American Gold Buffalo coins were created by the United States Mint as a means of competing with bullion coins from other sovereign mints struck in 24-karat gold. The official gold bullion coin of the United States, the American Gold Eagle, is popular around the globe, but is produced in 22-karat gold rather than 24-karat gold.

James Earle Frasers 1913 Indian Head Nickel design was chosen for the obverse and reverse face of the Gold Buffalo program. Fraser was a native of Winona, Minnesota, and grew up on the American frontier in the late 19th century. The images he chose for the nations new five-cent piece reflected his vision of the American West.

On the obverse face of each coin is the left-profile image of a Native American chieftain, which was created by Fraser by combining the facial features of three real-world tribal leaders. An engraving of Liberty and the year of issue are featured on this side.

The reverse includes a depiction of Black Diamond, a resident bison at New York Citys Central Park Zoo in the early 20th century. The massive creature dominates the obverse face, with engravings of United States of America, E Pluribus Unum, In God We Trust, and the coins weight, purity, metal content, and face value surrounding it.