. 8. DISTRIBUTION OF SURCHARGES.

       (a) In General.--Subject to section 5134(f ) of title 31, United
    States Code, the proceeds from the surcharges received by the Secretary
    from the sale of coins issued under this Act shall be paid promptly by
    the Secretary to the National Museum of the American Indian of the
    Smithsonian Institution for the purposes of--
               (1) commemorating the opening of the National Museum of the
           American Indian; and
               (2) supplementing the endowment and educational outreach
           funds of the Museum of the American Indian.

       (b) Audits.--The National Museum of the American Indian shall be
    subject to the audit requirements of section 5134(f )(2) of title 31,
    United States Code, with regard to the amounts received by the museum
    under subsection (a).

    SEC. 9. FINANCIAL ASSURANCES.

       (a) No Net Cost to the Government.--The Secretary shall take such
    actions as may be necessary to ensure that minting and issuing coins
    under this Act will not result in any net cost to the United States
    Government.

    [[Page 114 STAT. 1438]]

       (b) Payment for Coins.--A coin shall not be issued under this Act
    unless the Secretary has received--
               (1) full payment for the coin;
               (2) security satisfactory to the Secretary to indemnify the
           United States for full payment; or
               (3) a guarantee of full payment satisfactory to the
           Secretary from a depository institution, the deposits of which
           are insured by the Federal Deposit Insurance Corporation or the
           National Credit Union Administration Board.

       Approved October 27, 2000.

    LEGISLATIVE HISTORY--H.R. 4259:
    ---------------------------------------------------------------------------

    CONGRESSIONAL RECORD, Vol. 146 (2000):
               Sept. 26, considered and passed House.
               Oct. 11, considered and passed Senate.
     

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