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. Due to a combination of the coin's popularity and the increase in the price of gold, the coin's value has increased considerably. The coin contains one-troy ounce (31.1g) of pure gold and has a legal tender (face) value of US$50. This was the first time the United States Government minted pure (.9999) 24-karat gold coins for the public. The coin follows the design of the Indian Head nickel and has gained its nickname from the American Bison on the reverse side of the design. The American Buffalo, also known as a gold buffalo, is a 24- karat bullion coin first offered for sale by the United States Mint in 2006. James Earle Fraser's design of the Indian Head nickel was modified for the American Buffalo coin Iron Tail and Two Moons, American Indians
