The South African Krugerrands gold coin is one of the world’s most popular and widely traded gold coins. The Rand Refinery and the South African Mint collaborated on designing the Krugerrand, which was first issued in 1967. On the coin’s obverse side is a picture of President Kruger, and on the reverse is a picture of the springbok, which is the national animal of the South African Republic. Above the springbok, the name “Krugerrand” is carved on the back. The amount and purity of the coin’s gold content are engraved beneath the image of a springbok. “Suid Afrika – South Africa” is etched on the obverse side. Let’s dive into some interesting facts regarding gold Krugerrands coins!
Facts about gold Krugerrands coins
Fact 1: In South Africa, Krugerrands are legal tender. Despite not being specified on the coin itself, the 1oz Krugerrand has a face value of 1 Rand. However, the price of pure gold inside the gold Krugerrands coins defines its true worth.
Fact 2: The history of Krugerrands has been tumultuous. South Africa decided to mint its gold coin during intense political instability and unpredictability brought on by the Cold War, the Vietnam War, and Richard Nixon’s decision to abolish the Gold Standard. In addition, economic sanctions were imposed on South Africa during the 1970s and 80s due to its apartheid policies. Buying South African Krugerrand gold coins at that time would be interpreted as supporting the practice; thus, some Western nations, like Great Britain, made the Krugerrand an illegal import. Since apartheid was abolished in 1994, the Krugerrand’s production levels have constantly climbed, and it is currently one of the most prestigious Gold coins in circulation.
Fact 3: The Krugerrand gold coin was designed as a “working man’s coin.” It was seen as a token for hard-working people, in contrast to earlier gold coins, which had been produced just for the affluent.
Fact 4: 2018 marked the production of Krugerrand’s other two metal versions. The popular Krugerrand coin now comes in silver bullion form since the South African Mint added a new product lineup in 2018. Since then, a 1 oz. Silver Krugerrand coin has been issued yearly. A platinum-proof version was also released in 2018 to commemorate the coin’s first 50 years of issuance. Compared to standard bullion coins, the proof coins have 60 extra edge serrations.
Fact 5: The Krugerrand served as a model for other 1 oz bullion coins. The Krugerrand is thought to have been the very first gold bullion coin ever made. Other nations quickly followed suit after this coin’s unmatched success made it the top choice for gold investors. Canada was the first to launch the 1 oz. Maple Leaf coin in 1979. The United States, the United Kingdom, and Australia quickly followed, releasing their own gold bullion coins.
Fact 6: The name ‘Krugerrand’ is a mix of two words. The term combined the name of Paul Kruger and the rand, South Africa’s basic currency unit. From 1883 to the year 1900, Paul Kruger served as the nation’s first Boer president.
Fact 7: The production of gold Krugerrands reached more than 50 million ounces in 2018. In contrast, only about 20 million ounces of the popular one-ounce gold American Eagle coins have been made since they were first minted in 1986. Around 90% of all gold bullion coins in circulation globally once consisted of South African Krugerrands.
Fact 8: A 1 oz Krugerrand is actually 33.9 grams in weight, with each coin containing exactly one Troy ounce of 916.7 (22ct) gold.
Fact 9: Krugerrands are also available in fractional-ounce versions (1/2, 1/4, and 1/10 oz). These gold Krugerrands coins were first issued in the 1980s to increase their availability.
Fact 10: The Krugerrand is more popular and desirable than many other gold bullion coins partly because of its copper content which makes it more scratch-resistant than pure gold bullion coins. In addition, Krugerrands have a somewhat orange color compared to pure gold bullion coins due to their copper content.
The South African Krugerrand gold coins are one of the world’s most popular investment coins, making them a smart addition to any precious metals investment portfolio. Moreover, it can be traded almost anywhere in the world at any time. So, if you want to invest in these iconic gold Krugerrands coins, visit BOLD Precious Metal’s official website- the most reliable seller of precious metal bullion coins and bars. Here you can get your hands on the various sizes of South African Krugerrands gold coins. By adding these coins to your collection, you can embrace the rich history of bullion gold coins of the world- whether the purpose is to collect or invest!