The South African Gold Krugerrand was introduced in 1967 as a vehicle for private gold ownership and is considered the first modern gold bullion coin. The coin produced by the South African Mint, proved popular and by 1980 accounted for 90% of the global gold coin market.
The Krugerrand is a 22 karat (.9167) gold bullion coin minted in 4 sizes 1/10 oz, ¼ oz, ½ oz, and 1 oz. The obverse bears the face of Paul Kruger while the reverse depicts a Springbok Antelope. As with the other producers of bullion products, the 1 oz version represents the most economical way to purchase. The Krugerrand does not bear a currency denomination as the value is simply the value of its gold content.
The South African Krugerrand gold coin is a 22 karat gold bullion coin made by the Rand refinery in South Africa.
South Africa is the largest gold producing country in the world with over 47 million ounces of Gold Krugerrands in circulation since the coin’s inception in 1967. Interestingly, the Krugerrand coin does not bear a currency denomination. Its value is simply the value of its gold content. With theKrugerrand being one of the most recognized gold coins in the world, it is a highly liquid investment.
The Krugerrand is a South African gold coin, first minted in 1967 to help market South African gold and promote the holding of private wealth in gold.
The coin, produced by the South African Mint, proved popular and by 1980 the Krugerrandaccounted for 90% of the gold coin market. The name itself is a compound of Kruger (the man depicted on the obverse) and rand, the South African unit of currency. During the 1970s and ’80s some countries forbade import of the Krugerrand because of the association with the apartheid government of South Africa, which has since been abolished. The Krugerrand today is a popular coin among collectors.
The Krugerrand was minted with the intention that it would circulate as currency, and so therefore was minted with a more durable copper-gold alloy. In spite of the coin’s legal tender status, economic sanctions against South Africa for its policy of apartheid made the Krugerrand illegal in many Western countries during the 1970s and 1980s. These sanctions against the South African Gold Krugerrandwere lifted in 1994 when apartheid was abandoned.
By 1980 the Krugerrand comprised 90% of the global gold coin market, and that year South Africa issued three smaller coins in the form of a half ounce Krugerrand, quarter ounce Krugerrand and tenth ounce Krugerrand.
By the beginning of 2009, Krugerrand coins containing 46 million ounces of gold have been sold.
In fact, the Gold Krugerrand has been the inspiration for many other gold-producing nations minting their own bullion coins, like the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981 (which today is known as theAustralian Kangaroo), and even the American Gold Eagle in 1986 and the British Britannia Coin.
On the obverse of the Krugerrand is President Paul Kruger with the name of the issuing country in Afrikaans and English in the legend, whilst the reverse depicts a springbok antelope with the mint date in the field.
The Krugerrand is 32.77 mm in diameter and 2.84 mm thick. The Krugerrand carries an actual weight of 1.0909 troy ounces or 33.93 grams because of its copper content. A gold alloy that is 91.67% (22 karats) also contains copper (also used in English gold sovereigns) to make it handle wear better. This copper gives the Krugerrand its orange appearances in contrast with other gold bullion coins.
|Composition:||91.67% gold (22 karat), 8.33% copper|
|Gross Weight:||1.0909 troy oz (33.933 grams)|
|Actual Gold Weight:||1 troy oz (31.1033 grams)|