Gold Krugerrand (South Africa)

Gold Krugerrand (South Africa)

The Krugerrand is a coin produced only in Gold. The coin’s name is a combination of that of the late President of the Transvaal, Paul Kruger (Stephanus Johannes Paulus Kruger, 1825-1904) and the South African currency, the Rand.

Legally, according to South African Reserve Bank Regulation, the Krugerrand is an official currency in South Africa, although it is not intended to be used as cash and is virtually never used as such.

Unlike many coins, the Krugerrand is not imprinted with its face value. Rather, its value is aligned daily to the Spot price of gold.The front face shows the national symbol of South Africa, the springbok (antelope), together with the year of issue. The upper part of the face is framed by the words KRUGERRAND and FYNGOUD 1 OZ FINE GOLD. The obverse of the coin features a portrait of Paul Kruger and the writing SUID-AFRIKA and SOUTH AFRICA.

Produced since 1967, these coins are generally considered as the first modern Bullion coins and contain a purity of 91.66% gold. They are currently produced in weights of 1 / 1 oz, 1 / 2 oz, 1 / 4 oz and 1 / 10 oz, however denominations below one ounce were not produced until 1980.The higher total weight of each coin is due to the alloy containing a proportion of copper, designed to increase scratch resistance, which also gives a reddish-golden hue to the coin.

Produced by the Pretoria Mint, from 1967 to 1969, the coin had a circulation of 40,000 units per year. In 1970, production multiplied to 211,018 coins, and by 1974 there were 3.2 million coins produced. Krugerrand coin production was at its peak at the time of the oil crisis decade, from 1974-1984, with production of between 2 to 6 million units.In 1986, due to Apartheid, the European Community and the United States banned the import of Krugerrands. This prohibited both the circulation and production of the coins. Low circulation figures followed (in 1995 there were just 8,285 one-ounce pieces and in 1998 annual production of all denominations was.

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