South African Krugerrands

South Afican Gold Krugerrand Coins for Sale
Gold Krugerrand Coins

Krugerrand

  • South Africa
  • Value 1 troy ounce. fine gold
  • Mass 33.93 g (1.09 Troy ounces)
  • Diameter 32.77 mm (1.28 in)
  • Thickness 2.84 mm (0.11 in)
  • Gold Composition (91.67% UA, 8.33% U)
  • Years of coinage 1967-present
  • Design 1984 by Otto Schultz – profile of Paul Kruger with “SUID-AFRIKA · SOUTH AFRICA” in the legend.
    Reverse
    1 oz Krugerrand 2017 Wertseite.png
    Design 1984 by Coert Steynberg – a springbok antelope with the date of mint in the field. The legend is inscribed with “KRUGERRAND” and the weight of gold.

 

 

The Krugerrand (in Afrikaans) is a South African currency, first minted on July 3, 1967 to help market South African gold and produced by the Rand refinery and the South African coin factory.  in 1980, the Krugerrand accounted for 90% of the world gold coin market. The name is a compound of Paul Kruger, the former president of South Africa represented on the obverse, and rand, the currency unit of South Africa. During the 1970s and 1980s, some Western countries banned the importation of the Krugerrand due to its association with the apartheid government of South Africa, most notably the United States, which was the largest currency market in 1985. 

 

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Gold Krugerrand

Spingbok Krugerrand

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Krugerrands production levels have varied significantly since its introduction. Between 1967 and 1969, about 40,000 coins were minted each year. In 1970, the preservation number to more than 200,000 coins. More than one million coins were produced in 1974, and in 1978 a total of six million were produced. Production was reduced to 23,277 coins in 1998 and then increased again, although it did not reach previous levels.

Although Kruggerand coins have no high value, they are considered legal tender in South Africa By the law of the Reserve Bank of South Africa (SARBA) of 1989.

The Krugerrand was introduced in 1967 as a vehicle for private property of gold. It was minted in a more durable copper-gold alloy than pure gold. The economic sanctions against South Africa for its apartheid policy made the Krugerrand an illegal import into many Western countries during the 1970s and 1980s. Therefore the largest of the markets in the Middle East, Iran, Turkey, Thailand, Hong Kong, Taiwan and Latin America. These sanctions ended when South Africa left apartheid in 1991.

In 1980 the Krugerrand represented 90% of the world gold coin market. that year South Africa introduced three smaller coins with a half troy ounce, a quarter ounce and a tenth ounce of gold.

More than 50 million ounces of Krugerrand gold coins have been sold since production began in 1967.

Variations and imitations
During the gold market in the 1970s, Krugerrand gold quickly became the main choice for gold investors worldwide. [12] Between 1974 and 1985, it is estimated that 22 million Krugerrand gold coins were imported to the United States alone. This great success of the Krugerrand encouraged other gold-producing countries to coin and issue their own gold bullion coins, including the Canadian Gold Maple Leaf in 1979 [13], the Australian n Taiet in 1987 [13], the Chinese Gold Panda in 1982 [14], the American Gold Eagle in 1986 [13] [15] and the British currency in 1987. [13]

Private mints have also tried to coin rounds of gold and silver bullion (the <currency denotes legal currency) in the style of the Krugerrand. The rounds often represent Paul Kruger and a springbok antelope, some even blatantly copying the design of the Krugerrands, although the inscriptions are VW. These gold rounds are not offered by the South African Mint or the Government of South Africa, and therefore are not official, have no legal tender value, and technically cannot be considered coins.

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